Bitdeer Q2 revenue rises 47% to $228.8 million as net loss widens

Bitdeer Q2 revenue rises 47% to $228.8 million as net loss widens

Mon, August 10, 2026 at 4:34 PM GMT+3 2 min read

• BTDR -0.06%

Bitdeer (NASDAQ: BTDR) reported second-quarter revenue of $228.8 million on Monday, up 47.1% from $155.6 million a year earlier. Its net loss widened 46.7% to $92.3 million from $62.9 million.

Cost of revenue increased to $237.3 million from $143.6 million, producing a gross loss of $8.5 million and a negative 3.7% gross margin. Adjusted EBITDA rose to $31.1 million from $4.6 million.

Bitdeer used $158.5 million of cash in operations and spent $266 million on capital expenditures during the quarter. Financing activities provided $428.9 million, including proceeds from borrowings and the operator's at-the-market equity program, partly offset by $90 million of repayments.

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Cash, cash equivalents and restricted cash totaled $496.3 million as of June 30, while borrowings reached $1.8 billion. Bitdeer also held $34.8 million of cryptocurrency and had $162.2 million of cryptocurrency receivables from a related party.

Self-mining generated $168.4 million of revenue, up from $59.3 million, as average self-mining hash rate increased to 69.5 EH/s from 14.2 EH/s. AI Cloud revenue rose to $14 million from $1.3 million, while SEALMINER and accessory sales fell to $400,000 from $69.5 million.

Bitdeer mined 2,694 bitcoin during the quarter, compared with 565 a year earlier. Total hash rate under management reached 86.1 EH/s, and average miner efficiency improved to 15.8 J/TH from 25.7 J/TH.

Chief Financial Officer Michael G. Potter said the 16-year Tydal, Norway agreement was "our first large-scale proof point for the colocation strategy we plan to continue to build upon." The $4.7 billion lease covers 121 critical IT MW planned for NVIDIA GPU deployments serving an AI lab.

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Bitdeer reported 1,752 MW of online electrical capacity and 1,228.2 MW of pipeline capacity as of July 31. Its pipeline includes 570 MW under contract at Clarington, Ohio, where neighboring legal proceedings may affect power availability and construction timing.