SINGAPORE, May 14, 2026 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) ("Bitdeer" or the "Company"), a world-leading technology company for AI and Bitcoin mining infrastructure, today released its unaudited financial results for the first quarter ended March 31, 2026.
Q1 2026 Financial(1) Highlight
All amounts compared to Q1'25 unless otherwise noted
-- Total revenue was US$188.9 million vs. US$70.1 million.
-- Cost of revenue was US$228.0 million vs. US$74.1 million.
-- Gross loss was US$39.0 million vs. US$4.0 million.
-- Net loss was US$159.5 million vs. net profit of US$105.3 million.
-- Adjusted EBITDA2 was positive US$14.4 million vs. negative
US$45.6 million.
-- Cash, cash equivalents and restricted cash were US$297.7 million as of
March 31, 2026.
-- Digital assets and digital assets - receivable balance: US$245.0 million
as of March 31, 2026.
Management Commentary
"The first quarter of 2026 demonstrated the breadth of Bitdeer's execution capability," said Matt Kong, Chief Business Officer of Bitdeer Technologies Group. "We launched the SEALMINER A4, our most efficient mining rig to date, advancing our vertically integrated hardware platform and reinforcing the competitive foundation of our mining business. We activated development of our Tydal facility in Norway, which is expected to become Norway's largest operational AI data center upon completion. And we continue to grow our AI Cloud business, recently exceeding $69 million in annualized run-rate revenue."
Mr. Kong continued, "Underpinning all of this is a global power portfolio of approximately 3.0 gigawatts that we believe is one of the most strategically valuable infrastructure assets in our sector. We are in advanced stages of negotiations with a credit-worthy colocation tenant for Tydal and are confident in our ability to execute a signed agreement. I believe 2026 will be a defining year for Bitdeer as an AI infrastructure platform."
Operational Summary
Three Months Ended March 31
Metric 2026 2025
----------------------------------------------- ---------------- -----------
Hash Rate Metrics:
Self-Mining (Operated in self-owned
datacenters) 65.1 11.5
Co-Mining (Operated in 3(rd) party
datacenters) 4.4 -
Other Proprietary Hash Rate(3) 1.4 0.6
Hosting(4) 7.2 12.1
Total Hash Rate under Mgmt.(5) (EH/s) 78.1 24.2
----------------------------------------------- ---------------- -----------
Mining Rig Metrics:
Self-Mining(6) 207,000 97,000
Co-Mining(7) 18,000 -
Hosted 37,000 78,000
Total Mining Rigs under Mgmt. 262,000 175,000
----------------------------------------------- ---------------- -----------
BTC Mined(8) 2,033 350
BTC Held(9) 31 1,156
Total Power Usage (MWh) 2,250,000 881,000
Average cost of electricity ($/MWh) $52 $48
Average miner efficiency (J/TH) 16.4 29.0
----------------------------------------------- ---------------- -----------
Power Infrastructure Summary (As of 4/30/2026)
(MW) Energization Planned
Site Capacity Timing(10) Usage Construction Update
------------------- -------- ---------------- ---------- -------------------
Online Electrical Capacity:
Crypto to In active
Colocation / evaluation of AI
1) Rockdale, TX 563 Online AI Cloud transition
Phase 1 AI data
center conversion
design work
initiated,
Knoxville, targeting to
TN -- phase Crypto to AI complete by Q4
2) 1 37 Q4 '26 Cloud '26.
Knoxville,
TN -- phase
3) 2 49 Q1 '27
AI data center
design documents
and building permit
application
submitted for
approval. Core
equipment is being
delivered in
succession; we plan
to begin with a
GB300 cluster.
Dismantling of the
crypto mining
datacenter started
in March 2026.
Wenatchee, Crypto to AI Completion targeted
4) WA 13 Q4 '26 Cloud Q4 '26.
Crypto and
in early
assessment
of
Molde, converting
5) Norway 84 Online to AI Cloud
Planning and design
continue to
advance. Orders for
critical long-lead
equipment have been
placed. Engaged
Data Center
Installations AS as
Bitdeer's design
and construction
Tydal, partner for Tydal
Norway -- Crypto to AI datacenter
6) phase 1 50 Q4 '26 Colocation conversion
Tydal,
Norway --
7) phase 2 175 Q4 '26
8) Gedu, Bhutan 100 Online Crypto
Jigmeling,
9) Bhutan 500 Online Crypto
Construction of the
50 MW site has been
completed and
energized, with
ongoing
energization in
Oromia phases driven by
Region, SEALMINER
10) Ethiopia 50 Online Crypto deliveries
Massillon,
11) OH 121 Online Crypto
Cyberjaya,
12) Malaysia(11) 2 Online AI Cloud
Online Electrical
Subtotal: 1,744
------------------- -------- -------------- ------------ -------------------
Pipeline Electrical Capacity:
Due to delivery
delays for key
electrical
components, 74 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. We
anticipate that the
total
reconstruction cost
will be almost
fully recovered
through the
supplier's
insurance
1) Massilon, OH 74 / 26 Q3 '26 Crypto coverage.
