Bitdeer Technologies Group-A (NASDAQ:BTDR) reported its unaudited financial results for the fourth quarter and full year of 2025, delivering a quarter of massive revenue growth but a significant bottom-line miss against analyst expectations. The market's immediate reaction, a sharp decline in pre-market trading, reflects investor focus on the substantial earnings per share (EPS) shortfall and rising operational costs, despite the company's aggressive scaling and strategic pivot toward artificial intelligence (AI) infrastructure.
Quarterly Financial Performance vs. Estimates
The company's fourth-quarter results presented a stark contrast between top-line strength and bottom-line weakness when measured against Wall Street forecasts.
- Revenue: Bitdeer reported Q4 2025 revenue of $224.8 million, a more than three-fold increase from $69.0 million in the prior-year period. This figure solidly exceeded the analyst consensus estimate of $206.0 million.
- Earnings Per Share (EPS): The company reported a non-GAAP EPS loss of $0.73 for the quarter. This was a dramatic miss compared to the analyst estimate for a loss of $0.0831.
The divergence highlights the cost of Bitdeer's rapid expansion. While revenue surged primarily due to a 464% increase in self-mining hash rate, the cost of revenue soared to $214.3 million, up from $63.9 million a year ago. Management attributed this to higher electricity and depreciation expenses as a massive number of new mining rigs came online, alongside a change to more conservative depreciation accounting for its mining equipment.
Market Reaction and Operational Scale
The financial markets responded negatively to the earnings release. In pre-market trading following the report, BTDR shares were down approximately 7.5%. This price action suggests investors are prioritizing the deepening EPS loss and margin compression over the impressive revenue beat and operational milestones.
The operational data within the release underscores the scale of Bitdeer's growth. Key metrics for Q4 2025 include:
- Total hash rate under management reached 71.0 EH/s, up from 21.6 EH/s.
- Self-mining hash rate skyrocketed to 55.2 EH/s from 8.5 EH/s.
- Bitcoin mined (self-mining) increased to 1,673 from 469 in Q4 2024.
- The company held 2,017 Bitcoin on its balance sheet as of December 31, 2025.
Strategic Pivot and Forward Outlook
A central theme of the earnings release was Bitdeer's accelerating transition into an AI infrastructure player. Management described the quarter as a "strategic inflection point," emphasizing its "dual-track AI infrastructure strategy" that prioritizes high-performance compute (HPC) colocation services while continuing to expand its Bitcoin mining operations.
The company highlighted its global power portfolio of 3.0 gigawatts (GW) as a "rare and increasingly valuable strategic asset" in an environment where hyperscalers face extended lead times for data center capacity. Several existing sites are slated for conversion from cryptocurrency mining to AI datacenter use by the fourth quarter of 2026.
Regarding forward-looking commentary, the press release did not provide specific quantitative financial guidance for the coming quarters or year. Analyst estimates for Bitdeer project full-year 2026 sales of approximately $1.20 billion and revenue of $123.9 million, with Q1 2026 sales estimated at $223.5 million.
Conclusion
Bitdeer's Q4 2025 results paint a picture of a company executing a dramatic operational expansion and bold strategic shift, but at a significant and accelerating cost. The substantial revenue beat confirms the success of its scaling efforts in Bitcoin mining, while the severe EPS miss and subsequent stock price decline reflect investor concerns over profitability and the capital intensity of its growth. The company's future valuation will likely hinge on its ability to successfully monetize its power infrastructure for the AI boom and improve the economics of its core mining business. For a detailed look at upcoming earnings dates and analyst estimate revisions, view the BTDR earnings and estimates page.
Disclaimer: This article is for informational purposes only and does not constitute investment advice, an endorsement, or a recommendation to buy, sell, or hold any security. Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions.
