Bitdeer Turns a Q4 Profit as Shares Slide on Margin Strain

Rising costs plus reduced bitcoin reserves from expansion drove caution.

Overview

Net income reached $70.5 million on roughly $225 million in revenue, reversing a year‑earlier $531.9 million loss as operations scaled.
Production jumped to 1,673 bitcoin in Q4 and total managed hashrate hit 71 EH/s, including 55.2 EH/s of self‑mining, placing the company ahead of MARA on the managed metric.
Gross margin narrowed to 4.7% from 7.4% due to higher electricity and depreciation expenses, with added R&D outlays for SEALMINER chips.
On‑hand bitcoin fell from just over 2,000 BTC at year‑end to about 1,040 BTC after January–February sales that helped fund expansion.
Shares dropped more than 8% to below $11 after the report as Roth Capital cut its price target to $30 while noting plans to offer AI/HPC colocation supported by roughly 3 GW of power capacity.