SINGAPORE, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for AI neocloud services and Bitcoin mining infrastructure, today released its unaudited financial results for the third quarter ended September 30, 2026.

Q3 2026 Financial¹ Highlights
All amounts compared to Q3’25 unless otherwise noted

• Total revenues were a record US$320.7 million, up 89% vs. US$169.7 million and up 40% from US$228.8 million in Q2’26.
• Total cost of revenues were US$309.9 million vs. US$130.0 million.
• Gross profit was US$10.8 million vs. US$39.7 million; up US$19.4 million from a gross loss of US$8.5 million in Q2’26.
• Net loss was US$125.5 million vs. US$30.1 million, including a non-cash loss of US$54.6 million from the change in fair value of the digital assets loan.
• Adjusted EBITDA² was US$69.6 million, up 173% vs. US$25.5 million and up 124% from US$31.1 million in Q2’26.
• Cash, cash equivalents and restricted cash were US$213.7 million as of September 30, 2026.
• Digital assets and digital assets receivables were US$387.0 million as of September 30, 2026.
  
  

Management Commentary

“We delivered record revenue of US$320.7 million in the third quarter, up 89% year-over-year, while Adjusted EBITDA rose 173% to US$69.6 million,” said Michael G. Potter, Chief Financial Officer of Bitdeer. “At the same time, we are converting AI demand into long-duration contracts. Our AI Cloud revenue backlog³ has grown to approximately US$2.9 billion, and construction at Tydal remains on target. Customer prepayments, together with project-level financing, are designed to fund AI capacity as it is contracted. Our priorities are clear: deliver Tydal, complete our financings and bring Malaysia online.”

Operational Summary

Power Infrastructure Summary (as of October 31, 2026)

Financial MD&A

Effective January 1, 2026, the Company transitioned from IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") to generally accepted accounting principles in the United States of America ("U.S. GAAP"). The consolidated financial information for prior periods have been recast to conform to U.S. GAAP.

All variances reflect current quarter compared to the same quarter last year. All figures in this section are rounded¹².

Q3 2026 High-Level P&L and Disaggregated Revenue Details:

Q3 2026 Management’s Discussion and Analysis (compared to Q3 2025)

Revenue

• Total revenues were US$320.7 million vs. US$169.7 million.
• Self-mining revenue was US$217.5 million vs. US$130.9 million, primarily due to the increase in the average self-mining hashrate for the quarter by 173.5% to 79.6EH/s from 29.1 EH/s in the prior year period, partially offset by a lower average Bitcoin price at which mining rewards were recognized.
• Co-mining revenue was US$59.9 million, primarily contributed by 23.0 EH/s average mining hashrate for the third quarter of 2026.
• AI Cloud revenue was US$20.4 million vs. US$1.8 million.
• Cloud Hash Rate revenue was US$3.6 million vs. Nil.
• General Hosting revenue was US$4.0 million vs. US$8.4 million.
• Membership Hosting revenue was US$10.2 million vs. US$14.0 million.
• SEALMINER sales revenue was US$0.3 million vs. US$11.4 million.

Cost of Revenue

• Total cost of revenues were US$309.9 million vs. US$130.0 million. The increase was primarily driven by additional electricity costs as our expanded fleet consumed more power and a slightly higher per unit power cost, and depreciation costs as a significant number of new mining rigs were being deployed. Additionally, the staff cost, AI cloud service fee, and hosting fees for the Co-mining business increased with the growth of these businesses.
  

Gross Profit and Margin

• Gross profit was US$10.8 million vs. US$39.7 million.
• Gross margin was 3.4% vs. 23.4%.

Operating Expenses

• The sum of the operating expenses below was US$65.1 million vs. US$60.3 million.
  • Selling expenses were US$4.2 million vs. US$1.3 million. The increase was primarily due to a US$2.7 million increase in advertising and marketing expenses.
  • General and administrative expenses were US$32.8 million vs. US$20.0 million. The increase was primarily due to a US$5.9 million increase in staff costs, driven by an increase in general and administrative headcounts, and a US$3.9 million increase in consulting fees for general corporate management and compliance activities.
  • Research and development expenses were US$28.2 million vs. US$39.1 million. The decrease was primarily due to a one-off development expense of US$19.3 million in Q3 2025, partially offset by a US$5.4 million increase in staff costs driven by increased headcount, and a US$2.3 million increase in research and development material expenses.
• Gain on change in fair value of digital assets held was US$13.5 million vs. US$7.0 million.
• In Q3 2026, we recorded other operating expenses, net of US$18.2 million, primarily comprising a loss of US$9.5 million on the repurchase of a membership customer’s capacity at our Rockdale site; the repurchased electricity capacity is used for our self-mining business, and a net loss of US$7.1 million on the change in fair value of digital assets-settled receivables and payables, mainly attributable to Bitcoin deposits from customers. In Q3 2025, we recorded other operating income of US$0.6 million, primarily comprising a net gain of US$0.8 million on the change in fair value of digital assets-settled receivables and payables.

Non-operating items

• Interest expense was US$34.3 million vs. US$20.2 million, primarily due to increased borrowing through the convertible senior notes and borrowing from a related party.
• In Q3 2026, we recorded US$54.6 million loss on change in fair value of digital assets loan. This is a fair value change of our loan in digital assets in connection with our Bitcoin collateralized loan from a related party mainly due to the fluctuations of Bitcoin price.
• In Q3 2026, we recorded gain on fair value changes of derivative instruments of US$17.6 million for our power purchase arrangements in Norway. In Q3 2025, we recorded loss of US$4.8 million on fair value changes of the convertible senior notes issued in August 2024, which were retired in 2025.
• In Q3 2026, we recorded other net gains of US$0.1 million. In Q3 2025, we recorded other net gains of US$5.1 million.

Net Loss

• Net loss was US$125.5 million vs. US$30.1 million.
  

Adjusted Loss (Non-GAAP)¹³

• Adjusted loss was US$87.3 million vs. US$33.4 million. The change was primarily due to the higher energy and depreciation costs, and higher operating and interest expenses, partially offset by the year-over-year higher revenue.
  

Adjusted EBITDA (Non-GAAP)²

• Adjusted EBITDA was US$69.6 million vs. US$25.5 million. The year-over-year growth was primarily driven by higher Self-mining hashrate from the deployment of SEALMINERs, the expansion of Co-mining capacity in third-party datacenters, and growth in AI Cloud revenue. These were partially offset by a lower average Bitcoin price, lower hosting revenue, and higher operating expenses, including a US$9.5 million loss on the repurchase of a membership customer’s capacity at our Rockdale site.
  

Cash Flows

• Net cash generated from operating activities was US$6.0 million, mainly driven by a US$263.8 million increase in deferred revenue primarily from customer advance payments for AI Cloud services. This was partially offset by electricity costs, general corporate overhead, interest expense, and a US$77.1 million increase in prepayments and other assets, mainly deposits for power capacity expansion.
• Net cash used in investing activities was US$252.2 million, which included US$478.0 million of capital expenditures, of which approximately US$110 million was for the production of SEALMINERs for the Self-mining and Co-mining businesses, including tariffs and freight for deployment, and approximately US$368 million was mainly for datacenter infrastructure construction and GPU equipment procurement, partially offset by US$221.5 million of proceeds from the disposal of digital assets, primarily mined Bitcoin.
• Net cash used in financing activities was US$34.2 million, primarily driven by net repayments of borrowings of US$92.3 million, partially offset by net proceeds of US$58.0 million from our ATM program.
  

Balance Sheets
As of September 30, 2026 (compared to December 31, 2025)

• US$213.7 million in cash, cash equivalents and restricted cash, US$387.0 million in digital assets and digital assets receivables from a related party, and US$1.95 billion in borrowings.
• US$508.4 million prepayments and other assets, decrease from US$723.0 million. The decrease was primarily driven by the delivery of raw materials and equipment procured for SEALMINERs mass production, upon which the related prepayments were realized as additions to property, plant and equipment, these SEALMINERs being designated for the Company’s own use following its strategic decision, partially offset by new procurement prepayments for AI business, datacenter construction and deposit made for new projects during the period.
• Inventories decreased from US$252.0 million to nil, as inventories, primarily wafers, chips, WIP, and finished SEALMINERs, were designated for the Company's Self-mining and Co-mining businesses with effect from Q2 2026 following the Company’s strategic decision, and transferred to property, plant and equipment for the Company's own use.
• US$2.4 billion in property, plant and equipment, up from US$1.1 billion. The increase was mainly due to the transfer of inventories, primarily wafers, chips, WIP, and finished SEALMINERs designated for the Company's Self-mining and Co-mining businesses, to property, plant and equipment, as well as additional miner materials received for the mass production and deployment of SEALMINERs, and the ongoing construction and expansion of the Company's datacenters.

Further information regarding the Company’s third quarter 2026 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.

Conference Call and Webcast

Bitdeer’s management will host a conference call and live webcast at 8:00 a.m. U.S. Eastern Time on Tuesday, November 10, 2026, to discuss these results. The webcast and accompanying presentation will be available on the Company’s Investor Relations website at https://ir.bitdeer.com, and a replay will be available following the call. Live Webcast: LINK Participant Call Registration: LINK.

About Bitdeer Technologies Group

Bitdeer is a world-leading technology company for AI neocloud services and Bitcoin mining infrastructure. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers and building AI computational infrastructure to support the AI revolution. Bitdeer handles complex processes involved in computing such as equipment procurement, transport logistics, data center design and construction, equipment management, and daily operations. Bitdeer also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed data centers across multiple countries, including the United States, Norway, Bhutan, Ethiopia, and Malaysia. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X@Bitdeer and LinkedIn @Bitdeer.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on social media and other communication channels listed on its website.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

* Amount less than US$1,000

Use of Non-GAAP Financial Measures

In evaluating the Company’s business, the Company considers and uses non-GAAP measures, adjusted EBITDA and adjusted income (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based compensation expense, share of earnings (losses) from equity method investments, change in fair value of digital assets held, change in fair value of digital assets-settled receivables and payables, change in fair value of digital assets receivables from a related party, change in fair value of digital assets loan, change in fair value of derivative instruments, net gains (losses) on disposal of property, plant and equipment, losses on asset write-offs and other net gains (losses), and defines adjusted income (loss) as income (loss) adjusted to exclude share-based compensation expense, share of earnings (losses) from equity method investments, change in fair value of digital assets held, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets receivables from a related party, change in fair value of digital assets loan, change in fair value of derivative instruments, net gains (losses) on disposal of property, plant and equipment, losses on asset write-offs and other net gains (losses).

The Company presents these non-GAAP financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-GAAP measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s loss for the periods, as determined in accordance with GAAP. The Company compensates for these limitations by reconciling these non-GAAP financial measures to the nearest GAAP performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

The following table presents a reconciliation of income (loss) for the relevant period to adjusted EBITDA and adjusted loss, for the three and nine months ended September 30, 2026 and 2025.

For investor and media inquiries, please contact:

Investor Relations
Tesh Dahya, Head of Investor Relations
tesh.dahya@bitdeer.com

Media
Eunice Hwangbo, Director, Corporate Communications
eunice.hwangbo@bitdeer.com

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¹ Effective January 1, 2026, the Company transitioned from IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") to generally accepted accounting principles in the United States of America ("U.S. GAAP"). The consolidated financial information for prior periods have been recast to conform to U.S. GAAP.
² “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based compensation expense, share of earnings (losses) from equity method investments, change in fair value of digital assets held, change in fair value of digital assets-settled receivables and payables, change in fair value of digital assets receivables from a related party, change in fair value of digital assets loan, change in fair value of derivative instruments, net gains (losses) on disposal of property, plant and equipment, losses on asset write-offs and other net gains (losses).
³ “AI Cloud revenue backlog” represents the total expected revenue under signed customer commitments for Bitdeer’s AI Cloud services over the remaining terms of those commitments, as of September 30, 2026. Revenue backlog is not a U.S. 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 center energization, GPU deployment and customer performance.
⁴ Other Proprietary Hash Rate includes the hashrate from Bitdeer’s cloud hashrate business, mining rigs delivered in the crypto mining datacenters but not deployed and the mining rigs temporarily offline due to limited economic benefit.
⁵ Total Proprietary Hash Rate includes Self-Mining Hash Rate and Other Proprietary Hash Rate.
⁶ Bitcoins mined includes BTC from self-mining operations and BTC from co-mining operations.
⁷ Bitcoins held does not include Bitcoins from customer deposits but does include Bitcoins that are pledged as collateral by us.
⁸ All sites listed by MW capacity, except for active development HPC / AI sites which are listed by IT MW
⁹ Indicative timing for completion of power, or where substation power is already available, completion of the engineering required to make it usable and commissioned, independent of tenant equipment delivery. All timing references are to calendar quarters and years, and these forward-looking estimates remain subject to delays and risks
¹⁰ Capacity under lease arrangement
¹¹ The site is currently being developed for Bitcoin mining.
¹² Figures may not add due to rounding.
¹³ “Adjusted loss” is defined as loss adjusted to exclude share-based compensation expense, share of earnings (losses) from equity method investments, change in fair value of digital assets held, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets receivables from a related party, change in fair value of digital assets loan, change in fair value of derivative instruments, net gains (losses) on disposal of property, plant and equipment, losses on asset write-offs and other net gains (losses).