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Bitdeer Technologies Group
Bitdeer Technologies Group (BTDR) investor relations material
Bitdeer Technologies Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 revenue surged 173.6% year-over-year to $169.7M, driven by self-mining expansion, higher Bitcoin prices, and mass production of SEALMINER A3, with strategic focus on AI infrastructure and global expansion.
Adjusted EBITDA reached $43M, a significant turnaround from negative $7.9M last year, reflecting higher self-mining hashrate and operational scale.
Net loss widened to $266.7M, mainly due to non-cash fair value changes in derivative liabilities.
Surpassed 40 EH/s hash rate target, reaching 41.2 EH/s by October, with continued growth expected through 2026.
Strategic focus remains on Bitcoin mining, ASIC development, and HPC AI, with expansion in Malaysia, the U.S., Europe, and new sites in Norway, Bhutan, and Ohio.
Financial highlights
Q3 consolidated revenue was $169.7M, up from $62M in Q3 2024 and $155.6M in Q2 2025.
Gross profit reached $40.8M, with gross margin improving to 24.1% from 4.5% a year ago.
Adjusted EBITDA was $43M, up from negative $7.9M in Q3 2024 and $17.3M in Q2 2025.
IFRS net loss was $266.7M, mainly due to non-cash derivative losses on convertible notes.
Cash and cash equivalents stood at $196.3M, with a crypto balance of $246.2M as of September 30, 2025.
Outlook and guidance
Continued deployment of SEALMINER ASICs and decommissioning of older rigs expected to drive growth through 2026.
CapEx for global power and data center infrastructure projected at $210M–$240M for 2025.
AI cloud services could generate over $2B in annualized revenue by end of 2026 if 200 MW is allocated.
2.1 GW of power capacity expected online by Q4 2026, with major expansions in Ohio, Texas, and international sites.
Clarington, Ohio site (570 MW) to be power-ready by Q3 2026, supporting both cloud and co-location HPC/AI services.
Breakdown AI cloud service revenue drivers
Impact of 2nd-gen SEAL04 chip delay
Future impact of derivative liabilities on financials
Why direct HPC/AI site development over JV?
Reason for next-gen SEAL04 chip delay?
What caused Q3's large negative operating cash flow?
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Next Bitdeer Technologies Group earnings date
Q4 202512 Feb, 2026
Bitdeer Technologies Group
Next Bitdeer Technologies Group earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Bitdeer Technologies Group is a technology company focused on the cryptocurrency mining community. Founded in 2021 and headquartered in Singapore, Bitdeer operates by providing comprehensive bitcoin mining solutions. The company's services encompass the entire mining process, including miner procurement, transport logistics, data center design and construction, mining machine management, and daily operations. Bitdeer has the ability to mine cryptocurrencies for its own account as well as offer services to the broader cryptocurrency mining community. The company's business lines include proprietary mining, hash rate sharing, and hosting services. Proprietary mining involves mining cryptocurrencies for its own benefit, capturing the high appreciation potential of cryptocurrencies. Additionally, Bitdeer offers hash rate sharing solutions through Cloud Hash Rate and Hash Rate Marketplace, catering to various customer needs. The company is headquartered in Singapore, and its shares are listed on the Nasdaq.
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