Bitdeer Technologies Group (NASDAQ: BTDR) grows Q2 revenue but widens loss

Rhea-AI Filing Summary

Bitdeer Technologies Group reported Q2 2026 revenue of $228.8 million, up from $155.6 million a year earlier, driven mainly by self-mining, which generated $168.4 million. New co-mining revenue of $25.0 million and AI Cloud revenue of $14.0 million contributed to a more diversified mix.

Despite higher revenue, the company recorded a gross loss of $8.5 million versus a $12.0 million gross profit in Q2 2025, and a wider net loss of $92.3 million compared with $62.9 million. Non-GAAP adjusted EBITDA improved sharply to $31.1 million from $4.6 million, reflecting add-backs for depreciation, fair value changes in digital assets and other non-cash items. Operating cash outflow was $158.5 million, with significant capital expenditures of $266.0 million supporting expansion of global power and data center capacity to 2,980.2 MW. Cash, cash equivalents and restricted cash rose to $496.3 million as of June 30, 2026, alongside higher total borrowings, including related-party debt.

Positive

• Total revenue grew to $228.8 million in Q2 2026 from $155.6 million a year earlier, reflecting strong expansion in self-mining, new co-mining operations and AI Cloud services.
• Adjusted EBITDA improved to $31.1 million in Q2 2026 from $4.6 million in Q2 2025, indicating stronger underlying earnings after excluding non-cash and fair value items.
• Liquidity strengthened with cash, cash equivalents and restricted cash increasing to $496.3 million at June 30, 2026 from $318.9 million at June 30, 2025.
• Hash rate under management nearly tripled to 86.1 EH/s in Q2 2026 from 30.6 EH/s, supported by growth in self-mining and the addition of co-mining capacity.

Negative

• Net loss widened to $92.3 million in Q2 2026 from $62.9 million in Q2 2025, driven by higher operating expenses, interest costs and fair value movements.
• Gross margin deteriorated from a $12.0 million gross profit in Q2 2025 to an $8.5 million gross loss in Q2 2026 as cost of revenue outpaced revenue growth.
• Operating cash outflow remained significant at $158.5 million in Q2 2026, alongside $266.0 million of capital expenditures for property, plant and equipment and intangibles.
• Total borrowings increased, with long-term borrowings rising to $1,182.5 million and current borrowings from a related party to $491.0 million as of June 30, 2026, adding to leverage.

Filing Explained

Bitdeer reports completed share issuance; Class A shares outstanding rose from 191,152,162 to 227,382,323, reducing existing holders’ percentage ownership absent offsets.

As a Form 6-K, this report furnishes interim information and discloses that Bitdeer issued ordinary shares during the three months ended June 30, 2026, receiving $463,751 thousand of proceeds; the issuance is completed, not merely registered.

Class A ordinary shares outstanding were 227,382,323 on June 30, 2026, versus 191,152,162 on December 31, 2025, while Class V shares remained 44,399,922.

Because issuing additional shares increases the total share count, the disclosed issuance reduces existing holders’ percentage ownership absent offsetting changes.

The company also reports a signed $4.7 billion, 16-year AI/HPC data-center lease for Tydal, Norway, with phase 1 listed at 66.5 MW and a ready-for-service target of Q4 2026.

The lease is therefore a signed contractual arrangement with a future service milestone; the filing does not report phase 1 as online.

Key Figures

Q2 2026 Revenue: $228.8 million Q2 2026 Net Loss: $92.3 million Q2 2026 Adjusted EBITDA: $31.1 million +4 more

7 metrics

Q2 2026 Revenue $228.8 million Three months ended June 30, 2026 revenue versus $155.6 million in Q2 2025

Q2 2026 Net Loss $92.3 million Net loss for the three months ended June 30, 2026 versus $62.9 million in Q2 2025

Q2 2026 Adjusted EBITDA $31.1 million Non-GAAP adjusted EBITDA for the three months ended June 30, 2026 versus $4.6 million in Q2 2025

Cash and Restricted Cash $496.3 million Cash, cash equivalents and restricted cash as of June 30, 2026

Total Hash Rate Under Management 86.1 EH/s Hash rate under management in Q2 2026 versus 30.6 EH/s in Q2 2025

Total Global Electrical Capacity 2,980.2 MW Online and pipeline electrical capacity across global sites

