Bitdeer Technologies Group · Q1 2026 earnings

Briefing

Bitdeer Q1 2026: revenue surges to $189M on 5.5x self-mining hashrate but net loss widens to $160M

Bitdeer reported Q1 2026 revenue of $188.9 million, up from $70.1 million a year ago, as self-mining hashrate surged 551% to 63.2 EH/s and total managed hash rate reached 78.1 EH/s. Cost of revenue climbed to $228.0 million, producing a $39.0 million gross loss and a $159.5 million net loss ($0.68 per share) versus net income of $105.3 million in Q1 2025 when derivative gains boosted results. Adjusted EBITDA was positive $14.4 million. The company launched SEALMINER A4, advanced the Tydal Norway AI data center, and said AI Cloud annualized run-rate revenue exceeded $69 million. Cash, restricted cash, and digital assets totaled $542.7 million at March 31 against roughly $1.9 billion in borrowings across a ~3.0 GW global power portfolio.

• Revenue was $188.9M (+170% y/y) driven by self-mining revenue of $146.9M on 63.2 EH/s average hash rate.
• Gross loss was $39.0M (-20.7% margin) and net loss was $159.5M ($0.68 EPS) vs $105.3M net income in Q1 2025.
• Adjusted EBITDA was $14.4M; AI Cloud revenue was $3.7M with >$69M annualized run-rate cited by management.
• Total hash rate under management reached 78.1 EH/s; BTC mined was 2,033 vs 350 in Q1 2025.
• Cash, cash equivalents and restricted cash were $297.7M; digital assets and receivables totaled $245.0M.

Headline financials

Revenue & EPS history

Management expects 2026 to be a defining year as Bitdeer pivots toward AI infrastructure, with advanced colocation negotiations for Tydal Norway and multiple sites converting from crypto to AI cloud/colocation.