Abstract

Bitdeer Technologies Group will report its quarterly results on May 14, 2026 Pre-Market; consensus points to revenue near 191.18 million US dollars and EPS around -$0.37, with investor attention on self-mining output, hosting utilization, and any updates on capital deployment and operating cost trends.

Market Forecast

Based on the company’s latest guidance framework and market estimates, revenue for the current quarter is projected at 191.18 million US dollars, up 186.34% year over year; EPS is estimated at -$0.37, a -15.24% change year over year, and EBIT is projected at -$83.61 million, reflecting a -47.29% year-over-year change. Self-mining remains the centerpiece of the operating model after delivering 163.09 million US dollars last quarter, while hosting revenues across standard and membership tiers added scale; near-term commentary emphasizes capacity ramp and tight cost control to defend margins. The most promising segment is self-mining, with last quarter revenue of 163.09 million US dollars and recent operating disclosures indicating March production growth of roughly 480% year over year, supporting throughput and revenue carryover into this quarter.

Last Quarter Review

Bitdeer Technologies Group delivered revenue of 224.84 million US dollars (up 225.76% year over year), a gross profit margin of 4.70%, GAAP net profit attributable to shareholders of 70.54 million US dollars with a net profit margin of 31.38%, and adjusted EPS of $0.40 (up 221.21% year over year). A key highlight was the top-line outperformance versus prior projections, with a revenue surprise of 24.04 million US dollars (about a 12% beat), while EBIT reached 109.35 million US dollars and climbed 353.17% year over year, underscoring strong operating leverage into year-end. By segment, self-mining contributed 163.09 million US dollars, standard hosting generated 67.64 million, membership hosting 63.98 million, and cloud hashrate services 39.77 million; recent operational data also showed March self-mining output rising about 480% year over year, affirming the revenue concentration in self-operated capacity.

Current Quarter Outlook

Self-mining: revenue sensitivity and production cadence

Self-mining is set to remain the largest revenue driver this quarter after producing 163.09 million US dollars last quarter and reporting a sharp year-over-year boost in March production. The current revenue estimate of 191.18 million US dollars implies a sequential step-down from the December quarter but a substantial year-over-year surge, consistent with expanded self-operated hashrate and higher realized volume. Internal production updates indicate management has continued to scale operated and managed capacity, which should support coin generation even as realized price conditions fluctuate. With March self-mining output up roughly 480% year over year and reported self-mining hashrate near 69.5 EH/s alongside total managed capacity around 78.1 EH/s, shipment and energization timing will be crucial for sustaining throughput into April and May. The company’s practice of monetizing production in the open market adds transparency to revenue conversion, although mark-to-market dynamics may introduce quarterly variability in GAAP and non-GAAP metrics.

Hosting and cloud services: utilization, pricing, and cross-sell

Hosting remained a sizable revenue pillar last quarter across standard (67.64 million US dollars) and membership (63.98 million US dollars) offerings, while cloud hashrate services added 39.77 million US dollars. The setup this quarter will depend on customer deployment schedules, power availability at key sites, and the mix of fixed versus variable contracts that govern hosting margins. Utilization is a key swing factor: as inbound customer equipment ramps and as internal infrastructure is optimized, the hosting lines can sustain a relatively stable revenue base even when self-mining sees sequential movements. The cloud hashrate line is structurally more variable, yet it provides an avenue to convert demand into short-cycle revenue and deepens engagement with customers that can upgrade into premium hosting plans. Cross-sell between self-mining visibility and hosting credibility remains a practical advantage for securing larger, longer-duration arrangements, which can improve the revenue run-rate profile and contribute to steadier cash generation.

Stock price drivers this quarter: capital actions, realized pricing, and cost profile

This quarter’s share performance is likely to track updates on capital structure and cost execution as much as the headline revenue line. The company has recently announced capital actions, including a registered direct offering of shares and a private placement of senior notes, which provide balance sheet flexibility for fleet and infrastructure investments but can also influence per-share metrics in the near term. Investors will parse commentary on power contracts and site-level opex, which were the principal headwinds to the 4.70% gross margin last quarter; visibility into energy procurement, curtailment strategies, and efficiency gains is key to estimating how quickly margins could normalize. Internal operating commentary references a hashprice environment near 33 US dollars per PH/s per day against a rough break-even around 35 US dollars, implying that near-term gross margin is sensitive to realized unit economics; execution on cost and uptime can mitigate this gap. Finally, the projected EBIT of -83.61 million US dollars this quarter signals heavier upfront operating and depreciation loads during expansion; confirmation of commissioning milestones and the cadence of cost absorption will frame how quickly EBIT can return toward breakeven.

Analyst Opinions

Across published views since January 2026, the balance of institutional opinions is bullish. Among updates within the period, Northland Securities reiterated a Buy rating with a 20.00 US dollars price target, Roth MKM reaffirmed Buy with a 30.00 US dollars target, and B. Riley maintained Buy while adjusting its target to 22.00 US dollars. Additional aggregated data during April indicated an average rating of Buy with a mean price target near 20.78 US dollars, reinforcing a constructive stance into this print. The common thread across these bullish notes is confidence in the company’s capacity expansion and revenue conversion: analysts point to the sharp year-over-year growth in quarterly revenue (225.76% in the prior quarter) and the ongoing ramp in managed and self-operated capacity as catalysts for sustained top-line scale. In this context, the current-quarter revenue estimate of 191.18 million US dollars, up 186.34% year over year, is seen as consistent with a multi-quarter buildout theme and does not undermine the broader trajectory even if sequential revenue moderates from 224.84 million US dollars. Analysts also frame the company’s operating model as increasingly diversified across self-mining and hosting, which supports cash generation in varied conditions and can smooth consolidated results across quarters. While per-share metrics may be temporarily affected by recent capital actions, the prevailing bullish view expects that incremental capacity and improved cost normalization could re-accelerate adjusted profitability metrics as scale effects materialize. On balance, the analyst ratio in the recent period favors bullish views, and the majority opinion expects the company to deliver a solid operational update supported by tangible hashrate growth, disciplined capacity deployment, and an improving revenue base that aligns with the high year-over-year forecast embedded in consensus.