Bitdeer Technologies Group Class A Ordinary Shares (BTDR)

FairStock Score: 44/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses that earn consistent profits, generate free cash, and carry conservative debt. Bitdeer is not that today. In the second quarter of 2026 (2026-Q2), revenue was $228.8 million, but net income was negative $92.3 million, a -40.33% margin. The FairStock-calculated P/E is -4.82 at the 2026-10-13 close of $9.21, which tells us there are no positive earnings to value. Revenue growth of 169.41% is impressive, yet profit growth of -251.48% shows growth is not converting into owner earnings. ROE is -25.26%, ROCE is only 3.92%, and debt-to-equity is 1.77. Free cash flow is negative $2.1 billion, a -69.3% FCF yield on a $3.0 billion market cap—a colossal cash drain. The Piotroski F-Score of 4/9 is mediocre and the Altman Z-Score of 0.43 signals financial distress. EV/EBITDA of 56.90 is rich even if EBITDA is positive. The business operates in crypto mining and HPC, capital-intensive fields with commodity-like economics and no obvious durable moat. Beta of 2.50 confirms volatility. FairStock's score is 44/100. There is no Lynch category because there are only 0 years of filed results. Graham would demand a margin of safety; here the price-to-book of 2.27 offers little asset protection. Until I see positive earnings, positive free cash flow, and a stronger balance sheet, I cannot call this a value investment. It is a speculative bet on future scale, not a proven compounding machine.

In plain English: Bitdeer runs blockchain and high-performance computing services, including cloud mining and mining equipment hosting. In the second quarter of 2026 (2026-Q2), revenue was $228.8 million, but net income was negative $92.3 million and the company used a lot of cash. At $9.21, the price does not look cheap against those losses and cash needs; the business looks financially weak and speculative.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer