Share count
137Mpeak FY2020
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BTDR, Bitdeer Technologies Group
Capital Markets & Asset Management capital-intensive UnprofitableDistress / turnaroundCapital build-out
We handle complex processes involved in computing, such as equipment design, procurement and manufacturing, transport logistics, datacenter design and construction, equipment management, and daily operations.
Our agent for service of process in the United States in connection with our registration statements is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, N.Y. 10168.
We are a world-leading technology company for AI and Bitcoin mining infrastructure.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2024
$357M
−3.2% YoY · 18% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $357M 5-yr avg $327M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Self-mining (46%) and General hosting (19%), with 4 more lines behind.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Capital build-out. Capital spending has surged to 63% of sales, today's earnings are charged less depreciation than tomorrow's will be.
- What moves the needle
- Operating margin has reached 33% at its best but run negative through the cycle (median −18%) on a 21% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Capital spending runs about 17% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −52%, above 15% in 0 of 4 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 7 lines, the largest Self-mining at 46%.
Revenue by product line, FY2024
- Self-mining46%$163M
- General hosting19%$68M
- Membership hosting18%$64M
- Hash rate subscription8%$27M
- Electricity subscription [3%$12M
- Others3%$10M
- Other1%$5M
By geographyUnited States56%Bhutan21%Norway17%Singapore3%
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2020–2024
realized figures from each filing · older years to the left| 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | TTMTTMJun 2025 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $186M | $395M | $333M | $369M | $350M | $357M | RevenueRevenue |
| −12% | — | 25% | 21% | 19% | 5% | Gross marginGross mgn |
| ($63M) | $131M | ($61M) | ($52M) | ($590M) | ($292M) | Operating incomeOp. inc. |
| −34.0% | 33.1% | −18.2% | −14.2% | −168.6% | −82.0% | Operating marginOp. mgn |
| ($56M) | $83M | ($60M) | ($57M) | ($599M) | ($320M) | Net incomeNet inc. |
| Cash flow & returns | ||||||
| ($109M) | ($52M) | ($268M) | ($272M) | ($622M) | — | Operating cash flowOp. cash |
| $112M | $63M | $66M | $76M | $81M | $81M | DepreciationDeprec. |
| ($165M) | ($198M) | ($274M) | ($291M) | ($104M) | — | Working capital & otherWC & other |
| $20M | $63M | $63M | $63M | $119M | $224M | CapexCapex |
| 10.7% | 15.9% | 19.0% | 17.2% | 34.2% | 62.7% | Capex / revenueCapex/rev |
| ($129M) | ($115M) | ($331M) | ($335M) | ($703M) | — | Owner earningsOwner earn. |
| −69.2% | −29.2% | −99.4% | −90.9% | −201.0% | — | Owner earnings marginOE mgn |
| ($129M) | ($115M) | ($331M) | ($335M) | ($742M) | — | Free cash flowFCF |
| −69.2% | −29.2% | −99.4% | −90.9% | −212.0% | — | Free cash flow marginFCF mgn |
| — | $0 | $0 | $3M | $617K | — | BuybacksBuybacks |
| -50% | — | -55% | -20% | -5510% | -69% | ROICROIC |
| -38% | 29% | -19% | -17% | -217% | -116% | Return on equityROE |
| −38% | 29% | −19% | −17% | −217% | −116% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| $45M | $372M | $231M | $145M | $476M | $300M | Cash & investmentsCash+inv |
| — | $8M | $18M | $17M | $10M | $13M | ReceivablesReceiv. |
| — | — | — | $346K | $65M | $209M | InventoryInvent. |
| — | $8M | $18M | $18M | $75M | $221M | Operating working capitalOper. WC |
| — | — | — | $260M | $949M | $1.1B | Current assetsCur. assets |
| — | — | — | $121M | $1.1B | $1.1B | Current liabilitiesCur. liab. |
| — | — | — | 2.1× | 0.9× | 1.0× | Current ratioCurr. ratio |
| — | — | — | $0 | $36M | $36M | GoodwillGoodwill |
| — | $647M | $651M | $639M | $1.6B | $2.0B | Total assetsAssets |
| — | — | — | $23M | $208M | $360M | Total debtDebt |
| — | — | — | ($122M) | ($268M) | $60M | Net debt / (cash)Net debt |
| $146M | $288M | $318M | $333M | $277M | $277M | Shareholders’ equityEquity |
| Per share | ||||||
| 12.66B | 109M | 109M | 110M | 137M | 192K | Shares out (diluted)Shares |
| $0.01 | $3.63 | $3.07 | $3.34 | $2.55 | $1857.19 | Revenue / shareRev/sh |
| $-0.00 | $0.76 | $-0.56 | $-0.51 | $-4.36 | $-1667.27 | EPS (diluted)EPS |
| $-0.01 | $-1.06 | $-3.05 | $-3.03 | $-5.12 | — | Owner earnings / shareOE/sh |
| $-0.01 | $-1.06 | $-3.05 | $-3.03 | $-5.40 | — | Free cash flow / shareFCF/sh |
| $0.00 | $0.58 | $0.58 | $0.57 | $0.87 | $1165.35 | Cap. spending / shareCapex/sh |
| $0.01 | $2.65 | $2.93 | $3.01 | $2.01 | $1439.90 | Book value / shareBVPS |
The diluted share count moved ×1/116.51 into 2021 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/715.41 into TTM — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +262.6%/yr | +262.6%/yr (4-yr) |
| Capital spending / share | +385.3%/yr | +385.3%/yr (4-yr) |
| Book value / share | +263.5%/yr | +263.5%/yr (4-yr) |
The record, charted
FY2020–2024Each measure over its full record; the current point and the worst year marked.
