Bitdeer: Rapidly Scaling AI Cloud Deserves A Rerating
Bitdeer demonstrates robust operational growth, with vertical integration driving hashrate, Bitcoin production, and AI cloud ARR expansion despite headline GAAP losses. Q1 revenue surged 170% YoY to $188.9 million. While self-mining revenue and fleet efficiency improved, non-cash charges and aggressive depreciation weighed on margins. AI Cloud ARR accelerated from ~$10 million in January to over $69 million post-Q1, with GPU utilization hitting 94%, signaling strong future revenue potential.
BTDR - Bitdeer Technologies Group