Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $169.7 million, representing a year-over-year increase of 173.6% and a sequential increase of 9.1% [4][16] - 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 [16][17] - Adjusted EBITDA improved to $43 million, up from negative $7.9 million in Q3 2024 and positive $17.3 million in Q2 2025 [19] - Net loss for the quarter was $266.7 million, compared to $50.1 million in Q3 2024 and $147.7 million in Q2 2025 [18] 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 [16][19] - Seal Miner sales revenue was $11.4 million, compared to $0 in Q3 2024 and $69.5 million in Q2 2025 [16] Market Data and Key Metrics Changes - The average operating self-mining hash rate increased to 29.1 exahash per second, with a target of 40 exahash per second achieved by the end of October 2025 [4][5] - The company operates 584 GPUs with an 87% utilization rate in its AI Cloud Services business, reaching an annualized revenue run rate of $8 million [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, focusing on three strategic pillars: Bitcoin mining, ASIC development, and HPC AI [4][6] - Plans to develop data centers using an internal team and strategic hiring, moving away from a joint venture model due to increased market demand [8][9] - Expansion of AI cloud services into Malaysia, the U.S., and Europe is underway, targeting small to mid-sized enterprises and traditional U.S. customers [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth and efficiency improvements in the self-mining business, anticipating significant growth throughout 2026 [5][19] - The supply and demand imbalance for AI compute is expected to persist into 2027, with potential annualized revenue exceeding $2 billion from AI cloud services by the end of 2026 [12][19] 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 ended the quarter with $196.3 million in cash and cash equivalents, and $824.3 million in borrowings excluding derivative liabilities [22] 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 HPC opportunities [25][26] Question: Details on the Niles, Ohio site acquisition - The Niles site was acquired a few months prior, providing long-term optionality for future developments [28] Question: Reason for the delay of the Seal 04 chip - The delay is due to complexities in implementation and design flow changes [30] Question: Demand comparison between Norway and U.S. sites - Norway's site is seeing high demand due to its low power availability and tier three data center readiness [32][33] Question: Financing options for HPC AI development - Currently, there is no joint venture partner; the company is pursuing development independently [36] Question: Customer base expectations for AI cloud services - The customer base is expected to be a mix of small to mid-sized companies and larger enterprises [40]

Financial Performance - Total revenue for Q3 2025 was $169.7 million[9, 11], a significant increase compared to $62.0 million in Q3 2024[9] - Adjusted EBITDA for Q3 2025 reached $43.0 million[9, 11], a substantial improvement from $(7.9) million in Q3 2024[9] - The company reported a net loss after tax of $266.7 million for Q3 2025[11] - Cash and cash equivalents stood at $196.3 million, with a crypto balance of $246.2 million[11] Operational Highlights - Self-mining operations saw a significant increase, with the number of BTC mined rising from 565 in Q2 2025 to 1,109 in Q3 2025[13], a roughly 96% increase - The company achieved a hash rate of 41.2 EH/s as of October 31, 2025[11], compared to 14.2 EH/s in October 2025[13], a roughly 190% increase - Sales of SEALMINERs contributed $11.4 million in revenue from 0.8 EH/S of mining rigs sold in Q3 2025[15] Strategic Initiatives and Infrastructure - The company is expanding its HPC/AI strategy across multiple initiatives[11, 22] - The Clarington, Ohio site with 570 MW electrical capacity is expected to be available by Q3 2026[11, 32] - The company has a global scale with a strong power pipeline, aiming to have 2.1 GW of power capacity online by Q4 2026[60]

