How far can Bitdeer Technologies Group (NASDAQ:BTDR) shift from bitcoin mining to AI cloud?

Sonal Goyal

28 October 2026 04:59 PM AEDT

How far can Bitdeer Technologies Group (NASDAQ:BTDR) shift from bitcoin mining to AI cloud?

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Key Highlights

Bitdeer reported second-quarter 2026 Revenue of $228.8 million, up from $155.6 million, with a net loss of $92.3 million.
AI cloud revenue reached $14.0 million, up from $1.3 million, and a 16-year, $4.7 billion Lease at Tydal, Norway covers 121 MW of IT load.
Borrowings were about $1.8 billion, and financing provided $428.9 million of cash in the quarter.

Latest results

Bitdeer Technologies Group (NASDAQ:BTDR) last published full financial results on 10 August 2026 for the quarter ended 30 June 2026. The figures are unaudited and, since 1 January 2026, are prepared under U.S. GAAP rather than IFRS, with prior periods recast.

Revenue rose to $228.8 million from $155.6 million a year earlier. Gross Profit swung to a loss of $8.5 million, against a $12.0 million profit in the second quarter of 2025, and the net loss widened to $92.3 million from $62.9 million. Adjusted EBITDA, a non-GAAP measure, improved to $31.1 million from $4.6 million.

Mining scale and the AI cloud pivot

The company's operational summary showed self-mining hashrate of 73.0 exahashes per second, compared with 16.5 EH/s a year earlier, although the management discussion cites an average of 69.5 EH/s, so the two measures are not identical. Either way, the increase in Mining capacity is large.

AI cloud revenue reached $14.0 million, up from $1.3 million. The release lists 2 megawatts online in Cyberjaya, Malaysia, with a further 9.5 MW targeted there for the fourth quarter of 2026 and 21.7 MW in Johor Bahru for the first quarter of 2027. Those pipeline figures are targets rather than delivered capacity.

The largest announced project is at Tydal, Norway: a 16-year lease valued at $4.7 billion with Volta, covering 121 megawatts of IT load for what the company describes as a leading AI laboratory. Phase 1, at 66.5 MW, is targeted for the fourth quarter of 2026.

Balance sheet and funding

Cash, cash equivalents and restricted cash stood at $496.3 million at 30 June 2026, up from $297.7 million at the end of March. Digital Assets and related receivables were $196.9 million. Borrowings were about $1.8 billion.

Operating activities used $158.5 million of cash in the quarter and investing activities used $68.4 million. Financing provided $428.9 million, including $517.3 million of gross borrowings and at-the-market Equity proceeds. The pattern shows a Business funding rapid expansion largely with external capital.

Project risks and timing

The release is explicit that several sites face scheduling uncertainty. Reconstruction of fire-damaged buildings at Massillon, Ohio, is under way, with energisation targeted for the end of the third quarter of 2026, and the company booked $4.3 million of insurance compensation. The Knoxville, Tennessee, project has been redesigned for larger deployments, with completion now targeted for the third quarter of 2027.

At Clarington, Ohio, 570 MW is under contract, but timing may be affected by legal proceedings brought by a neighbouring company. Fox Creek, Alberta, a 101 MW site with an on-site gas plant, is now expected to be energised in the fourth quarter of 2027, and the 300 MW Weathersfield, Ohio, site is targeted for the fourth quarter of 2028.

What to watch

Several points merit attention: whether Phase 1 at Tydal reaches its fourth-quarter 2026 target, and whether the Massillon site is energised on schedule. The next Quarterly Report will show whether gross Margin recovers as hashrate grows and whether AI cloud revenue continues to scale from a small base. The trajectory of borrowings and equity issuance is also relevant, given the financing inflows disclosed in the second quarter.

FAQs

Q: What were Bitdeer's second-quarter 2026 results?

A: Revenue was $228.8 million, up from $155.6 million, with a gross loss of $8.5 million and a net loss of $92.3 million. Adjusted EBITDA was $31.1 million.

Q: What is the Tydal project?

A: Tydal, Norway is a 16-year lease valued at $4.7 billion with Volta, covering 121 megawatts of IT load. Phase 1, at 66.5 MW, is targeted for the fourth quarter of 2026.

Q: How is Bitdeer funding its expansion?

A: Financing provided $428.9 million in the quarter, including $517.3 million of gross borrowings and at-the-market equity proceeds. Borrowings were about $1.8 billion.

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