Bitdeer Technologies Group

Bitcoin-mining and emerging AI-infrastructure operator with a huge FY2024 loss, weak liquidity and high crypto-price sensitivity.

Strengths

• Large cash balance (~$476M, 79th pct) and rapid AI/datacenter capacity scale-up
• FY2024 net loss narrowed sharply and FY2025 (per filing) returned to revenue growth and net profit

Risks

• FY2024 net margin -171% and ROE -2.17 (9th pct) with current ratio 0.86 (sub-1 liquidity)
• Highly capital-intensive and directly exposed to Bitcoin price volatility; prior material weakness and securities class action
• Revenue declined 5% in FY2024 amid intense hash-rate competition

Notable findings

• Net lossNet loss (net margin -171.3%)
• Weak liquidityCurrent ratio 0.86 (<1)
• Material weakness46 We have historically identified material weakness in our internal control over financial reporting and disclosure controls and procedure and could identify further material weaknesses in the fut
• Strong balance sheetStrong balance sheet — $476M cash & investments