Bitdeer Technologies Group (BTDR) Q2 2026 earnings summary

Executive summary

• Executed a 16-year, $4.7 billion colocation lease at Tydal, Norway, establishing AI infrastructure colocation as a new business pillar and securing long-term contracted revenue.

• Q2 2026 revenue rose to $228.8M from $155.6M year-over-year, driven by higher self-mining and AI Cloud growth.

• Adjusted EBITDA improved to $31.1M from $4.6M, reflecting operational scaling despite higher costs.

• Significant expansion in mining capacity and AI infrastructure, including new long-term contracts and site developments in Norway and Malaysia.

• Bitcoin mining self-mining hash rate reached 73 EH/s, up 342% year-over-year, with 2,694 Bitcoin mined in Q2, a 377% increase year-over-year.

Financial highlights

• Q2 revenue was $228.8 million, up 47% year-over-year and 21% sequentially, driven by mining and AI Cloud growth.

• Gross profit was -$8.5 million (gross margin -3.7%), a $30.5 million sequential improvement due to lower power costs and improved fleet efficiency.

• Adjusted EBITDA was $31.1 million, up 575% year-over-year and 116% sequentially.

• Net loss was $92.3 million, compared to $62.9 million in Q2 2025; net loss per share was $0.37.

• Ended quarter with $496 million in cash and equivalents; long-term debt increased to $1.8 billion.

Outlook and guidance

• Full-year crypto mining infrastructure CapEx revised to $200–$280 million, reflecting new North American opportunities; excludes CapEx for SEALMINER hardware, GPUs, AI Cloud, or colocation.

• AI Cloud ARR grew 77% quarter-over-quarter to $76 million, with continued expansion into Malaysia and Europe.

• Remaining 2026 financing needs expected to be met through project-level debt, prioritizing non-dilutive funding.

• Continued focus on scaling AI/HPC pipeline and executing on Tydal milestones.

• Long-term contracts in AI colocation and cloud expected to provide steady cash flow.