Bitdeer Technologies is still a buy, Roth says

Following a production update, Roth MKM analyst Darren Aftahi has maintained his “Buy” rating on Bitdeer Technologies (Bitdeer Technologies Stock Quote, Chart, News, Analysts, Financials NASDAQ:BTDR).

On January 8, BTDR released a production update, noting, amongst other things, that it had mined 145 Bitcoins.

“2025 is poised to be a transformative year for Bitdeer, marked by many exciting milestones,” CEO Linghui Kong said. “With the mass production of our SEALMINER A1 and A2 well underway, we are set to significantly expand our self-mining hashrate and commence miner sales to third party customers. Looking ahead, the planned releases of SEALMINER A3 and A4 in 2025 further strengthen our position to become an industry leading supplier in the multi-billion dollar ASICs market. Further, we are on track to energize over 1.1 GW of our 2.5 GW power portfolio over the next twelve months. Sustaining this momentum across multiple initiatives is a testament to our team’s dedication and belief in our mission. As we move into 2025, we are eager to solidify Bitdeer’s position as a leader in the crypto industry as well as the broader technology sector.”

The analyst commented on the development.

“On balance, revenue is impacted by the removal of cloud mining ($22M revenue estimated prior in 2025), but something we give very little weight to as BTDR has transformed its revenue streams substantially with the sale of machines to third parties,” he wrote. “Moreover, exiting 2025, we believe BTDR may become a much larger player in HPC/AI colocation, which could very quickly expand its revenue and earnings potential with the much more favorable economics those business models present (as well as cash flow visibility to fund additional sites, BTC machine builds).”

In a research update to clients January 9, Aftahi maintained his “Buy rating and price target of $29.00 on BTDR.

The analyst thinks the company will post EBITDA of $49.1-million on revenue of $357.5-million in fiscal 2024. In fiscal 2025, he expects EBITDA of $203.4-million on a topline of $760.3-million.