Bitdeer Increased Revenue by 89% but Reported a Loss of $125.5 Million

Bitdeer Technologies Group, a company engaged in Bitcoin mining and the development of computing infrastructure for artificial intelligence (AI), reported record revenue for the third quarter of 2026. The figure reached $320.7 million, an increase of 89% compared to $169.7 million a year earlier.

Despite the revenue growth, the company's net loss increased from $30.1 million to $125.5 million. Adjusted EBITDA, however, grew by 173% to $69.6 million compared to $25.5 million for the same period in 2025.

The financial result was affected by a non-cash loss of $54.6 million related to the change in fair value of a loan in digital assets. Additionally, Bitdeer's interest expenses increased to $34.3 million from $20.2 million a year earlier.

AI Future Revenue Portfolio Reaches $2.9 Billion

One of Bitdeer's key development areas is cloud computing for artificial intelligence. As of September 30, the company estimated its portfolio of expected revenue from signed client commitments in this segment at approximately $2.9 billion.

However, this amount does not represent already earned revenue or funds received from clients. It reflects expected receipts for the remaining terms of the agreements. The actual volume and timing of revenue recognition depend on the commissioning of data centers, installation of computing equipment, and fulfillment of contractual obligations.

Revenue directly from cloud AI services in the third quarter reached $20.4 million compared to $1.8 million a year earlier. Despite significant growth, this accounts for about 6.4% of Bitdeer's total quarterly revenue.

The company also reported securing approximately 332 MW of computing power for AI projects. However, the development of infrastructure requires significant investments, and some facilities are still under construction and preparation for launch.

Mining Remains the Main Source of Income

From July to September, Bitdeer mined 3,855 BTC compared to 1,109 BTC a year earlier. Revenue from self-mining amounted to $217.5 million, and from joint mining operations – $59.9 million.

Thus, the two directions provided about $277.4 million, or approximately 86.5% of the total quarterly revenue.

As of the end of September, the company held only 47 BTC compared to 2,029 BTC a year earlier. The difference between the volume of production and the number of coins on the balance sheet shows that a significant portion of the produced assets is not retained in reserve.

As of September 30, cash, cash equivalents, and restricted funds amounted to $213.7 million. Of this amount, about $163.7 million was directly in cash and equivalents. The total borrowing volume reached approximately $1.95 billion.

Future financial results of Bitdeer will depend on both mining efficiency and electricity costs, as well as the timing of AI infrastructure launch. Despite the increase in the future revenue portfolio, the current report does not indicate that the development of cloud services has eliminated the company's unprofitability.