AI Cloud revenue backlog grows to approximately US$2.9 billion; approximately 332 IT MW of AI Cloud capacity secured; Tydal remains on target
SINGAPORE, Nov. 10, 2026 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for AI neocloud services and Bitcoin mining infrastructure, today released its unaudited financial results for the third quarter ended September 30, 2026.
Q3 2026 Financial1 Highlights
All amounts compared to Q3’25 unless otherwise noted
- Total revenues were a record US$320.7 million, up 89% vs. US$169.7 million and up 40% from US$228.8 million in Q2’26.
- Total cost of revenues were US$309.9 million vs. US$130.0 million.
- Gross profit was US$10.8 million vs. US$39.7 million; up US$19.4 million from a gross loss of US$8.5 million in Q2’26.
- Net loss was US$125.5 million vs. US$30.1 million, including a non-cash loss of US$54.6 million from the change in fair value of the digital assets loan.
- Adjusted EBITDA2 was US$69.6 million, up 173% vs. US$25.5 million and up 124% from US$31.1 million in Q2’26.
- Cash, cash equivalents and restricted cash were US$213.7 million as of September 30, 2026.
- Digital assets and digital assets receivables were US$387.0 million as of September 30, 2026.
Management Commentary
“We delivered record revenue of US$320.7 million in the third quarter, up 89% year-over-year, while Adjusted EBITDA rose 173% to US$69.6 million,” said Michael G. Potter, Chief Financial Officer of Bitdeer. “At the same time, we are converting AI demand into long-duration contracts. Our AI Cloud revenue backlog3 has grown to approximately US$2.9 billion, and construction at Tydal remains on target. Customer prepayments, together with project-level financing, are designed to fund AI capacity as it is contracted. Our priorities are clear: deliver Tydal, complete our financings and bring Malaysia online.”
Operational Summary
| Three Months Ended September 30 | ||
| Metric | 2026 | 2025 |
| Hash Rate Metrics: | ||
| Self-Mining (Operated in self-owned datacenters) | 82.3 | 35.0 |
| Other Proprietary Hash Rate4 | 4.1 | – |
| Total Proprietary Hash Rate5 (EH/s) | 86.4 | 35.0 |
| Co-Mining (Operated in 3rd party datacenters) | 28.7 | – |
| BTC Mined6 | 3,855 | 1,109 |
| BTC Held7 | 47 | 2,029 |
| Total Power Usage (MWh) | 3,098,000 | 1,656,000 |
| Average cost of electricity ($/MWh) | $47 | $43 |
| Average miner efficiency (J/TH) | 15.4 | 20.1 |
Power Infrastructure Summary (as of October 31, 2026)
| Site | (MW) Capacity8 |
Ready for Service time9 |
Planned Usage |
Construction Update | ||
| Online Electrical Capacity: | ||||||
| 1) | Rockdale, TX | 563 | Online | Crypto / Colocation / AI Cloud | In active evaluation of AI transition. Recently acquired approximately 200 acres near the existing 563 MW facility to support AI/HPC infrastructure development. | |
| 2) | Jigmeling, Bhutan | 500 | Online | Crypto | ||
| 3) | Massillon, OH | 221 | Online | Crypto | All 221 MW is now fully online. | |
| 4) | Gedu, Bhutan | 100 | Online | Crypto | ||
| 5) | Molde, Norway | 84 | Online | Crypto and in early assessment of converting to AI Cloud | ||
| 6) | Tydal, Norway – phase 1 | 60.5 | Q4’26 | Colocation | $4.7 Billion, 16-Year AI/HPC Data Center Lease with Volta, subject to the tenant’s no-fee termination right at 10 years. 121 IT MW will be configured to run NVIDIA GPUs for the end customer, a leading AI lab. Potential total contract value of approximately $8.0 billion if the tenant exercises its one-time 8-year lease extension. | |
| 7) | Tydal, Norway – phase 2 | 60.5 | Q1’27 | Colocation | ||
| 8) | Knoxville, TN | 55 | Q4’27 | Crypto to AI Cloud | Due to delivery delays for critical power and electrical equipment, energization is now targeted for Q4 2027. | |
| 9) | Oromia Region, Ethiopia | 50 | Online | Crypto | ||
| 10) | Tydal, Norway – phase 3 | 42.7 | H2’27 | Colocation / AI Cloud | Bitdeer is developing two additional data halls, totaling 42.7 IT MW for future AI / HPC use cases. | |
| 11) | Wenatchee, WA | 8.5 | H2’28 | Crypto to AI Cloud | Redesigned to a conventional building with skid-mounted infrastructure to simplify permitting; most equipment already procured. Energization is now targeted for H2 2028. | |
| 12) | Malaysia – A10110 (Cyberjaya) | 2.5 | Online | AI Cloud | ||
| Online Electrical Subtotal: | 1,747.7 | |||||
| Pipeline Electrical Capacity: | ||||||
| 1) | Clarington, OH | 570 | To be updated | To be updated11 | 570 MW of power under contract with a local utility. Timing of power availability and construction may be affected by ongoing legal proceedings filed by a neighboring company, American Heavy Plate Solutions, LLC, which is under extensive influence from MHR, a New York based PE firm founded by Mark H. Rachesky. Design and other preparation work continues. | |
