Bitdeer: Record $320.7M Revenue, Net Loss Widens to $125.5M

Bitcoin miner and AI infrastructure firm Bitdeer (NASDAQ: BTDR) on Nov. 10 released unaudited third-quarter 2026 results. Revenue rose 89% to a record $320.7 million (from $169.7 million a year earlier), but the net loss widened to $125.5 million from $30.1 million. The loss includes a non-cash $54.6 million charge from the change in fair value of its digital-asset loan.

Details

According to the press release filed with the SEC, gross profit was $10.8 million (versus $39.7 million a year ago), and adjusted EBITDA jumped 173% to $69.6 million. Total proprietary hash rate reached 86.4 EH/s (35.0 EH/s a year earlier), and the company mined 3,855 BTC versus 1,109 BTC. Average electricity cost was $47 per MWh.

Bitdeer's bitcoin holdings fell to 47 BTC at Sept. 30 from 2,029 BTC a year earlier. Cash, including restricted cash, stood at $213.7 million; digital assets and related receivables totaled $387 million. The Block reports AI cloud revenue of $20.4 million (up from $1.8 million) and an AI cloud backlog of roughly $2.9 billion, with about 332 IT megawatts of capacity secured. CFO Michael Potter said the priorities are delivering the Tydal site in Norway, completing financings and bringing Malaysia online.

What it means for the market

Bitdeer keeps shifting from a pure bitcoin miner toward AI infrastructure, a path also followed by peers such as MARA. With only 47 BTC on its balance sheet, the company is selling what it mines rather than hoarding it, which trims the overhang of miner-held coins.

Record revenue alongside a wider loss shows the cost of the pivot: spending on building and financing AI capacity is still running ahead of profit. See the live bitcoin price in the daily brief and on the bitcoin page. This is not investment advice.