Bitdeer (BTDR) Shares Fell 20% on Wider-Than-Estimated Q3 Net Loss, ASIC Chip Delay
Bitdeer shares dropped 20% after reporting a larger-than-expected Q3 net loss and delaying its next-generation ASIC chip.Summary
Bitdeer Technologies Group (BTDR) stock plummeted 20% following the announcement of a delay for its next-generation ASIC chip and the release of wider-than-expected third-quarter financial results. The company's net loss widened significantly to $266.7 million, or $1.28 per share, far exceeding analyst forecasts of a 25-cent loss. Despite the poor bottom line, Bitdeer surpassed revenue estimates, with revenue more than doubling to $169.7 million, and adjusted Ebitda turned profitable. The delay of the SEAL04 ASIC chip, amid an uncertain AI rollout, was a key concern cited by analysts, who also noted the CEO's absence from the earnings call. The company did report progress in its self-mining operations, increasing its BTC holdings and achieving its hash rate target, and it began mass production of the SEALMINER A3 series.
(Source：CoinDesk)