| 2) | Weathersfield, OH (formerly referred to as “Niles”) | 300 | Q4’28 | Colocation / AI Cloud | 300 MW grid-interconnected development site, with target energization in Q4’28. The project includes 41.8 acres of owned land and a transmission line extension agreement with a local utility company | |
| 3) | Rockdale, TX | 179 | Q4’26 (phased) | Crypto / Colocation / AI Cloud | Construction of the 179 MW load increase is underway, with phased energization beginning in Q4 2026. | |
| 4) | Fox Creek, Alberta, Canada | 101 | Q4’27 | Crypto | 101 MW site acquired, fully licensed and permitted for the construction of an on-site natural gas power plant. Energization is now expected in Q4 2027. Data center design accommodating both AIDC and crypto is currently underway, following the power plant groundbreaking in June 2026. | |
| 5) | Malaysia – A90110 | 67 | Q2’27 | AI Cloud | Data services agreement signed securing 67 MW of capacity; GB300 platform. Full delivery planned for Q2 2027. | |
| 6) | Malaysia – A20210 | 65.1 | Q3’27 | AI Cloud | 10-year data center services agreement signed securing 65.1 MW at the Johor campus, scaling total campus AI Cloud capacity to 86.8 MW; GB300 and/or Vera Rubin platforms. | |
| 7) | Malaysia – A10310 | 60 | Q1’28 | AI Cloud | Data services agreement signed securing 60 MW of capacity; Vera Rubin platform. Delivery planned for Q1 2028. | |
| 8) | Malaysia – A20110 (Johor Bahru) | 21.7 | Q2’27 | AI Cloud | Offtake commitments cover more than 70% of capacity, representing more than $1.7 billion of expected revenue over 5 years. Over 100 GB300 NVL72 racks were ordered ahead of energization, with full deployment and go-live targeted for Q2 2027. | |
| 9) | Malaysia – A10210 (Cyberjaya) | 9.5 | Q1’27 | AI Cloud | Construction in progress. 100% of GPU capacity contracted under five-year commitments, representing more than $800 million in total expected revenue. | |
| Pipeline Electrical Subtotal: | 1,373.3 | |||||
| Total Global Electrical Capacity: | 3,121.0 | |||||
Financial MD&A
Effective January 1, 2026, the Company transitioned from IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”) to generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial information for prior periods have been recast to conform to U.S. GAAP.
All variances reflect current quarter compared to the same quarter last year. All figures in this section are rounded12.
Q3 2026 High-Level P&L and Disaggregated Revenue Details:
| US $ in millions | Three Months Ended | ||
| 30-Sept-26 | 30-June-26 | 30-Sept-25 | |
| Total revenues | 320.7 | 228.8 | 169.7 |
| Total cost of revenues | (309.9) | (237.3) | (130.0) |
| Gross profit (loss) | 10.8 | (8.5) | 39.7 |
| Net loss | (125.5) | (92.3) | (30.1) |
| Adjusted EBITDA | 69.6 | 31.1 | 25.5 |
| Cash, cash equivalents and restricted cash | 213.7 | 496.3 | 217.2 |
| US $ in millions | Three months ended September 30, 2026 | ||||||
| Business line | Self-mining | Co-mining | AI Cloud | Cloud hash rate |
General hosting |
Membership hosting |
Sales of SEALMINERs and Accessories |
| Revenues | 217.5 | 59.9 | 20.4 | 3.6 | 4.0 | 10.2 | 0.3 |
| Cost of revenues | |||||||
| Including: | |||||||
| – Electricity cost in operating mining rigs | (109.3) | (29.8) | – | (0.9) | (3.3) | (7.8) | – |
| – Depreciation and SBC expenses | (90.3) | (20.4) | (4.8) | (0.7) | (0.3) | (0.7) | – |
| – Cost of products sold | – | – | – | – | – | – | (0.2) |
| – Other costs | (11.7) | (8.5) | (12.6) | (0.2) | (0.3) | (0.6) | – |
| Total cost of revenues | (211.3) | (58.7) | (17.3) | (1.8) | (3.9) | (9.1) | (0.2) |
| Gross profit | 6.2 | 1.1 | 3.1 | 1.8 | 0.1 | 1.1 | 0.1 |
| US $ in millions | Three months ended September 30, 2025 | |||||
| Business line | Self-mining | AI Cloud | Cloud hash rate |
General hosting |
Membership hosting |
Sales of SEALMINERs and Accessories |
| Revenues | 130.9 | 1.8 | – | 8.4 | 14.0 | 11.4 |
| Cost of revenues | ||||||
| Including: | ||||||
| – Electricity cost in operating mining rigs | (55.7) | – | – | (6.0) | (10.1) | – |
| – Depreciation and SBC expenses | (27.9) | (1.1) | – | (0.6) | (1.1) | – |
| – Cost of products sold | – | – | – | – | – | (10.0) |
| – Other costs | (12.1) | (1.5) | – | (0.5) | (0.9) | (0.0) |
| Total cost of revenues | (95.7) | (2.7) | – | (7.1) | (12.1) | (10.1) |
| Gross profit (loss) | 35.2 | (0.8) | – | 1.3 | 2.0 | 1.3 |
Q3 2026 Management’s Discussion and Analysis (compared to Q3 2025)
Revenue
- Total revenues were US$320.7 million vs. US$169.7 million.
