The company’s quarterly revenue plunged 41%, with a stark reduction in the number of Bitcoins mined and average miner efficiency.

Shares of Bitdeer Technologies Group (BTDR) traded 11.7% lower in Thursday’s morning session after it reported first-quarter earnings below Wall Street expectations. 

The crypto mining platform reported a revenue slump of 41.3% year-on-year (YoY) to $70.1 million in the quarter, missing the analyst consensus estimate of $73.81 million, as per Finchat data.

Quarterly loss per share of $0.37 also missed the consensus estimate of a loss of $0.29 per share.

Self-mining revenue increased 23.1% YoY to $37.2 million, whereas Cloud Hash Rate, General Hosting, and Membership Hosting revenue declined 99%, 66%, and 16.4%, respectively.

The total hash rate under management (EH/s) for the quarter was 24.2, with 175,000 mining rigs.

Bitcoin mined in the quarter plunged to 350 compared to 911 bitcoins in the same quarter last year. Average miner efficiency (J/TH) reduced to 29 from 31.7.

However, the number of Bitcoins held in the quarter increased to 1,156 from 58 last year.

The gross profit shrunk to negative $3.2 million from positive $34.1 million in the first quarter (Q1) FY24. 

Bitdeer held $215.6 million in cash and equivalents as of March 31. 

“Looking ahead, our R&D efforts are now focused on our SEALMINER A4 project, for which we are targeting an unprecedented chip efficiency of approximately 5 J/TH at the chip level. We believe this new chip design will revolutionize the way Bitcoin mining ASICs are made in the future, and tape-out is on track for Q4 2025,” said Chief Business Officer Matt Kong.

Bitdeer’s stock is also feeling the heat of the broader cryptocurrency market, with Bitcoin’s (BTC) price dropping to $102,200 in morning trade.

On Stocktwits, retail sentiment around Bitdeer remained in ‘bullish’ territory.

BTDR's Sentiment Meter and Message Volume as of 10:35 a.m. ET on May 15, 2025 | Source: Stocktwits

Bitdeer has fallen by 42.7% in 2025 but gained 119.2% over the past 12 months.

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