Bitdeer Technologies Group (BTDR) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue surged 170% year-over-year to $188.9 million, driven by mining hash rate expansion and AI cloud growth, with average self-mining hashrate up 551.5% to 63.2 EH/s.

• Vertically integrated platform advanced across Bitcoin mining, ASIC development, AI cloud, and colocation data centers.

• Transitioned to U.S. GAAP accounting, introducing fair value measurement for digital assets and impacting reported earnings volatility.

• Net loss was $159.5 million, reversing from net income in Q1 2025, due to higher costs and non-operating losses.

• Major milestones included SEALMINER A4 launch and Tydal facility development in Norway.

Financial highlights

• Q1 2026 revenue: $188.9 million, up $119 million year-over-year; sequential decline from $224.8 million in Q4 2025 due to lower Bitcoin prices and internal SEALMINER deployment.

• Gross profit: -$39 million; gross margin: -20.7%, impacted by low Bitcoin prices, high depreciation ($70 million), and seasonal power costs.

• Adjusted EBITDA: $14.4 million, up $60 million year-over-year; sequential decline from $24.3 million in Q4 2025.

• Operating loss: -$159.5 million; EPS: -$0.68.

• Cash and equivalents at quarter end: $297.7 million; total borrowings: $1.92 billion.

Outlook and guidance

• Reiterated 2026 infrastructure CapEx guidance of $180–$200 million for crypto mining data centers (excluding SEALMINER, GPU, AI cloud, and colocation CapEx).

• Management expects 2026 to be a defining year, with continued expansion in AI infrastructure and cloud businesses.

• Tydal facility in Norway is anticipated to become the country's largest operational AI data center.

• Margin recovery expected from A4 deployment, power cost normalization, and scaling AI cloud.

• Advanced negotiations underway for colocation tenants at Tydal.