- Self-mining revenue was US$217.5 million vs. US$130.9 million, primarily due to the increase in the average self-mining hashrate for the quarter by 173.5% to 79.6EH/s from 29.1 EH/s in the prior year period, partially offset by a lower average Bitcoin price at which mining rewards were recognized.
- Co-mining revenue was US$59.9 million, primarily contributed by 23.0 EH/s average mining hashrate for the third quarter of 2026.
- AI Cloud revenue was US$20.4 million vs. US$1.8 million.
- Cloud Hash Rate revenue was US$3.6 million vs. Nil.
- General Hosting revenue was US$4.0 million vs. US$8.4 million.
- Membership Hosting revenue was US$10.2 million vs. US$14.0 million.
- SEALMINER sales revenue was US$0.3 million vs. US$11.4 million.
Cost of Revenue
- Total cost of revenues were US$309.9 million vs. US$130.0 million. The increase was primarily driven by additional electricity costs as our expanded fleet consumed more power and a slightly higher per unit power cost, and depreciation costs as a significant number of new mining rigs were being deployed. Additionally, the staff cost, AI cloud service fee, and hosting fees for the Co-mining business increased with the growth of these businesses.
Gross Profit and Margin
- Gross profit was US$10.8 million vs. US$39.7 million.
- Gross margin was 3.4% vs. 23.4%.
Operating Expenses
- The sum of the operating expenses below was US$65.1 million vs. US$60.3 million.
- Selling expenses were US$4.2 million vs. US$1.3 million. The increase was primarily due to a US$2.7 million increase in advertising and marketing expenses.
- General and administrative expenses were US$32.8 million vs. US$20.0 million. The increase was primarily due to a US$5.9 million increase in staff costs, driven by an increase in general and administrative headcounts, and a US$3.9 million increase in consulting fees for general corporate management and compliance activities.
- Research and development expenses were US$28.2 million vs. US$39.1 million. The decrease was primarily due to a one-off development expense of US$19.3 million in Q3 2025, partially offset by a US$5.4 million increase in staff costs driven by increased headcount, and a US$2.3 million increase in research and development material expenses.
- Gain on change in fair value of digital assets held was US$13.5 million vs. US$7.0 million.
- In Q3 2026, we recorded other operating expenses, net of US$18.2 million, primarily comprising a loss of US$9.5 million on the repurchase of a membership customer’s capacity at our Rockdale site; the repurchased electricity capacity is used for our self-mining business, and a net loss of US$7.1 million on the change in fair value of digital assets-settled receivables and payables, mainly attributable to Bitcoin deposits from customers. In Q3 2025, we recorded other operating income of US$0.6 million, primarily comprising a net gain of US$0.8 million on the change in fair value of digital assets-settled receivables and payables.
Non-operating items
- Interest expense was US$34.3 million vs. US$20.2 million, primarily due to increased borrowing through the convertible senior notes and borrowing from a related party.
- In Q3 2026, we recorded US$54.6 million loss on change in fair value of digital assets loan. This is a fair value change of our loan in digital assets in connection with our Bitcoin collateralized loan from a related party mainly due to the fluctuations of Bitcoin price.
- In Q3 2026, we recorded gain on fair value changes of derivative instruments of US$17.6 million for our power purchase arrangements in Norway. In Q3 2025, we recorded loss of US$4.8 million on fair value changes of the convertible senior notes issued in August 2024, which were retired in 2025.
- In Q3 2026, we recorded other net gains of US$0.1 million. In Q3 2025, we recorded other net gains of US$5.1 million.
Net Loss
- Net loss was US$125.5 million vs. US$30.1 million.
Adjusted Loss (Non-GAAP)13
- Adjusted loss was US$87.3 million vs. US$33.4 million. The change was primarily due to the higher energy and depreciation costs, and higher operating and interest expenses, partially offset by the year-over-year higher revenue.
Adjusted EBITDA (Non-GAAP)2
- Adjusted EBITDA was US$69.6 million vs. US$25.5 million. The year-over-year growth was primarily driven by higher Self-mining hashrate from the deployment of SEALMINERs, the expansion of Co-mining capacity in third-party datacenters, and growth in AI Cloud revenue. These were partially offset by a lower average Bitcoin price, lower hosting revenue, and higher operating expenses, including a US$9.5 million loss on the repurchase of a membership customer’s capacity at our Rockdale site.
