Bitdeer Reports Unaudited Financial Results for the Second Quarter of 2026

SINGAPORE, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining and AI infrastructure, today released its unaudited financial results for the second quarter ended June 30, 2026.

Q2 2026 Financial¹ Highlights
All amounts compared to Q2’25 unless otherwise noted

• Total revenue was US$228.8 million vs. US$155.6 million.
• Cost of revenue was US$237.3 million vs. US$143.6 million.
• Gross loss was US$8.5 million vs. gross profit US$12.0 million.
• Net loss was US$92.3 million vs. US$62.9 million.
• Adjusted EBITDA² was US$31.1 million vs. US$4.6 million.
• Cash, cash equivalents and restricted cash were US$496.3 million as of June 30, 2026.
• Digital assets and digital assets - receivable balance: US$196.9 million as of June 30, 2026.
  

Management Commentary

“The second quarter reflected steady progress across our platform. Earlier this month, we converted a meaningful portion of our power portfolio into long term, contracted revenue with the Tydal, Norway agreement, our first large-scale proof point for the colocation strategy we plan to continue to build upon,” said Michael G. Potter, Chief Financial Officer. “Our AI Cloud revenue continues to scale, alongside our mining business as our SEALMINER fleet comes online. Together, these results show the advantage of owning the fully integrated vertical stack, from power, to hardware, and infrastructure.”

Operational Summary

Power Infrastructure Summary (As of 7/31/2026)

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 statements 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.

Q2 2026 High-Level P&L and Disaggregated Revenue Details:

Q2 2026 Management’s Discussion and Analysis (compared to Q2 2025)

Revenue

• Total revenue was US$228.8 million vs. US$155.6 million.
• Self-mining revenue was US$168.4 million vs. US$59.3 million, primarily due to the increase in the average self-mining hashrate for the quarter by 389.4% to 69.5EH/s from 14.2 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$25.0 million, primarily contributed by 11.4 EH/s average mining hashrate for the second quarter of 2026.
• AI Cloud revenue was US$14.0 million vs. US$1.3 million.
• Cloud Hash Rate revenue was US$3.7 million vs. Nil.
• General Hosting revenue was US$2.8 million vs. US$9.3 million.
• Membership Hosting revenue was US$12.8 million vs. US$14.6 million.
• SEALMINER sales revenue was US$0.4 million vs. US$69.5 million.

Cost of Revenue

• Cost of revenue was US$237.3 million vs. US$143.6 million. The increase was primarily driven by higher electricity and depreciation costs as a significant number of new mining rigs came online and a slightly higher per unit power cost. Additionally, the staff cost, AI cloud service fee, and hosting fees for the Co-mining business increased with the growth of these businesses.
  

Gross loss and Margin

• Gross loss was US$8.5 million vs. gross profit US$12.0 million.
• Gross margin was -3.7% vs. 7.7%.

Operating Expenses

• The sum of the operating expenses below was US$72.6 million vs. US$42.2 million.
  • Selling expenses were US$2.2 million vs. US$1.6 million. The increase was primarily due to a US$0.6 million increase in advertising expenses for our AI business and a US$0.3 million increase in staff costs, driven by an increase in headcount.
  • General and administrative expenses were US$34.3 million vs. US$20.0 million. The increase was primarily due to a US$6.8 million increase in staff costs, driven by an increase in general and administrative headcounts, and a US$4.8 million increase in consulting fees for general corporate management and compliance activities.
  • Research and development expenses were US$36.1 million vs. US$20.6 million, primarily due to a one-off incremental development expense and a US$3.2 million increase in staff costs driven by higher headcount, partially offset by a US$2.6 million decrease in share-based payment expenses.
• Loss on change in fair value of digital assets held for operations was US$4.6 million vs. gain of US$40.7 million.
• In Q2 2026, we recorded other operating expenses of US$16.0 million, primarily comprising net loss of US$17.2 million on disposal of property and net gain of US$1.4 million on the change in fair value of digital assets-settled receivables and payables. In Q2 2025, we recorded other operating expenses of US$5.9 million, primarily comprising net loss of US$5.7 million on the change in fair value of digital assets-settled receivables and payables.

