Bitdeer Stock Craters 20% Following Wider Second-Quarter Net Loss
Bitdeer (BTDR) stock fell to its lowest level since March 31, after the crypto miner reported a wider second-quarter loss and revenue that missed Wall Street forecasts.
The Nasdaq-listed miner lost $0.37 per share, wider than the $0.32 expected by analysts. Revenue of $228.8 million also trailed the $231.16 million consensus.
Earnings Miss Overshadows Revenue Growth
Bitdeer's net loss widened to $92.3 million from $62.9 million a year earlier. The company also swung to a gross loss of $8.5 million from a $12.0 million gross profit, according to its reported results.
The shortfall extended a difficult stretch that followed a $159.5 million deficit in the first quarter. Revenue still climbed 47% to $228.8 million from $155.6 million.
However, the cost of revenue outpaced that gain, rising to $237.3 million on electricity and depreciation charges.
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Mining Output and AI Push Continue
Operationally, the quarter told a stronger story. Self-mining revenue nearly tripled, from $59.3 million to $168.4 million. The gain came as Bitcoin (BTC) mined jumped to 2,694 from 565 a year earlier.
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