Bitdeer Technologies Group

Second quarter revenue was approximately $228.8 million, increasing approximately 47% year over year and approximately 21% sequentially. Total gross profit was negative $8.5 million with gross margin of approximately negative 3.7%, and adjusted EBITDA was approximately $31.1 million, up approximately 575% year over year and 116% sequentially. Operating loss was $101.7 million and net loss per share was $0.37. Self-mining hash rate ended the quarter at approximately 73 EH/s, up approximately 342% year over year, supported by approximately 243,000 active self-mining rigs, up approximately 113% year over year. Total Bitcoin production was approximately 2,694 BTC, up approximately 377% year over year. AI cloud annual recurring revenue reached approximately $76 million at the end of June, up approximately 77% quarter over quarter, with utilization at approximately 95% across 4,248 deployed GPUs. Cash, cash equivalents and restricted cash were approximately $496 million at quarter end, versus approximately $298 million in Q1, and total long-term debt was approximately $1.8 billion. Looking ahead, management raised full-year crypto mining infrastructure CapEx guidance to $200 million-$280 million, excluding CapEx for SEALMINER hardware, GPUs, AI cloud or colocation development. They said remaining 2026 financing needs are expected to be met largely through project-level debt financing, especially for Tydal.

Jihan Wu framed Tydal as a strategic proof point that converts the company’s power portfolio into long-duration contracted revenue and establishes AI infrastructure colocation as a new pillar alongside AI cloud, Bitcoin mining, and ASIC development. His tone was optimistic but execution-focused, repeatedly emphasizing that the bottleneck is now operational execution rather than demand, and that the company is actively pursuing more opportunities in Europe, Malaysia, and the U.S. He also highlighted that Bitdeer is willing to stay flexible between colocation and self-operated AI cloud deployments depending on economics and customer demand.

Michael Potter emphasized execution, financing discipline, and the company’s vertical integration. He said the quarter benefited from higher mining output, AI cloud momentum, and operating leverage, with normalized seasonal power costs down about 15% sequentially and blended fleet efficiency improving to 15.8 joules per terahash. On liquidity and capital allocation, he noted $496 million in cash and restricted cash at quarter end, $1.8 billion in long-term debt, $457 million raised through the ATM in Q2, and a preference for non-dilutive project-level financing; he also said Q2 wafer spend was funded entirely through mining cash flow and debt collateralized by the wafer bank, not equity. He added that G&A in the second half should reflect incremental headcount and infrastructure needed to support expansion.

Analysts focused on the pipeline for additional colocation and AI/HPC sites outside the U.S., the design change at Knoxville/Tennessee, the rationale for choosing Volta, and how to model SEALMINER and AI-cloud expansion. Management said Malaysia is the near-term focal point for GPU deployment, with Norway next and some U.S. sites in Tennessee and Washington later, while Europe is still early and no additional colocation deal has been announced there. On Knoxville, management said the project was redesigned into a more monolithic data hall complex because customer demand favored a single larger block of megawatts rather than two smaller projects. They also said Tydal’s remaining 47 gross megawatts may be used for Bitdeer’s own AI cloud or another customer, but no final decision has been made.