Bitdeer Technologies (BTDR) saw its shares tumble 20% in a single session, marking the company’s steepest drop since February, after Q3 earnings revealed mounting losses and production delays.
Revenue grew 173% year-over-year to $169.7 million, fueled by expanded operations and higher Bitcoin prices. Despite this growth, Bitdeer reported a net loss of $266.7 million, or $1.28 per share, far below Wall Street expectations and a sharp increase from prior quarters.
Investors reacted negatively to the delayed rollout of Bitdeer’s next-gen SEAL04 ASIC chips, which are critical for mining efficiency. The situation was compounded by CEO Jihan Wu’s absence from the earnings call.
On the positive side, the company’s self-mining hash rate rose to 41.2 EH/s, increasing output, and Bitcoin reserves climbed to 2,029 BTC, valued at over $210 million at current prices. Bitdeer’s emerging AI cloud computing division remains in early stages, with potential 2026 revenue forecasts of up to $2 billion if deployments succeed.
Analysts said the sell-off highlights the challenges facing high-cost miners in a maturing crypto sector. However, long-term AI diversification may help offset losses. BTDR now trades near $4.50, with market watchers focusing on Q4 guidance for signs of stabilization.
