Q4 '25 Su p p le m e n ta l In ve s tor Pre s e n ta tion A le a d in g te c h c om p a n y for th e b loc kc h a in & a c c e le ra te d c om p u te c om m u n itie s Fe b ru a ry 20 26 NASDAQ: BTDR Dis c la im e r & Forwa rd - Lookin g Sta te m e n ts This presentation and the accompanying oral presentation have been prepared by Bitdeer Technologies Group (the "Company") solely for information purpose, and has not been independently verified. By viewing or accessing the information contained in this prese ...

Core Insights - Bitdeer Technologies Group has reported a significant financial turnaround in Q4 2025, achieving a net profit of US$70.5 million compared to a net loss of US$531.9 million in the same quarter of the previous year [5][21][32] - The company is strategically transitioning towards high-performance compute infrastructure and colocation services, anticipating a widening supply/demand imbalance in global AI infrastructure [2][3] - The self-mining operations remain a key component of the business, with a substantial increase in Bitcoin mined and hash rate under management [3][5] Financial Performance - Total revenue for Q4 2025 was US$224.8 million, a significant increase from US$69.0 million in Q4 2024 [5][9] - Cost of revenue rose to US$214.3 million from US$63.9 million, primarily due to higher electricity and depreciation costs [5][14] - Gross profit was US$10.6 million, up from US$5.1 million, with a gross margin of 4.7% compared to 7.4% in the previous year [5][17] Operational Metrics - The total hash rate under management increased to 71.0 EH/s from 21.6 EH/s year-over-year, with self-mining contributing 55.2 EH/s [3][9] - Bitcoin mined through self-mining operations reached 1,673 BTC, a significant increase from 469 BTC in Q4 2024 [5][9] - The number of mining rigs under management grew to 293,000, up from 175,000, with self-owned rigs increasing to 211,000 [3][9] Cash Flow and Balance Sheet - Cash and cash equivalents as of December 31, 2025, were US$149.4 million, down from US$476.3 million a year earlier [5][25] - The company generated net cash from financing activities of US$454.5 million, primarily from convertible senior note issuances [25][34] - Total assets increased to US$2.8 billion from US$1.6 billion year-over-year, reflecting growth in mining rigs and inventories [25][30] Strategic Initiatives - Bitdeer is pursuing a dual-track AI infrastructure strategy, focusing on colocation for large sites while expanding GPU-as-a-service opportunities [2][3] - The company is leveraging its power procurement and infrastructure development capabilities to meet the growing demand for AI compute capacity [2][3] - The operational infrastructure and speed to market are highlighted as competitive advantages in the current market landscape [2][3]

Core Insights - Bitdeer reported a proprietary hashrate of 58 EH/s in December, positioning itself as a strong competitor against industry leaders like MARA, CleanSpark, and IREN [1] - The company mined 636 bitcoin in December 2025, marking a 339% increase year-over-year [1] - Bitdeer's production increase is attributed to the deployment of its SEALMINER rigs, enhancing its self-mining capacity to 55.2 EH/s [1] Mining Performance - Bitdeer's bitcoin production of 636 in December significantly narrows the gap with CleanSpark's 622 bitcoin and MARA's implied hashrate of 60.4 EH/s [2] - IREN achieved a hashrate of 50 EH/s last year but paused operations to focus on AI initiatives [2] Technology Development - The company is advancing its next-generation SEAL04 chips, which have shown power efficiency of 6-7 J/TH, with mass production expected in Q1 2026 [3] - Bitdeer sold approximately 1.4 EH/s of SEALMINER A2 units to external parties in December [3] Diversification Efforts - Beyond bitcoin mining, Bitdeer is testing high-performance computing equipment in Southeast Asia, deploying NVIDIA GB200 systems in Malaysia [4] - The company plans to publicly launch its cloud service in January 2026 and is exploring data center leasing opportunities in the U.S. [4] Financial and Operational Capacity - As of December 31, Bitdeer held 2,017 bitcoin and manages a total global electrical capacity of 1,658 megawatts across various locations [5] - Ongoing construction includes a 570-megawatt site in Clarington, Ohio, expected to be operational by Q3 2026, and design work for AI data center conversion in Norway [5]

