Bitdeer Technologies Group (BTDR) Q1 2026 earnings summary

Executive summary

• Q1 2026 demonstrated strong operational execution, with revenue surging to $188.9 million, driven by a 551.5% increase in average self-mining hashrate to 63.2 EH/s and strategic progress in Bitcoin mining, ASIC development, AI cloud, and colocation data centers.

• Vertically integrated platform enabled resilience amid industry challenges, with significant growth in mining production and AI cloud revenue.

• Major milestones included the launch of SEALMINER A4, rapid AI cloud ARR growth, and engagement of a construction partner for Norway's largest AI data center.

• Net loss was $159.5 million, reversing from net income of $105.3 million in Q1 2025, due to higher costs and non-operating losses.

• Adjusted EBITDA improved to $14.4 million from negative $45.6 million, reflecting operational scale and lower operating expenses.

Financial highlights

• Q1 2026 revenue was $188.9 million, up 170% year-over-year, but down sequentially from $224.8 million in Q4 2025 due to lower Bitcoin prices and internal SEALMINER deployment.

• Adjusted EBITDA reached $14.4 million, a $60 million year-over-year increase, but declined sequentially from $24.3 million.

• Gross profit was -$39 million with a gross margin of -20.7%, impacted by low Bitcoin prices, high non-cash depreciation ($70 million), and seasonal power costs.

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

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

Outlook and guidance

• Infrastructure CapEx for crypto mining data centers is guided at $180–$200 million for 2026, excluding SEALMINER hardware, GPUs, AI cloud, or colocation development.

• Mining hash rate growth expected to continue, but at a more moderate pace.

• Margin recovery anticipated through A4 deployment, power cost normalization, and scaling of AI cloud and colocation.

• 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, with advanced negotiations for colocation tenants.