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
Clarington, preparation work
2) OH 570 To be updated Colocation 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
Colocation extension agreement
/ AI with a local
3) Niles, OH 300 Q4 '28 Cloud utility company
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.
Assessing current
design potential to
accommodate future
AIDC requirements.
Fox Creek, Groundbreaking
Alberta, planned for June
5) Canada 101 Q2 '27 Crypto 2026.
Cyberjaya,
6) Malaysia 9.5 Q4 '26 AI Cloud In Progress
Pipeline Electrical
Subtotal: 1,259.5
Total Global
Electrical
Capacity: 3,003.5
------------------- -------- -------------- ------------ -------------------
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 are current quarter compared to the same quarter last year. All figures in this section are rounded(12) .
Q1 2026 High-Level P&L and Disaggregated Revenue Details:
US $ in millions Three Months Ended
--------------------------------------------- -------------------------------
31-Mar-26 31-Dec-25 31-Mar-25
Total revenue 188.9 224.8 70.1
Cost of revenue (228.0) (214.9) (74.1)
Gross income (loss) (39.0) 9.9 (4.0)
Net income (loss) (159.5) (191.5) 105.3
Adjusted EBITDA 14.4 24.3 (45.6)
Cash, cash equivalents and restricted cash 297.7 177.9 233.7
US $ in
millions Three months ended March 31, 2026
--------------- ---------------------------------------------------------------
Sales of
Cloud SEALMINERs
hash General Membership and
Business line Self-mining Co-mining rate hosting hosting Accessories
Revenue 146.9 9.0 3.7 5.5 13.7 3.7
Cost of
revenue
Including:
- Electricity
cost in
operating
mining rigs (95.5) (4.3) (1.8) (4.5) (10.2) -
-
Depreciation
and SBC
expenses (76.3) (4.5) (1.7) (0.4) (1.1) -
- Cost of
products
sold - - - - - (3.6)
- Other costs (9.5) (1.2) (0.2) (0.3) (0.8) -
Total cost of
revenue (181.3) (9.9) (3.7) (5.3) (12.1) (3.6)
Gross income
(loss) (34.4) (0.9) - 0.2 1.6 0.2
US $ in
millions Three months ended March 31, 2025
----------------- -----------------------------------------------------------
Sales of
SEALMINERs
Cloud hash General Membership and
Business line Self-mining rate hosting hosting Accessories
Revenue 37.2 0.1 9.6 16.3 4.1
Cost of revenue
Including:
- Electricity
cost in
operating
mining rigs (24.0) - (6.8) (11.4) -
- Depreciation
and SBC
expenses (12.1) (0.1) (1.1) (1.8) -
- Cost of
products sold - - - - (3.3)
- Other costs (5.4) - (1.4) (2.4) -
Total cost of
revenue (41.4) (0.1) (9.2) (15.6) (3.3)
Gross income
(loss) (4.2) - 0.4 0.7 0.8
Q1 2026 Management's Discussion and Analysis (compared to Q1 2025)
Revenue
-- Total revenue was US$188.9 million vs. US$70.1 million.
-- Self-mining revenue was US$146.9 million vs. US$37.2 million, primarily
due to the increase in the average self-mining hashrate for the quarter
by 551.5% to 63.2 EH/s from 9.7 EH/s last year.
-- Co-mining revenue was US$9.0 million, primarily contributed by 3.7 EH/s
average mining hashrate for the first quarter of 2026.
-- Cloud Hash Rate revenue was US$3.7 million vs. US$0.1 million.
-- General Hosting revenue was US$5.5 million vs. US$9.6 million.
-- Membership Hosting revenue was US$13.7 million vs. US$16.3 million.
-- SEALMINER sales revenue was US$3.7 million vs. US$4.1 million.
-- AI Cloud revenue was US$3.7 million vs. US$1.4 million.
Cost of Revenue
-- Cost of revenue was US$228.0 million vs US$74.1 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 and AI cloud service
fee increased along with the business expansion.
