Bitdeer Technologies Group Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 170% revenue growth year-over-year, driven by mining and AI cloud expansion, but gross margins were pressured by low Bitcoin prices and high depreciation. Major infrastructure projects advanced, and long-term AI cloud contracts improved revenue stability.
Fiscal Year 2025
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Q4 2025 revenue surged 226% year-over-year to $225M, driven by self-mining and SEALMINER sales, but gross margin fell to 4.7% due to lower Bitcoin prices and higher costs. Strategic focus remains on Bitcoin mining, ASICs, and AI/HPC, with disciplined capital allocation and ongoing infrastructure expansion.
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Q3 2025 saw revenue surge 173.6% year-over-year to $169.7 million, driven by self-mining and ASIC deployment, with gross margin rising to 24.1%. AI Cloud Services expanded, and infrastructure build-out continued globally, while non-cash derivative losses impacted net results.
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Q2 2025 saw revenue surge 122% sequentially to $155.6M, driven by self-mining and SEALMINER sales. Self-mining hash rate and infrastructure expansion are on track, with a 40 exahash target by October and strong demand for new ASICs. Margins improved sequentially, despite ongoing industry challenges.
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Q1 2025 saw revenue drop to $70.1M and negative adjusted EBITDA of $56.1M, mainly due to the Bitcoin halving and higher R&D costs. The company targets 40 EH/s self-mining by October 2025, with major infrastructure and ASIC development underway.
Fiscal Year 2024
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Q4 2024 saw revenue and margins decline due to the Bitcoin halving and higher network hash rate, but strategic investments in proprietary ASICs and vertical integration position the business for future growth. Full year revenue was $349.8 million, with strong liquidity and robust demand for new mining rigs.
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Q3 revenue declined year-over-year due to the Bitcoin halving and lower hosting/cloud revenues, while self-mining hash rate and AI cloud utilization grew. The company is accelerating infrastructure and ASIC investments, with SEALMINER A2 mass production and strong customer demand positioning it for diversified growth in mining and AI/HPC markets.