BITDEER TECHNOLOGIES GROUP-A (NASDAQ:BTDR) Reports Strong Q3 2025 Revenue Beat Amidst Significant Profitability Miss

BITDEER TECHNOLOGIES GROUP-A (NASDAQ:BTDR) reported third-quarter 2025 financial results that delivered a significant revenue beat but were overshadowed by a substantial miss on profitability, sending mixed signals to the market.

Earnings vs. Estimates: A Divergent Picture

The company’s top-line performance demonstrated remarkable strength, comfortably exceeding analyst expectations. However, this robust revenue growth did not translate to the bottom line, where the results fell sharply short of forecasts.

• Revenue: The company reported revenue of $169.7 million, a substantial increase of 173.6% year-over-year. This figure solidly beat the analyst consensus estimate of $157.3 million.
• Earnings Per Share (EPS): The non-GAAP EPS loss for the quarter was $1.28. This was significantly wider than the analyst-estimated loss of $0.17 per share.

Market Reaction

The market’s reaction to these conflicting signals appears to be one of cautious optimism tempered by profitability concerns. At the time of writing, the stock is showing positive momentum in pre-market trading. This suggests that investors may be focusing on the strong revenue beat and the company's operational progress, while choosing to look past the deeper-than-expected quarterly loss for now.

Operational Highlights from Q3 2025

Beyond the headline financial figures, Bitdeer’s press release highlighted several key operational achievements that underpin its growth narrative:

• Self-Mining Expansion: The company achieved 41.2 exahashes per second (EH/s) of self-mining capacity by the end of October 2025, surpassing its target for the year. This segment was the primary driver of revenue, generating $130.9 million.
• Improved Profitability Metrics: Gross profit surged to $40.8 million, up from $2.8 million in the prior year, with the gross margin expanding to 24.1% from 4.5%. Adjusted EBITDA also turned positive, reaching $43.0 million compared to a negative $7.9 million in Q3 2024.
• AI Cloud Ambitions: Management emphasized a strategic push into AI cloud services, citing a global infrastructure shortage. The company projected that allocating 200 MW of power to AI could generate an annualized revenue run-rate exceeding $2 billion by the end of 2026.
• SEALMINER Progress: Mass production of the SEALMINER A3 is underway, and early samples of the SEAL04 chip have demonstrated promising power efficiency.

Looking Ahead

While the company did not provide a formal quantitative outlook for the next quarter or full year in the press release, its ambitious commentary on the AI opportunity sets a high bar for future performance. The provided analyst estimates for Q4 2025 project revenue of $207.8 million and a return to positive EPS of $0.13. For the full year 2025, analysts are estimating sales of $597.9 million.

The key challenge for Bitdeer will be to bridge the gap between its explosive revenue growth and its current lack of profitability on a per-share basis. The market will be watching closely to see if the company's investments in self-mining capacity and its nascent AI cloud business can eventually translate into sustained bottom-line performance.

For a detailed breakdown of historical earnings and future analyst estimates, you can review the data here.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. The author has no position in the stock mentioned. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions.