Bitdeer Technologies Group (BTDR) Q4 2025 earnings summary

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.