Non-operating items

• Net interest expenses were US$31.1 million vs. US$9.6 million, primarily due to increased borrowing through the convertible senior notes and borrowing from a related party.
• In Q2 2026, we recorded US$14.8 million gain 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 loan from a related party mainly due to the fluctuations of Bitcoin price.
• In Q2 2026, we recorded gain on fair value changes of derivative instruments of US$13.0 million for our power purchase arrangements in Norway. In Q2 2025, we recorded loss of US$39.7 million for the convertible senior notes issued in August 2024 and Tether warrants, both of which were retired in 2025.
• In Q2 2026, we recorded other net gains of US$4.5 million, primarily comprising US$4.3 million of compensation received from insurance to recover the Massillon site fire damage loss. In Q2 2025, we recorded other net losses of US$17.3 million, primarily a US$16.2 million loss on extinguishment of the convertible senior notes.

Net Loss

• Net loss was US$92.3 million vs. US$62.9 million.
  

Adjusted Loss (Non-GAAP)¹³

• Adjusted loss was US$96.0 million vs. US$30.9 million. The change was primarily due to the higher energy and depreciation costs, and higher interest expense, partially offset by the year-over-year higher revenue.
  

Adjusted EBITDA (Non-GAAP)²

• Adjusted EBITDA was US$31.1 million vs. US$4.6 million. The year-over-year growth was primarily driven by significantly higher Self-mining and Co-mining hashrate as a result of the Company’s mass production and deployment of SEALMINERs, offset by higher operating expenses incurred.
  

Cash Flows

• Net cash used in operating activities was US$158.5 million, primarily driven by electricity costs from the mining business, general corporate overhead and interest expense.
• Net cash used in investing activities was US$68.4 million, which included US$266.0 million of capital expenditures, of which US$150.0 million was the payments for the production of SEALMINERs used for Self-mining and Co-mining businesses and US$116.0 million was for datacenter infrastructure construction, GPU equipment procurement and tariffs and freight for mining rigs delivered to the datacenters, and US$195.5 million of proceeds from the disposal of digital assets.
• Net cash provided by financing activities was US$428.9 million, primarily driven by the net proceeds of a total US$517.3 million from our borrowings and ATM program, partially offset by US$90.0 million of repayments of borrowings.
  

Balance Sheets
As of June 30, 2026 (compared to December 31, 2025)

• US$496.3 million in cash, cash equivalents and restricted cash, US$196.9 million in digital assets and digital assets receivables, and US$1.8 billion in borrowings.
• US$295.2 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, partially offset by new procurement prepayments made during the period.
• Inventories decreased from US$252.0 million to nil, as inventories, primarily wafers, chips, WIP, and finished SEALMINERs designated for the Company's Self-mining and Co-mining businesses, were reclassified to property, plant and equipment for the Company's own use.
• US$2.1 billion in property, plant and equipment, up from US$1.1 billion. The increase was mainly due to the reclassification 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 second 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.

About Bitdeer Technologies Group

Bitdeer is a world-leading technology company for AI and Bitcoin mining infrastructure. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan, amongst other countries. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.

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 the 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.

* Amount less than US$1,000

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 for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, 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 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 for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, 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 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 months ended June 30, 2026 and 2025.

For investor and media inquiries, please contact:

Investor Relations
Tesh Dahya, Head of Investor Relations
tesh.dahya@bitdeer.com

Media
Elev8 New Media
Jessica Starman, MBA
bitdeer@elev8newmedia.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 statements 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 for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, 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 and other net gains (losses).
³ 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.
⁴ Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.
⁵ Total hash rate under management across Bitdeer’s primary business lines: Self-mining, Cloud Hash Rate, and Hosting.
⁶ Self-Mining (Operated in self-owned datacenters) refers to cryptocurrency mining for Bitdeer’s own account, whereby its mining rigs are operated in self-owned datacenters.
⁷ Co-mining (Operated in 3^rd party datacenters) refers to cryptocurrency mining for Bitdeer’s own account, whereby its mining rigs are operated in third-party datacenters.
⁸ Bitcoins mined Includes BTC from self-mining operations and BTC from co-mining operations.
⁹ Bitcoins held does not include Bitcoins from customer deposits.
¹⁰ 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
¹¹ Capacity under lease arrangement
¹² Figures may not add due to rounding.
¹³ “Adjusted income (loss)” is defined 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 for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, 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 and other net gains (losses).