Bitdeer reports record Q3 revenue as net loss widens to $125.5 million

The miner's net loss widened to $125.5 million despite higher mining output and AI Cloud revenue lifting quarterly sales to a record $320.7 million.

Business•November 10, 2026, 9:26AM EST
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Bitdeer reports record Q3 revenue as net loss widens to $125.5 million

Quick Take

  • Bitdeer reported a net loss of $125.5 million in Q3 despite revenue hitting a record $320.7 million.
  • The company mined 3,855 BTC in the third quarter, up 248% from 1,109 BTC a year earlier.

Bitdeer reported record third-quarter revenue of $320.7 million, up 89% from a year earlier, as the bitcoin miner expanded its mining operations and increased AI cloud revenue.

The Singapore-based miner's net loss widened to $125.5 million from $30.1 million in the same period last year, the company said in a statement on Tuesday. The loss included a non-cash $54.6 million charge tied to changes in the fair value of a digital-asset loan.

Bitdeer CFO Michael G. Potter said the company's adjusted EBITDA, which excludes several non-cash and other items, rose 173% to $69.6 million from $25.5 million.

Mining production

Bitdeer mined 3,855 BTC in the quarter, up from 1,109 BTC a year earlier, as its total proprietary hashrate climbed to 86.4 EH/s from 35 EH/s, the company said. 

Self-mining revenue rose to $217.5 million from $130.9 million, while co-mining contributed another $59.9 million. The company held just 47 BTC as of Sept. 30, down from 2,029 BTC a year earlier.

Bitdeer also reported $221.5 million in proceeds from digital-asset disposals during the quarter, primarily mined bitcoin, according to the statement. It ended September with $43.2 million in digital assets and $343.8 million in digital-asset receivables from a related party, bringing the combined balance to $387 million.

Meanwhile, AI cloud revenue increased to $20.4 million from $1.8 million a year earlier. The company reported an AI cloud revenue backlog of approximately $2.9 billion and said it had secured about 332 IT megawatts of AI cloud capacity.

"We are converting AI demand into long-duration contracts," Potter said. "Our AI Cloud revenue backlog has grown to approximately $2.9 billion, and construction at Tydal remains on target. Customer prepayments, together with project-level financing, are designed to fund AI capacity as it is contracted."

Bitdeer shares closed 9.9% higher at $6.61 on Monday, according to The Block's BTDR price page. The stock was down 2.7% in premarket trading on Tuesday.

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