Bitdeer Stock Drops 20 Percent After Q2 Loss Misses Forecasts

Crypto miner Bitdeer saw its stock price crater 20 percent on Monday, closing at $8.70. The sharp drop came after the company reported a second quarter net loss of $92.3 million. That result was worse than the $0.37 per share loss expected by analysts, while revenue of $228.8 million also missed consensus forecasts of $231.16 million.

Despite the bottom line miss, the firm actually grew its top line significantly compared to last year. Revenue climbed 47 percent from $155.6 million, largely driven by a massive jump in self mining output. Bitcoin mined by the company surged to 2,694 coins, up from 565 coins a year earlier, and AI Cloud revenue also scaled higher to $14 million.

The market reacted poorly because rising costs for electricity and depreciation outpaced revenue gains, pushing the company into a gross loss. The drop completely wipes out the strong rally the stock enjoyed earlier in the second quarter. Traders will now look ahead to November for the next earnings update to see if mining output and AI growth can offset rising operational costs.