C

Bitdeer Technologies Group — Earnings Quality Grade C

BTDR · Technology

Some red flags

Revenue
$350M
2023
Net Income
-$599M
2023
Gross Margin
19.0%
Free Cash Flow
-$398M
01

Screening Summary

4
Passed
3
Watch
1
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

Insufficient data

A2AR vs Revenue Growth

AR growth -6.0% vs revenue growth -5.1%

A3Revenue vs CFFO

Insufficient data

02

Expense Quality

B1Inventory vs COGS

Inventory growth 18653.8%, COGS data unavailable

B2CapEx vs Revenue

Insufficient data

B3SG&A Ratio

Insufficient data

B4Gross Margin

Gross margin 19.0%, change -2.1pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = 0.45. Below 1.0

C2Free Cash Flow

Insufficient data

C3Accruals Ratio

Insufficient data

C4Cash vs Debt

Cash $0.6B covers debt $0.3B

04

Balance Sheet Health

!
D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 43% of equity

D2Leverage

Insufficient data

D3Soft Asset Growth

Insufficient data

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions negative for 3 years

!
E2Goodwill Surge

Goodwill+Intangibles surged 2392% YoY

06

Manipulation Score

F1Beneish M-Score

Insufficient data

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05

Altman Z-Score

-1.77
Distress Zone
0 Distress1.102.605.0+ Safe
-0.0967
Liquidity
-0.4166
Cumulative profit
0
Operating efficiency
0.2159
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25