Overview
- Bitdeer reported Q3 revenue of $169.7 million, adjusted EBITDA of $43.0 million, and a net loss of $266.7 million largely tied to non‑cash derivative effects.
- The company reached 41.2 EH/s of self‑mining by end‑October, began mass production of SEALMINER A3, and said SEAL04 chip samples show 6–7 J/TH efficiency with second‑generation SEAL04 development significantly delayed.
- Management outlined an accelerated AI strategy, stating that allocating 200 MW to AI cloud could exceed a $2 billion annualized run‑rate by late 2026 under its most optimistic outlook.
- As of September 30, Bitdeer reported $196.3 million in cash, $246.2 million in crypto holdings, and about $824.3 million in borrowings, with $520.3 million of net cash used in operating activities.
- Shares fell more than 14% after the release, despite the revenue beat and higher self‑mining hashrate driven by mass production and deployment of SEALMINER A1 and A2.