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# Bitdeer Revenue Soars 89% — But Mining Expansion Squeezes Its Gross Profit
- URL: https://www.bullished.co/bitdeer-revenue-soars-89-but-mining-expansion-squeezes-its-gross-profit-3a0ae992/
- Published: 2026-11-10T13:56:07.000Z
- Updated: 2026-11-10T13:56:07.000Z
- Description: Adjusted EBITDA rose 173%, while capital spending reached $478 million and AI Cloud commitments totaled approximately $2.9 billion.
- Author: Matteo Parrino
- Tags: SEC Filings, BTDR, Industry: Financials

[Bitdeer](https://www.bullished.co/tag/btdr/), which mines Bitcoin and builds AI computing infrastructure, reported an [89% revenue increase](https://www.sec.gov/Archives/edgar/data/1899123/000121390026117797/ea031140301ex99-1.htm?ref=bullished.co) to $320.7 million in Tuesday's unaudited third-quarter results, but gross profit fell to $10.8 million from $39.7 million a year earlier. The company attributed rising production costs chiefly to electricity for its larger mining fleet and depreciation on newly deployed rigs.

## More Bitcoin, Thinner Margins

Gross margin shrank to 3.4% from 23.4% a year earlier as revenue costs reached $309.9 million, versus $130 million. The comparison with the second quarter was better: revenue increased 40% from $228.8 million, and Bitdeer returned to gross profit from an $8.5 million gross loss.

Mining for its own account generated $217.5 million, versus $130.9 million a year earlier. Bitdeer credited a 173.5% increase in average self-mining computing power, partly offset by a lower average Bitcoin price. Mining in third-party datacenters contributed another $59.9 million. Together, those operations mined 3,855 Bitcoin, compared with 1,109 a year earlier.

The electricity bill grew with the fleet. Power consumption reached 3,098,000 megawatt-hours, versus 1,656,000, while the average electricity price increased to $47.00 per megawatt-hour from $43.00.

Bitdeer has been keeping more of its equipment rather than selling it. Starting in the second quarter of 2026, it [shifted SEALMINER inventories](https://www.sec.gov/Archives/edgar/data/1899123/000121390026117797/ea031140301ex99-1.htm?ref=bullished.co) into assets for its own mining operations. Third-quarter rig and accessory sales were $0.3 million, down from $11.4 million. The Singapore-headquartered company also sells cloud mining subscriptions, hosts customers' rigs and provides AI cloud services.

## The EBITDA And Loss Divide

Adjusted EBITDA rose 173% to $69.6 million from $25.5 million, and increased 124% from the second quarter. That measure excludes interest, taxes, depreciation, amortization and several other items; Bitdeer attributed its growth mainly to expanded mining capacity and AI Cloud revenue.

Depreciation and amortization reached $125.8 million, versus $37.2 million a year earlier. Interest expense increased to $34.3 million from $20.2 million, which the company tied to greater borrowing through convertible notes and from a related party.

The net loss widened to $125.5 million from $30.1 million, including a $54.6 million non-cash valuation loss on a digital-assets loan. Bitdeer linked that valuation change mainly to Bitcoin price fluctuations. Its adjusted loss, which still includes depreciation and interest, widened to $87.3 million from $33.4 million.

The company also incurred a $9.5 million loss buying back a hosting customer's power capacity at Rockdale for use in self-mining. BTDR's market value stood at $1.8 billion at Monday's close.

## Funding The AI Build-Out

AI Cloud revenue reached $20.4 million, compared with $1.8 million a year earlier. Chief Financial Officer Michael G. Potter said signed AI Cloud commitments represented approximately $2.9 billion in expected remaining revenue. That backlog depends on datacenters receiving power, GPU deployment and customer performance; it is not revenue already earned.

Bitdeer spent [$478 million](https://www.globenewswire.com/news-release/2026/11/10/3399340/0/en/bitdeer-reports-unaudited-third-quarter-2026-results-record-revenue-of-us-320-7-million-adjusted-ebitda-up-173-to-us-69-6-million.html?ref=bullished.co) on capital projects during the quarter. Approximately $368 million went mainly toward datacenter construction and GPU purchases, while approximately $110 million funded SEALMINER production and deployment, including tariffs and freight.

Operating activities generated $6 million in cash, helped chiefly by a $263.8 million increase in deferred revenue from AI Cloud customer advances. Digital-asset disposals, primarily mined Bitcoin, brought in $221.5 million. Share sales through its market-based offering program provided $58 million in net proceeds, while net borrowing repayments totaled $92.3 million.

Cash, cash equivalents and restricted cash ended September at $213.7 million, versus $496.3 million at the start of the quarter. Bitdeer also held $387 million in digital assets and related-party digital-asset receivables, and had $1.95 billion in borrowings.

Potter said customer advances and project financing are intended to fund contracted AI capacity. "Our priorities are clear: [deliver Tydal](https://www.globenewswire.com/news-release/2026/11/10/3399340/0/en/bitdeer-reports-unaudited-third-quarter-2026-results-record-revenue-of-us-320-7-million-adjusted-ebitda-up-173-to-us-69-6-million.html?ref=bullished.co), complete our financings and bring Malaysia online."

Bitdeer targets readiness for Tydal's first phase in the fourth quarter of 2026 and its second phase in the first quarter of 2027.

### Sources

- [Form 6-K — AI Cloud revenue backlog grows to approximately US$2.9 billion; approximately 332 IT MW of AI Cloud capacity secured; Tydal remains on](https://www.sec.gov/Archives/edgar/data/1899123/000121390026117797/ea031140301ex99-1.htm?ref=bullished.co) — SEC EDGAR
- [Bitdeer Technologies GAAP EPS of -$0.46 misses by $0.09,revenue of $320.7M beats by$62.51M | Seeking Alpha](https://seekingalpha.com/news/4669661-bitdeer-technologies-gaap-eps-of--046-misses-by-009-revenue-of-3207m-beats-by-6251m?ref=bullished.co) — seekingalpha.com
- [Top Wall Street Forecasters Revamp Bitdeer Expectations Ahead Of Q3 Earnings](https://www.benzinga.com/analyst-stock-ratings/price-target/26/11/63078808/top-wall-street-forecasters-revamp-bitdeer-expectations-ahead-of-q3-earnings?ref=bullished.co) — benzinga.com
- [Neocloud Sell-Off Leaves Bitcoin Miners Oversold | Seeking Alpha](https://seekingalpha.com/article/4965191-neocloud-sell-off-leaves-bitcoin-miners-oversold?ref=bullished.co) — seekingalpha.com
- [Bitdeer Reports Unaudited Third Quarter 2026 Results:](https://www.globenewswire.com/news-release/2026/11/10/3399340/0/en/bitdeer-reports-unaudited-third-quarter-2026-results-record-revenue-of-us-320-7-million-adjusted-ebitda-up-173-to-us-69-6-million.html?ref=bullished.co) — globenewswire.com

### More on Bitdeer Technologies

- [Bitdeer's AI Cloud Backlog Reaches About $2.9 Billion, Up From $0.9 Billion In August](https://www.bullished.co/bitdeers-ai-cloud-backlog-reaches-about-2-9-billion-up-from-0-9-billion-in-august-02e59111/)

[All Bitdeer Technologies (BTDR) coverage →](https://www.bullished.co/tag/btdr/)