SINGAPORE, May 14, 2026 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for AI and Bitcoin mining infrastructure, today released its unaudited financial results for the first quarter ended March 31, 2026.
Q1 2026 Financial1 Highlight
All amounts compared to Q1’25 unless otherwise noted
- Total revenue was US$188.9 million vs. US$70.1 million.
- Cost of revenue was US$228.0 million vs. US$74.1 million.
- Gross loss was US$39.0 million vs. US$4.0 million.
- Net loss was US$159.5 million vs. net profit of US$105.3 million.
- Adjusted EBITDA2 was positive US$14.4 million vs. negative US$45.6 million.
- Cash, cash equivalents and restricted cash were US$297.7 million as of March 31, 2026.
- Digital assets and digital assets - receivable balance: US$245.0 million as of March 31, 2026.
Management Commentary
"The first quarter of 2026 demonstrated the breadth of Bitdeer's execution capability," said Matt Kong, Chief Business Officer of Bitdeer Technologies Group. "We launched the SEALMINER A4, our most efficient mining rig to date, advancing our vertically integrated hardware platform and reinforcing the competitive foundation of our mining business. We activated development of our Tydal facility in Norway, which is expected to become Norway's largest operational AI data center upon completion. And we continue to grow our AI Cloud business, recently exceeding $69 million in annualized run-rate revenue."
Mr. Kong continued, "Underpinning all of this is a global power portfolio of approximately 3.0 gigawatts that we believe is one of the most strategically valuable infrastructure assets in our sector. We are in advanced stages of negotiations with a credit-worthy colocation tenant for Tydal and are confident in our ability to execute a signed agreement. I believe 2026 will be a defining year for Bitdeer as an AI infrastructure platform."
Operational Summary
| Three Months Ended March 31 | ||
| Metric | 2026 | 2025 |
| Hash Rate Metrics: | ||
| Self-Mining (Operated in self-owned datacenters) | 65.1 | 11.5 |
| Co-Mining (Operated in 3rd party datacenters) | 4.4 | - |
| Other Proprietary Hash Rate3 | 1.4 | 0.6 |
| Hosting4 | 7.2 | 12.1 |
| Total Hash Rate under Mgmt.5 (EH/s) | 78.1 | 24.2 |
| Mining Rig Metrics: | ||
| Self-Mining6 | 207,000 | 97,000 |
| Co-Mining7 | 18,000 | - |
| Hosted | 37,000 | 78,000 |
| Total Mining Rigs under Mgmt. | 262,000 | 175,000 |
| BTC Mined8 | 2,033 | 350 |
| BTC Held9 | 31 | 1,156 |
| Total Power Usage (MWh) | 2,250,000 | 881,000 |
| Average cost of electricity ($/MWh) | $52 | $48 |
| Average miner efficiency (J/TH) | 16.4 | 29.0 |
Power Infrastructure Summary (As of 4/30/2026)
| Site | (MW) Capacity | Energization Timing10 | Planned Usage | Construction Update | |||||
| Online Electrical Capacity: | |||||||||
| 1) | Rockdale, TX | 563 | Online | Crypto to Colocation / AI Cloud | In active evaluation of AI transition | ||||
| 2) | Knoxville, TN – phase 1 | 37 | Q4 ’26 | Crypto to AI Cloud | Phase 1 AI data center conversion design work initiated, targeting to complete by Q4 ’26. | ||||
| 3) | Knoxville, TN – phase 2 | 49 | Q1 ’27 | ||||||
| 4) | Wenatchee, WA | 13 | Q4 ’26 | Crypto to AI Cloud | AI data center design documents and building permit application submitted for approval. Core equipment is being delivered in succession; we plan to begin with a GB300 cluster. Dismantling of the crypto mining datacenter started in March 2026. Completion targeted Q4 ’26. | ||||
| 5) | Molde, Norway | 84 | Online | Crypto and in early assessment of converting to AI Cloud | |||||
| 6) | Tydal, Norway – phase 1 | 50 | Q4 ’26 | Crypto to Colocation | Planning and design continue to advance. Orders for critical long-lead equipment have been placed. Engaged Data Center Installations AS as Bitdeer’s design and construction partner for Tydal AI datacenter conversion | ||||
| 7) | Tydal, Norway – phase 2 | 175 | Q4 ’26 | ||||||
| 8) | Gedu, Bhutan | 100 | Online | Crypto | |||||
| 9) | Jigmeling, Bhutan | 500 | Online | Crypto | |||||
| 10) | Oromia Region, Ethiopia | 50 | Online | Crypto | Construction of the 50 MW site has been completed and energized, with ongoing energization in phases driven by SEALMINER deliveries | ||||
| 11) | Massillon, OH | 121 | Online | Crypto | |||||