Cash Flows
- Net cash generated from operating activities was US$6.0 million, mainly driven by a US$263.8 million increase in deferred revenue primarily from customer advance payments for AI Cloud services. This was partially offset by electricity costs, general corporate overhead, interest expense, and a US$77.1 million increase in prepayments and other assets, mainly deposits for power capacity expansion.
- Net cash used in investing activities was US$252.2 million, which included US$478.0 million of capital expenditures, of which approximately US$110 million was for the production of SEALMINERs for the Self-mining and Co-mining businesses, including tariffs and freight for deployment, and approximately US$368 million was mainly for datacenter infrastructure construction and GPU equipment procurement, partially offset by US$221.5 million of proceeds from the disposal of digital assets, primarily mined Bitcoin.
- Net cash used in financing activities was US$34.2 million, primarily driven by net repayments of borrowings of US$92.3 million, partially offset by net proceeds of US$58.0 million from our ATM program.
Balance Sheets
As of September 30, 2026 (compared to December 31, 2025)
- US$213.7 million in cash, cash equivalents and restricted cash, US$387.0 million in digital assets and digital assets receivables from a related party, and US$1.95 billion in borrowings.
- US$508.4 million prepayments and other assets, decrease from US$723.0 million. The decrease was primarily driven by the delivery of raw materials and equipment procured for SEALMINERs mass production, upon which the related prepayments were realized as additions to property, plant and equipment, these SEALMINERs being designated for the Company’s own use following its strategic decision, partially offset by new procurement prepayments for AI business, datacenter construction and deposit made for new projects during the period.
- Inventories decreased from US$252.0 million to nil, as inventories, primarily wafers, chips, WIP, and finished SEALMINERs, were designated for the Company’s Self-mining and Co-mining businesses with effect from Q2 2026 following the Company’s strategic decision, and transferred to property, plant and equipment for the Company’s own use.
- US$2.4 billion in property, plant and equipment, up from US$1.1 billion. The increase was mainly due to the transfer of inventories, primarily wafers, chips, WIP, and finished SEALMINERs designated for the Company’s Self-mining and Co-mining businesses, to property, plant and equipment, as well as additional miner materials received for the mass production and deployment of SEALMINERs, and the ongoing construction and expansion of the Company’s datacenters.
Further information regarding the Company’s third quarter 2026 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.
Conference Call and Webcast
Bitdeer’s management will host a conference call and live webcast at 8:00 a.m. U.S. Eastern Time on Tuesday, November 10, 2026, to discuss these results. The webcast and accompanying presentation will be available on the Company’s Investor Relations website at https://ir.bitdeer.com, and a replay will be available following the call. Live Webcast: LINK Participant Call Registration: LINK.
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for AI neocloud services and Bitcoin mining infrastructure. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers and building AI computational infrastructure to support the AI revolution. Bitdeer handles complex processes involved in computing such as equipment procurement, transport logistics, data center design and construction, equipment management, and daily operations. Bitdeer also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed data centers across multiple countries, including the United States, Norway, Bhutan, Ethiopia, and Malaysia. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X@Bitdeer and LinkedIn @Bitdeer.
Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on social media and other communication channels listed on its website.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
| BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| September 30, | December 31, | |||||
| (US $ in thousands) | 2026 | 2025 | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 163,743 | 149,352 | ||||
| Restricted cash, current | 43,502 | 22,366 | ||||
| Digital assets | 43,183 | 85,488 | ||||
| Digital assets receivables from a related party | 343,785 | 135,558 | ||||
| Accounts receivable | 34,400 | 31,374 | ||||
| Amounts due from related parties | 9,614 | 9,654 | ||||