Total Assets $3,446,433 thousand Total assets as of June 30, 2026 versus $2,787,911 thousand at December 31, 2025

Key Terms

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

6 terms

Adjusted EBITDA financial

"“Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted"

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.

co-mining financial

"Co-Mining (Operated in 3rd party datacenters) 15.9"

colocation technical

"Tydal, Norway – phase 1 66.5 Q4’26 Colocation"

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 364,311"

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.

zero-strike call option financial

"Purchase of zero-strike call option in connection with convertible senior notes"

A zero-strike call option is a contract that gives the holder the right to buy an underlying asset for a price of zero, which effectively makes it equivalent to owning the asset itself. For investors, it matters because its value moves one-for-one with the asset, so it offers straightforward exposure without the usual complication of a strike price; think of it like having a voucher that guarantees you receive the asset, so its price reflects the asset’s market value and risk.

AI Cloud technical

"Bitdeer is a world-leading technology company for AI and Bitcoin mining infrastructure"

AI cloud is remote computing equipment and software delivered over the internet that’s specifically set up to build, run and scale artificial intelligence applications — providing powerful computers, large data storage and ready-made AI tools on demand. It matters to investors because businesses that use or sell AI cloud can develop products faster, lower upfront costs and expand capacity quickly, much like renting a high‑powered workshop instead of buying all the machines, which can affect growth and profitability.

Earnings Snapshot

Revenue: $228.8 million

Three months ended June 30, 2026

Revenue $228.8 million up from $155.6 million in the three months ended June 30, 2025

Net loss $92.3 million worse than the $62.9 million net loss in the three months ended June 30, 2025

Adjusted EBITDA $31.1 million up from $4.6 million in the three months ended June 30, 2025

Cash, cash equivalents and restricted cash $496.3 million higher than $318.9 million as of June 30, 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How much revenue did Bitdeer Technologies Group (BTDR) generate in Q2 2026?

Bitdeer generated $228.8 million in revenue in Q2 2026, up from $155.6 million in Q2 2025. Growth was led by self-mining at $168.4 million, with co-mining, AI Cloud and hosting contributing additional revenue streams.

Was Bitdeer Technologies Group (BTDR) profitable in Q2 2026?

Bitdeer reported a net loss of $92.3 million in Q2 2026, compared with a $62.9 million loss a year earlier. Higher operating expenses, interest costs and fair value changes offset the strong revenue increase.

How did Bitdeer’s adjusted EBITDA (BTDR) change in Q2 2026?

Adjusted EBITDA rose to $31.1 million in Q2 2026 from $4.6 million in Q2 2025. This non-GAAP metric excludes depreciation, share-based compensation, fair value changes in digital assets, derivative movements and certain other gains and losses.

What was Bitdeer’s cash position (BTDR) at June 30, 2026?

Cash, cash equivalents and restricted cash totaled $496.3 million at June 30, 2026, compared with $318.9 million at June 30, 2025. The increase reflects net financing inflows and proceeds from digital asset disposals, partly offset by operating outflows and capital expenditures.

How large is Bitdeer’s global power and data center capacity (BTDR)?

Bitdeer reported total global electrical capacity of 2,980.2 MW, including 1,752 MW online and 1,228.2 MW in the pipeline. Sites span the U.S., Norway, Bhutan, Ethiopia, Malaysia and Canada, supporting crypto mining, colocation and AI Cloud services.

What accounting standards does Bitdeer Technologies Group (BTDR) use now?

Effective January 1, 2026, Bitdeer transitioned from IFRS to U.S. GAAP. Consolidated financial statements for prior periods have been recast to conform to U.S. GAAP, affecting comparability with earlier IFRS-only presentations.

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 August 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 and No. 333-283732) 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 Second 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: August 10, 2026

3

Exhibit 99.1

Bitdeer Reports Unaudited Financial Results for the Second Quarter of 2026

August 10, 2026

SINGAPORE, August 10, 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 second quarter ended June 30, 2026.

Q2 2026 Financial¹ Highlights

All amounts compared to Q2’25 unless otherwise noted

● Total revenue was US$228.8 million vs. US$155.6 million.

● Cost of revenue was US$237.3 million vs. US$143.6 million.

● Gross loss was US$8.5 million vs. gross profit US$12.0 million.

● Net loss was US$92.3 million vs. US$62.9 million.

● Adjusted EBITDA² was US$31.1 million vs. US$4.6 million.

● Cash, cash equivalents and restricted cash were US$496.3 million as of June 30, 2026.

● Digital assets and digital assets - receivable balance: US$196.9 million as of June 30, 2026.

Management Commentary

“The second quarter reflected steady progress across our platform. Earlier this month, we converted a meaningful portion of our power portfolio into long term, contracted revenue with the Tydal, Norway agreement, our first large-scale proof point for the colocation strategy we plan to continue to build upon”, said Michael G. Potter, Chief Financial Officer. “Our AI Cloud revenue continues to scale, alongside our mining business as our SEALMINER fleet comes online. Together, these results show the advantage of owning the fully integrated vertical stack, from power, to hardware, and infrastructure.”

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 share-based compensation expense, share of earnings (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 instruments, net gains (losses) on disposal of property, plant and equipment and other net gains (losses).

Operational Summary

		Three Months Ended June 30
Metric		2026				2025
Hash Rate Metrics:
Self-Mining (Operated in self-owned datacenters)			73.0				16.5
Other Proprietary Hash Rate3			4.9				0.2
Hosting4			8.2				13.9
Total Hash Rate under Mgmt.5 (EH/s)			86.1				30.6
Co-Mining (Operated in 3rd party datacenters)			15.9				-
Mining Rig Metrics:
Self-Mining6			243,000				114,000
Hosted			46,000				86,000
Total Mining Rigs under Mgmt.			289,000				200,000
Co-Mining7			56,000				-
BTC Mined8			2,694				565
BTC Held9			150				1,502
Total Power Usage (MWh)			2,537,000				1,180,000
Average cost of electricity ($/MWh)		$	44			$	43
Average miner efficiency (J/TH)			15.8				25.7

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, 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.

2

Power Infrastructure Summary (As of 7/31/2026)

Site			(MW) Capacity		Ready for Service time10		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		86		Q3’27		Crypto to AI Cloud		To meet customer demand for larger scale deployments, we have fully redesigned the project, with overall completion now targeted for Q3 ’27.
3)	Wenatchee, WA		13		To be updated		Crypto to AI Cloud		AI data center design documents and building permit application submitted for approval. Core equipment is being delivered in succession, and the mining datacenter has been removed. We plan to change the design to accommodate the latest NVIDIA GPUs.
4)	Molde, Norway		84		Online		Crypto and in early assessment of converting to AI Cloud
5)	Tydal, Norway – phase 1		66.5		Q4’26		Colocation		$4.7 Billion, 16-Year AI/HPC Data Center Lease with Volta. 121 IT MW will be configured to run NVIDIA GPUs for the end customer, a leading AI lab.
6)	Tydal, Norway – phase 2		66.5		Q1’27		Colocation
7)	Tydal, Norway – phase 3		47		H2’27		Colocation / AI Cloud		Bitdeer is developing two additional data halls, totaling 47 MW gross for future AI / HPC use cases.
8)	Gedu, Bhutan		100		Online		Crypto
9)	Jigmeling, Bhutan		500		Online		Crypto
10)	Oromia Region, Ethiopia		50		Online		Crypto
11)	Massillon, OH		174		Online		Crypto
12)	Cyberjaya, Malaysia11		2		Online		AI Cloud
Online Electrical Subtotal:			1,752

¹⁰ Indicative timing for completion of power, or where substation power is already available, completion of the engineering required to make it usable and commissioned, independent of tenant equipment delivery. All timing references are to calendar quarters and years, and these forward-looking estimates remain subject to delays and risks

3

Pipeline Electrical Capacity:
1)	Massilon, OH		21 / 26		Q3’26		Crypto		Due to delivery delays for key electrical components, 21 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. A significant portion of the reconstruction cost has now been successfully recovered through the supplier’s insurance.
2)	Clarington, OH		570		To be updated		Colocation / Crypto		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)	Weathersfield, OH (formerly referred to as “Niles”)		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		Crypto / Colocation / AI Cloud		In Planning
5)	Fox Creek, Alberta, Canada		101		Q4’27		Crypto		101 MW site acquired, fully licensed and permitted for the construction of an on-site natural gas power plant. Energization time is now expected for Q4 2027. Data center design accommodating both AIDC and crypto is currently underway, following the power plant groundbreaking in June 2026.
6)	Cyberjaya, Malaysia		9.5		Q4’26		AI Cloud		In Progress
7)	Johor Bahru, Malaysia11		21.7		Q1’27		AI Cloud		10-year lease agreement signed for new data center to provide 21.7 IT MW, with handover to Bitdeer expected Q1’27. Facility planned to support deployment of 128 NVIDIA GB300 NVL72 systems.
Pipeline Electrical Subtotal:			1,228.2
Total Global Electrical Capacity:			2,980.2

¹¹ Capacity under lease arrangement

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 reflect current quarter compared to the same quarter last year. All figures in this section are rounded¹².

