Strong machine sales, efficient ASICs, diversified revenue and HPC potential fuel Bitdeer’s growth: Analyst – Bitdeer Technologies (NASDAQ: BTDR )

Joseph Needham Analyst John Todaro believes BitDeer Technology BTDR Give the stock a buy rating and raise its price target to $22 from $14.

Todaro raised his price target and 2025 outlook after updating his forecast for machine building sales. In addition, the analyst also increased the valuation due to growing confidence in Bitdeer’s high-performance computers.

He modeled $175 million in machine sales, which included the previously announced sales of 29,000 units and his estimate for the fourth quarter of 2025.

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Todaro assumes full-year 2025 sales price of $15/TH and production cost of $11/TH, in line with peers Canaan Corporation able. This added $47 million to EBITDA (partially offset by declines in hosting).

The analyst is increasingly interested in Bitdeer’s manufacturing arm, which could launch the most efficient ASIC on the market in the second half of 2025, given customs-related issues with rival Bitmain and the new machine architecture Bitdeer is pioneering.

He pointed out that BitDeer is a high-quality, but under-recognized company. Bitcoin Bitcoin/USD miner. The company offers an attractive, diversified revenue base that will perform well during Bitcoin bull and bear market cycles. This diversified model also provides a buffer for prop mining during the Bitcoin halving event, which resulted in a 50% drop in industry-wide block rewards.

Additionally, Bitdeer ranks in the lower-middle range among public Bitcoin miners in terms of production costs, with Bitcoin prices above $500-60,000 and attractive gross margins.

Finally, Todaro noted that the stock will be based on its hash rate expansion in 2025 (driven by the recent production of a new generation of mining machines purchased by Bitdeer at “production cost”) and its growing influence in the U.S. capital markets.

Todaro expects fourth-quarter revenue of $71 million and an EPS loss of $0.17.

Price Action: BTDR shares were down 8.43% at $16.94 as of last check on Monday.

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