Core Viewpoint - Bitdeer Technologies Group plans to offer $400 million in Convertible Senior Notes due 2031, with an option for an additional $60 million, to qualified institutional buyers, subject to market conditions [1][2] Group 1: Notes Offering - The notes will be senior unsecured obligations of Bitdeer, accruing interest payable semiannually, with conversion options including cash, Class A ordinary shares, or a combination of both [2] - The interest rate and conversion terms will be determined at the time of pricing [2] Group 2: Use of Proceeds - Proceeds from the notes offering will be used for capped call transactions, datacenter expansion, ASIC mining rig development, and general corporate purposes [3] - If additional notes are purchased, proceeds will similarly support capped call transactions and business expansions [3] Group 3: Capped Call Transactions - Bitdeer plans to enter capped call transactions to mitigate potential dilution from the conversion of the notes [4] - These transactions will cover the number of Class A ordinary shares underlying the notes [4] Group 4: Concurrent Offerings - Bitdeer intends to conduct a registered direct offering of Class A ordinary shares to fund the repurchase of its 5.25% convertible senior notes due 2029 [8][9] - The completion of the registered direct offering is contingent on the successful execution of the notes offering and note repurchase transactions [9] Group 5: Market Activity - The option counterparties may engage in derivative transactions that could influence the market price of Class A ordinary shares and the notes [5][6] - Hedged holders of the November 2029 notes may unwind their hedge positions, potentially impacting the market price of the shares [10] Group 6: Company Overview - Bitdeer is a leading technology company specializing in Bitcoin mining and AI cloud services, with operations in the United States, Norway, and Bhutan [13] - The company provides comprehensive solutions for Bitcoin mining, including equipment procurement and datacenter management [13]

Core Viewpoint - Bitdeer Technologies Group plans to offer Class A ordinary shares to holders of its 5.25% convertible senior notes due 2029 in a registered direct offering, subject to market conditions [1][2]. Group 1: Offering Details - The number of Class A ordinary shares and their price will be determined at the pricing of the registered direct offering [1]. - The registered direct offering is contingent on the completion of a separate notes offering and note repurchase transactions [2]. - Barclays Capital Inc. is acting as the placement agent, while ICR Capital LLC serves as the financial advisor for the offering [4]. Group 2: Use of Proceeds - Net proceeds from the registered direct offering will be used, along with proceeds from a separate notes offering, to repurchase a portion of the November 2029 notes [2]. Group 3: Company Overview - Bitdeer is a leading technology company specializing in Bitcoin mining and AI cloud solutions, providing comprehensive services including equipment procurement, logistics, datacenter design, and operations [5]. - The company is headquartered in Singapore and has datacenters in the United States, Norway, and Bhutan [5].

Core Insights - A fire at Bitdeer's Massillon, Ohio site affected two buildings, but no injuries were reported and the cause is under investigation [1][2][3] - The facility was under construction, with no mining equipment installed, and the fire is not expected to impact the company's operational hashrate [2] - Bitdeer reported a net loss of $266.7 million in Q3, leading to a significant drop in share price, which fell over 31% in the last five trading days [4] - The company is expanding its operations beyond mining to capitalize on the demand for computing power driven by generative artificial intelligence [5]

Core Points - Bitdeer Technologies Group reported a fire incident at its under-construction facility in Massillon, Ohio on November 12, 2025 [1][2] - The fire was extinguished quickly by firefighters, with no personal injuries reported and only 2 out of 26 buildings sustaining damage [2] - No mining equipment was installed at the time of the incident, and the company does not expect any impact on its current operational hashrate [2] Company Overview - Bitdeer is a leading technology company specializing in Bitcoin mining and AI cloud solutions, providing comprehensive services including equipment procurement, logistics, data center design, and daily operations [3] - The company is headquartered in Singapore and has deployed data centers in the United States, Norway, and Bhutan [3]

Core Viewpoint - Bitdeer Technology Group reported a significant net loss of $266.7 million in Q3, which is an increase of approximately 422% year-over-year, and the earnings per share were $1.28, falling short of market expectations [1] Financial Performance - The company's revenue for the quarter reached $169.7 million, representing a substantial increase of nearly three times compared to approximately $62 million from the previous year [1] - Despite the revenue growth, the stock price of BTDR fell by about 20% on Monday, reversing gains made in recent months [1] Strategic Direction - The company indicated plans to continue increasing investments in high-performance computing and AI [1]

Market Overview - The US Senate made significant progress on funding issues, leading to a collective rise in major US stock indices on Monday, with the Dow Jones up 0.81%, S&P 500 up 1.54%, and Nasdaq Composite up 2.27% [1] - Market risk appetite has rebounded, with heavyweight AI stocks like Nvidia and Palantir leading the gains [1] Technology Sector Performance - Major tech stocks saw widespread gains, with Nvidia rising 5.79%, adding $265 billion (approximately 1.89 trillion RMB) to its market capitalization [3] - Other notable performers included AMD up over 4%, Google and Tesla up over 3%, and Microsoft, Amazon, and Netflix up over 1% [3] Earnings Reports - CoreWeave reported Q3 revenue of $1.36 billion, exceeding analyst expectations of $1.29 billion, with a net loss of $110.1 million, better than the anticipated loss of $299.6 million [5] - Occidental Petroleum's Q3 revenue was $6.717 billion, slightly above the market expectation of $6.679 billion [5] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose 2.25%, with notable gains in Chinese stocks such as Xpeng Motors up over 16% and Baidu up over 5% [5] Federal Reserve Insights - Several Federal Reserve officials expressed concerns about the potential economic impact of maintaining high interest rates for too long, indicating a cooling labor market [9] - Morgan Stanley and other Wall Street firms maintain a bullish outlook on US stocks, citing strong corporate earnings growth as a driving factor for further market increases in 2026 [9] AI Sector Outlook - Analysts indicate that the "AI fundamental narrative" supporting the bull market remains intact, suggesting significant buying opportunities during market pullbacks [11] - UBS forecasts that the S&P 500 could reach a record 7,500 points by the end of 2026, reflecting an over 11% increase from current levels, driven largely by technology companies [10]

Core Insights - Bitdeer Technologies Group (BTDR) reported a revenue of $169.71 million for the quarter ended September 2025, marking a significant increase of 173.6% year-over-year [1] - The earnings per share (EPS) for the quarter was -$1.28, a decline from -$0.35 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $161.14 million by 5.32%, while the EPS fell short of the consensus estimate of -$0.22 by 481.82% [1] Financial Performance Metrics - Bitdeer mined 1,109 bitcoins, surpassing the two-analyst average estimate of 1,043 [4] - Revenue breakdown includes: - Self-mining: $130.9 million, exceeding the average estimate of $102.03 million [4] - Membership hosting: $14 million, above the estimated $12.05 million [4] - SEALMINERs and Accessories: $11.4 million, significantly below the average estimate of $47.4 million [4] - General hosting: $8.4 million, slightly above the estimated $8.25 million [4] Stock Performance - Shares of Bitdeer Technologies Group have returned +23.7% over the past month, compared to a +0.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

