Bitdeer Technologies Group has reported unaudited Bitdeer Q3 results in which revenue rose sharply while the net loss widened. For the three months ended 30 September 2026, the Singapore-based company, listed in New York as BTDR, said total revenue was a record $320.7 million, up 89 per cent from $169.7 million a year earlier and up 40 per cent from $228.8 million in the second quarter. The net loss was $125.5 million, compared with $30.1 million a year earlier, and included a non-cash loss of $54.6 million from the change in fair value of a digital-assets loan.
The figures come from Bitdeer’s earnings release, distributed on GlobeNewswire on 10 November 2026 and furnished to the US Securities and Exchange Commission the same day as exhibit 99.1 to a Form 6-K.
Gross profit was $10.8 million, down from $39.7 million a year earlier, after the cost of revenues rose to $309.9 million from $130.0 million. The company put the gross margin at 3.4 per cent, compared with 23.4 per cent a year earlier. Cash, cash equivalents and restricted cash were $213.7 million as of 30 September 2026, compared with $496.3 million at 30 June. Digital assets and digital-assets receivables were $387.0 million at the end of the third quarter.
What the Bitdeer Q3 figures show
Self-mining was still the largest line, at $217.5 million versus $130.9 million a year earlier. Bitdeer said that increase came primarily from a rise in the average self-mining hashrate for the quarter, to 79.6 EH/s from 29.1 EH/s, partly offset by a lower average bitcoin price at which mining rewards were recognised. Co-mining, which did not appear as a separate line in the year-earlier disaggregation, contributed $59.9 million, which the company attributed primarily to 23.0 EH/s of average mining hashrate in the quarter.
In its operational table, Bitdeer reported 3,855 bitcoin mined in the third quarter, compared with 1,109 a year earlier. A footnote in the release says that figure includes bitcoin from both self-mining and co-mining. Bitcoin held at period-end was 47, compared with 2,029 a year earlier; the company says the held figure does not include bitcoin from customer deposits but does include bitcoin pledged as collateral. Those are the company’s own period-end figures.
Another listed miner, MARA, has also just reported a large bitcoin sale after the end of its own third quarter. The two updates belong to the same reporting cycle for listed miners; they are not the same business, and the comparison stops there.
Adjusted EBITDA, a non-GAAP measure, was $69.6 million, up 173 per cent from $25.5 million a year earlier and up from $31.1 million in the second quarter. That figure is distinct from the $125.5 million net loss. The company also reported a separate non-GAAP adjusted loss of $87.3 million, compared with $33.4 million a year earlier, which it said reflected higher energy and depreciation costs and higher operating and interest expenses, partly offset by the rise in revenue.
Bitdeer defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortisation, further adjusted to exclude items including share-based compensation, various fair-value changes — including the digital-assets loan — and certain other gains and losses. It presents the measures as supplements, not substitutes, for its results under generally accepted accounting principles, and says they may not be comparable to similarly titled figures used by other companies. From 1 January 2026 the company has presented its accounts under US GAAP rather than IFRS, and it has recast prior-period figures to match.
AI Cloud revenue, backlog and secured capacity
AI Cloud revenue was $20.4 million in the third quarter, compared with $1.8 million a year earlier. That is the line recognised in the period.
Separately, Bitdeer said its AI Cloud revenue backlog had grown to approximately $2.9 billion. The company defines that backlog as the total expected revenue under signed customer commitments for its AI Cloud services over the remaining terms of those commitments, as of 30 September 2026. It also says the figure is not a US GAAP measure, may not be comparable to similarly titled measures used by other companies, and is not necessarily indicative of future revenue, the timing and amount of which depend on, among other things, data-centre energisation, GPU deployment and customer performance. The backlog is not third-quarter revenue.
The same sub-heading states that Bitdeer has secured approximately 332 IT MW of AI Cloud capacity. That is capacity the company describes as secured, not a figure for capacity already in operation. In the power-infrastructure table, dated 31 October 2026, the only site listed as already online for AI Cloud is Malaysia A101 in Cyberjaya, at 2.5 MW. Other Malaysian sites in the pipeline are given later ready-for-service dates. TSN earlier reported Bitdeer’s eight-year agreement for the 60 MW A103 facility at the Cyberjaya campus, which at the time had no customer offtake. The new table still describes A103 as a signed data-services agreement for 60 MW, with delivery planned for the first quarter of 2028, and it does not state that customer offtake has been signed for that site.
Construction at Tydal, in Norway, “remains on target”, the company said. Phase 1 is listed at 60.5 MW with a ready-for-service time of the fourth quarter of 2026. That remains a company claim about a project that is not yet listed as online. Chief financial officer Michael G. Potter said: “Our priorities are clear: deliver Tydal, complete our financings and bring Malaysia online.”
Core Scientific, another listed miner that is reporting colocation and AI-related revenue, has also published third-quarter figures. The businesses are not the same, and the comparison is contextual rather than a ranking of results.
What the results do and do not show
The sharp rise in revenue and in adjusted EBITDA sits alongside a wider net loss under US GAAP, a thinner gross margin, and a separate non-GAAP adjusted loss that also widened. The $54.6 million non-cash fair-value loss on the digital-assets loan is a material part of the net-loss figure, but it does not account for the whole year-on-year increase from $30.1 million to $125.5 million. Cost of revenues more than doubled, which the company tied primarily to higher electricity use as the fleet expanded, a slightly higher unit power cost, and depreciation as new mining rigs were deployed, as well as staff, AI Cloud service and co-mining hosting costs.
The commercial pipeline is easier to over-read than the recognised lines. Approximately $2.9 billion of AI Cloud backlog is expected revenue under signed commitments, subject to energisation, deployment and customer performance; it is not money already earned. Approximately 332 IT MW is capacity the company says it has secured, not capacity it says it is already operating. Tydal remaining on target, and Malaysia being brought online, are stated priorities, not completed deliveries. Potter’s own list puts those items ahead of the company, not behind it.
Period-end cash is lower than it was at 30 June, on the company’s own table. That is a reported comparison between two period-end balances, not a conclusion about funding, dilution, or whether the AI Cloud plan is already paid for. The release says customer prepayments, together with project-level financing, are “designed to fund AI capacity as it is contracted”. That is the company’s description of its intended funding approach, not evidence that the financing is already complete — a point Potter’s priorities also leave open.
Sources
- Bitdeer Technologies Group, “Bitdeer Reports Unaudited Third Quarter 2026 Results: Record Revenue of US$320.7 Million; Adjusted EBITDA Up 173% to US$69.6 Million”, GlobeNewswire, 10 November 2026, 07:00 ET (12:00 Europe/London). https://www.globenewswire.com/news-release/2026/11/10/3399340/0/en/bitdeer-reports-unaudited-third-quarter-2026-results-record-revenue-of-us-320-7-million-adjusted-ebitda-up-173-to-us-69-6-million.html
- Bitdeer Technologies Group, Form 6-K (accession 0001213900-26-117797, CIK 0001899123), filed 10 November 2026, and exhibit 99.1, the earnings release. https://www.sec.gov/Archives/edgar/data/1899123/000121390026117797/ea0311403-6k_bitdeer.htm; exhibit 99.1: https://www.sec.gov/Archives/edgar/data/1899123/000121390026117797/ea031140301ex99-1.htm
Related stories
- Bitdeer AI Signs an 8-Year Agreement for a 60MW Malaysian Data Centre, With No Customer Yet
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- Core Scientific Colocation Revenue Hits $215.4m in Q3
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