Bitdeer Technologies Group (BTDR) Q4 2025 earnings summary

Executive summary

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

• Adjusted EBITDA was $31.2 million, improving from a loss in Q4 2024 but down sequentially, as gross profit was $10.6 million amid lower Bitcoin prices and higher costs.

• Strategic focus remains on Bitcoin mining, ASIC development, and HPC/AI, with significant expansion in global power and infrastructure portfolio.

• Company exited the year with over 55 EH/s self-mining hash rate, increasing to 63 EH/s by January 2026, establishing a leading position among public miners.

• Expanded AI/HPC strategy, including new chip development and increased headcount.

Financial highlights

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

• Self-mining revenue: $168.6 million, up 306% year-over-year and 28.7% sequentially.

• SEALMINER sales revenue: $23.4 million, up 105.4% sequentially.

• Gross margin declined to 4.7% from 7.4% in Q4 2024 and 24.1% in Q3 2025, mainly due to lower Bitcoin prices and higher costs.

• Adjusted EBITDA: $31.2 million, improved from -$4.3 million in Q4 2024 but down from $39.6 million in Q3 2025.

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

Outlook and guidance

• 2026 infrastructure spend for crypto mining data center construction expected at $180 million-$200 million, excluding CapEx for SEALMINERS, GPUs, and AI Cloud/colocation.

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

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

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

• Anticipates continued improvement in fleet-wide mining efficiency and further SEALMINER A3 deployment throughout 2026.