Financial Performance - Total revenue for Q3 2025 was $169.7 million, a significant increase from $62.0 million in Q3 2024, representing a year-over-year growth of 173.5%[11] - Self-mining revenue reached $130.9 million, up 415.5% from $31.5 million in the same quarter last year, driven by a 273.1% increase in average self-mining hashrate to 29.1 EH/s[11] - Adjusted EBITDA improved to $43.0 million compared to a negative $7.9 million in Q3 2024, reflecting a strong operational performance[19] - Gross profit was $40.8 million, up from $2.8 million, resulting in a gross margin of 24.1%, compared to 4.5% in the previous year[20] - Operating loss for Q3 2025 was $231.6 million, compared to a loss of $53.6 million in Q3 2024[31] - Total comprehensive loss for Q3 2025 was $266.7 million, compared to a loss of $50.1 million in Q3 2024[31] - Basic loss per share for Q3 2025 was $1.28, compared to $0.35 in Q3 2024[31] Cash Flow and Liquidity - Cash and cash equivalents decreased to $196.3 million from $291.3 million year-over-year, indicating a cash outflow primarily from operating activities[27][28] - Cash used in operating activities for Q3 2025 was $511.2 million, up from $90.2 million in Q3 2024[32] - Net cash generated from financing activities in Q3 2025 was $388.2 million, compared to $168.1 million in Q3 2024[32] - The company reported a total cash and cash equivalents of $196.3 million at the end of Q3 2025[32] Research and Development - Research and development expenses increased by 57.4% year-over-year to $39.1 million, driven by costs associated with the SEAL04 chip development[20] - Research and development expenses for Q3 2025 were $39.1 million, up from $24.8 million in Q3 2024[31] Inventory and Assets - The company reported $231.5 million in inventories, up from $64.9 million, reflecting increased production of SEALMINERs[28] - Total assets as of September 30, 2025, were $2.437 billion, compared to $1.558 billion at the end of 2024, indicating significant growth in the company's asset base[29] Capital Expenditures - Capital expenditures for 2025 are projected to be between $210 million and $240 million, focusing on global power and data center infrastructure[22]

Core Insights - Bitdeer Technologies Group reported a revenue of $169.7 million for Q3 2025, marking a year-over-year increase of 173.6% and a sequential growth of 9.1% [2][4] - The company achieved an adjusted EBITDA of $43.0 million, a significant improvement from a negative $7.9 million in the same quarter last year [2][19] - Bitdeer is expanding its AI strategy and has commenced mass production of the SEALMINER A3, with early samples showing promising power efficiency [1][2] Financial Performance - Total revenue for Q3 2025 was $169.7 million compared to $62.0 million in Q3 2024 [4][14] - Cost of revenue increased to $128.9 million from $59.3 million, primarily due to higher electricity usage and costs associated with SEALMINER sales [4][12] - Gross profit rose to $40.8 million, resulting in a gross margin of 24.1%, up from 4.5% in the previous year [4][15] Operational Metrics - The total hash rate under management increased to 49.2 EH/s from 17.1 EH/s year-over-year, with self-mining hash rate reaching 35.0 EH/s [3][4] - The number of mining rigs under management grew to 241,000, up from 165,000 in the previous year [3] - Bitcoin mined through self-mining operations increased to 1,109 from 511 year-over-year [3] AI and Infrastructure Development - The company is focusing on AI cloud services, with a potential revenue run-rate exceeding $2 billion by the end of 2026 if 200 MW of power capacity is allocated to AI [2] - As of October 31, 2025, Bitdeer has a total electrical capacity of 1,611 MW, with additional pipeline capacity of 1,381 MW planned [6] Balance Sheet and Cash Flow - As of September 30, 2025, Bitdeer had cash and cash equivalents of $196.3 million and a crypto balance of $246.2 million [4][24] - The company reported a net loss of $266.7 million for the quarter, compared to a net loss of $50.1 million in Q3 2024 [4][17] - Net cash used in operating activities was $520.3 million, driven by supply chain and manufacturing costs [23]

