Bitdeer (BTDR) stock fell to its lowest level since March 31, after the crypto miner reported a wider second-quarter loss and revenue that missed Wall Street forecasts.

The Nasdaq-listed miner lost $0.37 per share, wider than the $0.32 expected by analysts. Revenue of $228.8 million also trailed the $231.16 million consensus.

Earnings Miss Overshadows Revenue Growth

Bitdeer’s net loss widened to $92.3 million from $62.9 million a year earlier. The company also swung to a gross loss of $8.5 million from a $12.0 million gross profit, according to its reported results.

The shortfall extended a difficult stretch that followed a $159.5 million deficit in the first quarter. Revenue still climbed 47% to $228.8 million from $155.6 million. 

However, the cost of revenue outpaced that gain, rising to $237.3 million on electricity and depreciation charges. 

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Mining Output and AI Push Continue

Operationally, the quarter told a stronger story. Self-mining revenue nearly tripled, from $59.3 million to $168.4 million. The gain came as Bitcoin (BTC) mined jumped to 2,694 from 565 a year earlier. 

Adjusted EBITDA improved sharply to $31.1 million from $4.6 million over the same period. Bitdeer is also pushing deeper into artificial intelligence infrastructure. 

AI Cloud revenue reached $14 million, up from $1.3 million. The CFO framed the period as measured progress.

“Our AI Cloud revenue continues to scale, alongside our mining business as our SEALMINER fleet comes online. Together, these results show the advantage of owning the fully integrated vertical stack, from power, to hardware, and infrastructure,” Michael G. Potter said.

Bitdeer Stock Erases Its Q2 Rally

Meanwhile, the results weighed heavily on the stock. BTDR fell 20.08% on Monday, closing at $8.70, a four-month low.

The slide capped a sharp reversal. BTDR gained roughly 83% in the second quarter, outpacing the broader Bitcoin market. 

Since July, however, the stock has dropped 43.7%, and Monday’s decline erased what remained of those gains. Bitdeer’s next earnings update is due in November.

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Source: BeInCrypto