ROIC
−5510%low FY2024
Gross margin
19%low FY2020
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($703M)owner earningsvs.($599M)net incomelow FY2024
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2024 the business earned ($703M) of owner earnings, the operating cash left after the $81M it takes just to hold its position. It put $38M more into growth; free cash flow, after that spending, was ($742M).
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|
| Reported net income | ($599M) | ($57M) | ($60M) | $83M | ($56M) |
| Depreciation & amortizationnon-cash charge added back | +$81M | +$76M | +$66M | +$63M | +$112M |
| Working capital & othertiming of cash in and out, other non-cash items | −$104M | −$291M | −$274M | −$198M | −$165M |
| Cash from operations | ($622M) | ($272M) | ($268M) | ($52M) | ($109M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$81M | −$63M | −$63M | −$63M | −$20M |
| Owner earnings | ($703M) | ($335M) | ($331M) | ($115M) | ($129M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$38M | — | — | — | — |
| Free cash flow | ($742M) | ($335M) | ($331M) | ($115M) | ($129M) |
| Owner-earnings marginowner earnings ÷ revenue | -201% | -91% | -99% | -29% | -69% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $81M, roughly its depreciation, the rate its assets wear out). The other $38M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2024 20-F · source on SEC EDGAR →
Will it survive?
- Interest expense not tagged in the data
What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
- Net debt against an operating lossCash $300M − debt $360M
What this means
Netting $300M of cash and short-term investments against $360M of debt leaves $60M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Below average through the cycle4-yr median, range -5510%–-20%; -69% latest = NOPAT ($231M) ÷ invested capital $337MIndustry peers: median -6%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 4 years (it ran -69% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Consumes cash through the cycle5-yr median margin, range -201%–-29%; latest ($703M) = operating cash ($622M) − maintenance capex $81MIndustry peers: median -73%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -197% of revenue this year, a -91% median across 5 years. It chose to put $143M more into growth, so free cash flow this year was ($846M) — the gap is investment, not weakness.
- Are earnings backed by cash? ($622M)Loss, and burning cashNet income ($320M) · cash from operations ($622M)
In the filing’s words Read against the cash, reported earnings have run ahead of the operating cash the business generated over the record — about 21% of assets a year, among the widest gaps in the catalogue. For an inventory- or content-heavy grower that can be cash tied up in real assets as it expands; elsewhere it can mean the earnings lean on accounting estimates — the cash-flow statement against the income statement is where to tell which.
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- No surplus to allocate
What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
- Investing or harvesting? 2.76×ExpandingCapex $224M ÷ depreciation $81M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $357M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 1.03×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $360M vs $33M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (5-yr record) · 4 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-1242.74/share (latest year $-1667.27), the averaged base the calculator's gate runs on, and book value is $1439.90/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2020–2024
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 1 of 5
What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
- Operating margin −0% → −91% (2-yr avg ends)
What this means
Through the cycle the operating margin slipped — about −0% early to −91% lately, median −18% — competition or costs are biting in.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2024 · −168.6% op. margin
What this means
Operations went underwater in 2024, understand why before trusting the good years.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“In addition, our AI cloud offering includes Model Studio, a platform that supports the deployment of over 50 open-source models for use cases ranging from basic inference to advanced multimodal applications.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Jun 30, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$1.1B
- Cash & short-term investments$300M
- Receivables$13M
- Inventory$209M
- Other current assets$594M
Current liabilities$1.1B
- Debt due within a year$360M
- Other current liabilities$722M
Current ratio1.03×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.84×stricter: inventory excluded
Cash ratio0.28×strictest: cash alone against what's due
Working capital$33Mthe cushion left after near-term bills
Debt due this year vs. cash$360M due · $300M cash
cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Jun 30, 2025 balance sheet
Deeper floors
Tangible book value$158Mequity stripped of goodwill & intangibles
Net current asset value($219M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$453M$93M of it operating leases
Deferred revenue$57Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Capital Markets & Asset Management
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| CLSKCleanSpark Inc. | $766M | 44% | -114.4% | -12% | -82% |
| RIOTRiot Platforms Inc. Common Stock | $647M | 26% | -128.7% | -24% | -105% |
| IRENIREN Limited | $501M | 53% | -14.5% | -3% | 1% |
| BTDRBitdeer Technologies Group | $357M | 20% | -18.2% | -52% | -91% |
| HIVEHIVE Digital Technologies Ltd. | $298M | — | 1.8% | 0% | -42% |
| HUTHut 8 Corp. | $235M | 54% | -55.2% | -8% | -73% |
| CRCLCircle Internet Group Inc. | $110M | — | 1102.0% | -4% | 699% |
| DGXXDigi Power X Inc. | $34M | — | — | — | -95% |
| Group median | — | 44% | -18.2% | -8% | -77% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Bitdeer Technologies Group reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
The owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Revenue, delivered13%/yr’20→’24
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today—
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Bitdeer Technologies Group (BTDR), the owner's record," https://ownerscorecard.com/c/BTDR, data as of 2026-07-09.
Manual order: ← BSBR its page in the Manual BTE →
Industry order: ← BTBT the Capital Markets & Asset Management chapter BULL →