Gross loss and Margin
-- Gross loss was US$39.0 million vs. US$4.0 million. -- Gross margin was -20.7% vs. -5.7%.
Operating Expenses
-- The sum of the operating expenses below was US$47.7 million vs. US$75.7
million.
-- Selling expenses were US$2.9 million vs. US$1.4 million. The
increase was primarily due to the increased advertising expenses
for our AI business.
-- General and administrative expenses were US$24.6 million vs.
US$15.3 million. The increase was primarily due to an increase in
staff costs for general and administrative personnel and
consulting fees for general corporate management and compliance
activities.
-- Research and development expenses were US$20.2 million vs. US$59.0
million, primarily due to a reduction in one-off incremental
development expenses.
-- Loss on change in fair value of digital assets held for operations were
US$24.0 million vs. US$21.3 million.
-- Other operating income were US$4.8 million vs. US$2.5 million. This was
largely attributable to the change in fair value of digital
assets-settled receivables and payables.
Non-operating items
-- Net interest expenses were US$29.5 million vs. US$5.3 million, primarily
due to increased borrowing through the convertible senior notes and
borrowing from a related party.
-- In Q1 2026, we recorded US$9.0 million gain on change in fair value of
digital assets loan and US$16.2 million loss on change in fair value of
digital assets - receivable. This is a fair value change of our loan in
digital assets and the associated collateral digital assets in connection
with our loan from a related party mainly due to the fluctuations of
Bitcoin price.
-- In Q1 2025, we recorded US$205.0 million gain on fair value changes of
derivative liabilities for the convertible notes issued in August 2024
and Tether warrants, both of which were retired in 2025.
-- In Q1 2026, we recorded US$17.8 million other net loss primarily due to
the US$6.4 million of loss on derivative assets, US$5.4 million loss on
extinguishment of debt in connection with the convertible senior notes
issued in November 2024, and US$5.0 million donation.
Net Income (Loss)
-- Net loss was US$159.5 million vs. net income of US$105.3 million.
Adjusted Loss (Non-GAAP)(13)
-- Adjusted loss was US$106.6 million vs. US$66.4 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$14.4 million vs. negative US$45.6 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, along with lower operating expenses incurred.
Cash Flows
-- Net cash used in operating activities was US$346.9 million, primarily
driven by SEALMINERs supply chain and manufacturing costs, electricity
costs from the mining business, general corporate overhead and interest.
-- Net cash provided by investing activities was US$113.3 million, which
included US$93.7 million of capital expenditures for datacenter
infrastructure construction, GPU equipment procurement and tariffs and
freight for mining rigs delivered to the datacenters, and US$206.8
million of proceeds from the disposal of digital assets.
-- Net cash provided by financing activities was US$352.6 million, primarily
driven by the proceeds of a total US$568.3 million from our convertible
senior note issuance in February, borrowings and ATM program, partially
offset by US$85.0 million of repayments of borrowings, US$93.0 million of
repayments made in connection with the extinguishment of convertible
senior notes, and US$33.7 million of purchase of capped call instrument.
Balance Sheet
As of March 31, 2026 (compared to December 31, 2025)
-- US$297.7 million in cash, cash equivalents and restricted cash, US$245.0
million in digital assets and digital assets receivables, and US$1.9
billion in borrowing.
-- US$386.7 million prepayments and other assets, decrease from US$723.0
million. Change primarily driven by delivery of raw materials procurement
for SEALMINERs mass volume production.
-- US$613.0 million inventories, up from US$252.0 million. Increase mainly
including wafers, chips, WIP and finished SEALMINERs inventory.
-- US$1.2 billion in property, plant and equipment, up from US$1.1 billion.
Change mainly raised from mass production and the deployment of
SEALMINERs to the Company's datacenters for mining activities and
expansion of datacenters.
Further information regarding the Company's first 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 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 BALANCE SHEET
March 31, December 31,
(US $ in thousands) 2026 2025
--------- ------------
ASSETS
Current assets
Cash and cash equivalents 260,761 149,352
Restricted cash 30,582 22,366
Digital assets 35,115 85,488
Digital assets - receivables 209,867 135,558
Accounts receivable 33,281 31,374
Amounts due from related parties 9,635 9,654
Prepayments and other current assets 341,110 698,291
Inventories, net 613,042 251,999
Short-term investments 4,694 4,976
--------- ------------
Total current assets 1,538,087 1,389,058
--------- ------------
Non-current assets
Restricted cash 6,351 6,159
Other non-current assets 45,563 24,681
Long-term investments 37,876 39,081
Operating lease right-of-use assets, net 101,088 104,725
Property, plant and equipment, net 1,235,445 1,086,275
Intangible assets, net 87,866 93,432
Goodwill 35,818 35,818
Deferred tax assets 12,997 8,682
--------- ------------
Total non-current assets 1,563,004 1,398,853
--------- ------------
TOTAL ASSETS 3,101,091 2,787,911
========= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Current liabilities
Accounts payable 133,580 119,818
Accrued expenses and other current liabilities 57,853 54,964
Amounts due to a related party 4,126 4,340
Income tax payables 12,764 13,355
Deferred revenue 57,639 64,391
Short-term borrowings 26,000 26,000
Current portion of long-term borrowings 49 13
Short-term borrowings from a related party 167,822 -
Current portion of long-term borrowings from a
related party 350,000 275,000
Current portion of operating lease liabilities 22,217 11,888
--------- ------------
Total current liabilities 832,050 569,769
--------- ------------
Non-current liabilities
Other non-current liabilities 2,450 2,413
Deferred revenue 61,420 63,255
Long-term borrowings 1,180,654 947,183
Long-term borrowings from a related party 195,583 246,831
Operating lease liabilities 86,343 98,468
Deferred tax liabilities 12,476 11,973
--------- ------------
Total non-current liabilities 1,538,926 1,370,123
--------- ------------
TOTAL LIABILITIES 2,370,976 1,939,892
========= ============
STOCKHOLDERS' EQUITY
Common stock * *
Treasury stock - (35,990)
Accumulated deficit (693,683) (534,156)
Additional paid-in capital 1,423,162 1,418,111
Accumulated other comprehensive income 636 54
--------- ------------
TOTAL STOCKHOLDERS' EQUITY 730,115 848,019
--------- ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 3,101,091 2,787,911
========= ============
* Amount less than US$1,000
BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
Three months ended March 31,
(US $ in thousands) 2026 2025
Revenue 188,930 70,128
Cost of revenue (227,971) (74,098)
--------------- -------------
Gross loss (39,041) (3,970)
Selling expenses (2,893) (1,391)
General and administrative expenses (24,592) (15,278)
Research and development expenses (20,199) (59,004)
Change in fair value of digital assets held
for operations (24,028) (21,309)
Other operating income 4,821 2,486
--------------- -------------
Total operating expenses (66,891) (94,496)
Loss from operations (105,932) (98,466)
Interest expenses, net (29,516) (5,290)
Share of losses from equity method
investments (1,887) (2,696)
Change in fair value of digital assets -
receivable (16,152) -
Change in fair value of digital assets loan 8,963 -
Change in fair value of derivative
liabilities - 205,004
Foreign exchange gain (loss) (645) 1,603
Other net losses (17,772) (1,453)
--------------- -------------
Income (loss) before taxes (162,941) 98,702
Income tax benefit 3,414 6,613
--------------- -------------
Net income (loss) (159,527) 105,315
--------------- -------------
Foreign currency translation adjustment, net
of tax 582 166
--------------- -------------
Total comprehensive income (loss) (158,945) 105,481
=============== =============
Net income (loss) per share (in US$)
Basic (0.68) 0.55
Diluted (0.68) (0.47)
Weighted average number of shares
outstanding (thousand shares)
Basic 233,393 190,199
Diluted 233,393 203,476
BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
Three months ended March 31,
(US $ in thousands) 2026 2025
-------------- --------------
Net cash used in operating activities (346,894) (285,274)
-------------- --------------
Cash flows from investing activities
Purchase of property, plant and equipment
and intangible assets (93,746) (45,725)
Purchase of long-term investments (400) (132)
Proceeds from disposal of property, plant
and equipment 574 -
Purchase of digital assets - (18,159)
Proceeds from disposal of digital assets 206,843 12,283
Cash paid for the site and gas-fired power
project in Alberta, Canada - (21,870)
-------------- --------------
Net cash provided by (used in) investing
activities 113,271 (73,603)
-------------- --------------
Cash flows from financing activities
Proceeds from borrowings 26,000 -
Repayment of borrowings (26,000) -
Borrowings from a related party 150,000 -
Repayment of borrowings to a related party (59,000) -
Proceeds from exercise of stock-based
rewards 70 530
Proceeds from issuance of common stock, net
of transaction costs 27,761 118,403
Repurchase of common stock (4,000) (21,010)
Proceeds from convertible senior notes, net
of transaction costs 364,502 (1,119)
Repayments made in connection with the
extinguishment of convertible senior notes (93,046) -
Purchase of capped call instrument (33,713) -
-------------- --------------
Net cash provided by financing activities 352,574 96,804
-------------- --------------
Net increase (decrease) in cash, cash
equivalents and restricted cash 118,951 (262,073)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash 866 2,101
Cash, cash equivalents and restricted cash
at the beginning of the period 177,877 493,626
-------------- --------------
Cash, cash equivalents and restricted cash
at the end of the period 297,694 233,654
============== ==============
Use of Non-GAAP Financial Measures
In evaluating the Company's business, the Company considers and uses non-GAAP 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 stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses, and defines adjusted income (loss) as income (loss) adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.
