Bitdeer’s record quarter meets a widening $125.5 million loss

By Daniel Okafor

Bitdeer Technologies Group reported $320.7 million in third-quarter 2026 revenue, up 89% from $169.7 million a year earlier, while its net loss widened to $125.5 million from $30.1 million, according to the company’s unaudited results released November 10.

The Nasdaq-listed miner, ticker BTDR, posted its biggest quarter on record, at least by revenue. A $54.6 million non-cash loss tied to digital asset borrowings accounted for a large share of the weaker bottom line, even as adjusted EBITDA rose 173% to $69.6 million.

What drove the record revenue?

Self-mining generated $217.5 million, roughly two-thirds of total revenue, as Bitdeer produced 3,855 BTC during the quarter. That output was 248% higher than in the year-earlier period, making mining the principal engine behind the revenue increase.

Adjusted EBITDA increased 173%, versus 89% revenue growth, suggesting a stronger operating contribution from each dollar of sales. The company nevertheless remained loss-making at the net level, underscoring the gap between mining performance and the bottom line.

At quarter-end, Bitdeer held only 47 BTC, a small balance compared with the 3,855 BTC mined during the three-month period. The company has limited exposure to a Bitcoin rally because its mining output did not accumulate into a large coin holding.

Bitdeer runs operations in the United States, Bhutan, Norway, Canada, Malaysia and Ethiopia, supported by a total power portfolio of 3.1 GW. That footprint provides the operating base for a business now balancing Bitcoin production with long-duration AI infrastructure contracts.

How large is the AI lease?

Bitdeer’s disclosed AI commitments include a $4.7 billion, 16-year AI and high-performance computing lease with Volta Tydal AS, announced on August 4, 2026. The agreement covers 121 IT MW and represents the most concrete element of the company’s expansion beyond mining.

That lease sits alongside an AI cloud services backlog of approximately $2.9 billion. Bitdeer said it had secured 332 MW of capacity for that business, describing a pipeline extending beyond the named Tydal agreement.

Operationally, the AI business now has a long-duration lease and a broader capacity pipeline. The financial test is conversion into delivered services and recognized revenue, rather than contract value alone, which will determine how quickly the backlog affects reported results.

Why did the net loss widen?

Bitdeer combines two businesses with different operating profiles: a fast-growing Bitcoin miner with rising output and improving operating margins, and an emerging AI infrastructure provider with a sizable contracted pipeline.

The $54.6 million non-cash loss on digital asset borrowings was a major reason the net result diverged from adjusted EBITDA performance. Financing decisions, rather than mining revenue or operating profitability alone, drove a large part of the $125.5 million bottom-line loss.

The charge shows how financing exposure can overwhelm operating gains on the income statement. The 47 BTC balance also leaves Bitdeer with limited sensitivity to Bitcoin appreciation, keeping reported earnings dependent on mining execution, contract conversion and financing choices.

What should investors watch next?

The next quarterly results should clarify three linked questions:

• Whether adjusted EBITDA continues to grow faster than revenue, extending the operating leverage recorded in Q3 2026.
• Whether the $54.6 million borrowing-related non-cash charge falls in coming quarters instead of recurring at the same scale.
• How quickly the approximately $2.9 billion AI cloud backlog begins appearing as recognized revenue.

Over the next few quarters, Bitdeer’s results releases will show whether record mining output, expanding adjusted EBITDA and contracted AI capacity translate into revenue without financing charges obscuring the operating gains.