| Prepayments and other current assets | 254,535 | 698,291 | ||||
| Inventories, net | – | 251,999 | ||||
| Short-term investments | 3,753 | 4,976 | ||||
| Derivative assets, current | 29,118 | – | ||||
| Total current assets | 925,633 | 1,389,058 | ||||
| Noncurrent assets | ||||||
| Restricted cash, noncurrent | 6,453 | 6,159 | ||||
| Other noncurrent assets | 253,857 | 24,681 | ||||
| Long-term investments, net | 34,800 | 39,081 | ||||
| Operating lease right-of-use assets, net | 103,919 | 104,725 | ||||
| Finance lease right-of-use assets, net | 16,241 | – | ||||
| Property, plant and equipment, net | 2,353,880 | 1,086,275 | ||||
| Intangible assets, net | 88,729 | 93,432 | ||||
| Goodwill | 35,818 | 35,818 | ||||
| Derivative assets, noncurrent | 11,741 | – | ||||
| Deferred tax assets | 28,927 | 8,682 | ||||
| Total noncurrent assets | 2,934,365 | 1,398,853 | ||||
| TOTAL ASSETS | 3,859,998 | 2,787,911 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| LIABILITIES | ||||||
| Current liabilities | ||||||
| Accounts payable | 229,981 | 119,818 | ||||
| Accrued expenses and other current liabilities | 102,445 | 54,964 | ||||
| Amounts due to a related party | 8,813 | 4,340 | ||||
| Income tax payables | 12,207 | 13,355 | ||||
| Derivative liabilities | 12,210 | – | ||||
| Deferred revenue | 48,406 | 64,391 | ||||
| Short-term borrowings | 26,000 | 26,000 | ||||
| Current portion of long-term borrowings | 103 | 13 | ||||
| Short-term borrowings from a related party | 315,229 | – | ||||
| Current portion of long-term borrowings from a related party | 351,250 | 275,000 | ||||
| Current portion of operating lease liabilities | 10,660 | 11,888 | ||||
| Finance lease liability | 16,334 | – | ||||
| Total current liabilities | 1,133,638 | 569,769 | ||||
| Noncurrent liabilities | ||||||
| Other noncurrent liabilities | 17,042 | 2,413 | ||||
| Deferred revenue | 293,446 | 63,255 | ||||
| Long-term borrowings | 1,183,807 | 947,183 | ||||
| Long-term borrowings from a related party | 72,083 | 246,831 | ||||
| Operating lease liabilities | 100,089 | 98,468 | ||||
| Deferred tax liabilities | 16,184 | 11,973 | ||||
| Total noncurrent liabilities | 1,682,651 | 1,370,123 | ||||
| TOTAL LIABILITIES | 2,816,289 | 1,939,892 | ||||
| SHAREHOLDERS’ EQUITY | ||||||
| Ordinary shares (US$0.0000001 par value; 499,600,000,000 Class A ordinary shares and 200,000,000 Class V ordinary shares authorized; 231,794,894 Class A ordinary shares and 44,399,922 Class V ordinary shares issued and outstanding as of September 30, 2026, 191,152,162 Class A ordinary shares and 44,399,922 Class V ordinary shares issued and outstanding as of December 31, 2025) | * | * | ||||
| Treasury shares, at cost (nil as of September 30, 2026 and 3,364,711 Class A ordinary shares as of December 31, 2025) | – | (35,990 | ) | |||
| Additional paid-in capital | 1,954,454 | 1,418,111 | ||||
| Accumulated deficit | (911,464 | ) | (534,156 | ) | ||
| Accumulated other comprehensive income | 719 | 54 | ||||
| TOTAL SHAREHOLDERS’ EQUITY | 1,043,709 | 848,019 | ||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 3,859,998 | 2,787,911 | ||||
* Amount less than US$1,000
| BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||
| Three months ended September 30 | Nine months ended September 30, | ||||||||||
| (US $ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||
| Total revenues | 320,746 | 169,708 | 738,460 | 395,418 | |||||||
| Total cost of revenues | (309,903 | ) | (129,998 | ) | (775,184 | ) | (347,697 | ) | |||
| Gross profit (loss) | 10,843 | 39,710 | (36,724 | ) | 47,721 | ||||||
| Selling expenses | (4,157 | ) | (1,284 | ) | (9,293 | ) | (4,299 | ) | |||
| General and administrative expenses | (32,756 | ) | (19,953 | ) | (91,662 | ) | (55,193 | ) | |||
| Research and development expenses | (28,163 | ) | (39,090 | ) | (84,413 | ) | (118,662 | ) | |||
| Change in fair value of digital assets held | 13,475 | 7,044 | (15,153 | ) | 26,442 | ||||||
| Other operating (expenses) income, net | (18,191 | ) | 581 | (29,997 | ) | (2,828 | ) | ||||
| Total operating expenses | (69,792 | ) | (52,702 | ) | (230,518 | ) | (154,540 | ) | |||
| Loss from operations | (58,949 | ) | (12,992 | ) | (267,242 | ) | (106,819 | ) | |||
| Interest income | 2,510 | 1,393 | 4,730 | 5,580 | |||||||
| Interest expense | (34,265 | ) | (20,204 | ) | (97,075 | ) | (39,267 | ) | |||
| Change in fair value of digital assets receivables from a related party | 144 | 997 | (16,163 | ) | 997 | ||||||
| Change in fair value of digital assets loan | (54,619 | ) | – | (30,810 | ) | – | |||||