The Company presents these non-GAAP 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-GAAP 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 loss for the periods, as determined in accordance with GAAP. The Company compensates for these limitations by reconciling these non-GAAP financial measures to the nearest GAAP 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 income (loss) for the relevant period to adjusted EBITDA and adjusted loss, for the three months ended March 31, 2026 and 2025.
BITDEER GROUP UNAUDITED NON-GAAP ADJUSTED EBITDA AND
ADJUSTED INCOME (LOSS) RECONCILIATION
Three months ended March 31,
(US $ in thousands) 2026 2025
-------------- --------------
Adjusted EBITDA
Net income (loss) (159,527) 105,315
Add
Depreciation and amortization 94,867 22,104
Income tax benefits (3,414) (6,613)
Interest expenses, net 29,516 5,290
Stock-based compensation expense 7,129 10,404
Share of losses from equity method
investments 1,887 2,696
Change in fair value of digital assets held
for operations 24,028 21,309
Change in fair value of digital
assets-settled receivables and payables (5,059) (2,551)
Change in fair value of digital assets -
receivable 16,152 -
Change in fair value of digital assets loan (8,963) -
Change in fair value of derivative
liabilities - (205,004)
(Other net losses) (14) 17,772 1,453
-------------- --------------
Total of Adjusted EBITDA 14,388 (45,597)
============== ==============
Adjusted Loss
Net income (loss) (159,527) 105,315
Add
Stock-based compensation expense 7,129 10,404
Share of losses from equity method
investments 1,887 2,696
Change in fair value of digital assets held
for operations 24,028 21,309
Change in fair value of digital
assets-settled receivables and payables (5,059) (2,551)
Change in fair value of digital assets -
receivable 16,152 -
Change in fair value of digital assets loan (8,963) -
Change in fair value of derivative
liabilities - (205,004)
Other net losses(14) 17,772 1,453
-------------- --------------
Total of Adjusted Loss (106,581) (66,378)
============== ==============
For investor and media inquiries, please contact:
Investor Relations
Tesh Dahya, Head of Investor Relations
tesh.dahya@bitdeer.com
Media
Elev8 New Media
Jessica Starman, MBA
bitdeer@elev8newmedia.com
___________________________________
(1) 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.
(2) "Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.
(3) Other Proprietary Hash Rate includes the hashrate from Bitdeer's cloud hashrate business, mining rigs delivered in the crypto mining datacenters but not deployed and the mining rigs temporarily offline due to limited economic benefit.
(4) Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.
(5) Total hash rate under management across Bitdeer's primary business lines: Self-mining, Co-mining, Cloud Hash Rate, and Hosting.
(6) Self-Mining (Operated in self-owned datacenters) refers to cryptocurrency mining for Bitdeer's own account, whereby its mining rigs are operated in self-owned datacenters.
(7) Co-mining (Operated in 3(rd) party datacenters) refers to cryptocurrency mining for Bitdeer's own account, whereby its mining rigs are operated in third-party datacenters.
(8) Bitcoins mined Includes BTC from self-mining operations and BTC from co-mining operations.
(9) Bitcoins held does not include Bitcoins from customer deposits but does include Bitcoins that are pledged as collateral by us.
(10) Indicative timing for completion of power. All timing references are to calendar quarters and years
(11) Capacity under lease arrangement
(12) Figures may not add due to rounding.
(13) "Adjusted profit/(loss)" is defined as profit/(loss) adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.
(14) In the three months ended March 31, 2026, we recorded US$17.8 million other losses primarily due to the US$6.4 million of loss on derivative assets, US$5.4 million loss on extinguishment of debt in connection with the convertible senior notes issued in November 2024, and US$5.0 million donation.
(END) Dow Jones Newswires
May 14, 2026 07:00 ET (11:00 GMT)