Q2 2026 High-Level P&L and Disaggregated Revenue Details:

US $ in millions		Three Months Ended
		30-June-26				31-Mar-26				30-June-25
Total revenue			228.8				188.9				155.6
Cost of revenue			(237.3	)			(228.0	)			(143.6	)
Gross profit (loss)			(8.5	)			(39.0	)			12.0
Net loss			(92.3	)			(159.5	)			(62.9	)
Adjusted EBITDA			31.1				14.4				4.6
Cash, cash equivalents and restricted cash			496.3				297.7				318.9

US $ in millions		Three months ended June 30, 2026
Business line		Self-mining				Co-mining				AI Cloud				Cloud hash rate				General hosting				Membership hosting				Sales of SEALMINERs and Accessories
Revenue			168.4				25.0				14.0				3.7				2.8				12.8				0.4
Cost of revenue
Including:
- Electricity cost in operating mining rigs			(84.7	)			(13.3	)			-				(1.8	)			(2.3	)			(9.4	)			-
- Depreciation and SBC expenses			(79.8	)			(12.7	)			(4.0	)			(1.7	)			(0.2	)			(1.1	)			-
- Cost of products sold			-				-				-				-				-				-				(0.2	)
- Other costs			(6.5	)			(2.9	)			(12.3	)			(0.3	)			(0.2	)			(1.0	)			-
Total cost of revenue			(171.0	)			(28.8	)			(16.3	)			(3.8	)			(2.8	)			(11.6	)			(0.2	)
Gross profit (loss)			(2.7	)			(3.9	)			(2.3	)			(0.1	)			-				1.3				0.1

¹² Figures may not add due to rounding.

5

US $ in millions		Three months ended June 30, 2025
Business line		Self-mining				AI Cloud				Cloud hash rate				General hosting				Membership hosting				Sales of SEALMINERs and Accessories
Revenue			59.3				1.3				-				9.3				14.6				69.5
Cost of revenue
Including:
- Electricity cost in operating mining rigs			(33.4	)			-				-				(6.9	)			(11.0	)			-
- Depreciation and SBC expenses			(12.0	)			(1.1	)			-				(1.1	)			(1.7	)			-
- Cost of products sold			-				-				-				-				-				(60.0	)
- Other costs			(9.9	)			(0.9	)			-				(1.2	)			(1.9	)			(0.6	)
Total cost of revenue			(55.3	)			(2.0	)			-				(9.2	)			(14.6	)			(60.6	)
Gross profit (loss)			4.0				(0.7	)			-				0.2				(0.1	)			8.9

Q2 2026 Management’s Discussion and Analysis (compared to Q2 2025)

Revenue

● Total revenue was US$228.8 million vs. US$155.6 million.

● Self-mining revenue was US$168.4 million vs. US$59.3 million, primarily due to the increase in the average self-mining hashrate for the quarter by 389.4% to 69.5EH/s from 14.2 EH/s in the prior year period, partially offset by a lower average Bitcoin price at which mining rewards were recognized.

● Co-mining revenue was US$25.0 million, primarily contributed by 11.4 EH/s average mining hashrate for the second quarter of 2026.

● AI Cloud revenue was US$14.0 million vs. US$1.3 million.

● Cloud Hash Rate revenue was US$3.7 million vs. Nil.

● General Hosting revenue was US$2.8 million vs. US$9.3 million.

● Membership Hosting revenue was US$12.8 million vs. US$14.6 million.

● SEALMINER sales revenue was US$0.4 million vs. US$69.5 million.

6

Cost of Revenue

● Cost of revenue was US$237.3 million vs. US$143.6 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, AI cloud service fee, and hosting fees for the Co-mining business increased with the growth of these businesses.

Gross loss and Margin

● Gross loss was US$8.5 million vs. gross profit US$12.0 million.

● Gross margin was -3.7% vs. 7.7%.

Operating Expenses

● The sum of the operating expenses below was US$72.6 million vs. US$42.2 million.

o Selling expenses were US$2.2 million vs. US$1.6 million. The increase was primarily due to a US$0.6 million increase in advertising expenses for our AI business and a US$0.3 million increase in staff costs, driven by an increase in headcount.

o General and administrative expenses were US$34.3 million vs. US$20.0 million. The increase was primarily due to a US$6.8 million increase in staff costs, driven by an increase in general and administrative headcounts, and a US$4.8 million increase in consulting fees for general corporate management and compliance activities.

o Research and development expenses were US$36.1 million vs. US$20.6 million, primarily due to a one-off incremental development expense and a US$3.2 million increase in staff costs driven by higher headcount, partially offset by a US$2.6 million decrease in share-based payment expenses.

● Loss on change in fair value of digital assets held for operations was US$4.6 million vs. gain of US$40.7 million.

● In Q2 2026, we recorded other operating expenses of US$16.0 million, primarily comprising net loss of US$17.2 million on disposal of property and net gain of US$1.4 million on the change in fair value of digital assets-settled receivables and payables. In Q2 2025, we recorded other operating expenses of US$5.9 million, primarily comprising net loss of US$5.7 million on the change in fair value of digital assets-settled receivables and payables.

Non-operating items

● Net interest expenses were US$31.1 million vs. US$9.6 million, primarily due to increased borrowing through the convertible senior notes and borrowing from a related party.

● In Q2 2026, we recorded US$14.8 million gain on change in fair value of digital assets loan. This is a fair value change of our loan in digital assets in connection with our loan from a related party mainly due to the fluctuations of Bitcoin price.

7

● In Q2 2026, we recorded gain on fair value changes of derivative instruments of US$13.0 million for our power purchase arrangements in Norway. In Q2 2025, we recorded loss of US$39.7 million for the convertible senior notes issued in August 2024 and Tether warrants, both of which were retired in 2025.

● In Q2 2026, we recorded other net gains of US$4.5 million, primarily comprising US$4.3 million of compensation received from insurance to recover the Massillon site fire damage loss. In Q2 2025, we recorded other net losses of US$17.3 million, primarily a US$16.2 million loss on extinguishment of the convertible senior notes.

Net Loss

● Net loss was US$92.3 million vs. US$62.9 million.

Adjusted Loss (Non-GAAP)¹³

● Adjusted loss was US$96.0 million vs. US$30.9 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$31.1 million vs. US$4.6 million. The year-over-year growth was primarily driven by significantly higher Self-mining and Co-mining hashrate as a result of the Company’s mass production and deployment of SEALMINERs, offset by higher operating expenses incurred.

Cash Flows

● Net cash used in operating activities was US$158.5 million, primarily driven by electricity costs from the mining business, general corporate overhead and interest expense.

● Net cash used in investing activities was US$68.4 million, which included US$266.0 million of capital expenditures, of which US$150.0 million was the payments for the production of SEALMINERs used for Self-mining and Co-mining businesses and US$116.0 million was for datacenter infrastructure construction, GPU equipment procurement and tariffs and freight for mining rigs delivered to the datacenters, and US$195.5 million of proceeds from the disposal of digital assets.

● Net cash provided by financing activities was US$428.9 million, primarily driven by the net proceeds of a total US$517.3 million from our borrowings and ATM program, partially offset by US$90.0 million of repayments of borrowings.

¹³ “Adjusted income (loss)” is defined as income (loss) adjusted to exclude share-based compensation expense, share of earnings (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 instruments, net gains (losses) on disposal of property, plant and equipment and other net gains (losses).

8

Balance Sheets

As of June 30, 2026 (compared to December 31, 2025)

● US$496.3 million in cash, cash equivalents and restricted cash, US$196.9 million in digital assets and digital assets receivables, and US$1.8 billion in borrowings.

● US$295.2 million prepayments and other assets, decrease from US$723.0 million. The decrease was primarily driven by the delivery of raw materials and equipment procured for SEALMINERs mass production, upon which the related prepayments were realized as additions to property, plant and equipment, partially offset by new procurement prepayments made during the period.

● Inventories decreased from US$252.0 million to nil, as inventories, primarily wafers, chips, WIP, and finished SEALMINERs designated for the Company’s Self-mining and Co-mining businesses, were reclassified to property, plant and equipment for the Company’s own use.

● US$2.1 billion in property, plant and equipment, up from US$1.1 billion. The increase was mainly due to the reclassification of inventories, primarily wafers, chips, WIP, and finished SEALMINERs designated for the Company’s Self-mining and Co-mining businesses, to property, plant and equipment, as well as additional miner materials received for the mass production and deployment of SEALMINERs, and the ongoing construction and expansion of the Company’s datacenters.

Further information regarding the Company’s second 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 AI and Bitcoin mining 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 CONDENSED CONSOLIDATED BALANCE SHEETS

		June 30,				December 31,
(US $ in thousands)		2026				2025
ASSETS
Current assets
Cash and cash equivalents			456,838				149,352
Restricted cash, current			33,214				22,366
Digital assets			34,762				85,488
Digital assets – receivables from a related party			162,171				135,558
Accounts receivable			38,889				31,374
Amounts due from related parties			9,659				9,654
Prepayments and other current assets			89,892				698,291
Inventories, net			-				251,999
Short-term investments			4,028				4,976
Derivative assets, current			17,011				-
Total current assets			846,464				1,389,058
Noncurrent assets
Restricted cash, noncurrent			6,236				6,159
Other noncurrent assets			205,262				24,681
Long-term investments, net			35,964				39,081
Operating lease right-of-use assets, net			104,055				104,725
Property, plant and equipment, net			2,098,296				1,086,275
Intangible assets, net			82,914				93,432
Goodwill			35,818				35,818
Derivative assets, noncurrent			2,506				-
Deferred tax assets			28,918				8,682
Total noncurrent assets			2,599,969				1,398,853
TOTAL ASSETS			3,446,433				2,787,911
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Current liabilities
Accounts payable			177,263				119,818
Accrued expenses and other current liabilities			54,180				54,964
Amounts due to a related party			5,225				4,340
Income tax payables			11,926				13,355
Derivative liabilities			6,530				-
Deferred revenue			55,682				64,391
Short-term borrowings			26,000				26,000
Current portion of long-term borrowings			99				13
Current portion of long-term borrowings from a related party			491,048				275,000
Current portion of operating lease liabilities			13,065				11,888
Total current liabilities			841,018				569,769
Noncurrent liabilities
Other noncurrent liabilities			3,799				2,413
Deferred revenue			59,565				63,255
Long-term borrowings			1,182,454				947,183
Long-term borrowings from a related party			142,083				246,831
Operating lease liabilities			97,531				98,468
Deferred tax liabilities			17,172				11,973
Total noncurrent liabilities			1,502,604				1,370,123
TOTAL LIABILITIES			2,343,622				1,939,892
SHAREHOLDERS’ EQUITY
Ordinary shares (US$0.0000001 par value; 499,600,000,000 Class A ordinary shares and 200,000,000 Class V ordinary shares authorized; 227,382,323 Class A ordinary shares and 44,399,922 Class V ordinary shares issued and outstanding as of June 30, 2026, 191,152,162 Class A ordinary shares and 44,399,922 Class V ordinary shares issued and outstanding as of December 31, 2025)			*				*
Treasury shares, at cost (nil as of June 30, 2026 and 3,364,711 Class A ordinary shares as of December 31, 2025)			-				(35,990	)
Additional paid-in capital			1,888,766				1,418,111
Accumulated deficit			(785,961	)			(534,156	)
Accumulated other comprehensive income			6				54
TOTAL SHAREHOLDERS’ EQUITY			1,102,811				848,019
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			3,446,433				2,787,911

* Amount less than US$1,000

10

BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

		Three months ended June 30,								Six months ended June 30,
(US $ in thousands)		2026				2025				2026				2025
Revenue			228,784				155,582				417,714				225,710
Cost of revenue			(237,310	)			(143,601	)			(465,281	)			(217,699	)
Gross profit (loss)			(8,526	)			11,981				(47,567	)			8,011
Selling expenses			(2,243	)			(1,624	)			(5,136	)			(3,015	)
General and administrative expenses			(34,314	)			(19,962	)			(58,906	)			(35,240	)
Research and development expenses			(36,051	)			(20,568	)			(56,250	)			(79,572	)
Change in fair value of digital assets held for operations			(4,600	)			40,707				(28,628	)			19,398
Other operating income (expenses)			(15,997	)			(5,894	)			(11,806	)			(3,409	)
Total operating expenses			(93,205	)			(7,341	)			(160,726	)			(101,838	)
Income (loss) from operations			(101,731	)			4,640				(208,293	)			(93,827	)
Interest income			1,397				1,145				2,220				4,187
Interest expenses			(32,471	)			(10,731	)			(62,810	)			(19,063	)
Change in fair value of digital assets - receivable			(155	)			-				(16,307	)			-
Change in fair value of digital assets loan			14,846				-				23,809				-
Change in fair value of derivative instruments			12,988				(39,652	)			12,988				165,352
Foreign exchange gains (losses)			(1,722	)			1,846				(2,367	)			3,449
Other net gains (losses)			4,493				(17,324	)			(12,649	)			(18,776	)
Income (loss) before taxation			(102,355	)			(60,076	)			(263,409	)			41,322
Income tax benefit (expense)			11,707				(3,090	)			15,121				3,523
Share of earnings (losses) from equity method investments			(1,630	)			229				(3,517	)			(2,467	)
Net income (loss)			(92,278	)			(62,937	)			(251,805	)			42,378
Net income (loss) per share (in US$)
Basic			(0.37	)			(0.32	)			(1.05	)			0.22
Diluted			(0.37	)			(0.32	)			(1.05	)			(0.57	)
Weighted average number of shares outstanding (thousand shares)
Basic			246,307				193,970				239,886				192,095
Diluted			246,307				193,970				239,886				204,683
Other comprehensive income (loss)
Net income (loss)			(92,278	)			(62,937	)			(251,805	)			42,378
Other comprehensive income (loss) for the period
- Foreign currency translation adjustments			(630	)			(17	)			(48	)			149
Other comprehensive income (loss) for the period, net of tax			(630	)			(17	)			(48	)			149
Total comprehensive income (loss) for the period			(92,908	)			(62,954	)			(251,853	)			42,527

11

BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

		Three months ended June 30,								Six months ended June 30,
(US $ in thousands)		2026				2025				2026				2025
Net cash used in operating activities			(158,523	)			(336,752	)			(505,417	)			(622,025	)
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets			(265,994	)			(111,480	)			(359,740	)			(157,205	)
Purchase of short-term investments			-				(1,000	)			-				(1,000	)
Purchase of long-term investments			-				(200	)			(400	)			(332	)
Proceeds from disposal of short-term investments			900				-				900				-
Proceeds from disposal of property, plant and equipment			1,114				-				1,688				-
Purchase of digital assets			-				-				-				(18,159	)
Proceeds from disposal of digital assets			195,549				100,068				402,392				112,351
Cash paid for the site and gas-fired power project in Alberta, Canada			-				(11	)			-				(21,881	)
Net cash used in investing activities			(68,431	)			(12,623	)			44,840				(86,226	)
Cash flows from financing activities
Proceeds from borrowings			594				17,472				26,594				17,472
Repayment of borrowings			(8	)			(4	)			(26,008	)			(4	)
Borrowings from a related party			60,000				180,000				210,000				180,000
Repayment of borrowings to a related party			(90,000	)			(7,083	)			(149,000	)			(7,083	)
Proceeds from exercise of share-based awards			2,431				1,135				2,501				1,665
Proceeds from issuance of shares for exercise of share warrant			-				50,000				-				50,000
Proceeds from issuance of ordinary shares			463,751				-				491,934				121,837
Transaction costs for the issuance of ordinary shares			(7,011	)			-				(7,433	)			(3,434	)
Repurchase of ordinary shares			-				(9,000	)			(4,000	)			(30,010	)
Proceeds from convertible senior notes, net of transaction costs			(877	)			364,311				363,625				363,192
Repayments made in connection with the extinguishment of convertible senior notes			-				(33,783	)			(93,046	)			(33,783	)
Purchase of zero-strike call option in connection with convertible senior notes			-				(129,607	)			(33,713	)			(129,607	)
Net cash provided by financing activities			428,880				433,441				781,454				530,245
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(3,332	)			1,180				(2,466	)			3,281
Net increase in cash, cash equivalents and restricted cash			198,594				85,246				318,411				(174,725	)
Cash, cash equivalents and restricted cash at the beginning of the period			297,694				233,655				177,877				493,626
Cash, cash equivalents and restricted cash at the end of the period			496,288				318,901				496,288				318,901
Supplemental disclosures of material non-cash investing and financing activities:
Operating lease right-of-use assets and leasehold land obtained in exchange for operating lease liabilities			5,625				7,981				5,625				17,165
Prepayments realized as additions to property, plant and equipment and intangible assets			215,977				-				208,893				5,846
Liabilities assumed in connection with acquisition of property, plant and equipment and intangible assets			16,871				14,618				13,280				15,753
Transfer of inventory to property, plant and equipment			613,042				38,740				796,930				146,788
Cancellation of repurchased treasury shares			-				29,967				35,990				29,967
Issuance of Class A ordinary shares in connection with conversion of convertible senior notes			-				112,951				-				112,951
Borrowings from a related party in digital assets			106,922				-				316,553				-
Repayment of borrowings from a related party in digital assets			142,351				-				242,444				-
Digital assets placed as collateral for borrowings from a related party			105,861				-				357,600				-
Return of digital assets placed as collateral for borrowings from a related party			153,500				-				314,681				-

12

Use of Non-GAAP Financial Measures

In evaluating the Company’s business, the Company considers and uses non-GAAP measures, adjusted EBITDA and adjusted income (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 compensation expense, share of earnings (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 instruments, net gains (losses) on disposal of property, plant and equipment and other net gains (losses), and defines adjusted income (loss) as income (loss) adjusted to exclude share-based compensation expense, share of earnings (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 instruments, net gains (losses) on disposal of property, plant and equipment and other net gains (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.

13

The following table presents a reconciliation of income (loss) for the relevant period to adjusted EBITDA and adjusted loss, for the three months ended June 30, 2026 and 2025.

BITDEER GROUP UNAUDITED NON-GAAP ADJUSTED EBITDA AND ADJUSTED INCOME (LOSS) RECONCILIATION

		Three months ended June 30,								Six months ended June 30,
(US $ in thousands)		2026				2025				2026				2025
Adjusted EBITDA
Net income (loss)			(92,278	)			(62,937	)			(251,805	)			42,378
Add：
Depreciation and amortization			107,729				22,848				202,596				44,952
Income tax (benefit) expense			(11,707	)			3,090				(15,121	)			(3,523	)
Interest income			(1,397	)			(1,145	)			(2,220	)			(4,187	)
Interest expenses			32,471				10,731				62,810				19,063
Share-based compensation expense			6,398				10,170				13,527				20,574
Share of (earnings) losses from equity method investments			1,630				(229	)			3,517				2,467
Change in fair value of digital assets held for operations			4,600				(40,707	)			28,628				(19,398	)
Change in fair value of digital assets-settled receivables and payables			(1,409	)			5,741				(6,468	)			3,190
Change in fair value of digital assets - receivable			155				-				16,307				-
Change in fair value of digital assets loan			(14,846	)			-				(23,809	)			-
Change in fair value of derivative instruments			(12,988	)			39,652				(12,988	)			(165,352	)
Net losses on disposal of property, plant and equipment			17,240				67				17,870				68
Othernet (gains) losses			(4,493	)			17,324				12,649				18,776
Total of Adjusted EBITDA			31,105				4,605				45,493				(40,992	)
Adjusted Loss
Net income (loss)			(92,278	)			(62,937	)			(251,805	)			42,378
Add：
Share-based compensation expense			6,398				10,170				13,527				20,574
Share of (earnings) losses from equity method investments			1,630				(229	)			3,517				2,467
Change in fair value of digital assets held for operations			4,600				(40,707	)			28,628				(19,398	)
Change in fair value of digital assets-settled receivables and payables			(1,409	)			5,741				(6,468	)			3,190
Change in fair value of digital assets - receivable			155				-				16,307				-
Change in fair value of digital assets loan			(14,846	)			-				(23,809	)			-
Change in fair value of derivative instruments			(12,988	)			39,652				(12,988	)			(165,352	)
Net losses on disposal of property, plant and equipment			17,240				67				17,870				68
Other net (gains) losses			(4,493	)			17,324				12,649				18,776
Total of Adjusted Loss			(95,991	)			(30,919	)			(202,572	)			(97,297	)

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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

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