BTDR · Bitdeer Technologies Group

Bitdeer Technologies Group released unaudited Q1 2026 financial results under U.S. GAAP, reflecting a transition from IFRS effective January 1, 2026, with prior periods recast. Total revenue surged to US$188.9 million from US$70.1 million in Q1 2025, primarily propelled by self-mining revenue of US$146.9 million, up from US$37.2 million, due to a 551.5% increase in average self-mining hashrate to 63.2 EH/s from 9.7 EH/s, supported by mass production and deployment of SEALMINERs. New co-mining revenue of US$9.0 million emerged from 3.7 EH/s hashrate, while cloud hash rate grew to US$3.7 million. However, cost of revenue escalated to US$228.0 million from US$74.1 million, driven by higher electricity (US$95.5 million for self-mining), depreciation (US$76.3 million), and expansion-related staff and AI cloud fees, resulting in a gross loss of US$39.0 million and margin of -20.7% versus -5.7% last year. Operating expenses declined to US$47.7 million from US$75.7 million, with R&D dropping sharply to US$20.2 million due to lower one-off costs, but G&A rose to US$24.6 million on staff and compliance fees. Non-operating items included US$29.5 million net interest expense from convertible notes and related party borrowings, partially offset by fair value gains. This led to a GAAP net loss of US$159.5 million versus prior profit, though adjusted EBITDA turned positive at US$14.4 million. Cash position strengthened to US$297.7 million, bolstered by US$352.6 million financing inflows from US$568.3 million convertible notes, despite US$346.9 million operating cash burn. Management highlighted SEALMINER A4 launch, Tydal facility progress in Norway with colocation tenant negotiations, and AI Cloud growth exceeding $69 million annualized run-rate, underpinned by a 3.0 GW global power portfolio.