| Change in fair value of derivative instruments | 17,567 | (4,762 | ) | 25,421 | 160,590 | ||||||
| Foreign exchange (losses) gains | (583 | ) | (204 | ) | (2,950 | ) | 3,245 | ||||
| Other gains (losses), net | 58 | 5,140 | (7,457 | ) | (13,636 | ) | |||||
| (Loss) income before taxation | (128,137 | ) | (30,632 | ) | (391,546 | ) | 10,690 | ||||
| Income tax benefits (expenses) | 668 | (2,851 | ) | 15,789 | 672 | ||||||
| Share of earnings (losses) from equity method investments | 1,966 | 3,379 | (1,551 | ) | 912 | ||||||
| Net (loss) income | (125,503 | ) | (30,104 | ) | (377,308 | ) | 12,274 | ||||
| Net (loss) income per share (in US$) | |||||||||||
| Basic | (0.46 | ) | (0.14 | ) | (1.51 | ) | 0.06 | ||||
| Diluted | (0.46 | ) | (0.14 | ) | (1.51 | ) | (0.69 | ) | |||
| Weighted average number of shares outstanding (thousand shares) | |||||||||||
| Basic | 270,202 | 208,813 | 250,102 | 197,729 | |||||||
| Diluted | 270,202 | 208,813 | 250,102 | 206,423 | |||||||
| Comprehensive (loss) income | |||||||||||
| Net (loss) income | (125,503 | ) | (30,104 | ) | (377,308 | ) | 12,274 | ||||
| Other comprehensive income for the period | |||||||||||
| – Foreign currency translation adjustments | 713 | 17 | 665 | 166 | |||||||
| Other comprehensive income for the period, net of tax | 713 | 17 | 665 | 166 | |||||||
| Total comprehensive (loss) income for the period | (124,790 | ) | (30,087 | ) | (376,643 | ) | 12,440 | ||||
| BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||
| (US $ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||
| Cash flows from operating activities | |||||||||||
| Net income (loss) | (125,503 | ) | (30,104 | ) | (377,308 | ) | 12,274 | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Revenues recognized on acceptance of digital assets | (290,795 | ) | (160,529 | ) | (645,041 | ) | (361,168 | ) | |||
| Cost of revenues recognized on payment in digital assets | 48,756 | – | 48,756 | – | |||||||
| Depreciation and amortization | 125,834 | 37,204 | 328,430 | 82,156 | |||||||
| Share-based compensation expense | 7,599 | 9,317 | 21,126 | 29,891 | |||||||
| Change in fair value of digital assets held | (13,475 | ) | (7,044 | ) | 15,153 | (26,442 | ) | ||||
| Change in fair value of digital assets-settled receivables and payables | 7,144 | (834 | ) | 676 | 2,356 | ||||||
| Change in fair value of digital assets receivables from a related party | (144 | ) | (997 | ) | 16,163 | (997 | ) | ||||
| Change in fair value of digital assets loan | 54,619 | – | 30,810 | – | |||||||
| Change in fair value of derivative instruments | (17,567 | ) | 4,762 | (25,421 | ) | (160,590 | ) | ||||
| Loss on extinguishment of convertible senior notes | – | – | 5,379 | 16,194 | |||||||
| Others | 3,751 | 10,110 | 21,253 | 14,532 | |||||||
| Changes in operating assets and liabilities: | |||||||||||
| Prepayments and other assets | (77,094 | ) | (175,327 | ) | 289,566 | (276,681 | ) | ||||
| Inventories | – | (230,970 | ) | (544,931 | ) | (521,653 | ) | ||||
| Deferred revenue | 263,837 | 543 | 253,890 | (457 | ) | ||||||
| Other operating assets | (2,672 | ) | (3,679 | ) | (6,654 | ) | (2,561 | ) | |||
| Other operating liabilities | 21,660 | 27,107 | 68,686 | 50,680 | |||||||
| Net cash provided by (used in) operating activities | 5,950 | (520,441 | ) | (499,467 | ) | (1,142,466 | ) | ||||
| Cash flows from investing activities | |||||||||||
| Purchase of property, plant and equipment and intangible assets | (477,980 | ) | (59,748 | ) | (837,720 | ) | (216,953 | ) | |||
| Purchase of short-term investments | – | – | – | (1,000 | ) | ||||||
| Purchase of long-term investments | (890 | ) | (2,070 | ) | (1,290 | ) | (2,402 | ) | |||
| Proceeds from disposal of short-term investments | – | – | 900 | – | |||||||
| Proceeds from disposal of long-term investments | 4,324 | – | 4,324 | – | |||||||
| Proceeds from disposal of property, plant and equipment | 918 | – | 2,606 | – | |||||||
| Purchase of digital assets | – | – | – | (18,159 | ) | ||||||
| Proceeds from disposal of digital assets | 221,469 | 89,021 | 623,861 | 201,372 | |||||||
| Cash paid for the site and gas-fired power project in Alberta, Canada | – | – | – | (21,881 | ) | ||||||
| Net cash provided by (used in) investing activities | (252,159 | ) | 27,203 | (207,319 | ) | (59,023 | ) | ||||
| Cash flows from financing activities | |||||||||||
| Capital element of lease rentals paid | (60 | ) | – | (60 | ) | – | |||||
| Proceeds from borrowings | 26,000 | 26,000 | 52,594 | 43,472 | |||||||
