Bitdeer (NASDAQ: BTDR) Q1 2026 revenue surges but posts $159.5M loss

Rhea-AI Filing Summary

Bitdeer Technologies Group reported strong top-line growth but a sharp swing to loss in Q1 2026. Revenue rose to $188.9 million from $70.1 million a year earlier, driven mainly by self-mining, which contributed $146.9 million versus $37.2 million in Q1 2025.

The company recorded a net loss of $159.5 million, compared with net income of $105.3 million a year ago, reflecting higher operating costs, interest expense and unfavorable fair-value changes on digital assets. Adjusted EBITDA improved to $14.4 million from a loss of $45.6 million, indicating better underlying profitability despite headline losses.

Bitdeer expanded its mining capacity, increasing total hash rate under management to 78.1 EH/s from 24.2 EH/s and mining 2,033 BTC versus 350 BTC in Q1 2025. Cash, cash equivalents and restricted cash rose to $297.7 million, supported by new borrowings and convertible senior notes, while total liabilities increased to $2.37 billion.

Positive

• Revenue and operating scale expanded sharply. Q1 2026 revenue increased to $188.9 million from $70.1 million, with BTC mined rising to 2,033 from 350 and total hash rate under management growing to 78.1 EH/s from 24.2 EH/s.
• Underlying profitability metrics improved. Adjusted EBITDA moved to a positive $14.4 million in Q1 2026 from a loss of $45.6 million a year earlier, indicating better core operating performance despite reported net losses.

Negative

• Profitability deteriorated under GAAP. The company posted a Q1 2026 net loss of $159.5 million versus net income of $105.3 million in Q1 2025, driven by higher costs, interest expense and unfavorable fair-value changes.
• Leverage and cash burn increased. Total liabilities rose to $2.37 billion from $1.94 billion, and operating activities used $346.9 million of cash in Q1 2026, indicating dependence on new debt and equity financing.

Insights

Crypto infrastructure & balance sheet analyst

Revenue and capacity surged, but losses and leverage increased significantly.

Bitdeer grew Q1 2026 revenue to $188.9 million from $70.1 million, mainly through self-mining expansion and higher hash rate, which reached 78.1 EH/s. BTC mined rose to 2,033 from 350, highlighting much larger operational scale.

However, gross loss widened to $39.0 million and net loss reached $159.5 million, partly due to higher depreciation, interest expense of $29.5 million, and adverse digital-asset fair value movements. Adjusted EBITDA turned positive at $14.4 million, suggesting core operations covered cash costs before financing and non-cash items.

Financing activity was heavy: the company raised $364.5 million from convertible senior notes and increased related-party borrowings, pushing total liabilities to $2.37 billion. Cash and restricted cash increased to $297.7 million, but operating cash outflow of $346.9 million underscores reliance on external funding until profitability improves.

Key Figures

Q1 2026 Revenue: $188.9M Q1 2025 Revenue: $70.1M Net income (loss) Q1 2026: -$159.5M +5 more

8 metrics

Q1 2026 Revenue $188.9M Three months ended March 31, 2026

Q1 2025 Revenue $70.1M Three months ended March 31, 2025

Net income (loss) Q1 2026 -$159.5M Three months ended March 31, 2026

Net income Q1 2025 $105.3M Three months ended March 31, 2025

Adjusted EBITDA Q1 2026 $14.4M Non-GAAP metric for three months ended March 31, 2026

Adjusted EBITDA Q1 2025 -$45.6M Non-GAAP metric for three months ended March 31, 2025

Cash, equivalents & restricted cash $297.7M As of March 31, 2026

BTC mined Q1 2026 2,033 BTC Operational metric for three months ended March 31, 2026

Key Terms

Adjusted EBITDA, self-mining, colocation, convertible senior notes, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA 14.4 ... Total of Adjusted EBITDA"

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.

self-mining financial

"Business line | | Self-mining | | | Co-mining"

Self-mining is when a person or company uses its own equipment and resources to create new cryptocurrency coins rather than buying them or hiring someone else to mine. For investors, it matters because self-mining turns computing power into an ongoing source of revenue and digital assets, like owning a small factory instead of just selling its products; it affects costs, cash flow, asset holdings and exposure to energy and regulatory risks.

colocation financial

"Crypto to Colocation / AI Cloud | | In active evaluation"

Colocation is the practice of placing a trader’s computer servers inside or next to an exchange’s data center so their orders travel the shortest possible distance to the exchange’s computers. For investors this matters because even tiny gains in speed can mean better trade prices or reduced slippage—like being first in line at a checkout—so firms that colocate can gain steady, measurable advantages or incur extra costs that affect returns.

convertible senior notes financial

"Proceeds from convertible senior notes, net of transaction costs | | 364,502"

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.

capped call instrument financial

"Purchase of capped call instrument | | (33,713 | )"

digital assets - receivable financial

"Change in fair value of digital assets - receivable | | 16,152"

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission file number: 001-41687

BITDEER TECHNOLOGIES GROUP

08 Kallang Avenue

Aperia tower 1, #09-03/04

Singapore 339509

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒        Form 40-F  ☐

INCORPORATION BY REFERENCE

This report on Form 6-K is hereby incorporated by reference in the registration statements of Bitdeer Technologies Group on Form F-3 (No. 333-273905, No. 333-278027, No. 333-278029, No. 333-280041, No. 333-283732 and No. 333-289855) and Form S-8 (No. 333-272858 and No. 333-275342), to the extent not superseded by documents or reports subsequently filed or furnished.

1

EXHIBITS

Exhibit No.		Description
99.1		Press Release – Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026

2

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Bitdeer Technologies Group
	By:	/s/ Jihan Wu
	Name:	Jihan Wu
	Title:	Chief Executive Officer

Date: May 14, 2026

3

Exhibit 99.1

Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026

May 14, 2026

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 Financial¹ 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.”

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.

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 3rd party datacenters)			4.4				-
Other Proprietary Hash Rate3			1.4				0.6
Hosting4			7.2				12.1
Total Hash Rate under Mgmt.5 (EH/s)			78.1				24.2
Mining Rig Metrics:
Self-Mining6			207,000				97,000
Co-Mining7			18,000				-
Hosted			37,000				78,000
Total Mining Rigs under Mgmt.			262,000				175,000
BTC Mined8			2,033				350
BTC Held9			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

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.

2

Power Infrastructure Summary (As of 4/30/2026)

Site			(MW) Capacity		Energization Timing10		Planned Usage		Construction Update
Online Electrical Capacity:
1)	Rockdale, TX		563		Online		Crypto to Colocation / AI Cloud		In active evaluation of AI transition
2)	Knoxville, TN – phase 1		37		Q4 ’26		Crypto to AI Cloud		Phase 1 AI data center conversion design work initiated, targeting to complete by Q4 ’26.
3)	Knoxville, TN – phase 2		49		Q1 ’27
4)	Wenatchee, WA		13		Q4 ’26		Crypto to AI Cloud		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. Completion targeted Q4 ’26.
5)	Molde, Norway		84		Online		Crypto and in early assessment of converting to AI Cloud
6)	Tydal, Norway – phase 1		50		Q4 ’26		Crypto to Colocation		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 partner for Tydal AI datacenter conversion
7)	Tydal, Norway – phase 2		175		Q4 ’26
8)	Gedu, Bhutan		100		Online		Crypto
9)	Jigmeling, Bhutan		500		Online		Crypto
10)	Oromia Region, Ethiopia		50		Online		Crypto		Construction of the 50 MW site has been completed and energized, with ongoing energization in phases driven by SEALMINER deliveries
11)	Massillon, OH		121		Online		Crypto
12)	Cyberjaya, Malaysia11		2		Online		AI Cloud
Online Electrical Subtotal:			1,744

¹⁰ Indicative timing for completion of power. All timing references are to calendar quarters and years

¹¹ Capacity under lease arrangement

3

Pipeline Electrical Capacity:
1)	Massilon, OH		74 / 26		Q3 ’26		Crypto		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 coverage.
2)	Clarington, OH		570		To be updated		Colocation		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 preparation work continues.
3)	Niles, OH		300		Q4 ’28		Colocation / AI Cloud		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 extension agreement with a local utility company
4)	Rockdale, TX		179		2026		Colocation / AI Cloud		In Planning
5)	Fox Creek, Alberta, Canada		101		Q2 ’27		Crypto		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. Groundbreaking planned for June 2026.
6)	Cyberjaya, Malaysia		9.5		Q4 ’26		AI Cloud		In Progress
Pipeline Electrical Subtotal:			1,259.5
Total Global Electrical Capacity:			3,003.5

4

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 rounded¹².

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
Business line		Self-mining				Co-mining				Cloud hash rate				General hosting				Membership hosting				Sales of SEALMINERs and 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

¹² Figures may not add due to rounding.

5

US $ in millions		Three months ended March 31, 2025
Business line		Self-mining				Cloud hash rate				General hosting				Membership hosting				Sales of SEALMINERs and 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.

6

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.

7

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.

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.

8

● 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.

9

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

10

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

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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.

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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 losses14			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 losses14			17,772				1,453
Total of Adjusted Loss			(106,581	)			(66,378	)

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.

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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

14

FAQ

How did Bitdeer Technologies Group (BTDR) revenue change in Q1 2026?

Bitdeer’s Q1 2026 revenue was $188.9 million, up from $70.1 million in Q1 2025. Growth was mainly driven by self-mining, which generated $146.9 million compared with $37.2 million a year earlier, reflecting significant expansion in mining capacity.

What was Bitdeer (BTDR)’s profitability in Q1 2026 compared to Q1 2025?

Bitdeer reported a Q1 2026 net loss of $159.5 million, versus net income of $105.3 million in Q1 2025. The decline reflected higher operating expenses, increased interest expense, and adverse fair-value changes on digital assets and related receivables and loans.

How did Bitdeer (BTDR) perform on an adjusted EBITDA basis in Q1 2026?

Adjusted EBITDA improved to $14.4 million in Q1 2026 from a loss of $45.6 million in Q1 2025. This non-GAAP measure excludes items such as stock-based compensation, digital-asset fair value changes, and other net losses to highlight underlying operating performance.

What changes occurred in Bitdeer (BTDR)’s balance sheet as of March 31, 2026?

Total assets increased to $3.10 billion from $2.79 billion, while total liabilities rose to $2.37 billion from $1.94 billion. Cash, cash equivalents and restricted cash reached $297.7 million, supported by new borrowings and convertible senior notes issuances.

How much Bitcoin did Bitdeer (BTDR) mine in Q1 2026 and what was its hash rate?

Bitdeer mined 2,033 BTC in Q1 2026, up from 350 BTC in Q1 2025. Total hash rate under management reached 78.1 EH/s, a substantial increase from 24.2 EH/s, reflecting major expansion in mining infrastructure and deployed rigs.

What were Bitdeer (BTDR)’s operating cash flows and financing activities in Q1 2026?

Net cash used in operating activities was $346.9 million in Q1 2026. Financing activities provided $352.6 million, including $364.5 million from convertible senior notes and $150.0 million in related-party borrowings, partly offset by repayments and share repurchases.

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