SINGAPORE, Feb. 12, 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 fourth quarter ended December 31, 2025.
Q4 2025 Financial Highlights
All amounts compared to Q4'24 unless otherwise noted
-- Total revenue was US$224.8 million vs. US$69.0 million.
-- Cost of revenue was US$214.3 million vs. US$63.9 million.
-- Gross profit was US$10.6 million vs. US$5.1 million.
-- Net profit was US$70.5 million vs. net loss of US$531.9 million.
-- Adjusted EBITDA1 was positive US$31.2 million, vs. negative US$4.32
million.
-- Cash and cash equivalents were US$149.4 million as of December 31, 2025.
-- Crypto and crypto receivable balance: US$218.6 million as of December 31,
2025.
Management Commentary
The fourth quarter of 2025 marked a strategic inflection point as we accelerated our transition toward high-performance compute infrastructure and colocation services," said Matt Kong, Chief Business Officer at Bitdeer. "We expect the global AI infrastructure supply / demand imbalance to widen, and our 3.0 GW power portfolio represents a rare and increasingly valuable strategic asset. As hyperscalers and enterprise customers face extended lead times for power and data center capacity, Bitdeer's operational infrastructure and speed to market provide a compelling competitive advantage."
Mr. Kong continued, "we are pursuing a dual-track AI infrastructure strategy that prioritizes colocation for our largest sites while continuing to expand GPU-as-a-service opportunities where appropriate. For power-rich assets such as Tydal and Clarington, we believe colocation offers superior economics and more capital-efficient paths to monetization. This approach allows us to leverage our core strengths including power procurement, large-scale infrastructure development, and operational execution, to capitalize on the rapidly growing demand for AI compute capacity across multiple deployment models.
Our Bitcoin self-mining operations remain a cornerstone of our business and demonstrate our ability to rapidly scale infrastructure while achieving industry-leading efficiency. We continue to view Bitcoin mining as a significant long-term value driver, supported by our expanding power portfolio and proprietary SEALMINER technology. The substantial expansion of our fleet throughout 2025 showcases the technical execution and operational excellence that has become our competitive advantage. As we scale our colocation platform alongside our self-mining operations, we see meaningful opportunities to capture value across multiple high-growth infrastructure markets where time-to-power and deployment speed are increasingly critical differentiators."
Operational Summary
Metrics Three Months Ended Dec 31
------------------------------------------ ---------------------------
2025 2024
--------------- ----------
Total hash rate under management (EH/s) 71.0 21.6
------------------------------------------ --------------- ----------
- Proprietary hash rate 58.0 8.9
------------------------------------------ --------------- ----------
- Self-mining 55.2 8.5
------------------------------------------ --------------- ----------
- Cloud Hash Rate 1.1 0.0
------------------------------------------ --------------- ----------
- Delivered but not yet hashing 1.7 0.4
------------------------------------------ --------------- ----------
- Hosting 13.0 12.7
------------------------------------------ --------------- ----------
Mining rigs under management 293,000 175,000
------------------------------------------ --------------- ----------
- Self-owned 211,000 85,000
------------------------------------------ --------------- ----------
- Hosted 82,000 90,000
------------------------------------------ --------------- ----------
Bitcoin mined (self-mining only) 1,673 469
------------------------------------------ --------------- ----------
Bitcoins held 2,017 594
------------------------------------------ --------------- ----------
Total power usage (MWh) 2,353,000 857,000
------------------------------------------ --------------- ----------
Average cost of electricity ($/MWh) 46 41
------------------------------------------ --------------- ----------
Average miner efficiency (J/TH) 17.9 30.4
------------------------------------------ --------------- ----------
Power Infrastructure Summary (As of 1/31/2026)
Site / Location Capacity (MW) Status Datacenter Type Timing(3)
----------------- ------------- ----------- ---------------- -------------
Electrical
capacity
----------------- ------------- ----------- ---------------- -------------
- Rockdale, Crypto /
Texas 563 Online Evaluating AI Completed
----------------- ------------- ----------- ---------------- -------------
- Knoxville, Crypto
Tennessee -- converting to
phase 1 37 Online AI Q4 2026
----------------- ------------- ----------- ---------------- -------------
- Knoxville,
Tennessee --
phase 2 49 Online Crypto Completed
----------------- ------------- ----------- ---------------- -------------
Crypto
- Wenatchee, converting to
Washington 13 Online AI Q4 2026
----------------- ------------- ----------- ---------------- -------------
- Molde,
Norway 84 Online Crypto Completed
----------------- ------------- ----------- ---------------- -------------
Crypto
- Tydal - 1, converting to
Norway 50 Online AI Q4 2026
----------------- ------------- ----------- ---------------- -------------
Crypto
- Tydal - 2, converting to
Norway 175 Online AI Q4 2026
----------------- ------------- ----------- ---------------- -------------
- Gedu,
Bhutan 100 Online Crypto Completed
----------------- ------------- ----------- ---------------- -------------
- Jigmeling,
Bhutan 500 Online Crypto Completed
----------------- ------------- ----------- ---------------- -------------
- Oromia
Region,
Ethiopia 40 Online Crypto Completed
----------------- ------------- ----------- ---------------- -------------
- Massillon,
Ohio 47 Online Crypto Completed
----------------- ------------- ----------- ---------------- -------------
Total
electrical
capacity 1,658(4)
----------------- ------------- ----------- ---------------- -------------
Pipeline
capacity
----------------- ------------- ----------- ---------------- -------------
- Oromia
Region,
Ethiopia 20 In progress Crypto Q1 2026
----------------- ------------- ----------- ---------------- -------------
- Massillon,
Ohio 148/26 In progress Crypto Q2 2026/TBD
----------------- ------------- ----------- ---------------- -------------
- Clarington,
Ohio 570 In progress HPC/AI To be updated
----------------- ------------- ----------- ---------------- -------------
- Niles, Ohio 300 In progress HPC/AI Q4 2028
----------------- ------------- ----------- ---------------- -------------
- Rockdale,
Texas 179 In planning Crypto Estimate 2026
----------------- ------------- ----------- ---------------- -------------
- Alberta,
Canada 101 In planning Crypto Q2 2027
----------------- ------------- ----------- ---------------- -------------
Total pipeline
capacity 1,344
----------------- ------------- ----------- ---------------- -------------
Total global
electrical
capacity 3,002
----------------- ------------- ----------- ---------------- -------------
Financial MD&A
All variances are current quarter compared to the same quarter last year. All figures in this section are rounded(5) .
Q4 2025 High-Level P&L and Disaggregated Revenue Details:
US $ in millions Three Months Ended
------------------------ ----------------------------------------------
Dec 31, 2025 Sep 30, 2025 Dec 31, 2024
------------------------ ------------------ ------------ ------------
Total revenue 224.8 169.7 69.0
------------------------ ------------------ ------------ ------------
Cost of revenue (214.3) (128.9) (63.9)
------------------------ ------------------ ------------ ------------
Gross profit 10.6 40.8 5.1
------------------------ ------------------ ------------ ------------
Net profit / (loss) 70.5 (266.7) (531.9)
------------------------ ------------------ ------------ ------------
Adjusted EBITDA 31.2 39.6(2) (4.3)(2)
------------------------ ------------------ ------------ ------------
Cash and cash
equivalents 149.4 196.3 476.3
------------------------ ------------------ ------------ ------------
US $ in
millions Three months ended December 31, 2025
--------------- ----------------------------------------------------
Sales of
Cloud SEALMINERs
hash General Membership and
Business line Self-mining rate hosting hosting Accessories
--------------- ----------- ----- ------- ---------- -----------
Revenue 168.6 2.1 7.6 16.3 23.4
---------------
Cost of
revenue
--------------- ----------- ----- ------- ---------- -----------
Including:
--------------- ----------- ----- ------- ---------- -----------
- Electricity
cost in
operating
mining rigs (88.1) (1.2) (6.0) (12.5) -
--------------- ----------- ----- ------- ---------- -----------
-
Depreciation
and SBC
expenses (63.9) (0.7) (0.6) (1.2) -
--------------- ----------- ----- ------- ---------- -----------
- Cost of
products
sold - - - - (19.9)
--------------- ----------- ----- ------- ---------- -----------
- Other costs (10.8) (0.1) (0.4) (0.9) (0.1)
--------------- ----------- ----- ------- ---------- -----------
Total cost of
revenue (162.8) (2.0) (7.0) (14.5) (20.0)
--------------- ----------- ----- ------- ---------- -----------
Gross profit 5.8 - 0.6 1.7 3.4
--------------- ----------- ----- ------- ---------- -----------
US $ in
millions Three months ended December 31, 2024
--------------- -------------------------------------------------------------
Membership
Business line Self-mining Cloud hash rate General hosting hosting
--------------- ----------- --------------- --------------- --------------
Revenue 41.5 2.3 8.5 12.4
--------------- ----------- --------------- --------------- --------------
Cost of
revenue
--------------- ----------- --------------- --------------- --------------
Including:
--------------- ----------- --------------- --------------- --------------
- Electricity
cost in
operating
mining rigs (22.3) (0.1) (5.8) (7.0)
--------------- ----------- --------------- --------------- --------------
-
Depreciation
and SBC
expenses (12.2) (0.6) (1.2) (1.8)
--------------- ----------- --------------- --------------- --------------
- Other costs (4.0) (0.3) (0.8) (1.2)
--------------- ----------- --------------- --------------- --------------
Total cost of
revenue (38.5) (1.0) (7.8) (10.0)
--------------- ----------- --------------- --------------- --------------
Gross profit 3.0 1.3 0.7 2.4
--------------- ----------- --------------- --------------- --------------
Full Year 2025 High-Level P&L and Disaggregated Revenue Details:
US $ in millions Years Ended
---------------------------- --------------------------
Dec 31, 2025 Dec 31, 2024
---------------------------- ------------ ------------
Total revenue 620.3 349.8
---------------------------- ------------ ------------
Cost of revenue (559.3) (283.4)
---------------------------- ------------ ------------
Gross profit 61.0 66.4
---------------------------- ------------ ------------
Net profit / (loss) 65.6 (599.2)
---------------------------- ------------ ------------
Adjusted EBITDA 35.2 37.4(2)
---------------------------- ------------ ------------
Cash and cash equivalents 149.4 476.3
---------------------------- ------------ ------------
US $ in
millions Year ended December 31, 2025
--------------- -------------------------------------------------------------
Sales of
SEALMINERs
Cloud hash General Membership and
Business line Self-mining rate hosting hosting Accessories
--------------- ----------- ---------- ----------- ---------- -----------
Revenue 396.0 2.1 35.0 61.2 108.3
--------------- ----------- ---------- ----------- ---------- -----------
Cost of
revenue
--------------- ----------- ---------- ----------- ---------- -----------
Including:
--------------- ----------- ---------- ----------- ---------- -----------
- Electricity
cost in
operating
mining rigs (201.1) (1.2) (25.6) (45.0) -
--------------- ----------- ---------- ----------- ---------- -----------
-
Depreciation
and SBC
expenses (123.3) (0.7) (3.9) (6.8) -
--------------- ----------- ---------- ----------- ---------- -----------
- Cost of
products
sold - - - - (93.2)
--------------- ----------- ---------- ----------- ---------- -----------
- Other costs (28.5) (0.1) (2.7) (4.6) (0.7)
--------------- ----------- ---------- ----------- ---------- -----------
Total cost of
revenue (353.0) (2.1) (32.3) (56.4) (93.9)
--------------- ----------- ---------- ----------- ---------- -----------
Gross profit 43.1 - 2.7 4.8 14.4
--------------- ----------- ---------- ----------- ---------- -----------
US $ in
millions Year ended December 31, 2024
--------------- -------------------------------------------------------------
Membership
Business line Self-mining Cloud hash rate General hosting hosting
--------------- ----------- --------------- --------------- --------------
Revenue 163.1 39.8 67.6 64.0
--------------- ----------- --------------- --------------- --------------
Cost of
revenue
--------------- ----------- --------------- --------------- --------------
Including:
--------------- ----------- --------------- --------------- --------------
- Electricity
cost in
operating
mining rigs (91.1) (7.5) (39.6) (41.0)
--------------- ----------- --------------- --------------- --------------
-
Depreciation
and SBC
expenses (39.1) (8.4) (8.4) (8.2)
--------------- ----------- --------------- --------------- --------------
- Other costs (11.8) (2.5) (4.3) (4.5)
--------------- ----------- --------------- --------------- --------------
Total cost of
revenue (142.0) (18.4) (52.3) (53.7)
--------------- ----------- --------------- --------------- --------------
Gross profit 21.1 21.4 15.3 10.3
--------------- ----------- --------------- --------------- --------------
Q4 2025 Management's Discussion and Analysis (compared to Q4 2024)
Revenue
-- Total revenue was US$224.8 million vs. US$69.0 million.
-- Self-mining revenue was US$168.6 million vs. US$41.5 million, primarily
due to the increase in the average self-mining hashrate for the quarter
by 464.3% to 47.4 EH/s from 8.4 EH/s last year.
-- Cloud Hash Rate revenue was US$2.1 million vs. US$2.3 million.
-- General Hosting revenue was US$7.6 million vs. US$8.5 million.
-- Membership Hosting revenue was US$16.3 million vs. US$12.4 million.
-- SEALMINER sales revenue was US$23.4 million.
-- HPC and AI Cloud revenue was US$2.3 million.
Cost of Revenue
-- Cost of revenue was US$214.3 million vs US$63.9 million. The increase was
primarily driven by higher electricity and depreciation costs as a
significant number of new mining rigs came online, a slightly higher per
unit power cost, compounded by a change in the depreciation accounting
assumptions applied to mining rigs to reflect a more conservative
approach.
Gross Profit and Margin
-- Gross profit was US$10.6 million vs. US$5.1 million. -- Gross margin was 4.7% vs. 7.4%.
Operating Expenses
-- The sum of the operating expenses below was US$66.3 million vs. US$42.5
million.
-- Selling expenses were US$2.4 million vs. US$2.0 million, flat
year-over-year.
-- General and administrative expenses were US$28.8 million vs.
US$17.7 million. The increase was primarily due to an increase in
staff costs for general and administrative personnel and
consulting fee for capital market and compliance activities, as
well as the higher share-based payment expenses.
-- Research and development expenses were US$35.2 million vs. US$22.9
million, primarily due to the one-off development and tape out
costs of SEAL-DL1 chip.
Other Operating Expenses
-- Other operating expenses were US$43.8 million vs. US$3.7 million. This
was largely attributable to the fair value change of Bitcoins pledged for
the Bitcoin collateralized loan since Q3 2025.
Other Net Gain
-- In Q4 2025, we recorded US$208.9 million other net gain primarily due to
the non-cash, fair value changes of derivative liabilities, which are the
US$276.6 million of gain on fair value changes for the convertible senior
notes issued in November 2024, June 2025 and November 2025 and the
US$44.2 million of loss on extinguishment of the convertible senior notes
issued in November 2024.
Net Profit / (Loss)
-- Net profit was US$70.5 million vs. net loss of US$531.9 million.
Adjusted Loss (Non-IFRS)(6)
-- Adjusted loss was US$82.6 million vs. US$37.42 million. The change was
primarily due to the higher energy and depreciation costs, higher
operating and interest expense, partially offset by the year-over-year
higher revenue.
Adjusted EBITDA (Non-IFRS)(1)
-- Adjusted EBITDA was positive US$31.2 million vs. negative US$4.32
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 during 2025.
Cash Flows
-- Net cash used in operating activities was US$599.5 million, primarily
driven by SEALMINERs supply chain and manufacturing costs, electricity
costs from the mining business, general corporate overhead and interest.
-- Net cash generated from investing activities was US$97.9 million, which
included US$50.7 million of capital expenditures for datacenter
infrastructure construction, GPU equipment procurement and tariffs and
freight for mining rigs delivered to the datacenters, and US$150.6
million of proceeds from the disposal of cryptocurrencies.
-- Net cash generated from financing activities was US$454.5 million,
primarily driven by the proceeds of a total US$698.0 million from our
convertible senior note issuance in November, borrowing from a related
party and ATM and ELOC program, partially offset by US$171.1 million of
repayments of borrowings.
Balance Sheet
As of December 31, 2025 (compared to December 31, 2024)
-- US$149.4 million in cash and cash equivalents, US$83.1 million in
cryptocurrencies and US$1.0 billion in borrowing.
-- US$723.0 million prepayments and other assets, up from US$310.2 million.
Change primarily driven by advanced payments to suppliers for SEALMINERs
mass volume production.
-- US$252.0 million inventories, up from US$64.9 million. Increase mainly
including wafers, chips, WIP and finished SEALMINERs inventory.
