- $169.7 million revenue, up 173.6% year-over-year
- $43.0 million adjusted EBITDA, up from negative $7.9 million last year
- Expanding and accelerating AI strategy across multiple initiatives
- Achieved 41.2 EH/s of self-mining at the end of October, 2025
- Commenced SEALMINER A3 mass production
- Early SEAL04 samples have demonstrated 6-7 J/TH power efficiency at the chip level under low-voltage, ultra-power saving mode
SINGAPORE, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) ("Bitdeer" or the "Company"), a world-leading technology company for Bitcoin mining and AI cloud, today released its unaudited financial results for the third quarter ended September 30, 2025.
Q3 2025 Financial Highlights
All amounts compared to Q3 2024 unless otherwise noted
-- Total revenue was US$169.7 million vs. US$62.0 million. -- Cost of revenue was US$128.9 million vs. US$59.3 million. -- Gross profit was US$40.8 million vs. US$2.8 million. -- Net loss was US$266.7 million vs. US$50.1 million. -- Adjusted EBITDA1 was US$43.0 million vs. negative US$7.92 million. -- Cash and cash equivalents were US$196.3 million as of September 30, 2025. -- Crypto balance3: US$246.2 million as of September 30, 2025.
Management Commentary
"Q3 marked a quarter of strong execution and financial performance," said Matt Kong, Chief Business Officer at Bitdeer. "Revenue reached $169.7 million, representing growth of 173.6% year-over-year and 9.1% sequentially. Gross profit rose to $40.8 million, while adjusted EBITDA increased to $43.0 million, reflecting operating leverage and efficiency gains driven by our self-mining expansion progress over the past year."
Mr. Kong continued, "On the AI front, we have intensified our focus and investment to capture the surging global demand for compute. Leveraging our 3.0 GW power portfolio and deep expertise in developing and operating large-scale infrastructure, we are uniquely positioned to capitalize on this opportunity. The global shortage of AI infrastructure continues to deepen, and we expect this imbalance to persist through at least 2027. Under our most optimistic outlook, allocating 200 MW of power capacity to AI cloud services could generate an annualized revenue run-rate exceeding $2 billion by the end of 2026."
Mr. Kong concluded, "In our ASIC business, as of the end of October, we achieved 41.2 EH/s, surpassing our 40 EH/s target that we set out at the beginning of the year. Mass production of the SEALMINER A3 series is underway, and early SEAL04 samples have demonstrated 6-7 J/TH power efficiency at the chip level under low-voltage, ultra-power saving mode. We are targeting mass production to begin in Q1 2026. Meanwhile, the development of our second-generation SEAL04 chip is significantly delayed."
Operational Summary
Metrics Three Months Ended September 30
---------------------------------------- ---------------------------------
2025 2024
---------------------------------------- ------------------ -------------
Total hash rate under management (EH/s) 49.2 17.1
---------------------------------------- ------------------ -------------
- Proprietary hash rate 35.0 8.6
---------------------------------------- ------------------ -------------
- Self-mining 35.0 8.1
---------------------------------------- ------------------ -------------
- Cloud Hash Rate - 0.5
---------------------------------------- ------------------ -------------
- Hosting 14.2 8.5
---------------------------------------- ------------------ -------------
Mining rigs under management 241,000 165,000
---------------------------------------- ------------------ -------------
- Self-owned 153,000 87,000
---------------------------------------- ------------------ -------------
- Hosted 88,000 78,000
---------------------------------------- ------------------ -------------
Bitcoin mined (self-mining only) 1,109 511
---------------------------------------- ------------------ -------------
Bitcoins held 2,029 258
---------------------------------------- ------------------ -------------
Total power usage (MWh) 1,656,000 828,000
---------------------------------------- ------------------ -------------
Average cost of electricity ($/MWh) 43 41
---------------------------------------- ------------------ -------------
Average miner efficiency (J/TH) 20.1 31.4
---------------------------------------- ------------------ -------------
Power Infrastructure Summary (as of October 31, 2025)
Site / Location Capacity (MW) Status Timing(4) --------------------------------- ------------- ----------- ------------- Electrical capacity --------------------------------- ------------- ----------- ------------- - Rockdale, Texas 563 Online Completed --------------------------------- ------------- ----------- ------------- - Knoxville, Tennessee 86 Online Completed --------------------------------- ------------- ----------- ------------- - Wenatchee, Washington 13 Online Completed --------------------------------- ------------- ----------- ------------- - Molde, Norway 84 Online Completed --------------------------------- ------------- ----------- ------------- - Tydal, Norway 225 Online Completed --------------------------------- ------------- ----------- ------------- - Gedu, Bhutan 100 Online Completed --------------------------------- ------------- ----------- ------------- - Jigmeling, Bhutan 500 Online Completed --------------------------------- ------------- ----------- ------------- - Oromia Region, Ethiopia 40 Online Completed --------------------------------- ------------- ----------- ------------- Total electrical capacity 1,611(5) --------------------------------- ------------- ----------- ------------- Pipeline capacity --------------------------------- ------------- ----------- ------------- - Massillon, Ohio 221 In progress Q1 2026 --------------------------------- ------------- ----------- ------------- - Clarington, Ohio 570 In progress Q2 2027 --------------------------------- ------------- ----------- ------------- - Niles, Ohio 300 In progress Q1 2029 --------------------------------- ------------- ----------- ------------- - Rockdale, Texas 179 In planning Estimate 2026 --------------------------------- ------------- ----------- ------------- - Alberta, Canada 101 In planning Q4 2026 --------------------------------- ------------- ----------- ------------- - Oromia Region, Ethiopia 10 In progress Q4 2025 --------------------------------- ------------- ----------- ------------- Total pipeline capacity 1,381 --------------------------------- ------------- ----------- ------------- Total global electrical capacity 2,992 --------------------------------- ------------- ----------- -------------
Financial MD&A
All variances are current quarter compared to the same quarter last year. All figures in this section are rounded(6) .
Q3 2025 High-Level P&L and Disaggregated Revenue Details:
US $ in millions Three Months Ended
-------------------------- ----------------------------------------
Sep 30, 2025 Jun 30, 2025 Sep 30, 2024
-------------------------- ------------ ------------ ------------
Total revenue 169.7 155.6 62.0
-------------------------- ------------ ------------ ------------
Cost of revenue (128.9) (142.8) (59.3)
-------------------------- ------------ ------------ ------------
Gross profit 40.8 12.8 2.8
-------------------------- ------------ ------------ ------------
Net loss (266.7) (147.7) (50.1)
-------------------------- ------------ ------------ ------------
Adjusted EBITDA 43.0 17.3 (7.9)(2)
-------------------------- ------------ ------------ ------------
Cash and cash equivalents 196.3 299.8 291.3
-------------------------- ------------ ------------ ------------
US $ in
millions Three Months Ended September 30, 2025
Sales of
SEALMINERs
Cloud Hash General Membership and
Business lines Self-Mining Rate Hosting Hosting Accessories
Revenue 130.9 - 8.4 14.0 11.4
Cost of revenue
- Electricity
cost in
operating
mining rigs (55.7) - (6.0) (10.1) -
-
Depreciation
and SBC
expenses (31.2) - (0.6) (1.1) -
- Cost of
products
sold - - - - (10.0)
- Other costs (7.8) - (0.5) (0.8) (0.0)
Total cost of
revenue (94.6) - (7.1) (12.0) (10.1)
Gross profit 36.3 - 1.3 2.1 1.3
US $ in
millions Three Months Ended September 30, 2024
Sales of
SEALMINERs
Cloud Hash General Membership and
Business lines Self-Mining Rate Hosting Hosting Accessories
Revenue 31.5 7.1 9.6 9.9 -
Cost of revenue
- Electricity
cost in
operating
mining rigs (21.7) (0.0) (7.1) (5.3) -
-
Depreciation
and SBC
expenses (9.9) (2.2) (1.8) (1.9) -
- Other costs (3.1) (0.7) (0.9) (1.0) -
Total cost of
revenue (34.7) (2.9) (9.8) (8.2) -
Gross
profit/(loss) (3.2) 4.2 (0.2) 1.7 -
Q3 2025 Management's Discussion and Analysis (compared to Q3 2024)
Revenue
-- Total revenue was US$169.7 million vs. US$62.0 million.
-- Self-mining revenue was US$130.9 million vs. US$31.5 million, primarily
due to the increase in the average self-mining hashrate for the quarter
by 273.1% to 29.1 EH/s from 7.8 EH/s last year and higher year-over-year
Bitcoin prices, offset partially by higher mining difficulty.
-- Cloud Hash Rate revenue was US$0.0 million vs. US$7.1 million. The
decline was primarily due to expiration of long-term Cloud hashrate
contracts and subsequent reallocation of nearly all machines to
self-mining operations by the end of 2024.
-- General Hosting revenue was US$8.4 million vs. US$9.6 million. The
decline was primarily due to the expiration of certain hosting customer
contracts as well as the removal of older and less efficient machines by
other hosting customers, and these capacities have been reallocated for
self-mining business.
-- Membership Hosting revenue was US$14.0 million vs. US$9.9 million. The
increase was primarily driven by customers replacing older machines with
newer ones.
-- SEALMINER sales revenue was US$11.4 million.
-- HPC and AI Cloud revenue was US$1.8 million.
Cost of Revenue
-- Cost of revenue was US$128.9 million vs US$59.3 million. The increase was
primarily driven by higher electricity usage associated with the
increased average operating self-mining hashrate for the quarter, costs
of SEALMINERs sold to external customers, and depreciation expense.
Gross Profit and Margin
-- Gross profit was US$40.8 million vs. US$2.8 million.
-- Gross margin was 24.1% vs. 4.5%. The improvement in gross margin was
primarily due to higher self-mining revenue and improved fleet
efficiency.
Operating Expenses
-- Operating expenses were US$60.5 million vs. US$42.9 million.
-- Selling expenses were US$1.3 million vs. US$2.2 million, down
42.4% year-over-year, primarily due to a decrease in share-based
payment expenses for sales personnel and marketing expenses.
-- General and administrative expenses were US$20.1 million vs.
US$15.8 million, up 27.0% year-over-year, primarily due to the
increase in staff costs for general and administrative personnel
and consulting fees.
-- Research and development expenses were US$39.1 million vs. US$24.8
million, up 57.4% year-over-year, primarily due to the one-off
development and tape out costs of SEAL04 chip, and non-cash
amortization expenses of intangible assets related to the
acquisition of FreeChain incurred since Q4 2024.
Other Net Loss
-- Other net loss was US$238.5 million primarily due to the non-cash, fair
value changes of derivative liabilities, which were US$247.6 million of
loss on fair value changes for the convertible senior notes.
Net Loss
-- Net loss was US$266.7 million vs. US$50.1 million.
Adjusted Loss (Non-IFRS)(7)
-- Adjusted loss was US$32.8 million vs. US$25.62 million. The increase in
loss was primarily due to higher operating expenses and interest expenses
relating to the increased borrowings, partially offset by the
year-over-year higher revenue and gross profit margins.
Adjusted EBITDA (Non-IFRS)
-- Adjusted EBITDA was US$43.0 million vs. negative US$7.92 million. The
year-over-year growth was primarily driven by significantly higher
self-mining hashrate as a result of the Company's mass production and
deployment of SEALMINERs A1 and A2 during 2025.
Cash Flows
-- Net cash used in operating activities was US$520.3 million, primarily
driven by SEALMINERs supply chain and manufacturing costs, electricity
costs from the mining business, general corporate overhead and interest
expenses.
-- Net cash generated from investing activities was US$27.2 million, which
was driven by US$59.7 million of capital expenditures, of which US$31.6
million related to data center infrastructure and related construction.
Proceeds from disposal of cryptocurrencies from principal business was
US$89.0 million.
-- Net cash generated from financing activities was US$388.2 million,
primarily driven by approximately US$320.0 million of borrowings from a
related party and US$91.4 million of proceeds from shares sold under ATM
program, partially offset by US$48.3 million of repayments of borrowings.
Capex
-- 2025 global power and data center infrastructure capex is expected to be
in the range of US$210 to US$240 million.
Balance Sheet
As of September 30, 2025 unless stated otherwise (compared to December 31, 2024)
-- US$196.3 million in cash and cash equivalents, US$246.2 million in crypto
balance3 and US$824.3 million in borrowings.
-- US$593.2 million prepayments and other assets, up from US$310.2 million.
Change primarily driven by advanced payments to suppliers for SEALMINER
mass volume production.
-- US$231.5 million inventories, up from US$64.9 million. Increase driven by
wafers, chips, WIP and finished SEALMINER inventory.
-- US$672.5 million derivative liabilities mainly due to convertible senior
notes issued in 2024 and 2025.
Further information regarding the Company's third quarter 2025 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 Bitcoin mining and AI cloud. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. Bitdeer handles complex processes involved in computing such as equipment procurement, transport logistics, data center design and construction, equipment management, and daily operations. Bitdeer also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed data centers in the United States, Norway, and Bhutan. To learn more, 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 CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
As of September 30, As of December 31,
------------------- --------------------
(US $ in thousands) 2025 2024
------------------- --------------------
ASSETS
Current assets
Cash and cash equivalents 196,252 476,270
Restricted cash 14,711 9,144
Cryptocurrencies 82,246 77,537
Cryptocurrencies -
receivables 163,937 -
Trade receivables 17,628 9,627
Amounts due from a related
party 11,419 15,512
Prepayments and other assets 564,747 291,929
Inventories 231,544 64,888
Financial assets at fair
value through profit or
loss 6,086 4,540
Total current assets 1,288,570 949,447
------------------ -----------------
Non-current assets
Restricted cash 6,203 8,212
Prepayments and other assets 28,461 18,244
Financial assets at fair
value through profit or
loss 40,770 37,981
Mining rigs 406,344 67,324
Right-of-use assets 77,961 69,273
Property, plant and equipment 415,380 251,377
Investment properties 30,098 30,723
Intangible assets 99,141 83,235
Goodwill 35,818 35,818
Deferred tax assets 8,333 6,220
------------------ -----------------
Total non-current assets 1,148,509 608,407
------------------ -----------------
TOTAL ASSETS 2,437,079 1,557,854
================== =================
LIABILITIES
Current liabilities
Trade payables 78,049 31,471
Other payables and accruals 50,254 40,617
Amounts due to a related
party 3,535 8,747
Income tax payables 8,564 2,729
Derivative liabilities 672,511 763,939
Deferred revenue 52,512 39,029
Borrowings 362,164 208,127
Borrowings from a related
party 200,000 -
Lease liabilities 8,128 5,460
Total current liabilities 1,435,717 1,100,119
------------------ -----------------
Non-current liabilities
Other payables and accruals 2,489 1,650
Deferred revenue 65,130 90,200
Borrowings 474 -
Borrowings from a related
party 261,625 -
Lease liabilities 83,563 72,673
Deferred tax liabilities 14,270 16,614
Total non-current liabilities 427,551 181,137
------------------ -----------------
TOTAL LIABILITIES 1,863,268 1,281,256
================== =================
NET ASSETS 573,811 276,598
================== =================
EQUITY
Share capital * *
Treasury equity (290,607) (160,926)
Accumulated deficit (653,949) (649,004)
Reserves 1,518,367 1,086,528
------------------ -----------------
TOTAL EQUITY 573,811 276,598
================== =================
* Amount less than US$1,000
BITDEER GROUP UNAUDITED CONSOLIDATED OPERATIONS AND
COMPREHENSIVE INCOME / (LOSS)
Three months ended Nine months ended
September 30, September 30,
(US $ in thousands) 2025 2024 2025 2024
Revenue 169,708 62,029 395,418 280,764
Cost of revenue (128,881) (59,264) (344,996) (219,463)
-------- ------- -------- ----------
Gross profit 40,827 2,765 50,422 61,301
Selling expenses (1,284) (2,229) (4,303) (6,092)
General and
administrative
expenses (20,108) (15,828) (55,635) (46,649)
Research and
development
expenses (39,088) (24,836) (118,679) (54,048)
Other operating
income 26,511 1,220 22,457 4,397
Other net gain /
(loss) (238,494) (14,681) 156,105 (27,701)
-------- ------- -------- ----------
Profit / (loss) from
operations (231,636) (53,589) 50,367 (68,792)
Finance expenses (29,416) (231) (52,452) (124)
-------- ------- -------- ----------
Loss before taxation (261,052) (53,820) (2,085) (68,916)
Income tax benefit /
(expenses) (5,633) 3,723 (2,860) 1,682
-------- ------- -------- ---------- ---
Loss for the period (266,685) (50,097) (4,945) (67,234)
-------- ------- -------- ----------
Other comprehensive
income / (loss)
Loss for the period (266,685) (50,097) (4,945) (67,234)
Other comprehensive
income / (loss) for
the period
Item that may be
reclassified to
profit or loss
Exchange
differences on
translation of
financial
statements 17 (30) 166 16
-------- ------- -------- ---------- ---
Other comprehensive
income / (loss) for
the period, net of
tax 17 (30) 166 16
-------- ------- -------- ---------- ---
Total comprehensive
loss for the period (266,668) (50,127) (4,779) (67,218)
======== ======= ======== ==========
Loss per share (in
US$)
Basic (1.28) (0.35) (0.03) (0.52)
Diluted (1.28) (0.35) (1.17) (0.52)
Weighted average
number of shares
outstanding
(thousand shares)
Basic 208,619 143,769 197,663 128,437
Diluted 208,619 143,769 230,814 128,437
BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
Three months ended Nine months ended
September 30, September 30,
(US $ in thousands) 2025 2024 2025 2024
Cash flows from
operating
activities
Cash used in
operating
activities (511,165) (90,164) (1,111,607) (291,538)
Interest paid on
leases (1,024) (895) (2,983) (2,571)
Interest paid on
borrowings (9,397) (806) (29,198) (1,736)
Interest received 1,360 1,927 5,833 5,462
Income tax paid (56) (782) (1,186) (6,632)
-------- --------
Net cash used in
operating
activities (520,282) (90,720) (1,139,141) (297,015)
-------- ------- ---------- --------
Cash flows from
investing
activities
Purchase of property,
plant and equipment,
investment
properties and
intangible assets (46,326) (29,922) (197,644) (76,870)
Payments for mining
rigs (13,422) (227) (19,309) (1,965)
Purchase of financial
assets at fair value
through profit or
loss (2,070) 173 (3,402) (2,351)
Purchase of
cryptocurrencies - - (18,159)
Proceeds from
disposal of
property, plant and
equipment - - - 244
Proceeds from
disposal of
cryptocurrencies 89,021 39,929 201,372 209,653
Cash paid for the
site and gas-fired
power project in
Alberta, Canada - - (21,881) -
Cash paid for
business
combinations, net of
cash acquired - 226 - (6,051)
Net cash generated
from / (used in)
investing
activities 27,203 10,179 (59,023) 122,660
-------- ------- ---------- --------
Cash flows from
financing
activities
Capital element of
lease rentals paid (1,891) (562) (5,784) (3,136)
Proceeds from
borrowings 26,000 - 43,472 -
Repayments of
borrowings (17,002) (5,000) (17,006) (5,000)
Borrowings from a
related party 320,000 - 500,000 -
Repayments of
borrowings to a
related party (31,292) - (38,375) -
Proceeds from
issuance of shares
for exercise of
share rewards 1,682 154 3,347 758
Proceeds from
issuance of ordinary
shares, net of
transaction costs 91,414 7,795 209,817 163,190
Proceeds from
issuance of shares
for exercise of
warrants - - 50,000 -
Acquisition of
treasury shares - (617) (30,010) (617)
Payment for
transaction costs in
connection with
convertible senior
notes (714) - - -
Proceeds from
convertible senior
notes, net of
transaction costs - 166,297 362,478 166,297
Repayments to
convertible senior
notes in connection
with note
extinguishment - - (33,783) -
Purchase of
zero-strike call
option - - (129,607) -
-------- ------- ---------- --------
Net cash generated
from financing
activities 388,197 168,067 914,549 321,492
-------- ------- ---------- --------
Net increase /
(decrease) in cash
and cash
equivalents (104,882) 87,526 (283,615) 147,137
Cash and cash
equivalents at the
beginning of the
period 299,792 203,882 476,270 144,729
Effect of movements
in exchange rates on
cash and cash
equivalents held 1,342 (94) 3,597 (552)
-------- ------- ---------- --------
Cash and cash
equivalents at the
end of the period 196,252 291,314 196,252 291,314
-------- ------- ---------- --------
Use of Non-IFRS Financial Measures
In evaluating the Company's business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, and loss on extinguishment of convertible senior notes, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, and loss on extinguishment of convertible senior notes.
The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors' assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company's profit or loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.
The following table presents a reconciliation of profit/ (loss) for the relevant period to adjusted EBITDA and adjusted loss, for the three and nine months ended September 30, 2025 and 2024.
BITDEER GROUP UNAUDITED NON-IFRS ADJUSTED EBITDA AND
ADJUSTED LOSS RECONCILIATION
Three months ended Nine months ended
September 30, September 30,
(US $ in thousands) 2025 2024 2025 2024
Adjusted EBITDA
Loss for the period (266,685) (50,097) (4,945) (67,234)
Add
Depreciation and
amortization 41,228 19,489 93,060 55,980
Income tax (benefit) /
expenses 5,633 (3,723) 2,860 (1,682)
Interest expenses, net 29,014 1,938 55,345 1,321
Share-based payment
expenses 9,317 9,414 29,891 25,310
Changes in fair value
of derivative
liabilities 247,612 14,436 (168,309) 28,666
Changes in fair value
of
cryptocurrency-settled
receivables and
payables (834) 661 2,355 629
Changes in fair value
of cryptocurrency
receivables (22,240) - (22,240) -
Loss on extinguishment
of convertible senior
notes - - 16,194 -
----
Total of Adjusted
EBITDA 43,045 (7,882 )(2) 4,211 42,990 (2)
======== ======= ======== ======= ====
Adjusted Loss
Loss for the period (266,685) (50,097) (4,945) (67,234)
Add
Share-based payment
expenses 9,317 9,414 29,891 25,310
Changes in fair value
of derivative
liabilities 247,612 14,436 (168,309) 28,666
Changes in fair value
of
cryptocurrency-settled
receivables and
payables (834) 661 2,355 629
Changes in fair value
of cryptocurrency
receivables (22,240) - (22,240) -
Loss on extinguishment
of convertible senior
notes - - 16,194 -
---- ----
Total of Adjusted Loss (32,830) (25,586 )(2) (147,054) (12,629 )(2)
======== ======= ======== =======
For investor and media inquiries, please contact:
Investor Relations
Yujia Zhai
Orange Group
bitdeerIR@orangegroupadvisors.com
Media
Elev8 New Media
Jessica Starman, MBA
bitdeer@news8media.com
Public Relations
Nishant Sharma
BlocksBridge Consulting
bitdeer@blocksbridge.com
1 "Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, and loss on extinguishment of convertible senior notes.
2 Bitdeer revised definition of previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$0.7 million and US$0.6 million revision to Q3 2024 and first nine months of 2024 metrics, reflects non-cash fair value changes in cryptocurrency-settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate the business.
3 Including cryptocurrencies and cryptocurrencies receivables.
4 Indicative timing. All timing references are to calendar quarters and years.
5 Figures represent total available electrical capacity.
6 Figures may not add due to rounding.
7 "Adjusted profit/(loss)" is defined as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, and loss on extinguishment of convertible senior notes.
(END) Dow Jones Newswires
November 10, 2025 07:00 ET (12:00 GMT)