Shares of Bitdeer Technologies Group ( BTDR ) are falling Monday after the Singapore-based AI cloud and mining company announced third-quarter earnings.

BTDR stock is struggling to find support. See the market dynamics here.

What To Know: Coming in at $169.71 million, revenue was up 173.6% year-over-year, beating the analyst consensus estimate of $154.26 million. Cost of revenue more than doubled to $128.9 million due to higher electricity usage in the quarter. Bitdeer ( BTDR ) also reported a loss of 16 cents per share, in line with analyst estimates.

Bitdeer ( BTDR ) stock initially traded higher on the report before pulling back. Shares were last trading down more than 14%, according to Benzinga Pro.

The company achieved 41.2 EH/s of self-mining capacity by the end of October. Bitdeer ( BTDR ) said it began production of its SEALMINER A3 Bitcoin mining rig and is optimistic about the power efficiency of SEAL04 samples, which is projected to reach mass production early next year.

The company’s chief business officer, Matt Kong, noted that the development of its second-generation SEAL04 chip has been significantly delayed, which may be driving some of the weakness in shares on Monday.

On the high end of guidance, the company said it could potentially generate an annualized revenue run-rate that exceeds $2 billion by the end of 2026.

“On the AI front, we have intensified our focus and investment to capture the surging global demand for compute. Leveraging our 3.0 GW power portfolio and deep expertise in developing and operating large-scale infrastructure, we are uniquely positioned to capitalize on this opportunity. The global shortage of AI infrastructure continues to deepen, and we expect this imbalance to persist through at least 2027,” Kong said.

BTDR Analysis: Bitdeer ( BTDR ) is trading approximately 1% above its 50-day moving average of $19.01, indicating a slight bullish sentiment in the short term. However, the stock remains well above its 200-day moving average of $14.16, which suggests that the longer-term trend is still positive despite the recent pullback. The relative strength index (RSI) at 52.15 signals a neutral position, implying that the stock is neither overbought nor oversold at this juncture.

Resistance is identified at $21.22, a level that may prove challenging for the stock to surpass in the near term given the current downward momentum. If the price can regain traction and break through this resistance, it could signal a potential reversal of the recent trend. Conversely, a drop below the support level of $17.70 could indicate further weakness and open the door for a test of the 200-day moving average.

BTDR Price Action: Bitdeer ( BTDR ) shares were down 14.35% at $18.84 at the time of publication on Monday. The stock is trading within its 52-week range of $6.84 to $27.80. 

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