| Repayment of borrowings | (26,003 | ) | (17,002 | ) | (52,011 | ) | (17,006 | ) | |||
| Borrowings from a related party | 45,000 | 320,000 | 255,000 | 500,000 | |||||||
| Repayment of borrowings to a related party | (137,250 | ) | (31,292 | ) | (286,250 | ) | (38,375 | ) | |||
| Proceeds from exercise of share-based awards | 114 | 1,682 | 2,615 | 3,347 | |||||||
| Proceeds from issuance of shares for exercise of share warrant | – | – | – | 50,000 | |||||||
| Proceeds from issuance of ordinary shares | 58,858 | 93,918 | 550,792 | 215,755 | |||||||
| Transaction costs for the issuance of ordinary shares | (883 | ) | (2,504 | ) | (8,316 | ) | (5,938 | ) | |||
| Repurchase of ordinary shares | – | – | (4,000 | ) | (30,010 | ) | |||||
| Proceeds from convertible senior notes, net of transaction costs | – | (714 | ) | 363,625 | 362,478 | ||||||
| Repayments made in connection with the extinguishment of convertible senior notes | – | – | (93,046 | ) | (33,783 | ) | |||||
| Purchase of capped call or zero-strike call option in connection with convertible senior notes | – | – | (33,713 | ) | (129,607 | ) | |||||
| Net cash provided by (used in) financing activities | (34,224 | ) | 390,088 | 747,230 | 920,333 | ||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,157 | ) | 1,415 | (4,623 | ) | 4,696 | |||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (282,590 | ) | (101,735 | ) | 35,821 | (276,460 | ) | ||||
| Cash, cash equivalents and restricted cash at the beginning of the period | 496,288 | 318,901 | 177,877 | 493,626 | |||||||
| Cash, cash equivalents and restricted cash at the end of the period | 213,698 | 217,166 | 213,698 | 217,166 | |||||||
| Supplemental disclosures of material non-cash investing and financing activities: | |||||||
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 3,128 | 1,626 | 8,753 | 18,791 | |||
| Finance lease right-of-use assets obtained in exchange for finance lease liability | 16,241 | – | 16,241 | – | |||
| Prepayments realized as additions to property, plant and equipment and intangible assets | 85,444 | 1,332 | 294,337 | 7,178 | |||
| Transfer of inventory to property, plant and equipment | – | 204,940 | 796,930 | 351,728 | |||
| Cancellation of repurchased treasury shares | – | – | 39,965 | 29,967 | |||
| Issuance of Class A ordinary shares in connection with settlement of convertible senior notes | – | 16,010 | 43,804 | 128,961 | |||
| Borrowings from a related party in digital assets | 292,522 | – | 609,075 | – | |||
| Repayment of borrowings from a related party in digital assets | 149,460 | – | 391,904 | – | |||
| Digital assets placed as collateral for borrowings from a related party | 321,732 | – | 679,332 | – | |||
| Return of digital assets placed as collateral for borrowings from a related party | 140,262 | – | 454,942 | – | |||
Use of Non-GAAP Financial Measures
In evaluating the Company’s business, the Company considers and uses non-GAAP measures, adjusted EBITDA and adjusted income (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based compensation expense, share of earnings (losses) from equity method investments, change in fair value of digital assets held, change in fair value of digital assets-settled receivables and payables, change in fair value of digital assets receivables from a related party, change in fair value of digital assets loan, change in fair value of derivative instruments, net gains (losses) on disposal of property, plant and equipment, losses on asset write-offs and other net gains (losses), and defines adjusted income (loss) as income (loss) adjusted to exclude share-based compensation expense, share of earnings (losses) from equity method investments, change in fair value of digital assets held, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets receivables from a related party, change in fair value of digital assets loan, change in fair value of derivative instruments, net gains (losses) on disposal of property, plant and equipment, losses on asset write-offs and other net gains (losses).
The Company presents these non-GAAP financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-GAAP measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s loss for the periods, as determined in accordance with GAAP. The Company compensates for these limitations by reconciling these non-GAAP financial measures to the nearest GAAP performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.
The following table presents a reconciliation of income (loss) for the relevant period to adjusted EBITDA and adjusted loss, for the three and nine months ended September 30, 2026 and 2025.
