Bitdeer Technologies Group
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Bitdeer Technologies Group (BTDR) investor relations material

Bitdeer Technologies Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Q4 2025 revenue reached $225M, up 226% year-over-year, with net profit of $70.5M, driven by self-mining hash rate growth and SEALMINER deployment.

  • Adjusted EBITDA was $31.2M, up from -$4.3M year-over-year but down sequentially, as gross profit fell to $10.6M due to lower Bitcoin prices and higher costs.

  • Expanded global power portfolio to 1.66 GW online and 3 GW pipeline, prioritizing colocation for AI/HPC at key sites in Norway and the U.S.

  • Maintained leadership in self-mining, exiting January 2026 with over 63 EH/s hash rate, and advanced proprietary chip development.

  • Strategic shift toward high-performance compute infrastructure and colocation services, leveraging a 3.0 GW power portfolio.

Financial highlights

  • Q4 2025 revenue: $224.8M, up 225.8% year-over-year and 32.5% sequentially.

  • Gross profit was $10.6M (4.7% margin), with operating expenses of $66.3M and adjusted EBITDA of $31.2M.

  • Net profit for Q4 2025 was $70.5M, compared to a net loss of $531.9M in Q4 2024.

  • Cash and cash equivalents at year-end: $149.4M; crypto and crypto receivables: $218.6M.

  • Year-end total assets reached $2.8B, with total equity of $867.8M.

Outlook and guidance

  • 2026 infrastructure CapEx guidance: $180M–$200M for crypto mining data center construction, excluding SEALMINERS, GPUs, and AI cloud/colocation.

  • 2.0 GW of power capacity targeted to be online by Q4 2026, with a global pipeline of 3.0 GW.

  • Major U.S. GPU expansion contingent on customer contracts; no speculative large-scale deployments planned.

  • Clarington, OH site (570 MW) expected to be power-ready in Q3 2026, supporting future HPC/AI growth.

  • Anticipate continued improvement in mining efficiency and margins as SEALMINER penetration increases.

HPC/AI capacity pipeline and timelines
SEAL-DL1 chip's future efficiency impact
Convertible notes: total face value outstanding
What drives colocation priority for large AI sites?
Impact of altcoin mining on overall strategy?
Estimate 2026 AI/GPU CapEx beyond current guidance
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Q1 202614 May, 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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