Bitdeer (NASDAQ: BTDR) swings to 2025 profit as revenue and hash rate soar

Rhea-AI Filing Summary

Bitdeer Technologies Group reported a sharp turnaround in 2025, driven by rapid expansion in Bitcoin mining and AI-oriented infrastructure. Q4 2025 revenue reached $224.8 million, up from $69.0 million a year earlier, with net profit improving to $70.5 million from a loss of $531.9 million.

For full year 2025, revenue rose to $620.3 million from $349.8 million, and net profit was $65.6 million versus a $599.2 million loss in 2024. Adjusted EBITDA was $31.2 million in Q4 and $35.2 million for the year. Total hash rate under management increased to 71.0 EH/s, and self-mined Bitcoin rose to 1,673 coins in Q4.

Management emphasized a strategic shift toward high-performance compute and AI colocation, underpinned by a global power portfolio totaling about 3.0 GW. As of December 31, 2025, total assets were $2.80 billion and total equity was $867.8 million, while cash and cash equivalents declined to $149.4 million amid significant capital investment and higher borrowings.

Positive

• Major profitability turnaround: 2025 net profit of $65.6M versus $599.2M loss in 2024.
• Strong revenue growth: full-year revenue rose to $620.3M from $349.8M.
• Scaling operations: total hash rate under management increased to 71.0 EH/s from 21.6 EH/s.

Negative

• Heavy cash outflows: net cash used in operating activities was $1.74B in 2025.
• Higher leverage: total liabilities increased to $1.94B, including larger borrowings.
• Lower liquidity: cash and cash equivalents declined to $149.4M from $476.3M year over year.

Insights

Equity research analyst

Bitdeer swung from heavy losses to profit on strong 2025 growth, but with higher leverage and cash burn.

Bitdeer delivered very strong top-line growth, with Q4 2025 revenue of $224.8M versus $69.0M a year earlier and full-year revenue of $620.3M versus $349.8M. Net results flipped to profits of $70.5M in Q4 and $65.6M for 2025 after large prior-year losses.

Operationally, total hash rate under management rose to 71.0 EH/s from 21.6 EH/s, and self-mined Bitcoin in Q4 climbed to 1,673 from 469. Management highlighted a dual-track strategy focusing on AI-oriented colocation at power-rich sites and continued Bitcoin self-mining, supported by a global electrical capacity footprint of about 3,002 MW as of January 31, 2026.

However, growth has been capital-intensive. Cash and cash equivalents fell to $149.4M from $476.3M a year earlier, while total liabilities increased to $1.94B driven by higher borrowings and derivative liabilities. Net cash used in operating activities in 2025 was $1.74B, partly offset by substantial financing inflows including issuances of ordinary shares, warrants, and convertible senior notes.

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 February 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 of 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 Fourth Quarter and Full Year of 2025

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: February 12, 2026

3

Exhibit 99.1

Bitdeer Reports Unaudited Financial Results

for the Fourth Quarter and Full Year of 2025

SINGAPORE, February 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.”

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.

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			1,658	4
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

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

2

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				39.6	2			(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

⁵ Figures may not add due to rounding.

3

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				37.4	2
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.

4

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.

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.

5

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.

6

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

7

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

⁷ Included nil and approximately US$17.2 million generated from hosting service provided to a related party for the three months and year ended December 31, 2024.

8

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

9

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.

10

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 assets8			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

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.

11

FAQ

How did Bitdeer (BTDR) perform financially in Q4 2025?

Bitdeer posted strong Q4 2025 results, with revenue of $224.8 million versus $69.0 million a year earlier and net profit of $70.5 million versus a $531.9 million loss. Adjusted EBITDA reached $31.2 million, reflecting improved scale and profitability.

What were Bitdeer (BTDR)’s full-year 2025 revenue and profit?

For 2025, Bitdeer generated $620.3 million in revenue, up from $349.8 million in 2024. Net profit was $65.6 million, a significant improvement from the prior-year net loss of $599.2 million, indicating a major turnaround in reported profitability.

How is Bitdeer (BTDR) expanding its Bitcoin mining and AI infrastructure?

Bitdeer expanded total hash rate under management to 71.0 EH/s from 21.6 EH/s and increased mining rigs under management to 293,000. Its global electrical capacity reached about 3,002 MW, with key sites in the United States, Norway, Bhutan, Ethiopia, and Canada supporting crypto and AI data center deployments.

What is Bitdeer (BTDR)’s strategy for AI infrastructure and colocation?

Bitdeer is pursuing a dual-track AI infrastructure strategy that emphasizes colocation services at power-rich sites like Tydal and Clarington, while also expanding GPU-as-a-service. Management believes colocation can provide superior economics and more capital-efficient monetization of its approximately 3.0 GW power portfolio.

How did Bitdeer’s balance sheet change in 2025?

As of December 31, 2025, total assets were $2.80 billion and total liabilities were $1.94 billion, resulting in equity of $867.8 million. Cash and cash equivalents declined to $149.4 million, while borrowings and derivative liabilities increased compared with the prior year.

What were Bitdeer (BTDR)’s operating cash flows and investments in 2025?

In 2025, Bitdeer used $1.74 billion of net cash in operating activities. It invested heavily in property, plant and equipment, mining rigs, and related assets, but also realized $352.0 million in proceeds from disposing of cryptocurrencies, helping to partially offset capital expenditures.

How important is Bitcoin self-mining to Bitdeer (BTDR)’s results?

Bitcoin self-mining remains central, generating $168.6 million of Q4 2025 revenue and $396.0 million for the year. In Q4, Bitdeer self-mined 1,673 Bitcoins versus 469 a year earlier, supported by expanded proprietary hash rate and improved miner efficiency of 17.9 J/TH.

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