| BITDEER GROUP UNAUDITED NON-GAAP ADJUSTED EBITDA AND ADJUSTED INCOME (LOSS) RECONCILIATION | |||||||||||
| Three months ended September 30 | Nine months ended September 30, | ||||||||||
| (US $ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||
| Adjusted EBITDA | |||||||||||
| Net income (loss) | (125,503 | ) | (30,104 | ) | (377,308 | ) | 12,274 | ||||
| Add： | |||||||||||
| Depreciation and amortization | 125,834 | 37,204 | 328,430 | 82,156 | |||||||
| Income tax (benefit) expense | (668 | ) | 2,851 | (15,789 | ) | (672 | ) | ||||
| Interest income | (2,510 | ) | (1,393 | ) | (4,730 | ) | (5,580 | ) | |||
| Interest expenses | 34,265 | 20,204 | 97,075 | 39,267 | |||||||
| Share-based compensation expense | 7,599 | 9,317 | 21,126 | 29,891 | |||||||
| Share of (earnings) losses from equity method investments | (1,966 | ) | (3,379 | ) | 1,551 | (912 | ) | ||||
| Change in fair value of digital assets held | (13,475 | ) | (7,044 | ) | 15,153 | (26,442 | ) | ||||
| Change in fair value of digital assets-settled receivables and payables | 7,144 | (834 | ) | 676 | 2,356 | ||||||
| Change in fair value of digital assets receivables from a related party | (144 | ) | (997 | ) | 16,163 | (997 | ) | ||||
| Change in fair value of digital assets loan | 54,619 | – | 30,810 | – | |||||||
| Change in fair value of derivative instruments | (17,567 | ) | 4,762 | (25,421 | ) | (160,590 | ) | ||||
| Net losses on disposal of property, plant and equipment | 240 | 55 | 18,110 | 123 | |||||||
| Losses on asset write-offs | 1,839 | – | 1,839 | – | |||||||
| Other (gains) losses, net | (58 | ) | (5,140 | ) | 7,457 | 13,636 | |||||
| Total of Adjusted EBITDA | 69,649 | 25,502 | 115,142 | (15,490 | ) | ||||||
| Adjusted Loss | |||||||||||
| Net income (loss) | (125,503 | ) | (30,104 | ) | (377,308 | ) | 12,274 | ||||
| Add： | |||||||||||
| Share-based compensation expense | 7,599 | 9,317 | 21,126 | 29,891 | |||||||
| Share of (earnings) losses from equity method investments | (1,966 | ) | (3,379 | ) | 1,551 | (912 | ) | ||||
| Change in fair value of digital assets held | (13,475 | ) | (7,044 | ) | 15,153 | (26,442 | ) | ||||
| Change in fair value of digital assets-settled receivables and payables | 7,144 | (834 | ) | 676 | 2,356 | ||||||
| Change in fair value of digital assets receivables from a related party | (144 | ) | (997 | ) | 16,163 | (997 | ) | ||||
| Change in fair value of digital assets loan | 54,619 | – | 30,810 | – | |||||||
| Change in fair value of derivative instruments | (17,567 | ) | 4,762 | (25,421 | ) | (160,590 | ) | ||||
| Net losses on disposal of property, plant and equipment | 240 | 55 | 18,110 | 123 | |||||||
| Losses on asset write-offs | 1,839 | – | 1,839 | – | |||||||
| Other (gains) losses, net | (58 | ) | (5,140 | ) | 7,457 | 13,636 | |||||
| Total of Adjusted Loss | (87,272 | ) | (33,364 | ) | (289,844 | ) | (130,661 | ) | |||
For investor and media inquiries, please contact:
Investor Relations
Tesh Dahya, Head of Investor Relations
tesh.dahya@bitdeer.com
Media
Eunice Hwangbo, Director, Corporate Communications
eunice.hwangbo@bitdeer.com
____________________________
1 Effective January 1, 2026, the Company transitioned from IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”) to generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial information for prior periods have been recast to conform to U.S. GAAP.
2 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based compensation expense, share of earnings (losses) from equity method investments, change in fair value of digital assets held, change in fair value of digital assets-settled receivables and payables, change in fair value of digital assets receivables from a related party, change in fair value of digital assets loan, change in fair value of derivative instruments, net gains (losses) on disposal of property, plant and equipment, losses on asset write-offs and other net gains (losses).
3 “AI Cloud revenue backlog” represents the total expected revenue under signed customer commitments for Bitdeer’s AI Cloud services over the remaining terms of those commitments, as of September 30, 2026. Revenue backlog is not a U.S. GAAP measure, may not be comparable to similarly titled measures used by other companies, and is not necessarily indicative of future revenue, the timing and amount of which depend on, among other things, data center energization, GPU deployment and customer performance.
4 Other Proprietary Hash Rate includes the hashrate from Bitdeer’s cloud hashrate business, mining rigs delivered in the crypto mining datacenters but not deployed and the mining rigs temporarily offline due to limited economic benefit.
5 Total Proprietary Hash Rate includes Self-Mining Hash Rate and Other Proprietary Hash Rate.
6 Bitcoins mined includes BTC from self-mining operations and BTC from co-mining operations.
7 Bitcoins held does not include Bitcoins from customer deposits but does include Bitcoins that are pledged as collateral by us.
8 All sites listed by MW capacity, except for active development HPC / AI sites which are listed by IT MW
9 Indicative timing for completion of power, or where substation power is already available, completion of the engineering required to make it usable and commissioned, independent of tenant equipment delivery. All timing references are to calendar quarters and years, and these forward-looking estimates remain subject to delays and risks
10 Capacity under lease arrangement
11 The site is currently being developed for Bitcoin mining.
12 Figures may not add due to rounding.
13 “Adjusted loss” is defined as loss adjusted to exclude share-based compensation expense, share of earnings (losses) from equity method investments, change in fair value of digital assets held, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets receivables from a related party, change in fair value of digital assets loan, change in fair value of derivative instruments, net gains (losses) on disposal of property, plant and equipment, losses on asset write-offs and other net gains (losses).
