Bitdeer Technologies Group
BTDR Technology Software Application
Bitdeer Technologies Group’s revenue for fiscal 2025 (year ended December 2025) was $620.3 million, up 77.3% from fiscal 2024. In the quarter to June 2026, revenue grew 47.1%, EPS fell 14.0%, free cash flow grew 5.54% and total debt rose 245.5%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Bitdeer Technologies Group (BTDR) Altman Z-score
Bitdeer Technologies Group's Altman Z-score for fiscal 2025 is 0.77, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.77 | 1.10 |
| FY2024 | −0.33 | (2.92) |
| FY2023 | 2.59 | 0.37 |
| FY2022 | 2.22 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.05) | — | −0.06 | |
| Retained earnings / total assets | (0.21) | — | −0.29 | |
| EBIT / total assets | 0.06 | — | 0.19 | |
| Market value of equity / total liabilities | 1.18 | — | 0.71 | |
| Sales / total assets | 0.22 | — | 0.22 | |
| Altman Z-score | Distress zone | 0.77 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.14 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SOUN SoundHound AI, Inc. compare | 9.4× |
| PLUS ePlus inc. compare | 4.5× |
| ADEA Adeia Inc. compare | 3.4× |
| NCNO nCino Inc. compare | 2.5× |
| VERX Vertex, Inc. compare | 2.4× |
| DBD Diebold Nixdorf, Incorporated compare | 1.9× |
| BLKB Blackbaud, Inc. compare | 1.4× |
| BTDR Bitdeer Technologies Group | 0.8× |
| ASAN Asana, Inc. compare | −1.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets