SINGAPORE, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) ("Bitdeer" or the "Company"), a world-leading technology company for Bitcoin mining and AI infrastructure, today released its unaudited financial results for the second quarter ended June 30, 2026.
Q2 2026 Financial(1) Highlights
All amounts compared to Q2'25 unless otherwise noted
-- Total revenue was US$228.8 million vs. US$155.6 million.
-- Cost of revenue was US$237.3 million vs. US$143.6 million.
-- Gross loss was US$8.5 million vs. gross profit US$12.0 million.
-- Net loss was US$92.3 million vs. US$62.9 million.
-- Adjusted EBITDA2 was US$31.1 million vs. US$4.6 million.
-- Cash, cash equivalents and restricted cash were US$496.3 million as of
June 30, 2026.
-- Digital assets and digital assets - receivable balance: US$196.9 million
as of June 30, 2026.
Management Commentary
"The second quarter reflected steady progress across our platform. Earlier this month, we converted a meaningful portion of our power portfolio into long term, contracted revenue with the Tydal, Norway agreement, our first large-scale proof point for the colocation strategy we plan to continue to build upon," said Michael G. Potter, Chief Financial Officer. "Our AI Cloud revenue continues to scale, alongside our mining business as our SEALMINER fleet comes online. Together, these results show the advantage of owning the fully integrated vertical stack, from power, to hardware, and infrastructure."
Operational Summary
Three Months Ended June 30
Metric 2026 2025
Hash Rate Metrics:
Self-Mining (Operated in self-owned
datacenters) 73.0 16.5
Other Proprietary Hash Rate(3) 4.9 0.2
Hosting(4) 8.2 13.9
Total Hash Rate under Mgmt.(5) (EH/s) 86.1 30.6
Co-Mining (Operated in 3rd party
datacenters) 15.9 -
---------------------------------------------- ------------- -------------
Mining Rig Metrics:
Self-Mining(6) 243,000 114,000
Hosted 46,000 86,000
Total Mining Rigs under Mgmt. 289,000 200,000
Co-Mining(7) 56,000 -
---------------------------------------------- ------------- -------------
BTC Mined(8) 2,694 565
BTC Held(9) 150 1,502
Total Power Usage (MWh) 2,537,000 1,180,000
Average cost of electricity ($/MWh) $44 $43
Average miner efficiency (J/TH) 15.8 25.7
---------------------------------------------- ------------- -------------
Power Infrastructure Summary (As of 7/31/2026)
Ready for
(MW) Service Planned
Site Capacity time(10) Usage Construction Update
Online Electrical
Capacity:
Crypto to
Colocation
/ AI In active evaluation of
1) Rockdale, TX 563 Online Cloud AI transition
To meet customer demand
for larger scale
deployments, we have
fully redesigned the
project, with overall
Crypto to completion now targeted
2) Knoxville, TN 86 Q3'27 AI Cloud for Q3 '27.
AI data center design
documents and building
permit application
submitted for approval.
Core equipment is being
delivered in
succession, and the
mining datacenter has
been removed. We plan
to change the design to
To be Crypto to accommodate the latest
3) Wenatchee, WA 13 updated AI Cloud NVIDIA GPUs.
Crypto and
in early
assessment
of
converting
to AI
4) Molde, Norway 84 Online Cloud
$4.7 Billion, 16-Year
AI/HPC Data Center
Lease with Volta. 121
IT MW will be
configured to run
NVIDIA GPUs for the end
Tydal, Norway -- customer, a leading AI
5) phase 1 66.5 Q4'26 Colocation lab.
Tydal, Norway --
6) phase 2 66.5 Q1'27 Colocation
Bitdeer is developing
two additional data
Colocation halls, totaling 47 MW
Tydal, Norway -- / AI gross for future AI /
7) phase 3 47 H2'27 Cloud HPC use cases.
8) Gedu, Bhutan 100 Online Crypto
9) Jigmeling, Bhutan 500 Online Crypto
Oromia Region,
10) Ethiopia 50 Online Crypto
11) Massillon, OH 174 Online Crypto
Cyberjaya,
12) Malaysia(11) 2 Online AI Cloud
Online Electrical
Subtotal: 1,752
Pipeline Electrical Capacity:
Due to delivery delays
for key electrical
components, 21 MW is
expected to be
energized in phases
during Q3'26.
Reconstruction of the
two fire-damaged
buildings (26MW) is
currently underway and
expected to be rebuilt
and energized by the
end of Q3'26. A
significant portion of
the reconstruction cost
has now been
successfully recovered
through the supplier's
1) Massilon, OH 21 / 26 Q3'26 Crypto insurance.
570 MW of power under
contract with a local
utility. Timing of
power availability and
construction may be
affected by ongoing
legal proceedings filed
by a neighboring
company, American Heavy
Plate Solutions, LLC.,
which is under
extensive influence
from MHR, a New York
based PE firm founded
by Mark H. Rachesky.
Design and other
To be Colocation preparation work
2) Clarington, OH 570 updated / Crypto continues.
300 MW
grid-interconnected
development site, with
target energization in
Q4'28. The project
includes 41.8 acres of
owned land and a
transmission line
Weathersfield, OH Colocation extension agreement
(formerly referred / AI with a local utility
3) to as "Niles") 300 Q4'28 Cloud company
Crypto /
Colocation
/ AI
4) Rockdale, TX 179 2026 Cloud In Planning
101 MW site acquired,
fully licensed and
permitted for the
construction of an
on-site natural gas
power plant.
Energization time is
now expected for Q4
2027. Data center
design accommodating
both AIDC and crypto is
currently underway,
following the power
Fox Creek, plant groundbreaking in
5) Alberta, Canada 101 Q4'27 Crypto June 2026.
Cyberjaya,
6) Malaysia 9.5 Q4'26 AI Cloud In Progress
10-year lease agreement
signed for new data
center to provide 21.7
IT MW, with handover to
Bitdeer expected Q1'27.
Facility planned to
support deployment of
Johor Bahru, 128 NVIDIA GB300 NVL72
7) Malaysia(11) 21.7 Q1'27 AI Cloud systems.
Pipeline Electrical
Subtotal: 1,228.2
Total Global Electrical
Capacity: 2,980.2
Financial MD&A
Effective January 1, 2026, the Company transitioned from IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") to generally accepted accounting principles in the United States of America ("U.S. GAAP"). The consolidated financial statements for prior periods have been recast to conform to U.S. GAAP.
All variances reflect current quarter compared to the same quarter last year. All figures in this section are rounded(12) .
Q2 2026 High-Level P&L and Disaggregated Revenue Details:
US $ in millions Three Months Ended
30-June-26 31-Mar-26 30-June-25
Total revenue 228.8 188.9 155.6
Cost of revenue (237.3) (228.0) (143.6)
Gross profit (loss) (8.5) (39.0) 12.0
Net loss (92.3) (159.5) (62.9)
Adjusted EBITDA 31.1 14.4 4.6
Cash, cash equivalents and restricted
cash 496.3 297.7 318.9
US $ in
millions Three months ended June 30, 2026
Sales of
Cloud SEALMINERs
AI hash General Membership and
Business line Self-mining Co-mining Cloud rate hosting hosting Accessories
Revenue 168.4 25.0 14.0 3.7 2.8 12.8 0.4
Cost of
revenue
Including:
- Electricity
cost in
operating
mining rigs (84.7) (13.3) - (1.8) (2.3) (9.4) -
-
Depreciation
and SBC
expenses (79.8) (12.7) (4.0) (1.7) (0.2) (1.1) -
- Cost of
products
sold - - - - - - (0.2)
- Other costs (6.5) (2.9) (12.3) (0.3) (0.2) (1.0) -
Total cost of
revenue (171.0) (28.8) (16.3) (3.8) (2.8) (11.6) (0.2)
Gross profit
(loss) (2.7) (3.9) (2.3) (0.1) - 1.3 0.1
US $ in
millions Three months ended June 30, 2025
Sales of
Cloud SEALMINERs
AI hash General Membership and
Business line Self-mining Cloud rate hosting hosting Accessories
Revenue 59.3 1.3 - 9.3 14.6 69.5
Cost of
revenue
Including:
- Electricity
cost in
operating
mining rigs (33.4) - - (6.9) (11.0) -
-
Depreciation
and SBC
expenses (12.0) (1.1) - (1.1) (1.7) -
- Cost of
products
sold - - - - - (60.0)
- Other costs (9.9) (0.9) - (1.2) (1.9) (0.6)
Total cost of
revenue (55.3) (2.0) - (9.2) (14.6) (60.6)
Gross profit
(loss) 4.0 (0.7) - 0.2 (0.1) 8.9
Q2 2026 Management's Discussion and Analysis (compared to Q2 2025)
Revenue
-- Total revenue was US$228.8 million vs. US$155.6 million.
-- Self-mining revenue was US$168.4 million vs. US$59.3 million, primarily
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.
-- Co-mining revenue was US$25.0 million, primarily contributed by 11.4 EH/s
average mining hashrate for the second quarter of 2026.
-- AI Cloud revenue was US$14.0 million vs. US$1.3 million.
-- Cloud Hash Rate revenue was US$3.7 million vs. Nil.
-- General Hosting revenue was US$2.8 million vs. US$9.3 million.
-- Membership Hosting revenue was US$12.8 million vs. US$14.6 million.
-- SEALMINER sales revenue was US$0.4 million vs. US$69.5 million.
Cost of Revenue
-- Cost of revenue was US$237.3 million vs. US$143.6 million. The increase
was primarily driven by higher electricity and depreciation costs as a
significant number of new mining rigs came online and a slightly higher
per unit power cost. Additionally, the staff cost, AI cloud service fee,
and hosting fees for the Co-mining business increased with the growth of
these businesses.
Gross loss and Margin
-- Gross loss was US$8.5 million vs. gross profit US$12.0 million. -- Gross margin was -3.7% vs. 7.7%.
Operating Expenses
-- The sum of the operating expenses below was US$72.6 million vs. US$42.2
million.
-- Selling expenses were US$2.2 million vs. US$1.6 million. The
increase was primarily due to a US$0.6 million increase in
advertising expenses for our AI business and a US$0.3 million
increase in staff costs, driven by an increase in headcount.
-- General and administrative expenses were US$34.3 million vs.
US$20.0 million. The increase was primarily due to a US$6.8
million increase in staff costs, driven by an increase in general
and administrative headcounts, and a US$4.8 million increase in
consulting fees for general corporate management and compliance
activities.
-- Research and development expenses were US$36.1 million vs. US$20.6
million, primarily due to a one-off incremental development
expense and a US$3.2 million increase in staff costs driven by
higher headcount, partially offset by a US$2.6 million decrease in
share-based payment expenses.
-- Loss on change in fair value of digital assets held for operations was
US$4.6 million vs. gain of US$40.7 million.
-- In Q2 2026, we recorded other operating expenses of US$16.0 million,
primarily comprising net loss of US$17.2 million on disposal of property
and net gain of US$1.4 million on the change in fair value of digital
assets-settled receivables and payables. In Q2 2025, we recorded other
operating expenses of US$5.9 million, primarily comprising net loss of
US$5.7 million on the change in fair value of digital assets-settled
receivables and payables.
Non-operating items
-- Net interest expenses were US$31.1 million vs. US$9.6 million, primarily
due to increased borrowing through the convertible senior notes and
borrowing from a related party.
-- In Q2 2026, we recorded US$14.8 million gain on change in fair value of
digital assets loan. This is a fair value change of our loan in digital
assets in connection with our loan from a related party mainly due to the
fluctuations of Bitcoin price.
-- In Q2 2026, we recorded gain on fair value changes of derivative
instruments of US$13.0 million for our power purchase arrangements in
Norway. In Q2 2025, we recorded loss of US$39.7 million for the
convertible senior notes issued in August 2024 and Tether warrants, both
of which were retired in 2025.
-- In Q2 2026, we recorded other net gains of US$4.5 million, primarily
comprising US$4.3 million of compensation received from insurance to
recover the Massillon site fire damage loss. In Q2 2025, we recorded
other net losses of US$17.3 million, primarily a US$16.2 million loss on
extinguishment of the convertible senior notes.
Net Loss
-- Net loss was US$92.3 million vs. US$62.9 million.
Adjusted Loss (Non-GAAP)(13)
-- Adjusted loss was US$96.0 million vs. US$30.9 million. The change was
primarily due to the higher energy and depreciation costs, and higher
interest expense, partially offset by the year-over-year higher revenue.
Adjusted EBITDA (Non-GAAP)(2)
-- Adjusted EBITDA was US$31.1 million vs. US$4.6 million. The
year-over-year growth was primarily driven by significantly higher
Self-mining and Co-mining hashrate as a result of the Company's mass
production and deployment of SEALMINERs, offset by higher operating
expenses incurred.
Cash Flows
-- Net cash used in operating activities was US$158.5 million, primarily
driven by electricity costs from the mining business, general corporate
overhead and interest expense.
-- Net cash used in investing activities was US$68.4 million, which included
US$266.0 million of capital expenditures, of which US$150.0 million was
the payments for the production of SEALMINERs used for Self-mining and
Co-mining businesses and US$116.0 million was for datacenter
infrastructure construction, GPU equipment procurement and tariffs and
freight for mining rigs delivered to the datacenters, and US$195.5
million of proceeds from the disposal of digital assets.
-- Net cash provided by financing activities was US$428.9 million, primarily
driven by the net proceeds of a total US$517.3 million from our
borrowings and ATM program, partially offset by US$90.0 million of
repayments of borrowings.
Balance Sheets
As of June 30, 2026 (compared to December 31, 2025)
-- US$496.3 million in cash, cash equivalents and restricted cash, US$196.9
million in digital assets and digital assets receivables, and US$1.8
billion in borrowings.
-- US$295.2 million prepayments and other assets, decrease from US$723.0
million. The decrease was primarily driven by the delivery of raw
materials and equipment procured for SEALMINERs mass production, upon
which the related prepayments were realized as additions to property,
plant and equipment, partially offset by new procurement prepayments made
during the period.
-- Inventories decreased from US$252.0 million to nil, as inventories,
primarily wafers, chips, WIP, and finished SEALMINERs designated for the
Company's Self-mining and Co-mining businesses, were reclassified to
property, plant and equipment for the Company's own use.
-- US$2.1 billion in property, plant and equipment, up from US$1.1 billion.
The increase was mainly due to the reclassification of inventories,
primarily wafers, chips, WIP, and finished SEALMINERs designated for the
Company's Self-mining and Co-mining businesses, to property, plant and
equipment, as well as additional miner materials received for the mass
production and deployment of SEALMINERs, and the ongoing construction and
expansion of the Company's datacenters.
Further information regarding the Company's second quarter 2026 financial and operations results can be found on the SEC's website https://sec.gov and the Company's Investor Relations website https://ir.bitdeer.com.
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for AI and Bitcoin mining infrastructure. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan, amongst other countries. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.
Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "look forward to," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled "Risk Factors" in Bitdeer's annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer's subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
June 30, December 31,
(US $ in thousands) 2026 2025
ASSETS
Current assets
Cash and cash equivalents 456,838 149,352
Restricted cash, current 33,214 22,366
Digital assets 34,762 85,488
Digital assets -- receivables from a related
party 162,171 135,558
Accounts receivable 38,889 31,374
Amounts due from related parties 9,659 9,654
Prepayments and other current assets 89,892 698,291
Inventories, net - 251,999
Short-term investments 4,028 4,976
Derivative assets, current 17,011 -
Total current assets 846,464 1,389,058
--------- -----------
Noncurrent assets
Restricted cash, noncurrent 6,236 6,159
Other noncurrent assets 205,262 24,681
Long-term investments, net 35,964 39,081
Operating lease right-of-use assets, net 104,055 104,725
Property, plant and equipment, net 2,098,296 1,086,275
Intangible assets, net 82,914 93,432
Goodwill 35,818 35,818
Derivative assets, noncurrent 2,506 -
Deferred tax assets 28,918 8,682
Total noncurrent assets 2,599,969 1,398,853
--------- -----------
TOTAL ASSETS 3,446,433 2,787,911
========= ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Current liabilities
Accounts payable 177,263 119,818
Accrued expenses and other current
liabilities 54,180 54,964
Amounts due to a related party 5,225 4,340
Income tax payables 11,926 13,355
Derivative liabilities 6,530 -
Deferred revenue 55,682 64,391
Short-term borrowings 26,000 26,000
Current portion of long-term borrowings 99 13
Current portion of long-term borrowings from
a related party 491,048 275,000
Current portion of operating lease
liabilities 13,065 11,888
Total current liabilities 841,018 569,769
--------- -----------
Noncurrent liabilities
Other noncurrent liabilities 3,799 2,413
Deferred revenue 59,565 63,255
Long-term borrowings 1,182,454 947,183
Long-term borrowings from a related party 142,083 246,831
Operating lease liabilities 97,531 98,468
Deferred tax liabilities 17,172 11,973
Total noncurrent liabilities 1,502,604 1,370,123
--------- -----------
TOTAL LIABILITIES 2,343,622 1,939,892
========= ===========
SHAREHOLDERS' EQUITY
Ordinary shares (US$0.0000001 par value;
499,600,000,000 Class A ordinary shares and
200,000,000 Class V ordinary shares
authorized; 227,382,323 Class A ordinary
shares and 44,399,922 Class V ordinary
shares issued and outstanding as of June
30, 2026, 191,152,162 Class A ordinary
shares and 44,399,922 Class V ordinary
shares issued and outstanding as of
December 31, 2025) * *
Treasury shares, at cost (nil as of June 30,
2026 and 3,364,711 Class A ordinary shares
as of December 31, 2025) - (35,990)
Additional paid-in capital 1,888,766 1,418,111
Accumulated deficit (785,961) (534,156)
Accumulated other comprehensive income 6 54
TOTAL SHAREHOLDERS' EQUITY 1,102,811 848,019
--------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3,446,433 2,787,911
========= ===========
* Amount less than US$1,000
BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Three months ended Six months ended June
June 30, 30,
-------------------- ----------------------
(US $ in thousands) 2026 2025 2026 2025
--------- --------- --------- -----------
Revenue 228,784 155,582 417,714 225,710
Cost of revenue (237,310) (143,601) (465,281) (217,699)
-------- -------- -------- --------
Gross profit (loss) (8,526) 11,981 (47,567) 8,011
Selling expenses (2,243) (1,624) (5,136) (3,015)
General and
administrative
expenses (34,314) (19,962) (58,906) (35,240)
Research and
development
expenses (36,051) (20,568) (56,250) (79,572)
Change in fair value
of digital assets
held for
operations (4,600) 40,707 (28,628) 19,398
Other operating
income (expenses) (15,997) (5,894) (11,806) (3,409)
-------- -------- -------- --------
Total operating
expenses (93,205) (7,341) (160,726) (101,838)
Income (loss) from
operations (101,731) 4,640 (208,293) (93,827)
Interest income 1,397 1,145 2,220 4,187
Interest expenses (32,471) (10,731) (62,810) (19,063)
Change in fair value
of digital assets -
receivable (155) - (16,307) -
Change in fair value
of digital assets
loan 14,846 - 23,809 -
Change in fair value
of derivative
instruments 12,988 (39,652) 12,988 165,352
Foreign exchange
gains (losses) (1,722) 1,846 (2,367) 3,449
Other net gains
(losses) 4,493 (17,324) (12,649) (18,776)
-------- -------- -------- --------
Income (loss) before
taxation (102,355) (60,076) (263,409) 41,322
Income tax benefit
(expense) 11,707 (3,090) 15,121 3,523
Share of earnings
(losses) from
equity method
investments (1,630) 229 (3,517) (2,467)
-------- -------- -------- --------
Net income (loss) (92,278) (62,937) (251,805) 42,378
-------- -------- -------- --------
Net income (loss)
per share (in US$)
Basic (0.37) (0.32) (1.05) 0.22
Diluted (0.37) (0.32) (1.05) (0.57)
Weighted average
number of shares
outstanding
(thousand shares)
Basic 246,307 193,970 239,886 192,095
Diluted 246,307 193,970 239,886 204,683
Other comprehensive
income (loss)
Net income (loss) (92,278) (62,937) (251,805) 42,378
Other comprehensive
income (loss) for
the period
- Foreign currency
translation
adjustments (630) (17) (48) 149
Other comprehensive
income (loss) for
the period, net of
tax (630) (17) (48) 149
-------- -------- -------- --------
Total comprehensive
income (loss) for
the period (92,908) (62,954) (251,853) 42,527
======== ======== ======== ========
BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
Three months ended Six months ended June
June 30, 30,
-------------------- ----------------------
(US $ in thousands) 2026 2025 2026 2025
--------- --------- --------- -----------
Net cash used in
operating
activities (158,523) (336,752) (505,417) (622,025)
Cash flows from
investing
activities
Purchase of
property, plant and
equipment and
intangible assets (265,994) (111,480) (359,740) (157,205)
Purchase of
short-term
investments - (1,000) - (1,000)
Purchase of
long-term
investments - (200) (400) (332)
Proceeds from
disposal of
short-term
investments 900 - 900 -
Proceeds from
disposal of
property, plant and
equipment 1,114 - 1,688 -
Purchase of digital
assets - - - (18,159)
Proceeds from
disposal of digital
assets 195,549 100,068 402,392 112,351
Cash paid for the
site and gas-fired
power project in
Alberta, Canada - (11) - (21,881)
-------- -------- -------- --------
Net cash used in
investing
activities (68,431) (12,623) 44,840 (86,226)
-------- -------- -------- --------
Cash flows from
financing
activities
Proceeds from
borrowings 594 17,472 26,594 17,472
Repayment of
borrowings (8) (4) (26,008) (4)
Borrowings from a
related party 60,000 180,000 210,000 180,000
Repayment of
borrowings to a
related party (90,000) (7,083) (149,000) (7,083)
Proceeds from
exercise of
share-based awards 2,431 1,135 2,501 1,665
Proceeds from
issuance of shares
for exercise of
share warrant - 50,000 - 50,000
Proceeds from
issuance of
ordinary shares 463,751 - 491,934 121,837
Transaction costs
for the issuance of
ordinary shares (7,011) - (7,433) (3,434)
Repurchase of
ordinary shares - (9,000) (4,000) (30,010)
Proceeds from
convertible senior
notes, net of
transaction costs (877) 364,311 363,625 363,192
Repayments made in
connection with the
extinguishment of
convertible senior