Bitdeer Technologies Group (NASDAQ:BTDR) shares are trading lower on Tuesday.
Yesterday, the company reported third-quarter results, where total revenue was $62.0 million, compared to $87.3 million in the year-ago period. Gross profit was $2.8 million, compared to $21.1 million in the year-ago period.
Here are the analyst's takes on the earnings performance:
Needham analyst John Todaro reiterated the Buy rating on the stock, with a price forecast of $14.
The analyst praised the increased transparency with the full management team on the earnings call, but Todaro expressed disappointment over the lack of concrete details on potential HPC sites.
Todaro remains bullish on the stock due to the bitcoin bull market, maintaining a Buy rating.
The analyst notes that Bitdeer ranks mid-to-lower among public bitcoin miners in production costs, offering strong gross margins with bitcoin above $50-60k. The stock is expected to re-rate in 2025, driven by hash rate expansion, new generation mining machines sourced at production cost, and a growing presence in U.S. capital markets.
Also Read: BlackRock's Spot Bitcoin ETF To Open For Options Trading: Here's Why It Could Be A Big Deal For Bitcoin
Benchmark analyst Mark Palmer reiterated the Buy rating on the company, with a price forecast of $16.
The analyst highlights that Bitdeer has started mass production of its SEALMINER A2 rigs, targeting 18 EH/s, with deliveries expected in 1Q25. Additionally, BTDR's SEAL03 chip, designed for improved efficiency at 10 J/TH, will enter testing with samples expected by 2Q25, enabling the SEALMINER A3 rig to achieve 11-12 J/TH efficiency in 2Q25, Palmer adds.
HC Wainwright analyst Mike Colonnese reiterated the Buy rating on Bitdeer, raising the price forecast to $18 from $17. The analyst estimates Bitdeer could nearly triple its self-mining capacity to ~23 EH/s by 2025, up from 8.4 EH/s in October, though management withheld official guidance.
The 2024 revenue estimate was lowered to $342.9 million from $381.2 million, driven by lower hosting revenues, partially offset by higher self-mining revenues. The revised estimate includes $157.6 million in self-mining revenues (up from $153.6 million) and reduced hosting revenues of $129.3 million (down from $171.6 million).
Price Action: BTDR shares are trading lower by 3.25% to $11.47 at last check Tuesday.
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