Bitdeer Posts Record $320.7M Revenue as AI Cloud Backlog Hits $2.9B

Bitdeer Technologies Group posted record third-quarter revenue of $320.7 million for the three months ended Sept. 30, up 89% from the $169.7 million booked in the same quarter of 2025 and up 40% from $228.8 million in the prior quarter.

The figures are unaudited, and they describe a company whose growth engine is shifting from Bitcoin (BTC) mining toward selling artificial-intelligence computing capacity — with the bottom line now set by a valuation mark on a loan rather than by cash burn.

What did the quarter actually consist of?

Four figures define the mix, and all four come from the company's reported results for the period:

• AI Cloud revenue: $20.4 million, against $1.8 million a year earlier — the fastest-growing line and still a small share of the total.
• Self-mining: $217.5 million, the business Bitdeer runs on its own hardware.
• Co-mining: $59.9 million, where the company hosts other parties' mining operations.
• AI Cloud backlog: about $2.9 billion as of Sept. 30, described as expected revenue from signed customer commitments over their remaining terms.

Mining accounted for $277.4 million of the $320.7 million top line and AI Cloud for $20.4 million, leaving roughly $22.9 million in revenue the release did not break out.

Adjusted EBITDA, which Bitdeer reports as a non-GAAP measure, rose 173% to $69.6 million from $25.5 million a year earlier. On the company's own preferred metric, operating profitability improved sharply even as the bottom line moved the other way.

Why did gross profit fall while revenue nearly doubled?

Gross profit dropped to $10.8 million from $39.7 million — a decline of roughly 73% on revenue that grew 89%. Arithmetic explains the gap: cost of revenue rose faster than sales, the arithmetic signature of a company building out capacity ahead of what that capacity earns.

The larger driver of the loss sat off the income statement's operating line. Bitdeer recorded a $125.5 million net loss, including a $54.6 million noncash loss from a change in the fair value of a digital-assets loan. That is a valuation swing rather than a cash outflow, and it can travel in either direction with the value of the assets referenced by the loan.

What does the $2.9 billion backlog actually promise?

Bitdeer defines the backlog as expected revenue from signed customer commitments over their remaining terms. It is not a U.S. GAAP measure, and the company states plainly that it is not a guarantee of future sales. The company also flags what governs the timing of conversion: data-center energization, GPU deployment and customer performance.

That is the operational reality of the number. The backlog is a contractual figure waiting on power and hardware, and both wait on capital. For scale, $2.9 billion is more than 100 times the $20.4 million of AI Cloud revenue recognized in the quarter, so the bookings only matter if the infrastructure gets energized and the GPUs get deployed inside the committed terms.

Where does the operating risk sit?

Two places. The mining business, which still produced $277.4 million of quarterly revenue, now carries a thin margin: $10.8 million of gross profit against a $320.7 million top line leaves the company sensitive to any change in mining economics. And the AI Cloud build carries the risk of a backlog that converts on schedule, in a business where the backlog itself is not a GAAP measure and carries no guarantee of future sales.

The next checkpoint is the fourth-quarter report, when the company has to show whether energization and GPU deployment turn a $2.9 billion backlog into recognized revenue fast enough to lift gross profit, and whether the $54.6 million digital-assets loan mark reverses or compounds.