SEC Filings

Bitdeer Revenue Soars 89% — But Mining Expansion Squeezes Its Gross Profit

Adjusted EBITDA rose 173%, while capital spending reached $478 million and AI Cloud commitments totaled approximately $2.9 billion.

Bitdeer, which mines Bitcoin and builds AI computing infrastructure, reported an 89% revenue increase 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 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 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, 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.