Core Insights - Bitdeer Technologies Group is establishing a bitcoin mining ASIC manufacturing facility near Reno, Nevada, to enhance its production capabilities and address operational challenges [1][2] Group 1: Facility and Expansion - Bitdeer has leased 187,632 square feet of industrial space in Sparks, Nevada, for the production of its SEALMINER bitcoin mining computer line [2] - The facility will serve as Bitdeer's primary U.S. assembly hub for mining rigs, with customized improvements to support manufacturing [3][4] - The location was chosen for its logistics capabilities, workforce availability, and business-friendly environment, which includes proximity to Silicon Valley and access to a skilled labor pool [4] Group 2: Operational Challenges - The company is facing delays in the design of its SEAL04 ASIC chip for the SEALMINER A4, which did not meet performance expectations, prompting plans for an improved version [5] - Bitdeer is under legal scrutiny due to a class action lawsuit alleging misleading information regarding the production schedule of the SEAL04 ASIC chip, with claims that the company assured investors of timely mass production by 2025 [6] Group 3: Market Reaction - Following the announcement of the new manufacturing facility, Bitdeer's shares rose by 3.68% at market open [7]

Core Insights - Bitdeer Technologies Group reported significant growth in Bitcoin production and self-mining hashrate, with a year-over-year increase of 251% in Bitcoin mined, totaling 526 Bitcoins in November 2025 [5][7] - The company is actively scaling its AI cloud services, achieving an Annual Recurring Revenue (ARR) of approximately $10 million, up from $8 million in October 2025, indicating strong market demand [5][6] Operational Update - The total proprietary hash rate deployed increased to 47.3 EH/s in November 2025, up from 41.3 EH/s in October 2025 [3][7] - The cumulative deployment of SEALMINER A2 reached 34.3 EH/s, while SEALMINER A3 saw a deployment of 0.6 EH/s [3] - The total hash rate under management as of November 30, 2025, was 60.3 EH/s, compared to 55.5 EH/s in October 2025 [7] SEALMINER R&D - The SEAL04-1 chip demonstrated improved power efficiency of approximately 6-7 J/TH, with mass production targeted for Q1 2026 [6] - The company plans to continue deploying SEALMINER mining rigs while retiring older-generation third-party rigs [5] Infrastructure and Operations - Bitdeer has secured a 2 MW AI data center lease in Malaysia, expected to launch by year-end 2025 [6] - The company is actively evaluating U.S. data center leasing opportunities to enhance its AI cloud services, with several projects in various stages of development [10][13] - Total global electrical capacity stands at 2,992 MW, with ongoing projects expected to increase capacity further [13][14] Management Commentary - The Chief Business Officer highlighted expectations to achieve a self-mining hashrate milestone of 50 EH/s by year-end 2025, with continued growth planned through 2026 [7] - The company is focused on scaling its GPU infrastructure to meet the growing demand for high-performance computing [7]

Core Insights - Bitdeer Technologies Group (NASDAQ:BTDR) is identified as an overlooked tech stock with potential investment opportunities [1] Financial Performance - In Q3 2025, Bitdeer reported a revenue increase of 173.6% year-over-year, reaching $169.7 million, with gross profit at $40.8 million and adjusted EBITDA at $43.0 million [3] - The company ended the quarter with $246.2 million in registered crypto assets and $196.3 million in cash and equivalents [3] - Despite strong operational execution, Bitdeer experienced a net loss of $32.8 million due to increased borrowing costs and operating expenses [4] Operational Highlights - Growth in self-mining operations was a key driver of performance, compensating for declines in cloud hashrate and general hosting [4] - The introduction of SEALMINER sales and early HPC/AI deployments created new revenue streams for the company [4] Future Outlook - Bitdeer is positioned for long-term growth with a 3.0 GW power portfolio and a strong R&D pipeline, aiming to meet the rising demand for Bitcoin mining and AI compute services [5] - The company is focused on mass production of the first-generation A4 chip in Q1 2026 and developing HPC/AI contracts as potential growth catalysts [2]

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]