TLDR
- Bitdeer Technologies stock dropped nearly 20% Monday following a $266.7 million Q3 net loss primarily from non-cash convertible debt charges.
- The Bitcoin mining company’s revenue jumped 174% year-over-year to $169.7 million while mining output doubled to 1,109 BTC.
- First-time AI cloud revenue of $1.8 million signals diversification strategy as company holds 2,029 BTC and operates 241,000 mining rigs.
- Adjusted EBITDA swung positive to $43 million from negative $7.9 million in Q3 2024.
- Company targets over $2 billion annual AI revenue by 2026 with 200 MW power allocation to cloud computing services.
Bitdeer Technologies stock fell nearly 20% Monday following quarterly earnings results. Shares closed at $17.65 after the Bitcoin mining company reported financial results.
Bitdeer Technologies Group, BTDR
The stock reached $25.90 just three weeks earlier on October 15. Investor enthusiasm for AI expansion plans drove that 30% single-day rally.
The company reported a $266.7 million net loss for Q3 2025. Last year’s third quarter loss totaled $50.1 million.
Convertible debt revaluation produced most of the quarterly losses. These non-cash accounting charges hit the income statement but don’t reflect operational performance.
Revenue grew 174% compared to last year, reaching $169.7 million. Expanded self-mining operations drove the top-line growth.
Mining Operations Scale Up
The company mined 1,109 BTC during Q3. This represents double the Bitcoin production from the previous year.
Bitdeer’s total Bitcoin holdings grew to 2,029 BTC by quarter end. The company held only 258 BTC one year earlier.
Mining rig count reached 241,000 machines. Operations ran 165,000 rigs in Q3 2024.
Adjusted EBITDA came in at $43 million. This compares favorably to the $7.9 million loss posted in the year-ago quarter.
The company recorded $1.8 million in AI and cloud services revenue. This marks Bitdeer’s entry into high-performance computing markets.
Diversification Into AI Markets
Chief Business Officer Matt Kong projects AI services could generate over $2 billion annually by end of 2026. This assumes 200 MW of power gets redirected to cloud computing.
Multiple Bitcoin miners are pursuing similar diversification strategies. MARA Holdings spent $168 million on a 64% Exaion stake in August.
IREN closed a $9.7 billion five-year Microsoft deal on November 3. Microsoft gains access to Nvidia GB300 chips hosted in IREN facilities.
TeraWulf secured 10-year Fluidstack agreements worth $3.7 billion. Core Scientific partnered with CoreWeave on a $100 million multi-year deal in March 2024.
HIVE Digital Technologies pioneered this approach by rebranding from HIVE Blockchain in July 2023. The rebrand emphasized high-performance computing alongside crypto mining.
Financial Performance Details
The market reacted to headline loss figures despite operational improvements. Shares fell 32% from the October peak.
Infrastructure spending and capital expenditures increased during the expansion phase. Mining facilities span Norway, the United States, and Asia.
The $1.8 million AI revenue represents initial results from the diversification strategy. Management expects this segment to scale rapidly.
Bitcoin mining remains the primary business while AI services ramp up. The company expanded both Bitcoin holdings and mining capacity year-over-year.
Operational efficiency gains helped flip adjusted EBITDA positive. Revenue growth outpaced the percentage increase in deployed mining rigs.
The stock traded at $25.90 three weeks ago before declining to current levels. Convertible debt revaluation created the accounting losses that pressured shares.
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