Bitdeer has reported record third-quarter revenue of $320.7 million, representing an 89% increase compared to the same period a year earlier. Alongside the revenue growth, the company recorded a GAAP net loss of approximately $125.5 million, while adjusted EBITDA rose to about $69.6 million.
Management pointed to changes in the fair value of digital-asset-related borrowing, including a $54.6 million noncash item, as a factor influencing the overall accounting result.
A notable figure in the announcement is Bitdeer's reported artificial-intelligence cloud backlog, which approached $2.9 billion. This backlog represents contracted or expected future services under the company’s reporting definitions, rather than cash already collected or recognized quarterly revenue. The conversion of this backlog into actual sales will depend on contract delivery, customer demand, capacity coming online, and specific contract terms.
In its core mining operations, Bitdeer produced 3,855 Bitcoin during the quarter and held 47 Bitcoin at quarter-end. The company also reported approximately $213.7 million in cash, cash equivalents, and restricted cash.
While adjusted EBITDA provides a view of operating performance before certain expenses and valuation changes, it differs from net income or free cash flow. Future reporting periods will test how effectively the company's AI-cloud backlog converts into delivered services and how the shift toward artificial intelligence impacts its financial volatility.
