Singapore's Bitdeer Q2 revenue rises on self-mining expansion

OverviewSingapore Bitcoin mining and AI infrastructure firm's Q2 revenue rose yr/yr but missed analyst expectationsNet loss for Q2 widened and missed analyst estimatesAdjusted EBITDA for Q2 improved yr/yr but missed analyst expectationsOutlookCompany expects Knoxville, TN data center project completion in Q3 '27Company says Massillon, OH site reconstruction expected to finish by end of Q3 '26Result DriversSELF-MINING EXPANSION - Revenue growth was primarily driven by a sharp increase in self-mining hashrate and capacity, despite lower average Bitcoin pricesHIGHER OPERATING COSTS - Cost of revenue rose due to increased electricity and depreciation from new mining rigs, as well as higher staff and service feesAI CLOUD GROWTH - AI Cloud revenue increased significantly year-over-year as the business scaled upCompany press release:Key DetailsMetricBeat/MissActualConsensus EstimateQ2 RevenueMiss$228.80 mln$235.92 mln (10 Analysts)Q2 Net LossMiss$92.30 mln$85.82 mln (7 Analysts)Q2 Adjusted EBITDAMiss$31.10 mln$45.99 mln (10 Analysts)Analyst CoverageThe current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"Wall Street's median 12-month price target for Bitdeer Technologies Group is $23.00, about 111.4% above its August 7 closing price of $10.88Reuters Recommended ReadsAug 7 - AIxCrypto Holdings posts wider Q2 lossAug 7 - Brazil tightens crypto transfers to curb fraudAug 10 - Risun Group H1 revenue jumps, net loss narrowsFor questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .