Overview
- Revenue rose 173% year over year to $169.7 million, but the company reported a net loss of $266.7 million, largely tied to a convertible-debt revaluation.
- Shares fell about 20% Monday following the report and dropped further Tuesday after filings showed Tether sold roughly 7.7 million shares, trimming its stake to about 18%.
- Operations scaled: Bitdeer mined 1,109 BTC in Q3, held 2,029 BTC at quarter-end, and reached 41.2 EH/s of self-mining capacity.
- Hardware update: mass production of the SEALMINER A3 began, while the next-generation SEAL04 ASIC was significantly delayed, with volume production now expected in Q1 2026.
- AI transition showed early traction with about $1.8 million in first-time HPC/cloud revenue, and management projects a high-end scenario of over $2 billion in annualized AI revenue by late 2026 if 200 MW is allocated.