Stock Track | Bitdeer Technologies Group Plummets 6.37% on Q3 Revenue Miss and Widening Losses

Stock Track11-18

Bitdeer Technologies Group (BTDR) stock plunged 6.37% in pre-market trading on Monday, following the release of the cryptocurrency mining firm's disappointing third quarter 2024 financial results.

The key factors driving BTDR's sharp decline include:

Q3 revenue fell 29% year-over-year to $62.0 million, missing analyst estimates of $78.85 million
Net loss widened significantly to $50.1 million from $1.8 million in Q3 2023
Adjusted EBITDA swung to a loss of $8.5 million from a profit of $28.0 million a year ago

The underperformance was attributed to multiple headwinds impacting Bitdeer's business:

The Bitcoin halving event in April reduced mining rewards
Increased global hashrate intensified competition in the mining space
Lower hosting revenue as some clients stopped hosting less efficient mining rigs
Higher R&D spending on developing next-gen SEALMINER chips

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