-- US$620.7 million in mining rigs, up from US$67.3 million. Change mainly
raised from mass production and the deployment of SEALMINERs to the
Company's datacenters for self-mining activities.
-- US$501.1 million derivative liabilities mainly due to the convertible
senior notes issued in November 2024, June 2025 and November 2025.
Further information regarding the Company's fourth quarter 2024 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 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 CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
As of December 31, As of December 31,
(US $ in thousands) 2025 2024
ASSETS
Current assets
Cash and cash equivalents 149,352 476,270
Restricted cash 22,366 9,144
Cryptocurrencies 83,077 77,537
Cryptocurrencies - receivables 135,558 -
Trade receivables 31,374 9,627
Amounts due from a related
party 9,654 15,512
Prepayments and other assets 698,291 291,929
Inventories 251,999 64,888
Financial assets at fair value
through profit or loss 4,976 4,540
Total current assets 1,386,647 949,447
------------------ ------------------
Non-current assets
Restricted cash 6,159 8,212
Prepayments and other assets 24,681 18,244
Financial assets at fair value
through profit or loss 39,309 37,981
Mining rigs 620,667 67,324
Right-of-use assets 83,292 69,273
Property, plant and equipment 441,797 251,377
Investment properties 29,826 30,723
Intangible assets 93,432 83,235
Goodwill 35,818 35,818
Derivative assets 31,857 -
Deferred tax assets 11,087 6,220
Total non-current assets 1,417,925 608,407
TOTAL ASSETS 2,804,572 1,557,854
LIABILITIES
Current liabilities
Trade payables 119,818 31,471
Other payables and accruals 54,655 40,617
Amounts due to a related party 4,340 8,747
Income tax payables 13,355 2,729
Derivative liabilities 501,085 763,939
Deferred revenue 64,391 39,029
Borrowings 478,792 208,127
Borrowings from a related
party 275,000 -
Lease liabilities 9,226 5,460
Total current liabilities 1,520,662 1,100,119
------------------ ------------------
Non-current liabilities
Other payables and accruals 2,413 1,650
Deferred revenue 63,255 90,200
Borrowings 468 -
Borrowings from a related
party 246,831 -
Lease liabilities 88,980 72,673
Deferred tax liabilities 14,115 16,614
Total non-current liabilities 416,062 181,137
------------------ ------------------
TOTAL LIABILITIES 1,936,724 1,281,256
NET ASSETS 867,848 276,598
EQUITY
Share capital * *
Treasury equity (325,597) (160,926)
Accumulated deficit (583,407) (649,004)
Reserves 1,776,852 1,086,528
TOTAL EQUITY 867,848 276,598
* Amount less than US$1,000
BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME / (LOSS)
Three months ended
Dec 31, Years ended Dec 31,
(US $ in thousands) 2025 2024 2025 2024
Revenue(7) 224,835 69,018 620,253 349,782
Cost of revenue (214,265) (63,919) (559,261) (283,382)
--------- --------- ---------- ---------
Gross profit 10,570 5,099 60,992 66,400
Selling expenses (2,364) (1,952) (6,667) (8,044)
General and
administrative
expenses (28,780) (17,668) (84,415) (64,317)
Research and
development
expenses (35,197) (22,898) (153,876) (76,946)
Other operating
income / (expenses) (43,809) (3,670) (21,352) 727
Other net gain /
(loss) 208,933 (479,778) 365,038 (507,479)
--------- --------- --------- ---------
Profit / (Loss) from
operations 109,353 (520,867) 159,720 (589,659)
Finance expenses (36,438) (11,811) (88,890) (11,935)
--------- --------- ---------- ---------
Profit / (Loss)
before taxation 72,915 (532,678) 70,830 (601,594)
Income tax benefit /
(expenses) (2,373) 761 (5,233) 2,443
--------- --------- ---------- ---------
Profit / (Loss) for
the periods 70,542 (531,917) 65,597 (599,151)
========= ========= ========== =========
Other comprehensive
income / (loss)
Income / (Loss) for
the periods 70,542 (531,917) 65,597 (599,151)
Other comprehensive
income / (loss) for
the periods
Item that may be
reclassified to
profit or loss
- Exchange
differences on
translation of
financial
statements 265 (234) 431 (218)
--------- --------- ---------- ---------
Other comprehensive
income / (loss) for
the periods, net of
tax 265 (234) 431 (218)
--------- --------- ---------- ---------
Total comprehensive
income / (loss) for
the periods 70,807 (532,151) 66,028 (599,369)
========= ========= ========== =========
Earnings / (Loss)
per share
- Basic 0.31 (3.22) 0.32 (4.36)
- Diluted (0.73) (3.22) (1.43) (4.36)
Weighted average
number of shares
outstanding
(thousands)
- Basic 225,305 165,427 204,679 137,426
- Diluted 268,150 165,427 234,319 137,426
BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
Three months ended Years ended
Dec 31, Dec 31,
(US $ in thousands) 2025 2024 2025 2024
Cash flows from
operating
activities
Cash used in
operating
activities (565,473) (321,629) (1,677,080) (613,167)
Interest paid on
leases (1,045) (902) (4,028) (3,473)
Interest paid on
borrowings (35,127) (2,216) (64,325) (3,952)
Interest received 1,964 1,653 7,797 7,115
Income tax paid (700) (1,964) (1,886) (8,596)
Income tax refund 844 - 844 -
Net cash used in
operating
activities (599,537) (325,058) (1,738,678) (622,073)
--------- --------- ----------- ---------
Cash flows from
investing
activities
Purchase of property,
plant and equipment,
investment
properties and
intangible assets (34,598) (42,617) (232,242) (119,487)
Payment for mining
rigs (16,132) (5,766) (35,441) (7,731)
Purchase of financial
assets at fair value
through profit or
loss, net of refund
received (2,024) (425) (5,426) (2,776)
Purchase of
cryptocurrencies - - (18,159) -
Proceeds from
disposal of
property, plant and
equipment - 54 - 298
Proceeds from
disposal of
cryptocurrencies 150,634 38,794 352,006 248,447
Cash paid for the
site and gas-fired
power project in
Alberta, Canada - - (21,881) -
Cash paid for
business
acquisitions, net of
cash acquired - - - (6,051)
Net cash generated
from / (used in)
investing
activities 97,880 (9,960) 38,857 112,700
--------- --------- ----------- ---------
Cash flows from
financing
activities
Capital element of
lease rentals paid (2,211) (6,540) (7,995) (9,676)
Proceeds from
borrowings - - 43,472 -
Repayments of
borrowings (3) (10,000) (17,009) (15,000)
Borrowings from a
related party 168,000 - 668,000 -
Repayments of
borrowings to a
related party (57,042) - (95,417) -
Proceeds from
issuance of shares
for exercise of
share rewards 170 4,412 3,517 5,170
Proceeds from
issuance of ordinary
shares and warrants,
net of transaction
costs 141,530 321,918 401,347 485,108
Acquisition of
treasury shares (35,000) - (65,010) (617)
Proceeds from
convertible senior
notes, net of
transaction costs 388,480 387,917 750,958 554,214
Repayments to
convertible senior
notes in connection
with note
extinguishment (114,071) (14,932) (147,854) (14,932)
Purchase of capped
call instrument (35,400) - (35,400) -
Purchase of
zero-strike call
option - (160,000) (129,607) (160,000)
Net cash generated
from financing
activities 454,453 522,775 1,369,002 844,267
--------- --------- ----------- ---------
Net increase /
(decrease) in cash
and cash
equivalents (47,204) 187,757 (330,819) 334,894
Cash and cash
equivalents at the
beginning of the
period 196,252 291,314 476,270 144,729
Effect of movements
in exchange rates on
cash and cash
equivalents held 304 (2,801) 3,901 (3,353)
Cash and cash
equivalents at the
end of the period 149,352 476,270 149,352 476,270
--------- --------- ----------- ---------
Use of Non-IFRS Financial Measures
In evaluating the Company's business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted 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, loss on extinguishment of convertible senior notes, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, impairment of assets, other expenses -- one off donation, changes in fair value of derivative assets, changes in fair value of financial assets at fair value through profit or loss, and changes in fair value of holdback shares for acquisition of FreeChain, 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, loss on extinguishment of convertible senior notes, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, impairment of assets, other expenses -- one off donation, changes in fair value of derivative assets, changes in fair value of financial assets at fair value through profit or loss, and changes in fair value of holdback shares for acquisition of FreeChain.
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