Bitdeer Technologies

BTDR

Software - Application · Technology

Price

$10.74

-0.49 (-4.41%)

Market Cap

$2.51B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+110.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 111.3M (2021) → 234.3M (2025)

Bitdeer Technologies Group operates as a technology company for the cryptocurrency mining community. It mines cryptocurrencies for its own account and serve the cryptocurrency mining community by providing cryptocurrency mining solution. The company handles various processes involved in mining, such as miner procurement, transport logistics, mining datacenter design and construction, mining machine management, and daily operations. It has mining datacenters deployed in the United States and Norw

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+225.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+109.6% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$154M/ year

↑ Rising (+100% vs prior year)

24.8% of revenue

1.7x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

43.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~1 months

$172M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Bitdeer Technologies grew revenue 226% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

4.7%

Thin — 4.7% gross margin

Operating Margin

48.6%

Excellent — 48.6% operating margin

ROCE

5.6%

Weak — 5.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+77.3%

Fast-growing sales (77.3% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

-2651%

Weak — only -2651% of profit becomes cash

FCF Margin

-327.0%

Burning cash (-327.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.27

Elevated debt (1.27)

Interest Cover

4.18x

Adequate interest coverage (4.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

25.6x

Growth-priced — P/E 25.6

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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