TLDR
- Bitdeer delivered Q4 net profit of $70.5 million compared to a $531.9 million loss in the prior year period while revenue jumped to $225 million from $69 million
- Self-mining operations drove growth with 1,673 bitcoins mined versus 469 last year as total managed hashrate hit 71 EH/s, topping MARA Holdings
- Gross margin declined to 4.7% from 7.4% as electricity and depreciation expenses climbed with aggressive equipment deployment
- Shares tumbled more than 8% to under $11 following earnings release while Roth Capital slashed price target to $30 from $40
- Bitcoin holdings dropped from 2,000 BTC to roughly 1,040 BTC in early 2026 following treasury sales to fund expansion
Bitdeer Technologies Group posted a striking reversal in Q4 with net profit of $70.5 million versus a $531.9 million loss in the year-ago quarter. Revenue climbed to nearly $225 million from $69 million as the miner expanded operations.
The company mined 1,673 bitcoins in the quarter, up sharply from 469 a year earlier. Self-mining revenue jumped to $168.6 million from $41.5 million, representing the bulk of revenue growth.
Bitdeer’s managed hashrate capacity reached 71 exahashes per second by quarter’s end. That represents more than a threefold increase from the previous year. With 55.2 EH/s of self-mining capacity plus hosted customer rigs, the company now exceeds MARA Holdings on total managed hashrate.
Bitdeer Technologies Group, BTDR
The miner held over 2,000 bitcoin at December 31. However, BitcoinTreasuries data indicates holdings have since declined to approximately 1,040 BTC following sales in the first two months of 2026.
Profitability Challenges Emerge
Gross margin fell to 4.7% from 7.4% in the prior year period. Rising electricity costs and depreciation expenses pressured profitability as the company rapidly deployed new mining hardware. Operating expenses also increased with higher R&D spending on proprietary chip development.
Bitdeer is investing in its SEALMINER chip lineup while expanding into artificial intelligence infrastructure. The company controls roughly 3 gigawatts of power capacity across current and pipeline projects.
Management plans to convert portions of several sites to AI and high-performance computing workloads over the next two years. This strategy mirrors moves by other miners seeking to diversify revenue streams beyond bitcoin production.
Investor Reaction and Analyst Views
Shares dropped over 8% Thursday, falling below $11 after the earnings announcement. The decline represented a new low for 2026. Roth Capital analyst Darren Aftahi reduced his price target to $30 from $40 but maintained a Buy rating.
Aftahi described the earnings call as having “some puts and takes.” He characterized Q4 results as mixed while noting the company’s stronger emphasis on high-performance compute colocation.
The margin compression appears to have overshadowed the return to profitability. Investors seem concerned about the sustainability of earnings as operating costs rise alongside capacity expansion.
Hashrate Leadership and Infrastructure Plans
Bitdeer’s aggressive deployment through 2025 positioned it among the largest publicly traded bitcoin miners by computing capacity. The company now manages more hashrate than several established competitors.
With 3 gigawatts of power capacity, Bitdeer has room to scale both mining and AI operations. The dual-use infrastructure could provide stability if bitcoin mining margins remain compressed.
The company continues developing proprietary mining chips designed to improve efficiency and reduce reliance on third-party hardware suppliers. These chips represent a long-term strategic investment in vertical integration.
Roth Capital’s reduced price target reflects the mixed Q4 performance and ongoing margin pressure despite the swing to profitability and capacity leadership.
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