TLDR
- Bitdeer stock drops 19.23% after its Q2 net loss widens further to $92.3 million.
- Bitdeer Q2 revenue jumps 47% to $228.8 million as self-mining income surges.
- Bitdeer mines 2,694 BTC as managed hash rate climbs sharply above 86.1 EH/s.
- Adjusted EBITDA rises to $31.1 million despite sharply higher operating costs.
- Bitdeer expands AI infrastructure while total borrowings reach $1.8 billion.
Bitdeer Technologies Group (BTDR) shares fell 19.23% to $8.79 after the company reported a wider second-quarter loss. Revenue rose 47% year over year, but higher mining costs erased that growth at the gross level. The company also expanded mining output and AI infrastructure while carrying a larger debt load.
Bitdeer Technologies Group, BTDR
Revenue Growth Fails To Prevent Wider Loss
Bitdeer reported second-quarter revenue of $228.8 million, up from $155.6 million one year earlier. A sharp increase in deployed hash rate supported $168.4 million in self-mining revenue. Co-mining added $25.0 million, while AI Cloud revenue climbed to $14.0 million.
However, cost of revenue increased to $237.3 million from $143.6 million during the same period. Bitdeer therefore posted an $8.5 million gross loss, compared with a $12.0 million gross profit. Gross margin fell to negative 3.7%, versus positive 7.7% one year earlier.
The company recorded a net loss of $92.3 million, wider than the previous $62.9 million loss. Adjusted EBITDA improved to $31.1 million from $4.6 million as mining capacity expanded. Still, higher energy, depreciation, operating, and interest costs weighed heavily on overall profitability.
Mining Expansion Drives Output And Costs
Bitdeer increased total managed hash rate to 86.1 EH/s from 30.6 EH/s year over year. Self-mining capacity reached 73.0 EH/s, while co-mining capacity stood at 15.9 EH/s. The company mined 2,694 Bitcoin during the quarter, compared with 565 Bitcoin previously.
Total mining rigs under management increased to 289,000 from 200,000 during the prior-year quarter. Average miner efficiency improved to 15.8 joules per terahash from 25.7 joules per terahash. Average electricity expense increased slightly to $44 per megawatt-hour from $43.
The larger fleet drove higher electricity and depreciation expenses across Bitdeer’s mining operations. Research and development expenses also increased to $36.1 million from $20.6 million. General and administrative expenses rose to $34.3 million as headcount and consulting costs increased.
AI Infrastructure Expands As Debt Rises
Bitdeer continued building its AI and high-performance computing infrastructure across several international sites. Its global electrical capacity reached 2,980.2 megawatts, including 1,752 megawatts already online. The company also advanced projects in Norway, Ohio, Texas, Canada, Malaysia, and Bhutan.
The Tydal site in Norway remains central to Bitdeer’s AI infrastructure strategy. Phase one targets service in the fourth quarter of 2026, followed by phase two in early 2027. Additional capacity at Tydal will support planned AI and high-performance computing operations.
Bitdeer ended June with $496.3 million in cash, cash equivalents, and restricted cash. Digital assets and related receivables totaled $196.9 million, while borrowings reached $1.8 billion. Bitdeer also adopted U.S. GAAP reporting from January 2026 and recast earlier periods for comparison.
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