Bitdeer Technologies Group Stock Earnings Reports

Bitdeer reported strong execution in Q1 2026 with revenue of $188.9 million (≈170% YoY growth) and adjusted EBITDA of $14.4 million (≈$60M YoY improvement). The company continues to expand a vertically integrated platform across four pillars: Bitcoin mining, ASIC (SEALMINER) development, AI cloud, and colocation/data center infrastructure. Key operational highlights include self-mining hash rate increasing to ~65 EH/s (≈400%+ YoY), launch of the SEALMINER A4 series (best-in-class energy efficiency), AI cloud ARR growth from ~$10M in January to ~$43M by the end of March (and ~$69M reported in April) with GPU utilization rising to ~94% in March, and a global power portfolio of ~3 GW pipeline (1.7 GW online). Priority development sites: Tydal, Norway (180 MW conversion to an AI data center; advanced lease negotiations; first phase as early as Dec 2026), Clarington, Ohio (570 MW under contract but litigation may delay construction), and Rockdale, Texas (expanding to >740 MW with dual-track mining + AI development). Financial items: negative gross profit (-$39M) driven by low BTC prices, heavy noncash depreciation from rapid rig deployment, and seasonal Norway/Bhutan power costs; sequential improvement catalysts include A4 deployments, seasonal power normalization, and AI cloud scaling. Capital and liquidity: $297.7M cash on hand at quarter end, $375M convertible note issuance in February, total borrowings ~$1.92B; FY-2026 crypto mining infrastructure CapEx guidance $180–$200M (excludes SEALMINER hardware, GPUs, colocation development). Management emphasizes prioritizing colocation leases (Tydal is top priority), disciplined allocation of capacity across site types, and focus on growing AI cloud and co-mining opportunities while maintaining a primary focus on self-mining.