Overview
- Bitdeer reported record third‑quarter revenue of $320.7 million and adjusted EBITDA of $69.6 million, figures disclosed on Tuesday that signal improving operating margins.
- The company posted a net loss of $125.5 million for the quarter, driven in large part by a $54.6 million non‑cash loss tied to digital‑asset borrowings.
- Bitdeer said self‑mining generated roughly $217.5 million of revenue, but published figures for coins mined and treasury balances conflict across releases and coverage, with one set showing 3,855 BTC mined and just 47 BTC held and another noting 1,109 BTC mined and 2,029 BTC held.
- The firm is pressing into AI infrastructure through a 16‑year, $4.7 billion lease with Volta Tydal AS and an AI/cloud backlog of about $2.9 billion that includes roughly 332 IT megawatts of secured capacity.
- Investors should watch for reconciled coin production and treasury figures, whether borrowing‑related charges recur, and the pace at which contracted AI capacity converts to revenue because those items will affect cash, risk and the company’s business mix.