Bitdeer's Stock Plummets Following Q3 Earnings Report

According to PANews, Bitdeer (BTDR) experienced a significant 20% drop in its stock price, marking the largest single-day decline since February, following the release of its third-quarter earnings. The company's revenue saw a year-over-year increase of over 173%, reaching $169.7 million. However, its net loss widened to $266.7 million, or $1.28 per share, which was far beyond market expectations. Bitdeer also announced a delay in the mass production of its new SEAL04 ASIC chips. The absence of the CEO from the earnings call further fueled investor concerns. Despite an increase in self-mining capacity to 41.2 EH/s and a rise in Bitcoin holdings to 2,029 BTC, the company's AI computing power business remains in an uncertain phase. Bitdeer projects that if its AI cloud services are successfully implemented, annual revenue could exceed $2 billion by 2026.