Bitdeer Shares Fell 20% on Wider-Than-Estimated Q3 Net Loss, ASIC Chip Delay

Bitdeer, a bitcoin miner and equipment manufacturer, reported a significant widening of its net loss in Q3, posting $266.7 million, or $1.28 per share, while also announcing a delay in its next-generation ASIC chip. This news led to a 20% drop in its share price, marking its largest decline since February. Despite revenue more than doubling to $169.7 million, the loss exceeded analysts' expectations, which forecasted a loss of around 25 cents per share. The company indicated that its self-mining capacity reached 41.2 EH/s, and its bitcoin holdings increased to 2,029 BTC. The CEO's absence from the earnings call raised concerns among analysts about the company's strategic direction, particularly regarding its pivot towards artificial intelligence. Additionally, Bitdeer aims to allocate resources to AI cloud services to potentially reach an annualized revenue run rate exceeding $2 billion by 2026 under its most optimistic projections.

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