Bitdeer Q2 revenue jumps 47% as Bitcoin output surges 377%

Bitdeer Technologies Group reported Q2 revenue of $228.8 million, up 47 percent year over year, as Bitcoin production surged 377 percent to 2,694 BTC.

"The second quarter reflected steady progress across our platform," Chief Financial Officer Michael Potter said. "Earlier this month, we converted a meaningful portion of our power portfolio into long-term, contracted revenue with the Tydal, Norway agreement."

Revenue beat the $225 million consensus compiled by Yahoo Finance. Adjusted EBITDA rose 575 percent to $31.1 million. Self-mining hash rate reached 73 EH/s, up 342 percent from a year earlier. AI Cloud revenue hit $14 million, up 284 percent sequentially. Gross margin was negative 3.7 percent, with a gross loss of $8.5 million. Net loss widened to $92.3 million, or $0.37 per share.

Metric	Actual	Consensus	Beat/Miss
Revenue	$228.8M	$225.0M	+1.7%
Net Loss/Share	-$0.37	N/A	N/A
BTC Mined	2,694	N/A	+377% YoY

The company signed a 16-year, $4.7 billion colocation lease with Volta at its Tydal, Norway campus, converting 121 IT megawatts into contracted AI infrastructure revenue. Bitdeer expects project-level debt financing to fund the remaining $500 million of capital expenditure, with first-half deployment targeted for Dec. 31, 2026.

Self-mining revenue reached $168.4 million, up from $59.3 million a year earlier, driven by a 389 percent increase in average self-mining hash rate to 69.5 EH/s. Co-mining contributed $25 million in revenue as the company deployed SEALMINER machines at third-party facilities. SEALMINER sales fell to $0.4 million from $69.5 million, reflecting the shift of internally manufactured hardware to self-mining and co-mining operations.

AI Cloud annual recurring revenue reached $76 million at the end of June, up 77 percent sequentially, with 95 percent utilization across 4,248 deployed GPUs. The company signed a 10-year lease for 21.7 IT megawatts in Malaysia, designed to support 128 NVIDIA GB300 NVL72 systems with handover expected in Q1 2027.

Bitdeer ended the quarter with $496.3 million in cash and restricted cash, up from $297.7 million at the end of Q1, reflecting $457 million of proceeds from its at-the-market equity program. Long-term debt totaled $1.8 billion. The company revised full-year crypto-mining infrastructure capex guidance to $200 million to $280 million, excluding hardware, GPUs, and AI/colocation development.

Shares rose 1.56 percent to $11.05 following the release. The results show Bitdeer converting its power portfolio into contracted AI revenue while scaling mining operations. Investors will watch the Tydal deployment milestones in late 2026 and the Malaysia AI Cloud handover in Q1 2027 for the next major developments.

This article is for informational purposes only and does not constitute investment advice.