| 12) | Cyberjaya, Malaysia11 | 2 | Online | AI Cloud | |||||
| Online Electrical Subtotal: | 1,744 | ||||||||
| | |||||||||
Pipeline Electrical Capacity: | |||||||||
| 1) | Massilon, OH | 74 / 26 | Q3 ’26 | Crypto | Due to delivery delays for key electrical components, 74 MW is expected to be energized in phases during Q3 ’26. Reconstruction of the two fire-damaged buildings (26MW) is currently underway and expected to be rebuilt and energized by the end of Q3 ’26. We anticipate that the total reconstruction cost will be almost fully recovered through the supplier’s insurance coverage. | ||||
| 2) | Clarington, OH | 570 | To be updated | Colocation | 570 MW of power under contract with a local utility. Timing of power availability and construction may be affected by ongoing legal proceedings filed by a neighboring company, American Heavy Plate Solutions, LLC., which is under extensive influence from MHR, a New York based PE firm founded by Mark H. Rachesky. Design and other preparation work continues. | ||||
| 3) | Niles, OH | 300 | Q4 ’28 | Colocation / AI Cloud | 300 MW grid-interconnected development site, with target energization in Q4 ’28. The project includes 41.8 acres of owned land and a transmission line extension agreement with a local utility company | ||||
| 4) | Rockdale, TX | 179 | 2026 | Colocation / AI Cloud | In Planning | ||||
| 5) | Fox Creek, Alberta, Canada | 101 | Q2 ’27 | Crypto | 101 MW site acquired, fully licensed and permitted for the construction of an on-site natural gas power plant. Assessing current design potential to accommodate future AIDC requirements. Groundbreaking planned for June 2026. | ||||
| 6) | Cyberjaya, Malaysia | 9.5 | Q4 ’26 | AI Cloud | In Progress | ||||
| Pipeline Electrical Subtotal: | 1,259.5 | ||||||||
| Total Global Electrical Capacity: | 3,003.5 | ||||||||
Financial MD&A
Effective January 1, 2026, the Company transitioned from IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") to generally accepted accounting principles in the United States of America ('U.S. GAAP'). The consolidated financial statements for prior periods have been recast to conform to U.S. GAAP.
All variances are current quarter compared to the same quarter last year. All figures in this section are rounded12.
Q1 2026 High-Level P&L and Disaggregated Revenue Details:
| US $ in millions | Three Months Ended | ||
| 31-Mar-26 | 31-Dec-25 | 31-Mar-25 | |
| Total revenue | 188.9 | 224.8 | 70.1 |
| Cost of revenue | (228.0) | (214.9) | (74.1) |
| Gross income (loss) | (39.0) | 9.9 | (4.0) |
| Net income (loss) | (159.5) | (191.5) | 105.3 |
| Adjusted EBITDA | 14.4 | 24.3 | (45.6) |
| Cash, cash equivalents and restricted cash | 297.7 | 177.9 | 233.7 |
| US $ in millions | Three months ended March 31, 2026 | |||||
| Business line | Self-mining | Co-mining | Cloud hash rate | General hosting | Membership hosting | Sales of SEALMINERs and Accessories |
| Revenue | 146.9 | 9.0 | 3.7 | 5.5 | 13.7 | 3.7 |
| Cost of revenue | ||||||
| Including: | ||||||
| - Electricity cost in operating mining rigs | (95.5) | (4.3) | (1.8) | (4.5) | (10.2) | - |
| - Depreciation and SBC expenses | (76.3) | (4.5) | (1.7) | (0.4) | (1.1) | - |
| - Cost of products sold | - | - | - | - | - | (3.6) |
| - Other costs | (9.5) | (1.2) | (0.2) | (0.3) | (0.8) | - |
| Total cost of revenue | (181.3) | (9.9) | (3.7) | (5.3) | (12.1) | (3.6) |
| Gross income (loss) | (34.4) | (0.9) | - | 0.2 | 1.6 | 0.2 |
| US $ in millions | Three months ended March 31, 2025 | ||||
| Business line | Self-mining | Cloud hash rate | General hosting | Membership hosting | Sales of SEALMINERs and Accessories |
| Revenue | 37.2 | 0.1 | 9.6 | 16.3 | 4.1 |
| Cost of revenue | |||||
| Including: | |||||
| - Electricity cost in operating mining rigs | (24.0) | - | (6.8) | (11.4) | - |
| - Depreciation and SBC expenses | (12.1) | (0.1) | (1.1) | (1.8) | - |
| - Cost of products sold | - | - | - | - | (3.3) |
| - Other costs | (5.4) | - | (1.4) | (2.4) | - |
| Total cost of revenue | (41.4) | (0.1) | (9.2) | (15.6) | (3.3) |
| Gross income (loss) | (4.2) | - | 0.4 | 0.7 | 0.8 |
Q1 2026 Management’s Discussion and Analysis (compared to Q1 2025)
Revenue
- Total revenue was US$188.9 million vs. US$70.1 million.