分组1 - Bitdeer Technologies Group (BTDR) reported a quarterly loss of $1.28 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.22, representing an earnings surprise of -481.82% [1] - The company posted revenues of $169.71 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 5.32%, and showing a substantial increase from $62.03 million in the same quarter last year [2] - Over the last four quarters, Bitdeer has surpassed consensus revenue estimates three times, indicating some positive momentum in revenue generation [2] 分组2 - The stock has underperformed the market, gaining about 1.5% since the beginning of the year compared to the S&P 500's gain of 14.4% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.04 on revenues of $210.45 million, while for the current fiscal year, it is $0.89 on revenues of $597.33 million [7] - The Zacks Industry Rank places Technology Services in the top 34% of over 250 Zacks industries, suggesting a favorable outlook for companies within this sector [8]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $169.7 million, representing a 173.6% increase year-over-year and a 9.1% increase sequentially [4][17] - Gross profit was $40.8 million, with a gross margin of 24.1%, compared to 4.5% in Q3 2024 and 8.2% in Q2 2025 [17][18] - Adjusted EBITDA was positive $43 million, a significant improvement from negative $7.9 million in Q3 2024 [21] - Net loss for the quarter was $266.7 million, compared to $50.1 million in Q3 2024 [20][24] Business Line Data and Key Metrics Changes - Self-mining revenue was $130.9 million, up 315.6% year-over-year and 120.7% sequentially, driven by a 273.1% year-over-year increase in self-mining hash rate [17][21] - Seal Miner sales revenue was $11.4 million, compared to $0 in Q3 2024 and $69.5 million in Q2 2025 [17] Market Data and Key Metrics Changes - The average operating self-mining hash rate increased to 29.1 exahash per second, a 273.1% year-over-year and 105.4% sequential increase [5][17] - As of the end of October, the company achieved 41.2 exahash per second, surpassing its target of 40 exahash per second [6] Company Strategy and Development Direction - The company aims to transition from a Bitcoin mining leader to a vertically integrated Bitcoin infrastructure and AI platform [4] - Future growth will focus on three strategic pillars: Bitcoin mining, ASIC development, and HPC AI [7] - The company plans to develop data centers using its internal team and strategic hiring, moving away from a joint venture model [8][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth in self-mining and AI cloud services, anticipating significant demand in both sectors [12][78] - The supply and demand imbalance for AI compute is expected to persist well into 2027, with potential revenue exceeding $2 billion by the end of 2026 from AI cloud services [12][78] Other Important Information - The company has a total available electrical capacity of approximately 1.6 gigawatts and a global power pipeline of about 3 gigawatts [14] - The company is actively seeking low-cost power sites globally to reinforce its competitive advantage [15] Q&A Session Summary Question: What is the progression of the HPC opportunity? - Management confirmed simultaneous expansion in Malaysia and the U.S. for AI cloud services [36] Question: Are all AI services focused on NVIDIA? - Currently, all AI initiatives are largely NVIDIA-based, with no plans to develop proprietary AI chips [39] Question: What was the process for acquiring the Niles, Ohio site? - The Niles site was strategically acquired to provide long-term optionality, with energization expected in Q1 2029 [41] Question: What caused the delay in the Seal 04 miner chip? - The delay is due to the complexity of implementing new architecture and design changes [46] Question: How will the company decide between cloud service and co-location? - The primary focus is on AI cloud services, with co-location being opportunistic [54] Question: What is the expected return on invested capital for cloud services versus co-location? - The return profiles differ significantly, influenced by construction costs and end-user requirements [95]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $169.7 million, up 173.6% year-over-year and up 9.1% sequentially [4][17] - Gross profit was $40.8 million, with a gross margin of 24.1%, compared to 4.5% in Q3 2024 and 8.2% in Q2 2025 [17][18] - Adjusted EBITDA increased to $43 million, a significant improvement from negative $7.9 million in Q3 2024 [20] - Net loss for the quarter was $266.7 million, compared to $50.1 million in Q3 2024 [19][23] Business Line Data and Key Metrics Changes - Self-mining revenue was $130.9 million, up 315.6% year-over-year, driven by a 273.1% increase in self-mining hash rate [17][20] - Seal Miner sales revenue was $11.4 million, compared to $0 in Q3 2024 [17] Market Data and Key Metrics Changes - The average operating self-mining hash rate increased to 29.1 EH/s, with a further increase to 41.2 EH/s by the end of October [5][6] - The company expects continued improvement in energy efficiency across its fleet, which will enhance margins and profitability [6] Company Strategy and Development Direction - Bitdeer is transitioning from a Bitcoin mining leader to a vertically integrated Bitcoin infrastructure and AI platform [4] - The company plans to focus on three strategic pillars: Bitcoin mining, ASIC development, and HPC AI [7] - A shift towards developing data centers internally rather than through joint ventures was announced, allowing for greater flexibility and control [8][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for AI compute and expects the supply-demand imbalance to persist into 2027 [12] - The company anticipates significant growth in its self-mining operations and AI cloud services, with a potential annualized revenue run rate exceeding $2 billion by the end of 2026 [12][20] Other Important Information - The company has fully energized its TDEL site in Norway and the 500 MW site in Jigmaling, Bhutan, increasing its total electrical capacity to approximately 1.6 GW [14] - A new 300 MW site in Niles, Ohio is on track for energization in Q1 2029 [15] Q&A Session Summary Question: Progression of HPC opportunity and expansion into the U.S. - Management confirmed simultaneous progress in Malaysia and the U.S. for AI cloud services [34] Question: Delay of the Seal 04 Miner chip - The delay is due to complexities in implementation and design changes, but confidence in the technology remains high [43][87] Question: Demand comparison between Norway and U.S. sites - Demand in Norway is driven by low power availability and the site's readiness for AI data center conversion, potentially higher than U.S. sites [51] Question: Financial options for HPC AI capacity development - Currently, there is no joint venture partner for HPC AI development, and the company is pursuing opportunities independently [60] Question: Customer base expectations for AI cloud revenue - The customer base is expected to be a mix of small to medium enterprises and larger customers, contributing to the projected revenue [74]