Bitdeer Reports Q1 2026 Revenue of $188.9 Million and Positive Adjusted EBITDA

Bitdeer (NASDAQ: BTDR) Technologies Group reported total revenue of $188.9 million for the first quarter ended March 31, 2026, an increase from $70.1 million in the same period last year. The company recorded a net loss of $159.5 million for the quarter, compared to a net profit of $105.3 million in the first quarter of 2025.

The increase in revenue was primarily driven by the expansion of Bitdeer's self-mining operations. The company's average self-mining hashrate reached 63.2 EH/s during the first quarter of 2026, up from 9.7 EH/s in the prior year. Bitdeer produced a total of 2,033 BTC during the period and held 1,156 BTC as of March 31, 2026. The total hash rate under management includes self-mining, co-mining, cloud hash rate, and hosting operations.

Cost of revenue rose to $228.0 million from $74.1 million in the first quarter of 2025. This increase was attributed to higher electricity costs of $95.5 million and depreciation and stock-based compensation expenses of $76.3 million, associated with the deployment of new mining rigs, as well as increased staff costs and AI cloud service fees. Despite the net loss, the company reported a positive adjusted EBITDA of $14.4 million, compared to a negative $45.6 million in the prior year quarter. Gross loss was $39.0 million compared to $4.0 million in the prior year.

Bitdeer's AI Cloud business generated $3.7 million in revenue during the quarter, up from $1.4 million in Q1 2025. General hosting and membership hosting revenues declined to $5.5 million and $13.7 million respectively, from $9.6 million and $16.3 million in the prior year. The company is currently developing its Tydal facility in Norway and its Knoxville facility in Tennessee for AI data center applications. As of April 30, 2026, the company's total global electrical capacity reached 3,003.5 MW across operational and pipeline sites.

As of March 31, 2026, Bitdeer held $297.7 million in cash, cash equivalents, and restricted cash. The company's balance of digital assets and digital assets-receivable was $245.0 million. Effective January 1, 2026, the company transitioned its financial reporting from IFRS Accounting Standards to U.S. GAAP.

Operational updates include the launch of the SEALMINER A4 mining rig and the completion of a 50 MW site in the Oromia Region of Ethiopia. In Ohio, the company is progressing with the reconstruction of fire-damaged buildings at its Massillon site and continues preparation work for its 570 MW Clarington project, which may face timing impacts due to ongoing legal proceedings.