Core Insights - Bitdeer Technologies Group reported an increase in self-mining hashrate to 41.2 EH/s, surpassing its target of 40 EH/s, driven by the deployment of SEALMINER mining rigs [1][4][6] - The company mined 511 Bitcoins in October 2025, reflecting a 13% increase from September 2025 [4][7] - Bitdeer achieved an annual recurring revenue (ARR) of US$8 million from its AI cloud services, supported by strong customer demand for NVIDIA B200 systems [5][6] Mining Operations - The total proprietary hash rate deployed reached 41.3 EH/s in October 2025, up from 35.0 EH/s in September 2025 [2][7] - The company has 254,000 mining rigs under management, with 166,000 self-owned and 88,000 hosted [7] - The total hash rate under management increased to 55.5 EH/s, compared to 49.2 EH/s in September 2025 [7] SEALMINER Development - The SEALMINER A3 and A2 models are in final assembly, with the A3 model achieving a hashrate of 0.3 EH/s and the A2 model at 2.6 EH/s [2] - The first SEAL04 chip demonstrated power efficiency of approximately 6-7 J/TH, with mass production targeted for Q1 2026 [5][6] Infrastructure Updates - The company has completed construction of several data centers, including a 175 MW site in Tydal, Norway, and a 50 MW site in Oromia, Ethiopia, with 40 MW already energized [10][15] - Ongoing projects include a 221 MW site in Massillon, Ohio, expected to be fully energized by Q1 2026 [13][15] - The total global electrical capacity across all sites is 2,992 MW, with additional pipeline capacity of 1,381 MW [12][14] AI Cloud Services - Bitdeer deployed 584 GPUs with an 87% utilization rate, indicating strong demand for its AI cloud services [5][6] - The company is expanding its GPU infrastructure and has placed orders for NVIDIA's next-generation systems, expected to be delivered in December 2025 [5][6]

Core Viewpoint - Bitdeer Technologies Group is set to announce its third quarter 2025 earnings results on November 10, 2025, with a conference call scheduled for 8:00 AM EST to discuss the unaudited financial and operational results for the quarter ending September 30, 2025 [1][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 [5]. - The company is headquartered in Singapore and has deployed data centers in the United States, Norway, and Bhutan [5]. Conference Call Details - The earnings results will be released at approximately 7:00 AM EST on November 10, 2025, prior to the conference call [2]. - Participants can join the call by registering through a provided link, receiving necessary access details via email [3]. - A live and archived webcast of the conference call will be available on Bitdeer's Investor Relations website [4].

Group 1 - Bitdeer Technologies Group (NASDAQ:BTDR) is considered a hot tech stock by Wall Street analysts, with B. Riley raising its price target from $17 to $32 while maintaining a Buy rating [1][2] - The increase in price targets for companies focused on high-performance computing (HPC) averaged 78%, with a 5% rise in 2026 forecasts [1][2] - Strong demand for AI-related power and data centers is driving the performance of these companies, despite recent stock pullbacks [2] Group 2 - Bitdeer operates as a technology company for blockchain and HPC across multiple countries, including Singapore, the US, Bhutan, and Norway [3] - While Bitdeer is acknowledged as a potential investment, certain AI stocks are believed to offer greater upside potential with less downside risk [3]

Core Insights - Jane Street Capital has disclosed its stakes in three major Bitcoin mining companies, indicating a significant interest in the cryptocurrency sector [1][2]. Company Holdings - Jane Street Capital's Schedule 13Gs filed on October 23 revealed holdings in Bitcoin mining companies, leading to notable stock price increases [2]. - Cipher Mining (Nasdaq: CIFR) stock surged by 19.9%, reaching an intraday high of $20.69 [2]. - Hut 8 (Nasdaq: HUT) stock increased by up to 15%, hitting an intraday high of $46.82 [2]. - Bitfarms (Nasdaq: BITF) stock rose by 10%, reaching an intraday high of $4.77 [3]. - HIVE Digital Technologies (Nasdaq: HIVE) stock also rose around 15%, reaching $5.86 [3]. - Bitdeer Technologies Group (Nasdaq: BTDR) saw an increase of more than 7%, hitting $23.70 [3]. Industry Context - Jane Street Capital is involved in the cryptocurrency space, having participated in Kraken's recent $500 million funding round [4]. - The company has historical ties to the crypto industry, as notable figures like Sam Bankman-Fried and Caroline Ellison previously worked at Jane Street before entering the crypto market [4].

