Bitdeer Reports Record Q3 2026 Revenue of $320.7M, Adjusted EBITDA Up 173%

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Bitdeer posted record Q3 2026 revenue of $320.7M, an 89% YoY increase, with Adjusted EBITDA rising 173% to $69.6M. AI Cloud backlog reached $2.9B.

Bitdeer Technologies Group (NASDAQ: BTDR), a global leader in AI neocloud services and Bitcoin mining infrastructure, announced record-breaking unaudited financial results for the third quarter of 2026, ending September 30. The company reported total revenue of $320.7 million, an 89% year-over-year increase from $169.7 million in Q3 2025 and a 40% rise from $228.8 million in Q2 2026. Adjusted EBITDA surged 173% year-over-year to $69.6 million, compared to $25.5 million in the same quarter last year.

Key Financial Highlights

Bitdeer’s revenue growth was driven by its self-mining operations, which contributed $217.5 million, a 66.3% increase year-over-year. Co-mining revenue accounted for $59.9 million, while AI Cloud revenue reached $20.4 million. The company’s total cost of revenues rose to $309.9 million, up from $130.0 million in Q3 2025, resulting in a gross profit of $10.8 million. This marked a significant improvement from a gross loss of $8.5 million in Q2 2026. However, the company reported a net loss of $125.5 million, attributed in part to a $54.6 million non-cash loss from changes in the fair value of digital asset loans.

Operational Milestones

Bitdeer’s AI Cloud revenue backlog grew to approximately $2.9 billion, with 332 IT megawatts (MW) of AI Cloud capacity secured. The company’s Tydal project in Norway remains on track, with Phase 1 expected to come online in Q4 2026, delivering 60.5 MW configured to run NVIDIA GPUs for a leading AI lab. The project’s potential total contract value could reach $8 billion if the tenant exercises an 8-year lease extension option.

In addition to its AI Cloud initiatives, Bitdeer reported significant progress in its Bitcoin mining operations. The company’s proprietary hash rate reached 86.4 EH/s, up from 35.0 EH/s in Q3 2025, while co-mining operations contributed an additional 28.7 EH/s. The company mined 3,855 BTC during the quarter, compared to 1,109 BTC in the same period last year.

Global Infrastructure Expansion

Bitdeer continues to expand its global infrastructure, with 1,747.7 MW of electrical capacity currently online across multiple sites, including facilities in Texas, Bhutan, Norway, and Malaysia. The company is also developing an additional 1,373.3 MW of pipeline capacity, with projects in Ohio, Canada, and Malaysia expected to come online between late 2026 and 2028. Key developments include the phased energization of a 179 MW expansion in Rockdale, Texas, and the construction of a 101 MW natural gas-powered data center in Alberta, Canada.

Management Commentary

“We delivered record revenue of $320.7 million in the third quarter, up 89% year-over-year, while Adjusted EBITDA rose 173% to $69.6 million,” said Michael G. Potter, Chief Financial Officer of Bitdeer. “At the same time, we are converting AI demand into long-duration contracts. 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. Our priorities are clear: deliver Tydal, complete our financings, and bring Malaysia online.”