Bitdeer Reports Unaudited Financial Results for the Fourth Quarter and Full Year of 2025

Rhea-AI Summary

Bitdeer (NASDAQ: BTDR) reported unaudited Q4 2025 results showing a substantial revenue increase to $224.8M and a net profit of $70.5M, driven by mass deployment of SEALMINER rigs and a 71.0 EH/s total hash rate under management.

Adjusted EBITDA was positive $31.2M, cash was $149.4M, and total global electrical capacity reached 3,002 MW including a 1,344 MW pipeline.

Positive

• Total revenue +225% to $224.8M in Q4 2025 vs Q4 2024
• Net profit of $70.5M in Q4 2025 vs net loss prior year
• Adjusted EBITDA positive $31.2M in Q4 2025
• Total global electrical capacity reached 3,002 MW with 1,344 MW pipeline
• Proprietary hash rate expanded to 58.0 EH/s (total 71.0 EH/s)

Negative

• Gross margin fell to 4.7% from 7.4%, a ~270 bps decline
• Net cash used in operating activities $599.5M in 2025
• Cash and cash equivalents down to $149.4M from $476.3M
• Borrowings of $1.0B and derivative liabilities of $501.1M

News Market Reaction

-13.51%

64 alerts

-13.51% News Effect

-18.6% Trough in 8 hr 52 min

-$435M Valuation Impact

$2.79B Market Cap

0.9x Rel. Volume

On the day this news was published, BTDR declined 13.51%, reflecting a significant negative market reaction. Argus tracked a trough of -18.6% from its starting point during tracking. Our momentum scanner triggered 64 alerts that day, indicating high trading interest and price volatility. This price movement removed approximately $435M from the company's valuation, bringing the market cap to $2.79B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 revenue: US$224.8 million FY 2025 revenue: US$620.3 million Q4 2025 net profit: US$70.5 million +5 more

8 metrics

Q4 2025 revenue US$224.8 million Three months ended Dec 31, 2025

FY 2025 revenue US$620.3 million Year ended Dec 31, 2025

Q4 2025 net profit US$70.5 million vs net loss of US$531.9 million in Q4 2024

Cash & cash equivalents US$149.4 million As of Dec 31, 2025

Total hash rate 71.0 EH/s Total hash rate under management, Q4 2025

Bitcoin mined 1,673 BTC Self-mining only, Q4 2025

Global electrical capacity 3,002 MW Total global electrical capacity (online + pipeline)

Borrowings US$1.0 billion Total borrowing as of Dec 31, 2025

Market Reality Check

Price: $10.08 Vol: Volume 6,570,703 vs 20-da...

normal vol

$10.08 Last Close

Volume Volume 6,570,703 vs 20-day average 6,363,428 (relative volume 1.03) suggests trading activity is close to typical levels. normal

Technical Price 11.99 is trading below the 200-day MA of 14.30, with shares also 56.87% under the 52-week high.

Peers on Argus

BTDR fell 1.72% with several application software peers also down (e.g., AGYS -1...

BTDR fell 1.72% with several application software peers also down (e.g., AGYS -1.92%, NCNO -4.40%, DAVE -9.63%). However, no peers appeared in the momentum scanner, indicating selling pressure looks more stock-specific than a broad sector rotation.

Previous Earnings Reports

5 past events · Latest: Nov 10 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 10	Q3 2025 earnings	Negative	-19.7%	Strong revenue growth but large net loss from derivative fair-value losses.
Aug 18	Q2 2025 earnings	Negative	+7.2%	Revenue growth and SEALMINER sales but wider net loss year-over-year.
May 15	Q1 2025 earnings	Negative	-2.6%	Post-halving revenue drop and gross loss despite derivative-driven net income.
Feb 25	Q4 2024 results	Negative	-29.3%	Revenue decline and substantial net loss tied to ASIC investment phase.
Nov 18	Q3 2024 earnings	Negative	+6.8%	Lower revenue and higher loss but progress in SEALMINER commercialization.

Pattern Detected

Earnings releases often triggered sharp moves, with several negative reactions to reports highlighting losses or mixed results, and occasional positive surprises when revenue growth dominated.

Recent Company History

Over the past five earnings cycles from Nov 2024 through Nov 2025, Bitdeer shifted from revenue declines and large net losses toward rapid top-line growth and expanding self-mining capacity. Prior quarters frequently showed strong revenue but were weighed down by sizable net losses or derivative fair-value impacts, often met with negative price reactions. Today’s Q4/FY 2025 report, with higher revenue and positive net profit, follows that trajectory of scale-up after earlier investment-heavy periods.

Historical Comparison

-7.5% avg move · Across the last five earnings releases, BTDR’s average move was -7.5%, showing that results have oft...

earnings

-7.5%

Average Historical Move earnings

Across the last five earnings releases, BTDR’s average move was -7.5%, showing that results have often been followed by downside volatility even when revenue growth improved.

