Bitdeer Technologies Group reported record third-quarter revenue that topped analyst estimates, but a wider-than-expected per-share loss and sharply higher costs weighed on its stock Tuesday.
The bitcoin miner posted revenue of $320.7 million, up 89% from $169.7 million a year earlier and above the $251.11 million analysts had expected. The per-share loss was $0.46, wider than the $0.37 loss analysts anticipated.
Net loss widened to $125.5 million from $30.1 million, as cost of revenue jumped to $309.9 million from $130.0 million, mainly on higher electricity costs and depreciation. Gross profit fell to $10.8 million from $39.7 million. A non-cash $54.6 million charge tied to a digital-asset loan was part of the net loss.
Adjusted EBITDA still climbed 173% to $69.6 million from $25.5 million. Self-mining revenue rose to $217.5 million from $130.9 million, co-mining added $59.9 million, and AI Cloud revenue increased to $20.4 million from $1.8 million.
Bitcoin mined versus bitcoin held
Bitdeer mined 3,855 BTC in the quarter, up from 1,109 BTC a year earlier, while its proprietary hashrate rose to 86.4 EH/s from 35 EH/s. Yet the company held just 47 BTC as of Sept. 30, compared with 2,029 BTC a year earlier.
Bitdeer took in $221.5 million from selling digital assets during the quarter, mostly mined bitcoin. It ended September with $43.2 million in digital assets and $343.8 million in digital-asset receivables from a related party, for a combined $387 million. Cash and cash equivalents stood at $213.7 million.
AI Cloud backlog and Tydal
The AI Cloud backlog reached about $2.9 billion, with roughly 332 IT megawatts of capacity secured. CFO Michael G. Potter said the company is “converting AI demand into long-duration contracts.” He added that customer prepayments and project-level financing are meant to fund AI capacity as it is contracted.
Construction at the Tydal site in Norway remains on schedule for energisation in the fourth quarter of 2026.
Stock reaction
BTDR closed Monday at $6.61, up 9.9%, ahead of the report. Premarket moves Tuesday were mixed, with one report showing a 1.5% gain and another a 2.7% drop. Later in the day, the stock was down about 7%, while bitcoin slipped about 2%.
