Overview
- Bitdeer disclosed Tuesday that third-quarter revenue hit a record $320.7 million and adjusted EBITDA rose 173% to $69.6 million, driven mainly by higher self-mining output.
- The company reported a $125.5 million net loss for Q3 that was widened in part by a $54.6 million non‑cash charge tied to digital‑asset borrowings, which shifted accounting results despite stronger operating margins.
- Reports offer conflicting end‑quarter bitcoin figures: one set shows 3,855 BTC mined with 47 BTC held, while another reports 1,109 BTC mined and 2,029 BTC held, creating questions about coin sales, related‑party receivables and disclosure timing.
- Bitdeer said its AI cloud backlog is about $2.9 billion and highlighted a 16‑year, $4.7 billion lease for 121 IT MW at Tydal that the company expects to energize in Q4; management says prepayments and project financing will help fund buildout.
- Investors reacted to the mix of a revenue beat and wider EPS loss, sending the stock lower, and the next tests will be whether borrowing-related charges recede and contracted AI work converts into recognized revenue.