Key Highlights

  • Third quarter 2026 Revenue was USD 320.7 million, up about 89% year over year and 40% from the second quarter, and Gross Profit turned positive at USD 10.8 million, a 3.4% margin.
  • Net loss was USD 125.5 million, or USD 0.46 per share, including USD 125.8 million of Depreciation and amortization and a USD 54.6 million non-cash Fair Value loss on Bitcoin-denominated borrowings.
  • Adjusted EBITDA was USD 69.6 million, a Margin of 21.7%, compared with USD 25.5 million a year earlier on a recast US GAAP basis, according to management.
  • Cash and cash equivalents fell to USD 163.7 million from USD 456.8 million at the end of the second quarter, with a further USD 50 million restricted, after USD 478 million of capital expenditures.

Record Revenue Meets a Large Non-Cash Loss

Bitdeer Technologies Group (NASDAQ:BTDR) reported third quarter 2026 results on a call on November 10, 2026, with management calling it a record quarter. Revenue of USD 320.7 million rose mainly from self-mining, which added about USD 49 million sequentially, and co-mining, which added about USD 35 million. Management said the company mined 3,855 Bitcoin, up 43% from the second quarter, and that power cost per Bitcoin mined was about USD 36,000. Net loss was USD 125.5 million (GAAP) after USD 125.8 million of depreciation and amortization and a USD 54.6 million fair value loss on Bitcoin-denominated borrowings, which management called a non-cash, timing-related item.

AI Cloud and the USD 7.6 Billion Contract Backlog

Management said the AI platform represents about USD 7.6 billion of expected contracted revenue, made up of roughly USD 4.7 billion from the base term of the Tydal Lease in Norway and about USD 2.9 billion of AI cloud backlog. AI cloud revenue was USD 20.4 million, up 46% from the second quarter, with 4,328 GPUs deployed at about 95% utilization and gross margin of about 15%. Tydal, leased to a private tenant for 16 years, is targeted for Phase 1 delivery at year end. Management also said secured AI cloud Data Center capacity reached about 332 megawatts, and stressed that negotiated opportunities are not binding commitments.

Cash Drawdown, Debt and the Financing Plan

Cash declined because management funded construction at Tydal and a land purchase at Rockdale ahead of expected financing. Capital expenditures were USD 478 million, including about USD 110 million for SEALMINER production, and total debt was USD 1.95 billion, including USD 1.2 billion of convertible notes with none due before December 2029. Operating Cash Flow was about USD 6 million, and sales of USD 221.5 million of mined Bitcoin were reported in investing activities. Management plans project financing for Tydal, GPU financings in Malaysia and customer prepayments, and said it raised USD 58 million under its at-the-market program versus USD 457 million in the second quarter.

Where Things Stand

Mostly through non-cash charges and heavy investment, though cash pressure is real. Bitdeer Technologies Group (NASDAQ:BTDR) grew revenue 89% and lifted adjusted EBITDA to USD 69.6 million, yet depreciation, a Bitcoin-linked borrowing loss and USD 1.95 billion of debt pushed GAAP results to a USD 125.5 million loss. Management said it will fund Tydal and GPU builds through project financing and prepayments, but those financings are still in progress. Next markers are Tydal Phase 1 delivery at year end, closing the Malaysian GPU financings, the Tydal financing and fourth quarter results with 2027 capital guidance.