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Credit services · Financial Services · Fiscal year ends Dec 31
Bitdeer Technologies reported revenue of $620M in the fiscal year ended Dec 2025, up 77.3% from the year before. Operating income was $160M, an operating margin of 25.8%, and net income was $66M. Net debt was $330M.
Ranks among the 35 credit services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 395 | 333 | 369 | 350 | 620 |
| Cost of revenue | 153 | 250 | 291 | 283 | 559 |
| Gross profit | 241 | 83.3 | 77.8 | 66.4 | 61.0 |
| Research & development | 29.5 | 35.4 | 29.5 | 76.9 | 154 |
| Selling, general & admin | 98.2 | 105 | 74.7 | 72.4 | 91.1 |
| Operating income | 131 | −60.6 | −52.2 | −590 | 160 |
| Interest expense | – | – | 2.6 | 3.5 | 3.8 |
| Pre-tax income | 131 | −64.8 | −51.0 | −602 | 70.8 |
| Income tax | 48.2 | −4.4 | 5.7 | −2.4 | 5.2 |
| Net income | 82.6 | −60.4 | −56.7 | −599 | 65.6 |
| Diluted EPS | 0.75 | −0.56 | −0.51 | −4.36 | −1.43 |
| Diluted shares | 111 | 109 | 0.1 | 0.1 | 0.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 372 | 231 | 145 | 476 | 149 |
| Receivables | – | – | 17.3 | 9.6 | 31.4 |
| Inventory | – | – | 0.3 | 64.9 | 252 |
| Current assets | – | – | 260 | 949 | 1,387 |
| Net PP&E | 103 | 139 | 155 | 251 | 442 |
| Goodwill | – | – | 0.0 | 35.8 | 35.8 |
| Total assets | 647 | 651 | 639 | 1,558 | 2,805 |
| Payables | – | – | 32.5 | 31.5 | 120 |
| Deferred revenue | – | – | 49.5 | 39.0 | 64.4 |
| Current liabilities | – | – | 121 | 1,100 | 1,521 |
| Short-term debt | – | – | 0.0 | 208 | 479 |
| Long-term debt | 29.5 | 29.8 | 22.6 | 0.0 | 0.5 |
| Total liabilities | 359 | 333 | 307 | 1,281 | 1,937 |
| Shareholders' equity | 288 | 318 | 333 | 277 | 868 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Capital expenditure | 62.9 | 63.2 | 63.3 | 119 | 232 |
| Depreciation & amortisation | 63.1 | 66.4 | 75.5 | 81.1 | 20.3 |
| Stock-based compensation | 88.4 | 90.6 | 45.5 | 45.5 | 34.0 |
| Share buybacks | 0.0 | 0.0 | 2.6 | 0.6 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −15.5% | 10.6% | −5.1% | 77.3% |
| Operating income growth (YoY) | – | −146.3% | – | – | – |
| EPS growth (YoY) | – | −174.7% | – | – | – |
| Gross margin | 61.2% | 25.0% | 21.1% | 19.0% | 9.8% |
| Operating margin | 33.1% | −18.2% | −14.2% | −168.6% | 25.8% |
| Net margin | 20.9% | −18.1% | −15.4% | −171.3% | 10.6% |
| Return on equityBlank when equity is negative | 28.7% | −19.0% | −17.0% | −216.6% | 7.6% |
| ROCEEBIT ÷ (assets − current liabilities) | – | – | −10.1% | −128.8% | 12.4% |
| Receivable days | – | – | 17 | 10 | 18 |
| Inventory days | – | – | 0 | 84 | 164 |
| Payable days | – | – | 41 | 41 | 78 |
| Interest cover | – | – | −20.1x | −170x | 42.3x |
| Debt ÷ equity | 0.10x | 0.09x | 0.07x | 0.75x | 0.55x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −343 | −202 | −122 | −268 | 330 |
| Current ratio | – | – | 2.15x | 0.86x | 0.91x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.