- Self-mining revenue was US$146.9 million vs. US$37.2 million, primarily due to the increase in the average self-mining hashrate for the quarter by 551.5% to 63.2 EH/s from 9.7 EH/s last year.
- Co-mining revenue was US$9.0 million, primarily contributed by 3.7 EH/s average mining hashrate for the first quarter of 2026.
- Cloud Hash Rate revenue was US$3.7 million vs. US$0.1 million.
- General Hosting revenue was US$5.5 million vs. US$9.6 million.
- Membership Hosting revenue was US$13.7 million vs. US$16.3 million.
- SEALMINER sales revenue was US$3.7 million vs. US$4.1 million.
- AI Cloud revenue was US$3.7 million vs. US$1.4 million.
Cost of Revenue
- Cost of revenue was US$228.0 million vs US$74.1 million. The increase was primarily driven by higher electricity and depreciation costs as a significant number of new mining rigs came online and a slightly higher per unit power cost. Additionally, the staff cost and AI cloud service fee increased along with the business expansion.
Gross loss and Margin
- Gross loss was US$39.0 million vs. US$4.0 million.
- Gross margin was -20.7% vs. -5.7%.
Operating Expenses
- The sum of the operating expenses below was US$47.7 million vs. US$75.7 million.
- Selling expenses were US$2.9 million vs. US$1.4 million. The increase was primarily due to the increased advertising expenses for our AI business.
- General and administrative expenses were US$24.6 million vs. US$15.3 million. The increase was primarily due to an increase in staff costs for general and administrative personnel and consulting fees for general corporate management and compliance activities.
- Research and development expenses were US$20.2 million vs. US$59.0 million, primarily due to a reduction in one-off incremental development expenses.
- Loss on change in fair value of digital assets held for operations were US$24.0 million vs. US$21.3 million.
- Other operating income were US$4.8 million vs. US$2.5 million. This was largely attributable to the change in fair value of digital assets-settled receivables and payables.
Non-operating items
- Net interest expenses were US$29.5 million vs. US$5.3 million, primarily due to increased borrowing through the convertible senior notes and borrowing from a related party.
- In Q1 2026, we recorded US$9.0 million gain on change in fair value of digital assets loan and US$16.2 million loss on change in fair value of digital assets - receivable. This is a fair value change of our loan in digital assets and the associated collateral digital assets in connection with our loan from a related party mainly due to the fluctuations of Bitcoin price.
- In Q1 2025, we recorded US$205.0 million gain on fair value changes of derivative liabilities for the convertible notes issued in August 2024 and Tether warrants, both of which were retired in 2025.
- In Q1 2026, we recorded US$17.8 million other net loss primarily due to the US$6.4 million of loss on derivative assets, US$5.4 million loss on extinguishment of debt in connection with the convertible senior notes issued in November 2024, and US$5.0 million donation.
Net Income (Loss)
- Net loss was US$159.5 million vs. net income of US$105.3 million.
Adjusted Loss (Non-GAAP)13
- Adjusted loss was US$106.6 million vs. US$66.4 million. The change was primarily due to the higher energy and depreciation costs, and higher interest expense, partially offset by the year-over-year higher revenue.
Adjusted EBITDA (Non-GAAP)2
- Adjusted EBITDA was US$14.4 million vs. negative US$45.6 million. The year-over-year growth was primarily driven by significantly higher self-mining hashrate as a result of the Company’s mass production and deployment of SEALMINERs, along with lower operating expenses incurred.
