Bitdeer Technologies Group (NASDAQ:BTDR) reported fourth-quarter 2025 revenue of $224.8 million, up 225.8% year over year and 32.5% sequentially, as the company highlighted continued scale-up in self-mining and growing focus on AI and high-performance computing (HPC) infrastructure opportunities. Management described the quarter as a period of “execution and strategic progress” as Bitdeer positions itself as a vertically integrated Bitcoin and AI infrastructure company.
Quarterly results reflect higher scale, but lower Bitcoin pricing and higher costs
For the fourth quarter, Bitdeer posted gross profit of $10.6 million, representing a gross margin of 4.7%, down from 24.1% in the third quarter of 2025. Adjusted EBITDA was $31.2 million, compared with $39.6 million in the prior quarter and negative $4.3 million in Q4 2024.
Bitdeer also changed its depreciation methodology to a more conservative approach, moving to a three-year straight-line method for mining rigs compared with a prior five-year useful life assumption, which contributed to higher depreciation expense.
Self-mining growth drives revenue; margins pressured by network and pricing dynamics
Self-mining revenue was $168.6 million, up from $41.5 million in Q4 2024 and $130.9 million in Q3 2025. Management attributed the quarter-over-quarter increase to a higher average operating hash rate and Bitcoin production, partially offset by lower Bitcoin prices and a gradual rise in global network hash rate.
Bitdeer also reported $23.4 million in SEALMINER sales revenue, up 105.4% from $11.4 million in Q3 2025.
On fleet expansion, Basit said Bitdeer exited 2025 with more than 55 exahash per second (EH/s) of self-mining hash rate and added another 8 EH/s in January, exiting the month at more than 63 EH/s. As of January 31, 2026, overall fleet efficiency stood at 17.5 joules per terahash, with SEALMINER A2 and A3 rigs operating at approximately 15–16.5 J/TH and 12.5–14 J/TH, respectively.
During the quarter, Bitdeer commenced mass production of the SEALMINER A3 series, with initial shipments beginning in November and 8.7 EH/s deployed to date. Basit said mass production of rigs based on the SEAL04-1 chip is scheduled to begin in the first quarter of 2026, while SEAL04-2 remains under development at the company’s U.S.-based design center. Bitdeer also announced it taped out a Litecoin chip (SEAL-DL1) designed for Dogecoin and Litecoin mining, with initial test results said to exceed comparable rigs in energy efficiency and hash rate. CEO Jihan Wu noted the company expects “99% or 98%” of operations to remain Bitcoin-focused, while adding that small-scale altcoin mining could improve yields on certain capacity.
In Q&A, management said there is a Bitcoin price level that could prompt the company to slow mining activity, but it “hasn’t reached it yet,” adding that higher-efficiency portions of the fleet could operate through further price declines while older machines would be turned off first.
Power portfolio and AI strategy: colocation prioritized for larger sites
Bitdeer emphasized progress on its global power and infrastructure footprint. Basit said the company had more than 1.66 gigawatts (GW) of capacity online at the end of January and a total global power pipeline of 3 GW. Management said it is prioritizing colocation services at AI-suitable sites in Norway and the U.S., reflecting increased demand for large-scale colocation capacity.
Key site updates included:
- Tydal, Norway: A 225-megawatt facility built to Tier 3 data center specifications. Basit said retrofit capex should be lower than typical greenfield Tier 3 development benchmarks of $8 million to $12 million per MW. The site uses hydropower and includes independent 100 MW transformers for redundancy. Management said it is in lease discussions with multiple counterparties and expects to be able to announce a signed lease “as soon as possible in 2026,” though timing is difficult to predict. In Q&A, Basit said estimated PUE is around 1.1, citing hydropower, cold climate, and chilled water availability from a nearby lake. He added the company expects completion of the Tydal site by the end of the year, with production GPU installation at the beginning of next year.
- Clarington (U.S.): A 570-megawatt site where the local utility has accelerated the interconnection timeline, and the company is in discussions with “well recognizable companies” as prospective tenants. Management disclosed litigation has been filed that could delay development, but said it believes it has a strong defense and is exploring alternatives to mitigate impact.
- Rockdale (Texas): Bitdeer said it is evaluating acquisition of adjacent land to develop greenfield HPC capacity while maintaining its existing 563 MW Bitcoin mining operation. Management said it believes expected additional capacity of up to 179 MW should not be affected by recent ERCOT discussions, though regulations remain under discussion.
Wu characterized the company’s approach as using colocation for very large sites while pursuing GPU-as-a-Service for smaller sites such as Washington State and Tennessee/Knoxville, where Bitdeer believes it can manage deployments directly.
GPU cloud expansion tied to contracts; Malaysia leasing and U.S. build plans
Bitdeer said it continues to see opportunities for GPU-as-a-Service in targeted markets and is expanding its cloud platform in Malaysia by 10–15 MW, building on activity in Singapore serving customers in biomedical, robotics, and gaming. In the U.S., the company plans to add 10 MW of GPU capacity in Washington State and is evaluating a partial conversion of its Knoxville site from Bitcoin mining to GPU cloud.
Management stressed that significant U.S. GPU deployments will be backed by committed revenue from enterprise customer contracts and that it does not anticipate deploying large speculative capacity. In response to an analyst question, Basit reiterated that major U.S. AI cloud expansion is dependent on signing contracts.
On Malaysia, management said the infrastructure is being leased. Wu added the timeline to deploy GPUs depends on infrastructure readiness, noting it was expected around June but that delays are common; he suggested Q3 or Q4 as a more conservative estimate.
Cash flow, financing activity, and accounting change
Bitdeer reported net cash used for operating activities of $599.5 million, which management said was primarily driven by SEALMINER supply chain and manufacturing costs, electricity costs, corporate overhead, and interest expense. Net cash generated from investing activities was $97.9 million, including $50.7 million of capital expenditures and $150.6 million in proceeds from cryptocurrency disposals. Net cash generated from financing activities was $454.5 million, driven mainly by $388.5 million of proceeds from convertible senior notes, $168 million in related-party borrowings, and $141.5 million of proceeds from shares sold under its ATM and ELOC program, partially offset by $171.1 million in repayments.
On the balance sheet, Bitdeer ended the year with $149.4 million in cash and cash equivalents, $83.1 million in cryptocurrencies held at cost less impairment, $135.6 million in cryptocurrency receivables held at fair market value, and $1.0 billion in borrowings, excluding derivative liabilities. Derivative liabilities tied to convertible senior notes were $501.1 million, which management said reflected non-cash fair value adjustments and did not impact liquidity or operations.
For capital spending, Bitdeer said full-year 2025 infrastructure capex totaled $176 million. For 2026, it anticipates $180 million to $200 million of infrastructure spend for crypto mining data center construction, excluding capex for SEALMINERS, GPUs, AI cloud, and colocation.
Basit also noted the company will begin using GAAP instead of IFRS starting in the first quarter of 2026.
About Bitdeer Technologies Group (NASDAQ:BTDR)
Bitdeer Technologies Group Inc (NASDAQ:BTDR) is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure.
Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures.
