Press Release: Bitdeer Reports Unaudited Financial Results for the Second Quarter of 2026

Dow Jones
Aug 10

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 

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