Bitdeer Revenue Jumps 47% as Bitcoin Production Surges Nearly Fivefold
Bitdeer (NASDAQ: BTDR)'s second-quarter revenue climbed 47% as the company deployed more of its proprietary bitcoin mining machines, though rising electricity, depreciation and financing costs pushed the operator to a gross loss.
Revenue increased to $228.8 million from a recast $155.6 million a year earlier, the Singapore-based company said Monday in an unaudited earnings release. The net loss widened to $92.3 million, or 37 cents a share, from $62.9 million, or 32 cents.
Bitdeer shares declined by 7% after the market opened on Monday.
The company reported a gross loss of $8.5 million, compared with gross profit of $12 million a year earlier, as cost of revenue jumped 65% to $237.3 million. Adjusted earnings before interest, taxes, depreciation and amortization rose to $31.1 million from $4.6 million.
The contrast between the adjusted measure and the bottom-line loss reflects Bitdeer’s mounting depreciation and financing burden. Depreciation and amortization totaled $107.7 million, compared with $22.8 million a year earlier, while interest expense more than tripled to $32.5 million. Adjusted loss, which excludes several valuation and other items, widened to $96 million from $30.9 million.
Self-mining revenue nearly tripled to $168.4 million and accounted for about three-quarters of total sales. Bitdeer mined 2,694 bitcoin during the quarter, up from 565, after average self-mining computing power increased almost fivefold to 69.5 EH/s.
That growth came with sharply higher operating costs. Electricity and depreciation expenses for self-mining totaled about $164.5 million, and the business recorded a $2.7 million gross loss. Average electricity costs increased to $44 per megawatt-hour from $43.
Co-mining, in which Bitdeer operates its equipment in third-party data centers, generated $25 million of revenue. AI cloud revenue rose to $14 million from $1.3 million, while external sales of SEALMINER machines fell to $400,000 from $69.5 million as the company directed more of its hardware into its own mining operations.
The quarter improved sequentially. Revenue rose 21% from the first quarter, the gross loss narrowed from $39 million, and the net loss shrank from $159.5 million. Adjusted Ebitda increased from $14.4 million, according to Bitdeer’s first-quarter results.
Bitdeer ended June with $496.3 million of cash, cash equivalents and restricted cash, up from $297.7 million three months earlier. The increase was supported by $428.9 million of net financing inflows, including proceeds from share issuance and borrowing. The company used $158.5 million of cash in operations and spent $266 million on equipment and infrastructure during the quarter.
Borrowings totaled about $1.8 billion at June 30. Class A shares outstanding increased to 227.4 million from 191.2 million at the end of 2025, reflecting the equity financing used to help fund the expansion.
The results come as Bitdeer seeks to convert part of its nearly 3-gigawatt global power portfolio into AI and high-performance-computing infrastructure. The company recently announced a 16-year lease with Volta Infrastructure covering 121 megawatts of information-technology capacity at its Tydal, Norway, campus. Bitdeer values contracted revenue over the initial term at about $4.7 billion.
The first two Tydal phases are scheduled to enter service in the fourth quarter of 2026 and first quarter of 2027, respectively. A further 47 megawatts is planned for AI, high-performance computing or colocation use in the second half of 2027.
Bitdeer adopted US generally accepted accounting principles at the start of 2026 and recast prior-period results accordingly. Its year-over-year comparisons therefore differ from figures originally reported under international accounting standards.