Core Viewpoint - Benchmark raised the price target for Bitdeer Technologies to $38 from $24, indicating over 50% upside potential despite a recent 70% rally in shares [1][2] Group 1: Company Strategy - Bitdeer is focusing on in-house AI data center development, which is part of a three-part strategy that includes next-gen SEALMINER rigs and BTC self-mining [2] - The company aims to control the entire value chain, from power and land to design and operations, which is expected to enhance margins and accelerate monetization as it expands into AI and high-performance computing [2] Group 2: Financial Projections - Bitdeer plans to leverage its approximately 3 GW global power pipeline across multiple countries to generate over $2 billion in annualized revenue by late 2026 [3] - The stock is currently trading at a discount compared to peers, with a 4.3x FY26 EV/revenue multiple versus the peer average of 8.6x, suggesting further upside potential [5] Group 3: Operational Developments - The company is advancing its Clarington, Ohio site for bitcoin mining, which will have the flexibility to convert to AI workloads, with 570 MW of power confirmed to be available ahead of schedule [4] - Bitdeer is also converting its 175 MW Tydal Phase 2 site in Norway into an AI data center by the end of 2026, which is expected to be at a lower cost than constructing a new facility [4]

Market Overview - U.S. stock futures are lower, with Dow futures dropping over 200 points on Friday [1] Company-Specific Movements - Bitfarms Ltd (NASDAQ:BITF) shares fell 9.5% to $4.78 in pre-market trading after announcing the pricing of upsized $500 million convertible senior notes [1] - American Battery Technology Co (NASDAQ:ABAT) shares tumbled 19.8% to $4.55 in pre-market trading, following a 37% decline on Thursday due to the termination of a Department of Energy grant [3] - HIVE Digital Technologies Ltd (NASDAQ:HIVE) shares dipped 18.2% to $4.78 in pre-market trading after a 14% decline on Thursday [3] - Standard Lithium Ltd (NYSE:SLI) shares declined 17.3% to $4.45 in pre-market trading after pricing a $130 million underwritten public offering [3] - Almonty Industries Inc (NASDAQ:ALM) slipped 16.4% to $7.11 in pre-market trading after a 12% dip on Thursday [3] - Mesoblast Ltd (NASDAQ:MESO) declined 13.7% to $15.63 in pre-market trading [3] - Jumia Technologies AG – ADR (NYSE:JMIA) shares fell 13.2% to $10.31 in pre-market trading [3] - Terawulf Inc (NASDAQ:WULF) shares fell 13.1% to $12.05 after reporting the pricing of $3.2 billion of senior secured notes [3] - Diginex Ltd (NASDAQ:DGNX) shares slipped 13.1% to $14.45 after an 18% decline on Thursday [3] - Aeluma Inc (NASDAQ:ALMU) shares fell 12.1% to $16.46 in pre-market trading [3] - Compass Diversified Holdings (NYSE:CODI) declined 11.7% to $6.60 in pre-market trading after an 8% gain on Thursday [3] - Integra Resources Corp (NYSE:ITRG) fell 11.3% to $2.89 in pre-market trading [3] - Forward Industries Inc (NASDAQ:FORD) fell 10.8% to $22.00 in pre-market trading [3] - Bruker Corp (NASDAQ:BRKR) declined 10.3% to $34.25 in pre-market trading [3] - Inter & Co Inc (NASDAQ:INTR) fell 10% to $8.04 in pre-market trading [3] - Hut 8 Corp (NASDAQ:HUT) fell 8.5% to $44.59 in pre-market trading after a 10% dip on Thursday [3] - Bitdeer Technologies Group (NASDAQ:BTDR) fell 8.2% to $23.75 in pre-market trading [3] - CleanSpark Inc (NASDAQ:CLSK) fell 7.5% to $18.49 in pre-market trading [3] - Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) fell 5.3% to $83.96 in pre-market trading [3]