Cash Flows
- Net cash used in operating activities was US$346.9 million, primarily driven by SEALMINERs supply chain and manufacturing costs, electricity costs from the mining business, general corporate overhead and interest.
- Net cash provided by investing activities was US$113.3 million, which included US$93.7 million of capital expenditures for datacenter infrastructure construction, GPU equipment procurement and tariffs and freight for mining rigs delivered to the datacenters, and US$206.8 million of proceeds from the disposal of digital assets.
- Net cash provided by financing activities was US$352.6 million, primarily driven by the proceeds of a total US$568.3 million from our convertible senior note issuance in February, borrowings and ATM program, partially offset by US$85.0 million of repayments of borrowings, US$93.0 million of repayments made in connection with the extinguishment of convertible senior notes, and US$33.7 million of purchase of capped call instrument.
Balance Sheet
As of March 31, 2026 (compared to December 31, 2025)
- US$297.7 million in cash, cash equivalents and restricted cash, US$245.0 million in digital assets and digital assets receivables, and US$1.9 billion in borrowing.
- US$386.7 million prepayments and other assets, decrease from US$723.0 million. Change primarily driven by delivery of raw materials procurement for SEALMINERs mass volume production.
- US$613.0 million inventories, up from US$252.0 million. Increase mainly including wafers, chips, WIP and finished SEALMINERs inventory.
- US$1.2 billion in property, plant and equipment, up from US$1.1 billion. Change mainly raised from mass production and the deployment of SEALMINERs to the Company’s datacenters for mining activities and expansion of datacenters.
Further information regarding the Company’s first quarter 2026 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for Bitcoin mining and AI infrastructure. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan, amongst other countries. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.
Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
| BITDEER GROUP UNAUDITED CONSOLIDATED BALANCE SHEET | ||||
| March 31, | December 31, | |||
| (US $ in thousands) | 2026 | 2025 | ||
| ASSETS | ||||
| Current assets | ||||
| Cash and cash equivalents | 260,761 | 149,352 | ||
| Restricted cash | 30,582 | 22,366 | ||
| Digital assets | 35,115 | 85,488 | ||
| Digital assets - receivables | 209,867 | 135,558 | ||
| Accounts receivable | 33,281 | 31,374 | ||
| Amounts due from related parties | 9,635 | 9,654 | ||
| Prepayments and other current assets | 341,110 | 698,291 | ||
| Inventories, net | 613,042 | 251,999 | ||
| Short-term investments | 4,694 | 4,976 | ||
| Total current assets | 1,538,087 | 1,389,058 | ||
| Non-current assets | ||||
| Restricted cash | 6,351 | 6,159 | ||
| Other non-current assets | 45,563 | 24,681 | ||
| Long-term investments | 37,876 | 39,081 | ||
| Operating lease right-of-use assets, net | 101,088 | 104,725 | ||
| Property, plant and equipment, net | 1,235,445 | 1,086,275 | ||
| Intangible assets, net | 87,866 | 93,432 | ||
| Goodwill | 35,818 | 35,818 | ||
| Deferred tax assets | 12,997 | 8,682 | ||
| Total non-current assets | 1,563,004 | 1,398,853 | ||
| TOTAL ASSETS | 3,101,091 | 2,787,911 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
| LIABILITIES | ||||
| Current liabilities | ||||
| Accounts payable | 133,580 | 119,818 | ||
| Accrued expenses and other current liabilities | 57,853 | 54,964 | ||
| Amounts due to a related party | 4,126 | 4,340 | ||
| Income tax payables | 12,764 | 13,355 | ||
| Deferred revenue | 57,639 | 64,391 | ||
| Short-term borrowings | 26,000 | 26,000 | ||
| Current portion of long-term borrowings | 49 | 13 | ||
| Short-term borrowings from a related party | 167,822 | - | ||
| Current portion of long-term borrowings from a related party | 350,000 | 275,000 | ||
| Current portion of operating lease liabilities | 22,217 | 11,888 | ||
| Total current liabilities | 832,050 | 569,769 | ||
| Non-current liabilities | ||||
| Other non-current liabilities | 2,450 | 2,413 | ||
| Deferred revenue | 61,420 | 63,255 | ||
| Long-term borrowings | 1,180,654 | 947,183 | ||
| Long-term borrowings from a related party | 195,583 | 246,831 | ||
| Operating lease liabilities | 86,343 | 98,468 | ||
