Key Highlights

  • Bitdeer shares were trading down 11.99% at USD 5.40 on Friday, November 13, 2026, in market data, implying a prior close of about USD 6.14 (calculated), and no sector driver was verified.
  • Third-quarter Revenue reached a record USD 320.7 million, up 89%, while the net loss widened to USD 125.5 million from USD 30.1 million, including a non-cash USD 54.6 million charge on a digital-asset loan.
  • Adjusted EBITDA rose 173% to USD 69.6 million, and proprietary hashrate reached 86.4 exahashes per second, up from 35 a year earlier, with 3,855 Bitcoin mined in the quarter.
  • The AI cloud Backlog was about USD 2.9 billion across roughly 332 megawatts of secured capacity, but AI cloud revenue was only USD 20.4 million in the quarter.

A Record Quarter With a Wider Loss

Bitdeer (NASDAQ:BTDR) was trading down 11.99% at USD 5.40 on Friday, November 13, 2026, in market data, the figure of record for the live session only. Third-quarter results were reported on November 10, 2026, according to published coverage. Shares had closed up 9.9% at USD 6.61 on November 9, so the prior close of about USD 6.14 is roughly 7% below that level (calculated). No company announcement dated November 12 or 13 was found, and any link between today's fall and the results is not confirmed. Premarket trading was down 2.7% on November 10, according to the same coverage.

Loss Mix: Non-Cash Charge, Self-Mining and Sold Bitcoin

Bitdeer mines bitcoin and is building an AI cloud business. Excluding the USD 54.6 million non-cash charge, the net loss would be about USD 70.9 million, calculated. Self-mining revenue was USD 217.5 million, co-mining USD 59.9 million and AI cloud USD 20.4 million. The company held only 47 bitcoin on September 30, 2026 against 2,029 a year earlier and disposed of about USD 221.5 million of digital assets, mostly mined bitcoin, so its results track Mining margins rather than a stored treasury. Digital Assets of USD 43.2 million sit alongside USD 343.8 million of related-party receivables. Hashrate rose to 86.4 exahashes per second from 35, and the company mined 3,855 bitcoin against 1,109 a year earlier, which explains the jump in self-mining revenue.

The AI Cloud Backlog Must Convert Into Revenue

The USD 2.9 billion backlog is the main support for the shares, since it points to long-duration AI contracts. The gap between that backlog and USD 20.4 million of quarterly AI cloud revenue is the key risk, along with the Capital needed to build 332 megawatts. Several AI-infrastructure and crypto-linked names fell today, but a shared driver such as a chip selloff or a bitcoin move below a given price was not verified for November 12 to 13. No forward guidance or cash balance was found. Management described the strategy as converting AI Demand into long-duration contracts.

Where Things Stand

No verified catalyst explains the 11.99% fall to USD 5.40. Bitdeer (NASDAQ:BTDR) reported record revenue and a larger adjusted EBITDA on November 10, 2026, but the net loss widened to USD 125.5 million, which may have weighed on the shares. The company is selling most mined bitcoin and relies on converting a USD 2.9 billion AI backlog into revenue. Next markers are AI cloud revenue growth, financing for the 332 megawatts and any bitcoin price moves. A wider loss alongside record revenue is a mixed signal for a company in transition.