Bitdeer (BTDR) Shares Fell 20% on Wider-Than-Estimated Q3 Net Loss, ASIC Chip Delay

Bitdeer Technologies Group (BTDR), a bitcoin BTC$105,316.04 miner and equipment manufacturer that announced a strategic pivot into artificial intelligence and data center infrastructure in October, slumped 20% on Monday after saying its next-generation ASIC chip was delayed and reporting a wider-than-estimated third-quarter loss.

The net loss widened to $266.7 million, or $1.28 per share, from $50.1 million in the year-earlier quarter. Analysts had forecast a loss of as much as 25 cents a share. Revenue more than doubled to $169.7 million, beating estimates, while adjusted Ebitda flipped to a profit from a year-earlier loss.

“Bitdeer today announced a delay on key next-gen ASIC, no concrete update on AI lease potential, and the CEO didn’t join even join the call,” said Matthew Sigel, head of digital assets research at investment manager VanEck.

The biggest share-price drop since February took the stock to $17.65, the lowest level in just over a month. It is down almost 19% this year.

Bitdeer’s bitcoin holdings increased to 2,029 BTC, driven by growth in self-mining operations. The company achieved 41.2 EH/s of self-mining hash rate by the end of October, surpassing its 40 EH/s target.

It also began mass production of the SEALMINER A3 series, while development of the next-generation SEAL04 ASIC chip was delayed.

Bitdeer forecast that allocating 200 MW to AI cloud services could generate an annualized revenue run rate exceeding $2 billion by the end of 2026 under its most optimistic outlook.