Bitdeer Technologies Group (BTDR) Q3 2025 earnings summary

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.