Earnings reports show a transition from 2024 revenue declines and large losses toward 2025 quarters with faster revenue growth, higher hash rate, and improving profitability metrics driven by SEALMINER deployment.

Market Pulse Summary

The stock dropped -13.5% in the session following this news. A negative reaction despite Q4 US$224.8...

Analysis

The stock dropped -13.5% in the session following this news. A negative reaction despite Q4 US$224.8M revenue and US$70.5M net profit would fit a pattern where earnings have averaged about -7.5% moves, often skewed to the downside. Past reports mixed strong growth with large losses or complex derivative effects, and leverage at US$1.0B of borrowing plus heavy capex could reinforce risk perceptions, especially if the market focuses on cash usage and non-cash volatility rather than operational scaling.

Key Terms

adjusted ebitda, convertible senior notes, derivative liabilities, asic, +2 more

6 terms

adjusted ebitda financial

"Adjusted EBITDA1 was positive US$31.2 million, vs. negative US$4.32 million."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

convertible senior notes financial

"convertible senior notes issued in November 2024, June 2025 and November 2025"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

derivative liabilities financial

"fair value changes of derivative liabilities, which are the US$276.6 million of gain"

Derivative liabilities are obligations a company records when it owes money under financial contracts whose value depends on something else, like interest rates, stock prices, or currencies. Think of them as bets or insurance policies that can create future cash payments; they matter to investors because they can cause sudden changes in a company’s reported debt, profits and cash flow and reveal exposure to market risks that could affect valuation.

asic technical

"developing proprietary ASIC technology, which temporarily hashrate growth."

ASIC is Australia’s corporate, markets and financial services regulator that enforces rules for companies, financial advisers and market operators; think of it as the referee and rulebook keeper for financial activity. It matters to investors because ASIC’s oversight, investigations and enforcement actions affect company credibility, legal risk and market fairness—actions that can change stock prices, investor confidence and the safety of financial products.

hash rate technical

"Total hash rate under management (EH/s) | 71.0 | 21.6"

Hash rate is the measure of how quickly a computer system can process complex calculations needed to verify transactions and add new blocks to a blockchain. It can be thought of as the speed at which a miner's equipment works, similar to how a car's horsepower indicates its power. Higher hash rates generally mean more mining power and greater chances of earning rewards, making it an important indicator of the network's security and competitiveness.

tape out technical

"one-off development and tape out costs of SEAL-DL1 chip."

Tape out is the moment a finished chip design is sent to a fabrication plant to be manufactured, equivalent to handing a final blueprint to a factory to make the first physical copies. For investors, tape out is a key development milestone that shifts a project from design risk to production risk, clarifies timing and costs for revenue delivery, and often triggers further capital spending or value re-rating as the product moves toward sales.

AI-generated analysis. Not financial advice.

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	Timing3
Electrical capacity
- Rockdale, Texas	563	Online	Crypto / Evaluating AI	Completed
- Knoxville, Tennessee – phase 1	37	Online	Crypto converting to AI	Q4 2026
- Knoxville, Tennessee – phase 2	49	Online	Crypto	Completed
- Wenatchee, Washington	13	Online	Crypto converting to AI	Q4 2026
- Molde, Norway	84	Online	Crypto	Completed
- Tydal - 1, Norway	50	Online	Crypto converting to AI	Q4 2026
- Tydal - 2, Norway	175	Online	Crypto converting to 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	1,6584
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 rounded⁵.

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		39.62		(4.3)2
Cash and cash equivalents	149.4		196.3		476.3

US $ in millions	Three months ended December 31, 2025
Business line	Self-mining		Cloud hash rate		General hosting		Membership hosting		Sales of SEALMINERs and 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
Business line	Self-mining	Cloud hash rate	General hosting	Membership 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	37.42
Cash and cash equivalents	149.4	476.3

US $ in millions	Year ended December 31, 2025
Business line	Self-mining	Cloud hash rate	General hosting	Membership hosting	Sales of SEALMINERs and 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
Business line	Self-mining	Cloud hash rate	General hosting	Membership 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
Revenue7		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 Dec 31,						Years ended 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.

The Company presents these non-IFRS 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-IFRS 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 IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS 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 loss for the relevant period to adjusted EBITDA and adjusted loss, for the three and twelve months ended December 31, 2025 and 2024.

BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED LOSS RECONCILIATION
		Three months ended Dec 31,						Years ended Dec 31,
(US $ in thousands)		2025			2024			2025			2024
Adjusted EBITDA
Profit / (Loss) for the periods		70,542			(531,917)			65,597			(599,151)
Add：
Depreciation and amortization		75,059			25,116			168,119			81,096
Income tax (benefit) / expenses		2,373			(761)			5,233			(2,443)
Interest expenses, net		36,380			8,729			91,725			10,050
Share-based payment expenses		8,602			8,658			38,493			33,968
Changes in fair value of derivative liabilities		(276,552)			469,501			(444,861)			498,167
Loss on extinguishment of convertible senior notes		44,209			8,172			60,403			8,172
Changes in fair value of cryptocurrency-settled receivables and payables		(1,724)			5,733			631			6,362
Changes in fair value of cryptocurrency receivables		48,950			-			26,710			-
Impairment of assets 8		14,699			-			14,699			-
Other expenses - one off donation		1,250			-			1,250			-
Changes in fair value of derivative assets		3,543			-			3,543			-
Change in fair value of financial assets at fair value through profit or loss		3,868			(530)			3,662			(1,970)
Changes in fair value of holdback shares for acquisition of FreeChain		-			2,970			-			3,186
Total of Adjusted EBITDA		31,199			(4,329) 2			35,204			37,437 2
Adjusted Loss
Profit / (Loss) for the periods		70,542			(531,917)			65,597			(599,151)
Add：
Share-based payment expenses		8,602			8,658			38,493			33,968
Changes in fair value of derivative liabilities		(276,552)			469,501			(444,861)			498,167
Loss on extinguishment of convertible senior notes		44,209			8,172			60,403			8,172
Changes in fair value of cryptocurrency-settled receivables and payables		(1,724)			5,733			631			6,362
Changes in fair value of cryptocurrency receivables		48,950			-			26,710			-
Impairment of assets 8		14,699			-			14,699			-
Other expenses - one off donation		1,250			-			1,250			-
Changes in fair value of derivative assets		3,543			-			3,543			-
Change in fair value of financial assets at fair value through profit or loss		3,868			(530)			3,662			(1,970)
Changes in fair value of holdback shares for acquisition of FreeChain		-			2,970			-			3,186
Total of Adjusted Loss		(82,613)			(37,413) 2			(229,873)			(51,266) 2

For investor and media inquiries, please contact:

Investor Relations
John Ragozzino Jr., CFA
ICR
bitdeer.IR@icrinc.com

Public Relations
Nishant Sharma
BlocksBridge Consulting
bitdeer@blocksbridge.com

¹ “Adjusted EBITDA” is defined 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.

² During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$0.5 million, US$2.0 million and US$3.4 million revision to Q4 2024, Year-ended 2024 and Q3 2025 metrics, respectively, reflects non-cash fair value changes in financial assets at fair value through profit or loss as they do not represent normal operating expenses (or income) necessary to operate our business.

³ Indicative timing for completion of power and data center infrastructure. All timing references are to calendar quarters and years.

⁴ Figures represent total available electrical capacity

⁵ Figures may not add due to rounding.

⁶ “Adjusted profit/(loss)” is defined 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.

⁸   Impairment of assets for the year ended December 31, 2025 was US$7.2 million and nil, respectively. In the year ended December 31, 2025, we recorded an impairment of US$4.7 million related to the fire accident in Massillon Ohio site, US$8.7 million related to old model of whatsminers, and US$1.3 million related to our other assets as they didn't happen occasionally and do not represent normal operating expenses (or income) necessary to operate our business.

FAQ

What were Bitdeer (BTDR) Q4 2025 revenue and net profit figures?

Bitdeer reported $224.8M revenue and a $70.5M net profit for Q4 2025. According to the company, revenue rose sharply year-over-year driven by SEALMINER deployments and a higher proprietary hashrate under management.

How did Bitdeer's mining capacity change in Q4 2025 and what is total hash rate?

Total hash rate under management reached 71.0 EH/s in Q4 2025. According to the company, proprietary hash rate was 58.0 EH/s, reflecting mass production and deployment of SEALMINER rigs.

What is Bitdeer's cash position and operating cash flow for year-end 2025?

Cash and cash equivalents were $149.4M as of December 31, 2025, with operating cash used of $599.5M. According to the company, outflows were driven by manufacturing, electricity, and interest costs.

Did Bitdeer report positive Adjusted EBITDA for Q4 2025 and why?

Adjusted EBITDA was positive $31.2M in Q4 2025. According to the company, the turnaround was primarily due to significantly higher self-mining hashrate and increased SEALMINER deployments.

How did Bitdeer's gross margin and major expense categories move in Q4 2025?

Gross margin declined to 4.7% in Q4 2025 from 7.4% a year earlier. According to the company, higher electricity and depreciation costs and increased R&D and G&A drove expense growth.

What is Bitdeer's power infrastructure capacity and pipeline as of January 2026?

Total global electrical capacity reached 3,002 MW with a 1,344 MW pipeline as of Jan 31, 2026. According to the company, key sites include Rockdale, Tydal, Clarington and multiple international locations.