| Deferred tax liabilities | 12,476 | 11,973 | ||
| Total non-current liabilities | 1,538,926 | 1,370,123 | ||
| TOTAL LIABILITIES | 2,370,976 | 1,939,892 | ||
| STOCKHOLDERS’ EQUITY | ||||
| Common stock | * | * | ||
| Treasury stock | - | (35,990) | ||
| Accumulated deficit | (693,683) | (534,156) | ||
| Additional paid-in capital | 1,423,162 | 1,418,111 | ||
| Accumulated other comprehensive income | 636 | 54 | ||
| TOTAL STOCKHOLDERS’ EQUITY | 730,115 | 848,019 | ||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 3,101,091 | 2,787,911 | ||
* Amount less than US$1,000
| BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||
| Three months ended March 31, | |||
| (US $ in thousands) | 2026 | 2025 | |
| Revenue | 188,930 | 70,128 | |
| Cost of revenue | (227,971) | (74,098) | |
| Gross loss | (39,041) | (3,970) | |
| Selling expenses | (2,893) | (1,391) | |
| General and administrative expenses | (24,592) | (15,278) | |
| Research and development expenses | (20,199) | (59,004) | |
| Change in fair value of digital assets held for operations | (24,028) | (21,309) | |
| Other operating income | 4,821 | 2,486 | |
| Total operating expenses | (66,891) | (94,496) | |
| Loss from operations | (105,932) | (98,466) | |
| Interest expenses, net | (29,516) | (5,290) | |
| Share of losses from equity method investments | (1,887) | (2,696) | |
| Change in fair value of digital assets - receivable | (16,152) | - | |
| Change in fair value of digital assets loan | 8,963 | - | |
| Change in fair value of derivative liabilities | - | 205,004 | |
| Foreign exchange gain (loss) | (645) | 1,603 | |
| Other net losses | (17,772) | (1,453) | |
| Income (loss) before taxes | (162,941) | 98,702 | |
| Income tax benefit | 3,414 | 6,613 | |
| Net income (loss) | (159,527) | 105,315 | |
| Foreign currency translation adjustment, net of tax | 582 | 166 | |
| Total comprehensive income (loss) | (158,945) | 105,481 | |
| Net income (loss) per share (in US$) | |||
| Basic | (0.68) | 0.55 | |
| Diluted | (0.68) | (0.47) | |
| Weighted average number of shares outstanding (thousand shares) | |||
| Basic | 233,393 | 190,199 | |
| Diluted | 233,393 | 203,476 | |
| BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
| Three months ended March 31, | |||
| (US $ in thousands) | 2026 | 2025 | |
| Net cash used in operating activities | (346,894) | (285,274) | |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment and intangible assets | (93,746) | (45,725) | |
| Purchase of long-term investments | (400) | (132) | |
| Proceeds from disposal of property, plant and equipment | 574 | - | |
| Purchase of digital assets | - | (18,159) | |
| Proceeds from disposal of digital assets | 206,843 | 12,283 | |
| Cash paid for the site and gas-fired power project in Alberta, Canada | - | (21,870) | |
| Net cash provided by (used in) investing activities | 113,271 | (73,603) | |
| Cash flows from financing activities | |||
| Proceeds from borrowings | 26,000 | - | |
| Repayment of borrowings | (26,000) | - | |
| Borrowings from a related party | 150,000 | - | |
| Repayment of borrowings to a related party | (59,000) | - | |
| Proceeds from exercise of stock-based rewards | 70 | 530 | |
| Proceeds from issuance of common stock, net of transaction costs | 27,761 | 118,403 | |
| Repurchase of common stock | (4,000) | (21,010) | |
| Proceeds from convertible senior notes, net of transaction costs | 364,502 | (1,119) | |
| Repayments made in connection with the extinguishment of convertible senior notes | (93,046) | - | |
| Purchase of capped call instrument | (33,713) | - | |
| Net cash provided by financing activities | 352,574 | 96,804 | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 118,951 | (262,073) | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 866 | 2,101 | |
| Cash, cash equivalents and restricted cash at the beginning of the period | 177,877 | 493,626 | |
| Cash, cash equivalents and restricted cash at the end of the period | 297,694 | 233,654 | |
Use of Non-GAAP Financial Measures
In evaluating the Company’s business, the Company considers and uses non-GAAP measures, adjusted EBITDA and adjusted loss, as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses, and defines adjusted income (loss) as income (loss) adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.
