Bitdeer Technologies Group (BTDR), the Singapore-based computing and digital asset mining company led by crypto industry veteran Jihan Wu and originally spun out of mining hardware manufacturer Bitmain, is set to report its second-quarter earnings before market open on Monday. Analysts are anticipating a loss of $0.32 per share on revenue of $231.2 million. That would mark a notable improvement from the first quarter, when the company posted a loss of $0.68 per share on $188.9 million in revenue.

The stock currently trades around $10.52, and investor attention is focused on whether a recently signed $4.7 billion AI infrastructure contract can reshape the company's financial trajectory — a pivot that mirrors a broader industry trend of post-halving bitcoin miners redeploying their power infrastructure toward AI and high-performance computing workloads.

The Norway AI Colocation Agreement

At the center of Bitdeer's near-term outlook is a 16-year AI and high-performance computing (HPC) colocation agreement at its Tydal, Norway campus. Cantor Fitzgerald described the contract as a "thesis-changing deal."

The agreement covers 121 megawatts of capacity with an initial value of approximately $4.7 billion, along with an option for an eight-year renewal worth an additional $3.3 billion. The Norway facility will be equipped with Nvidia GPUs for a leading AI lab, with capacity expected to come online by year-end. Norway's abundant hydroelectric power supply and cold climate have made it an increasingly attractive location for energy-intensive data center operations, offering both lower electricity costs and natural cooling advantages.

Cantor Fitzgerald estimates that the deal carries roughly a 90% net operating income margin and would generate around $290 million in annual revenue — exceeding the company's entire current annual revenue run rate. That margin profile stands in sharp contrast to conventional bitcoin mining economics, where gross margins have compressed significantly since the April 2024 halving reduced block subsidies by 50%.

Analyst Targets and Ratings

Wall Street coverage of BTDR is broadly favorable. Eleven of twelve analysts maintain a buy rating, with a consensus price target of $22.73, implying approximately 116% upside from the recent close of $10.52.

Recent analyst actions include:

• Benchmark cut its price target from $27 to $22 while retaining its buy rating.
• Needham raised its target from $19 to $22.
• Citizens JMP initiated coverage with a market outperform rating and a $35 target.
• Keefe, Bruyette and Woods maintained a market perform rating and lowered its target to $14.

Some analysts project a wider price range. If Bitdeer successfully leases most of its AI capacity, certain targets run between $35 and $70.

EPS estimates have risen nearly 8% over the past week, though they remain down 6.6% over the past two months.

What Investors Will Be Watching

Beyond the headline earnings figures, investors are focused on how quickly Bitdeer can secure additional AI contracts. Key areas of interest include the timeline for leasing remaining capacity at the Norway site, the status of land issues in Rockdale, Texas, and whether contracts are forthcoming for facilities in Clarington or Ohio.

Bitcoin mining results will also draw attention. Last year's halving cut block rewards in half, compressing margins across the sector. Industry estimates suggest that AI and HPC could account for as much as 70% of miner revenue by year-end, up from approximately 30% earlier in 2026 — a shift driven by the structurally higher revenue per megawatt that AI compute customers are willing to pay compared to bitcoin mining.

Q1 Performance and Stock Metrics

Bitdeer's first-quarter results were challenging. The company missed earnings estimates by 84% and reported a gross profit margin of just 3.5%, despite revenue rising 169.5% year over year — a gap between top-line growth and profitability that underscores why the high-margin AI colocation opportunity is viewed as potentially transformative for the business.

Institutional investors currently hold 22.25% of BTDR stock. The shares have traded in a 52-week range of $6.92 to $27.80.