Bitcoin Miner Bitdeer Hits Record Revenue Despite $125.5 Million Loss

TL;DR:

• Bitdeer’s total revenue reached $320.7 million during the third quarter of 2026, representing an 89% increase compared to the same period of the previous year.
• The company recorded a net loss of $125.5 million at the close of the third quarter of 2026, compared to the $30.1 million reported in the third quarter of 2025.
• Adjusted EBITDA stood at $69.6 million, reflecting a 173% year-over-year growth according to the non-GAAP financial data presented by the company.

Recently, Bitdeer Technologies Group announced its unaudited financial results for Q3 2026, and consequently, the digital asset mining and high-performance computing ecosystem registered a significant financial movement.

The company’s official report reveals that its total revenue during that period achieved a record figure of $320.7 million, exceeding market expectations driven by the expansion of its mining operations and cloud infrastructure.

Despite the billing milestone, Bitdeer Technologies Group reported an expanded net loss of $125.5 million for the period ended September 30, 2026. Company data indicate that this negative balance was directly influenced by elements outside of pure operations, highlighting a non-cash loss of $54.6 million derived from changes in the fair value of digital asset loans. Financial analysts point out that the increase in energy and depreciation costs also exerted pressure on the quarterly balance sheet.

Operational performance and AI infrastructure expansion

Within the firm’s business lines, the co-mining segment contributed $59.9 million, supported by an average hashrate of 23.0 EH/s during the quarter. Corporate documentation details that revenues from artificial intelligence cloud (AI Cloud) experienced substantial progress, standing at $20.4 million, contrasting with records from previous periods and reflecting the company’s strategic diversification.

On the other hand, the financial report reveals that the total cost of revenues rose to $309.9 million, which placed gross profit at $10.8 million. Company management indicated that adjusted EBITDA grew to $69.6 million, marking a 173% year-over-year increase. This operational behavior responds to the strategy of data center expansion and long-term contracts in key regions.

Liquidity position and future commitments

Regarding the capital structure, accounting records at the close of September 2026 show that Bitdeer had $213.7 million in cash, cash equivalents, and restricted cash. Likewise, the valuation of digital assets and cryptocurrency accounts receivable was positioned at $387.0 million.

Firm representatives explained that the temporary reduction in cash reserves responds to deliberate decisions to safeguard the construction schedule of infrastructure projects and land purchases. The company plans to detail its capital expenditure projections and consolidated financial performance for the next cycle during the presentation of the Q4 2026 results.