The Company presents these non-GAAP financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-GAAP measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s loss for the periods, as determined in accordance with GAAP. The Company compensates for these limitations by reconciling these non-GAAP financial measures to the nearest GAAP performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.
The following table presents a reconciliation of income (loss) for the relevant period to adjusted EBITDA and adjusted loss, for the three months ended March 31, 2026 and 2025.
| BITDEER GROUP UNAUDITED NON-GAAP ADJUSTED EBITDA AND ADJUSTED INCOME (LOSS) RECONCILIATION | |||
| Three months ended March 31, | |||
| (US $ in thousands) | 2026 | 2025 | |
| Adjusted EBITDA | |||
| Net income (loss) | (159,527) | 105,315 | |
| Add： | |||
| Depreciation and amortization | 94,867 | 22,104 | |
| Income tax benefits | (3,414) | (6,613) | |
| Interest expenses, net | 29,516 | 5,290 | |
| Stock-based compensation expense | 7,129 | 10,404 | |
| Share of losses from equity method investments | 1,887 | 2,696 | |
| Change in fair value of digital assets held for operations | 24,028 | 21,309 | |
| Change in fair value of digital assets-settled receivables and payables | (5,059) | (2,551) | |
| Change in fair value of digital assets - receivable | 16,152 | - | |
| Change in fair value of digital assets loan | (8,963) | - | |
| Change in fair value of derivative liabilities | - | (205,004) | |
| Other net losses14 | 17,772 | 1,453 | |
| Total of Adjusted EBITDA | 14,388 | (45,597) | |
| Adjusted Loss | |||
| Net income (loss) | (159,527) | 105,315 | |
| Add： | |||
| Stock-based compensation expense | 7,129 | 10,404 | |
| Share of losses from equity method investments | 1,887 | 2,696 | |
| Change in fair value of digital assets held for operations | 24,028 | 21,309 | |
| Change in fair value of digital assets-settled receivables and payables | (5,059) | (2,551) | |
| Change in fair value of digital assets - receivable | 16,152 | - | |
| Change in fair value of digital assets loan | (8,963) | - | |
| Change in fair value of derivative liabilities | - | (205,004) | |
| Other net losses14 | 17,772 | 1,453 | |
| Total of Adjusted Loss | (106,581) | (66,378) | |
For investor and media inquiries, please contact:
Investor Relations
Tesh Dahya, Head of Investor Relations
tesh.dahya@bitdeer.com
Media
Elev8 New Media
Jessica Starman, MBA
bitdeer@elev8newmedia.com
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1 Effective January 1, 2026, the Company transitioned from IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") to generally accepted accounting principles in the United States of America ('U.S. GAAP'). The consolidated financial statements for prior periods have been recast to conform to U.S. GAAP.
2 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.
3 Other Proprietary Hash Rate includes the hashrate from Bitdeer’s cloud hashrate business, mining rigs delivered in the crypto mining datacenters but not deployed and the mining rigs temporarily offline due to limited economic benefit.
4 Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.
5 Total hash rate under management across Bitdeer’s primary business lines: Self-mining, Co-mining, Cloud Hash Rate, and Hosting.
6 Self-Mining (Operated in self-owned datacenters) refers to cryptocurrency mining for Bitdeer’s own account, whereby its mining rigs are operated in self-owned datacenters.
7 Co-mining (Operated in 3rd party datacenters) refers to cryptocurrency mining for Bitdeer’s own account, whereby its mining rigs are operated in third-party datacenters.
8 Bitcoins mined Includes BTC from self-mining operations and BTC from co-mining operations.
9 Bitcoins held does not include Bitcoins from customer deposits but does include Bitcoins that are pledged as collateral by us.
10 Indicative timing for completion of power. All timing references are to calendar quarters and years
11 Capacity under lease arrangement
12 Figures may not add due to rounding.
13 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.
14 In the three months ended March 31, 2026, we recorded US$17.8 million other losses primarily due to the US$6.4 million of loss on derivative assets, US$5.4 million loss on extinguishment of debt in connection with the convertible senior notes issued in November 2024, and US$5.0 million donation.
