Bitdeer Technologies Group (BTDR) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $169.7 million, up 173.6% year-over-year, driven by strong self-mining, higher Bitcoin prices, and expanded SEALMINER deployment, with new sites energized in Norway and Bhutan and a 300 MW site launched in Ohio.

• Gross profit was $40.8 million, with adjusted EBITDA at $43 million, reflecting improved fleet efficiency, higher Bitcoin prices, and a turnaround from negative $7.9 million last year.

• Net loss widened to $266.7 million, mainly due to non-cash fair value changes in derivative liabilities related to convertible notes.

• Strategic focus on Bitcoin mining, ASIC development, and HPC/AI, with mass production of SEALMINER A3, SEAL04 chip development, and global expansion in Malaysia, U.S., and Europe.

• Cash and cash equivalents stood at $196.3 million, with a crypto balance of $246.2 million as of September 30, 2025.

Financial highlights

• Self-mining revenue was $130.9 million, up 315.6% year-over-year, with a 273% increase in average self-mining hashrate.

• SEALMINER sales revenue was $11.4 million, down from $69.5 million in Q2 2025.

• Gross margin improved to 24.1% from 4.5% a year ago and 8.2% last quarter.

• Adjusted EBITDA was $43 million, up from negative $7.9 million a year ago.

• Cash and crypto balances totaled over $440 million as of September 30, 2025.

Outlook and guidance

• 2.1 GW of power capacity expected online by Q4 2026, with major expansions in Ohio, Texas, and international sites.

• CapEx for global power and data center infrastructure projected at $210–$240 million for 2025.

• Anticipates activating up to 15 MW of cloud services in Malaysia in 2026, with significant expansion potential.

• Conversion of 200 MW to AI cloud services could generate over $2 billion annualized revenue by end of 2026.

• Mass production of SEALMINER A3 underway; SEAL04 chip mass production targeted for Q1 2026, though development is delayed.