Q2 FY2026
Filed Aug 10, 2026Bitdeer reported Q2 2026 revenue of US$228.8 million and adjusted EBITDA of US$31.1 million, while gross loss was US$8.5 million and net loss was US$92.3 million.
Revenue, self-mining scale, AI Cloud revenue and adjusted EBITDA increased, but the company reported a gross loss, a larger net loss, negative operating cash flow and US$1.8 billion in borrowings.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | US$228.8 million | – | – |
| Cost of revenueGAAP | US$237.3 million | – | – |
| Gross profit (loss)GAAP | US$8.5 million gross loss | – | – |
| Gross marginGAAP | -3.7% | – | – |
| Selling expensesGAAP | US$2.2 million | – | – |
| General and administrative expensesGAAP | US$34.3 million | – | – |
| Research and development expensesGAAP | US$36.1 million | – | – |
| Total operating expensesGAAP | US$93.2 million | – | – |
| Income (loss) from operationsGAAP | US$101.7 million loss | – | – |
| Interest incomeGAAP | US$1.4 million | – | – |
| Interest expensesGAAP | US$32.5 million | – | – |
| Income tax benefit (expense)GAAP | US$11.7 million benefit | – | – |
| Net income (loss)GAAP | US$92.3 million loss | – | – |
| Net income (loss) per share, basicGAAP | (0.37) | – | – |
| Net income (loss) per share, dilutedGAAP | (0.37) | – | – |
| Adjusted lossnon-GAAP | US$96.0 million | – | – |
| Adjusted EBITDAnon-GAAP | US$31.1 million | – | – |
| Net cash used in operating activitiesGAAP | US$158.5 million | – | – |
| Net cash used in investing activitiesGAAP | US$68.4 million | – | – |
| Net cash provided by financing activitiesGAAP | US$428.9 million | – | – |
| Cash, cash equivalents and restricted cashGAAP | US$496.3 million | – | – |
| Digital assets and digital assets - receivable balanceGAAP | US$196.9 million | – | – |
| BorrowingsGAAP | US$1.8 billion | – | – |
| Property, plant and equipmentGAAP | US$2.1 billion | – | – |
| Total hash rate under managementother | 86.1 EH/s | – | – |
| BTC minedother | 2,694 | – | – |
| Average cost of electricityother | $ 44 | – | – |
| Average miner efficiencyother | 15.8 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Self-miningPrimarily due to the increase in the average self-mining hashrate for the quarter by 389.4% to 69.5EH/s from 14.2 EH/s in the prior year period, partially offset by a lower average Bitcoin price at which mining rewards were recognized. | US$168.4 million | – | – |
| Co-miningPrimarily contributed by 11.4 EH/s average mining hashrate for the second quarter of 2026. | US$25.0 million | – | – |
| AI CloudAI Cloud revenue was US$14.0 million vs. US$1.3 million. | US$14.0 million | – | – |
| Cloud Hash RateCloud Hash Rate revenue was US$3.7 million vs. Nil. | US$3.7 million | – | – |
| General HostingGeneral Hosting revenue was US$2.8 million vs. US$9.3 million. | US$2.8 million | – | – |
| Membership HostingMembership Hosting revenue was US$12.8 million vs. US$14.6 million. | US$12.8 million | – | – |
| Sales of SEALMINERs and AccessoriesSEALMINER sales revenue was US$0.4 million vs. US$69.5 million. | US$0.4 million | – | – |
Capital returns
- Repurchase of ordinary shares: -
What drove it
- Self-mining hashrate and Co-mining hashrate increased as a result of mass production and deployment of SEALMINERs.
- AI Cloud revenue was US$14.0 million vs. US$1.3 million.
- Total hash rate under management was 86.1 EH/s vs. 30.6 EH/s.
- BTC mined was 2,694 vs. 565.
- Average miner efficiency was 15.8 vs. 25.7.
- Tydal, Norway phase 1 has a $4.7 Billion, 16-Year AI/HPC Data Center Lease with Volta and is targeted for Q4’26.
Concerns
- Gross loss was US$8.5 million vs. gross profit US$12.0 million, and gross margin was -3.7% vs. 7.7%.
- Cost of revenue was US$237.3 million vs. US$143.6 million, driven primarily by higher electricity and depreciation costs as new mining rigs came online and a slightly higher per unit power cost.
- The sum of selling, general and administrative, and research and development expenses was US$72.6 million vs. US$42.2 million.
- Net interest expenses were US$31.1 million vs. US$9.6 million, primarily due to increased borrowing through convertible senior notes and borrowing from a related party.
- Net cash used in operating activities was US$158.5 million.
- The Clarington, OH project timing and construction may be affected by ongoing legal proceedings filed by a neighboring company.
What to watch
- Tydal, Norway phase 1 is targeted for Q4’26, phase 2 for Q1’27, and phase 3 for H2’27.
- The Knoxville, TN project overall completion is targeted for Q3 ’27.
- The Weathersfield, OH project has target energization in Q4’28.
- Massillon, OH pipeline capacity of 21 / 26 MW is expected to be energized in phases during Q3’26, with reconstruction of two fire-damaged buildings expected to be rebuilt and energized by the end of Q3’26.
- Cyberjaya, Malaysia pipeline capacity of 9.5 MW is targeted for Q4’26, and Johor Bahru, Malaysia has handover to Bitdeer expected Q1’27.
- Total Global Electrical Capacity was 2,980.2 MW as of 7/31/2026.
Balance sheet and cash flow
- Cash, cash equivalents and restricted cash were US$496.3 million as of June 30, 2026.
- Digital assets and digital assets - receivable balance was US$196.9 million as of June 30, 2026.
- Borrowings were US$1.8 billion as of June 30, 2026.
- Prepayments and other assets were US$295.2 million, decrease from US$723.0 million.
- Inventories decreased from US$252.0 million to nil.
- Property, plant and equipment was US$2.1 billion, up from US$1.1 billion.
- Capital expenditures were US$266.0 million, including US$150.0 million for production of SEALMINERs used for Self-mining and Co-mining businesses and US$116.0 million for datacenter infrastructure construction, GPU equipment procurement and tariffs and freight for mining rigs delivered to the datacenters.
- Proceeds from the disposal of digital assets were US$195.5 million.
- Net proceeds of a total US$517.3 million came from borrowings and the ATM program, partially offset by US$90.0 million of repayments of borrowings.
Analysis
Bitdeer reported US$228.8 million of Q2 2026 revenue, compared with US$155.6 million in Q2 2025 and US$188.9 million in Q1 2026. Revenue mix shifted toward mining operations: self-mining generated US$168.4 million and co-mining generated US$25.0 million. AI Cloud revenue reached US$14.0 million, compared with US$1.3 million a year earlier, while sales of SEALMINERs and Accessories fell to US$0.4 million from US$69.5 million. Management attributed self-mining growth to average hashrate of 69.5EH/s, compared with 14.2 EH/s in the prior-year period, partly offset by a lower average Bitcoin price at which mining rewards were recognized.
Higher scale did not translate into GAAP gross profitability. Cost of revenue was US$237.3 million, exceeding revenue, and the company recorded an US$8.5 million gross loss with gross margin of -3.7%, compared with US$12.0 million gross profit and 7.7% gross margin a year earlier. Management cited higher electricity and depreciation costs from new mining rigs coming online, as well as a slightly higher per unit power cost. At the business-line level, self-mining generated an US$2.7 million gross loss, co-mining generated an US$3.9 million gross loss, and AI Cloud generated an US$2.3 million gross loss.
Operating costs and financing costs also weighed on earnings. The sum of selling, general and administrative, and research and development expenses was US$72.6 million versus US$42.2 million. Interest expenses were US$32.5 million in the condensed financial statements, and management described net interest expenses of US$31.1 million, driven primarily by increased borrowing through convertible senior notes and borrowing from a related party. The company recorded a US$92.3 million GAAP net loss, compared with a US$62.9 million loss, although adjusted EBITDA increased to US$31.1 million from US$4.6 million as mining scale expanded.
Cash generation remained negative amid a sizable buildout. Net cash used in operating activities was US$158.5 million and capital expenditures were US$266.0 million. Financing activity provided US$428.9 million of cash, while cash, cash equivalents and restricted cash ended the quarter at US$496.3 million. The company also reported US$196.9 million in digital assets and digital assets receivables, US$1.8 billion in borrowings, and US$2.1 billion in property, plant and equipment. Inventories decreased from US$252.0 million to nil as inventory designated for self-mining and co-mining was reclassified to property, plant and equipment.
The forward operating focus is conversion of power capacity into colocation and AI Cloud uses. Tydal phase 1 is targeted for Q4’26 under a $4.7 Billion, 16-Year AI/HPC Data Center Lease with Volta, while phase 2 is targeted for Q1’27 and phase 3 for H2’27. Bitdeer reported Total Global Electrical Capacity of 2,980.2 MW as of 7/31/2026. The filing did not provide financial revenue, margin, operating-expense, or tax-rate guidance.
Management, verbatim
The second quarter reflected steady progress across our platform. Earlier this month, we converted a meaningful portion of our power portfolio into long term, contracted revenue with the Tydal, Norway agreement, our first large-scale proof point for the colocation strategy we plan to continue to build upon
Michael G. Potter, Chief Financial Officer
Our AI Cloud revenue continues to scale, alongside our mining business as our SEALMINER fleet comes online. Together, these results show the advantage of owning the fully integrated vertical stack, from power, to hardware, and infrastructure.
Michael G. Potter, Chief Financial Officer
Not in the filing
stated, not guessed- Forward financial revenue guidance
- Forward gross-margin guidance
- Forward operating-expense guidance
- Forward tax-rate guidance
- Previous-release outlook for comparison with actual results
- Free cash flow
- Dividend declaration or dividend payment
- Segment revenue prior-quarter comparisons
- Percentage changes for total revenue, costs, operating expenses, net loss, adjusted loss and adjusted EBITDA
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.