TLDR
- Bitdeer reports Q2 earnings before market open Monday, with analysts expecting a loss of $0.32 per share on revenue of $231.2 million
- The company recently signed a $4.7 billion, 16-year AI colocation deal for its Norway campus, covering 121 megawatts of capacity
- Wall Street is bullish: 11 of 12 analysts rate BTDR a buy, with a consensus price target of $22.73, implying 116% upside from $10.52
- Benchmark cut its price target from $27 to $22 but kept its buy rating; the stock trades near $10.93
- Q1 results disappointed, with an $0.68 per share loss, missing estimates by 84%, though revenue rose 169.5% year over year
Bitdeer Technologies Group (BTDR) heads into Monday’s second-quarter earnings report with a lot riding on a single deal. The stock trades around $10.52, and the question now is whether a $4.7 billion AI contract can shift the company’s story.
Bitdeer Technologies Group, BTDR
Analysts expect a Q2 loss of $0.32 per share on revenue of $231.2 million. That would be a big step up from Q1, when the company lost $0.68 per share on $188.9 million in revenue.
The deal at the center of everything is a 16-year AI and high-performance computing colocation agreement at Bitdeer’s Tydal, Norway campus. Cantor Fitzgerald called it a “thesis-changing deal.” It covers 121 megawatts of capacity with an initial value of around $4.7 billion, plus an option for an eight-year renewal worth another $3.3 billion.
The Norway site will be outfitted with Nvidia GPUs for a leading AI lab. Capacity is expected to come online by year-end.
Cantor Fitzgerald estimates the agreement carries roughly a 90% net operating income margin and generates around $290 million in annual revenue. That would be more than the company’s entire current annual revenue run rate.
Analyst Targets and Ratings
Wall Street is broadly positive on BTDR. Eleven of 12 analysts have a buy rating, with a consensus price target of $22.73. That implies around 116% upside from the recent close of $10.52.
Benchmark cut its target from $27 to $22 this week but held its buy rating. Needham raised its target from $19 to $22. Citizens JMP started coverage with a market outperform rating and a $35 target. Keefe, Bruyette and Woods held a market perform rating and lowered its target to $14.
Some analysts see a wider range. If Bitdeer successfully leases most of its AI capacity, certain price targets run between $35 and $70.
EPS estimates have ticked up nearly 8% over the past week, though they are still down 6.6% over the past two months.
What Investors Will Be Watching
Beyond the headline numbers, investors want to know how quickly Bitdeer can sign more AI deals. Key questions include when remaining Norway capacity gets leased, whether the Rockdale, Texas land issues are resolved, and if contracts are coming for sites in Clarington or Ohio.
Bitcoin mining results will also be in focus. The halving last year cut block rewards in half, squeezing margins across the sector. Industry estimates suggest AI and HPC could make up as much as 70% of miner revenue by year-end, up from around 30% earlier in 2026.
Q1 was rough. The company missed earnings estimates by 84% and posted a gross profit margin of just 3.5%.
Institutional investors currently own 22.25% of BTDR stock. The 52-week range runs from $6.92 to $27.80.
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