What Bitdeer Technologies Group (BTDR) Said on Its Q3 Earnings Call

Key Points

• Revenue reached a record $320.7 million, up 89% year over year, and adjusted EBITDA rose to $69.6 million. Bitdeer still reported a $125.5 million net loss amid heavy investment.
• Management cited about $7.6 billion in expected contracted AI revenue and 332 IT megawatts of secured data-center capacity. AI cloud revenue grew 46% sequentially to $20.4 million, while construction and customer installations at key sites are scheduled to ramp from late 2026 into 2027.
• Spending sharply reduced cash to $163.7 million from $456.8 million as quarterly capital expenditures reached $478 million and debt rose to $1.95 billion. Bitdeer is pursuing project and asset-level financing, while lowering its 2026 crypto-mining infrastructure capex outlook to $200 million or less.

Bitdeer Technologies Group NASDAQ: BTDR reported record third-quarter revenue as Bitcoin production and co-mining expanded, while management outlined plans to finance a growing pipeline of artificial intelligence infrastructure projects.

Revenue rose 89% year over year to $320.7 million, and adjusted EBITDA increased to $69.6 million from $25.5 million a year earlier. The company posted a net loss of $125.5 million, or $0.46 per share, as it invested heavily in data centers and computing equipment.

Chief Strategy Officer Haris Basit said Bitdeer’s AI platform represents approximately $7.6 billion in expected contracted revenue: about $4.7 billion from the base term of its Tydal data center lease in Norway and $2.9 billion in AI cloud backlog. The two businesses have different revenue recognition profiles and capital requirements, he said.

AI Cloud Contracts and Tydal Construction

AI cloud revenue increased 46% from the second quarter to $20.4 million. Bitdeer ended September with 4,328 graphics processing units deployed at approximately 95% utilization. The business generated $3.1 million in gross profit, compared with a $2.3 million gross loss in the prior quarter.

Chief Financial Officer Michael Potter said the sequential revenue increase came primarily from pricing and customer mix as utilization of higher-value systems rose. AI cloud annualized recurring revenue was approximately $86 million at quarter-end.

In Malaysia, Bitdeer has sold out the 9.5 megawatts of capacity at its A102 facility under five-year commitments representing more than $800 million in expected revenue. More than 70% of the 21.7 megawatts at A201 is contracted, representing over $1.7 billion in expected five-year revenue. The company expects revenue to begin at A102 in the first quarter of 2027 and at A201 in the second quarter.

Potter said secured AI cloud data center capacity has reached approximately 332 IT megawatts, or about 95% of the company’s target for the first quarter of 2028. He cautioned that secured capacity, which includes owned sites and those covered by executed data center services agreements, is not the same as capacity contracted to customers.

At Tydal, phase-one delivery remains scheduled for year-end, with customer installations planned to begin in January. Phase-two data hall deliveries are expected to start at the end of the first quarter of 2027. The lease with Volta covers 121 IT megawatts over 16 years, subject to the tenant’s right to terminate without a fee after 10 years.

Potter said Bitdeer has begun the project-financing process. He also said Volta’s reported GPU financing removed a major item needed to activate the anticipated letter-of-credit support, with construction completion and operational GPUs among the remaining steps.

Cash Declines as Spending Rises

Bitdeer ended the quarter with $163.7 million in cash and cash equivalents, down from $456.8 million at the end of the second quarter. Capital expenditures totaled $478 million, including approximately $288 million for data center construction and land and about $110 million for SEALMINER production. Total debt rose to $1.95 billion.

Potter said cash declined because the company funded Tydal construction and a land purchase at Rockdale ahead of expected financing. Operating cash flow was approximately $6 million, including customer prepayments. The company also sold $221.5 million of mined Bitcoin, proceeds reported in investing activities.

Management expects customer prepayments and asset-level financing to support AI cloud deployments. Potter said financing for the A102 GPUs was in its final stages, while work was underway on a similar arrangement for A201. Deferred revenue, mostly AI cloud prepayments, reached approximately $342 million at quarter-end.

During the call, Potter gave differing figures for remaining Tydal construction spending, citing approximately $350 million and approximately $250 million in prepared remarks, then about $500 million during questions. He did not reconcile the figures. He said the company would seek at least $500 million in financing and hoped to recover some equity previously invested in the site, subject to market conditions.

Bitdeer raised $58 million through its at-the-market equity program in the third quarter, compared with $457 million in the second. Potter said the company had not recently accessed equity markets but declined to rule out future equity financing.

Mining Growth and Capital Outlook

Bitdeer mined 3,855 Bitcoin during the quarter, up 43% from the second quarter, while co-mining revenue rose 140% sequentially to $59.9 million. Self-mining hash rate reached approximately 82.3 exahash per second at quarter-end.

Power cost per Bitcoin mined was approximately $36,000, down from $49,000 a year earlier, as fleet efficiency improved. Total gross profit was $10.8 million, reversing a second-quarter gross loss, although average power costs rose to 4.7 cents per kilowatt-hour from 4.4 cents.

The company now expects 2026 crypto mining infrastructure capital spending at or below $200 million, the low end of its previous $200 million to $280 million range. The forecast excludes SEALMINER hardware, GPUs, AI cloud and high-performance computing infrastructure. Potter said Bitdeer plans to provide 2027 guidance with its fourth-quarter results.

Founder and CEO Jihan Wu said Bitdeer expects to slow the pace of new crypto-mining capital investment next year while continuing to expand operations. At Rockdale, he said the company plans to seek additional grid power and build new AI data centers on acquired land rather than broadly winding down existing mining operations.

About Bitdeer Technologies Group (NASDAQ:BTDR)

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. Its business includes operating mining data centers, mining digital assets for its own account, and providing hosting services that allow customers to deploy and operate mining equipment.

The company also develops and sells cryptocurrency mining machines and offers cloud hash rate services, which provide customers access to computing capacity for mining without requiring them to operate the equipment themselves.

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