Bitdeer Posts Record $320.7M Revenue, $125.5M Loss as AI Backlog Nears $2.9B

Bitdeer reported record third-quarter revenue of $320.7 million, an 89% jump year over year, alongside a GAAP net loss of approximately $125.5 million, according to its November 10 unaudited results announcement. Adjusted EBITDA came in at about $69.6 million.

The gap between the adjusted figure and the bottom line reflects accounting items rather than pure operating deterioration. Management flagged changes in the fair value of digital-asset-related borrowing, including a $54.6 million noncash item, as one driver of the accounting result.

The numbers place Bitdeer among the clearest examples of a Bitcoin mining company converting itself into a broader computing-infrastructure provider — one that still hasn't escaped the sector's financial volatility.

What is actually in the $2.9 billion AI backlog?

The headline-grabbing figure is Bitdeer's AI-cloud backlog of approximately $2.9 billion. Under the company's reporting definitions, a backlog represents contracted or expected future services — not cash already received and not revenue recognized in the quarter.

How much of that converts into sales depends on contract delivery, customer demand, capacity coming online and the terms attached to the commitments. Investors would be well served to look for disclosures on timing and any conditions that could delay or shrink the total.

Still, a backlog of that size signals real customer interest in specialized infrastructure. That matters in a business where building and equipping data centers demands heavy upfront spending.

How much does mining still matter?

Quite a lot. Bitdeer produced 3,855 Bitcoin during the quarter and held just 47 BTC at quarter-end. That spread tells you the company is mining heavily and selling most of its output to fund operations, equipment and new projects — the same balancing act playing out across the sector.

Riot Platforms, for instance, has sold more than 20,000 Bitcoin while its AI data-center contracts reached $3.8 billion, according to NewsBTC reporting. The two miners run different projects, but both are weighing near-term funding needs against investments that may only generate revenue later.

Bitdeer also holds approximately $213.7 million in cash, cash equivalents and restricted cash. That balance has to be read against capital commitments, financing costs and planned expansion — not treated as unencumbered AI profits.

The company's Texas infrastructure agreement with Soluna, which added 7 MW of capacity, shows why access to powered sites and commercial partnerships remains central as competition for computing capacity intensifies.

Why the loss can't be waved away

Adjusted EBITDA helps evaluate operating performance before certain expenses and valuation changes. It is not net income and it is not free cash flow. A company can post a positive adjusted measure and still carry losses, financing costs and heavy investment requirements.

That's why the $125.5 million net loss belongs next to the $320.7 million revenue headline. Both numbers are true. Neither alone gives the full picture.

What's the next test?

Execution. Bitdeer's coming reporting periods need to show when the AI-cloud backlog turns into delivered services, what those services contribute to margins and how much capital they consume along the way. Mining efficiency and power costs stay relevant throughout.

The quarter demonstrates striking revenue momentum and a potentially meaningful second business line. It does not yet show that the pivot to AI has resolved the volatility that has historically defined Bitcoin mining economics.