Bitdeer Shares Rise as Q3 Revenue Jumps 89% to $320.7 Million Despite Earnings Miss

Bitdeer Technologies Group (NASDAQ:BTDR) reported third-quarter 2026 revenue of $320.7 million, an increase of 89% year-on-year and above analysts’ expectations of $251.11 million. However, the company posted a loss of $0.46 per share, compared with the consensus forecast for a loss of $0.37 per share.

Shares of the bitcoin mining and AI infrastructure company rose 1.51% in premarket trading on Tuesday following the announcement. Revenue increased from $169.7 million in the corresponding period of 2025, supported by mining operations and growth in AI Cloud services.

Adjusted EBITDA Rises 173% as AI Cloud Backlog Reaches $2.9 Billion

Bitdeer reported adjusted EBITDA of $69.6 million, up 173% from $25.5 million a year earlier.

The increase reflected higher self-mining hashrate following SEALMINER deployments, additional co-mining capacity and expanding AI Cloud revenue.

The company’s AI Cloud revenue backlog reached approximately $2.9 billion, with around 332 IT megawatts of capacity secured.

Chief Financial Officer Michael G. Potter commented:

“We delivered record revenue of $320.7 million in the third quarter, up 89% year-over-year, while Adjusted EBITDA rose 173% to $69.6 million.”

“At the same time, we are converting AI demand into long-duration contracts.”

Mining and AI Cloud Revenue Increase

Self-mining revenue rose to $217.5 million from $130.9 million in the previous year, supported by a 173.5% increase in average self-mining hashrate to 79.6 exahashes per second (EH/s).

Co-mining operations generated revenue of $59.9 million.

AI Cloud revenue increased to $20.4 million from $1.8 million in the third quarter of 2025, reflecting the expansion of the company’s AI infrastructure business.

Net Loss Widens as Operating Costs Increase

Despite higher revenue and adjusted EBITDA, Bitdeer’s net loss widened to $125.5 million from $30.1 million a year earlier.

The result included a non-cash loss of $54.6 million associated with changes in the fair value of a digital assets loan.

Gross profit declined to $10.8 million from $39.7 million, while total cost of revenue increased to $309.9 million from $130.0 million, primarily due to higher electricity expenses and depreciation.

Cash Position and Norway Facility Development

As of September 30, 2026, Bitdeer held $213.7 million in cash and cash equivalents, alongside digital assets valued at approximately $387.0 million.

The company also confirmed that construction at its Tydal facility in Norway remains on schedule for energisation during the fourth quarter of 2026.

The quarterly results reflected increased mining and AI Cloud revenue, alongside higher operating costs and a wider net loss. The company’s AI Cloud backlog and secured capacity provide visibility into contracted activity, although future revenue recognition will depend on project execution and delivery schedules.

Bitdeer stock price