Core Insights - Bitdeer Technologies Group reported significant revenue growth in Q4 2025, with a year-over-year increase of 225.8% to $224.8 million, driven by self-mining and AI infrastructure initiatives [4][7] - Despite the revenue surge, gross profit fell to $10.6 million, reflecting a gross margin of 4.7%, down from 24.1% in the previous quarter, primarily due to lower Bitcoin prices, increased electricity costs, and a change in depreciation methodology [3][7] Financial Performance - The company posted an adjusted EBITDA of $31.2 million for Q4 2025, down from $39.6 million in Q3 2025 [3] - Self-mining revenue reached $168.6 million, significantly up from $41.5 million in Q4 2024 and $130.9 million in Q3 2025, attributed to a higher average operating hash rate [8] - Bitdeer reported a net operating cash outflow of $599.5 million, driven by supply chain costs, electricity expenses, and corporate overhead [5][17] Operational Developments - Bitdeer is expanding its self-mining capacity, exiting 2025 with over 55 EH/s and reaching over 63 EH/s in January 2026 [6][9] - The company commenced mass production of the SEALMINER A3 series and plans to begin production of SEAL04-1 in Q1 2026, with a focus on improving energy efficiency [10][12] - Bitdeer is prioritizing colocation services for AI and HPC at larger sites, with over 1.66 GW of capacity online and a total pipeline of 3 GW [12][14] Strategic Focus - The firm is pivoting towards AI/HPC colocation and GPU-as-a-Service, with plans to expand its cloud platform in Malaysia and the U.S. [5][14] - Management emphasized that significant U.S. GPU deployments will be backed by committed revenue from enterprise contracts, avoiding speculative capacity [15] - The company plans to switch to GAAP reporting in Q1 2026, moving away from IFRS [20]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached $225 million, representing a 226% increase year-over-year and a 33% increase sequentially [5][17] - Gross profit totaled $10.6 million, with an adjusted EBITDA of $31.2 million for the quarter [5][21] - Self-mining revenue was $168.6 million, up 306% year-over-year and 28.7% sequentially [17] - Total operating expenses for the quarter were $66.3 million, compared to $42.5 million in Q4 2024 and $60.5 million in Q3 2025 [20] Business Line Data and Key Metrics Changes - Self-mining hash rate increased to over 63 exahash per second by the end of January 2026, up from 55 exahash per second at year-end [13] - SEALMINER sales revenue was $23.4 million, up 105.4% from $11.4 million in Q3 2025 [18] - The overall fleet-wide efficiency improved to 17.5 joules per terahash as of January 31, 2026 [14] Market Data and Key Metrics Changes - The company reported a significant shift in market dynamics around AI data center development, with increased demand for large-scale colocation capacity [6][7] - The average Bitcoin price decreased by 13% quarter-over-quarter, impacting gross margins [18][19] Company Strategy and Development Direction - The company aims to position itself as a vertically integrated Bitcoin and AI infrastructure provider, focusing on Bitcoin mining, ASIC development, and HPC AI [12][28] - The strategy includes prioritizing colocation services in Norway and the U.S. for large-scale AI HPC deployments [7][11] - The company plans to continue investing in self-mining capacity despite current Bitcoin price fluctuations, indicating a long-term belief in Bitcoin [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in securing colocation deals in the near future, although predicting exact timelines is challenging [31] - The company anticipates continued growth in self-mining operations and expects the supply-demand imbalance for AI compute to persist into 2027 [12][28] - Management highlighted the importance of maintaining operational flexibility and efficiency in response to market conditions [47] Other Important Information - The company plans to transition from IFRS to GAAP accounting standards starting in Q1 2026 [27] - Capital expenditures for 2025 totaled $176 million, with an anticipated range of $180 million to $200 million for 2026 [24] Q&A Session Summary Question: What are the main items being discussed with potential colocation customers? - Discussions vary by counterparty and include price, duration, and design considerations, with confidence in finalizing deals soon [30][31] Question: What should be expected in terms of debt and cost of capital for colocation projects? - Cost of capital will depend on counterparties and deal terms, making it difficult to predict at this stage [32][35] Question: What is the status of the Tydal site and its customer discussions? - The Tydal site is expected to be completed by the end of the year, with a low PUE of around 1.1 due to its hydropower source [40] Question: How does the company view the growth of its Bitcoin mining business in 2026? - The company remains committed to investing in Bitcoin mining capacity despite current market conditions, with no specific hash rate projections provided yet [42][43] Question: Is there a price point at which mining activity would slow down? - There is a price point where mining could slow, but the company has not reached it yet, and efficiency improvements allow for continued operation [47][48] Question: What is the strategy for GPU rental versus colocation? - The company will pursue colocation for larger sites and GPU rental for smaller sites, reflecting a strategic pivot based on customer needs [83][84]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached $225 million, up 226% year-over-year and 33% sequentially [5][17] - Gross profit totaled $10.6 million, with an adjusted EBITDA of $31.2 million for the quarter [5][22] - Self-mining revenue was $168.6 million, representing year-over-year growth of 306% and sequential growth of 28.7% [17] - Total operating expenses for the quarter were $66.3 million, compared to $42.5 million in Q4 2024 and $60.5 million in Q3 2025 [20][21] - Adjusted net loss was $82.6 million, compared to $37.4 million in Q4 2024 and $36.3 million in Q3 2025 [22] Business Line Data and Key Metrics Changes - Self-mining hash rate increased to over 63 exahash per second by the end of January 2026, up from 55 exahash per second at year-end [13] - SEALMINER sales revenue was $23.4 million, up 105.4% from $11.4 million in Q3 2025 [18] - The overall fleet-wide efficiency improved to 17.5 joules per terahash as of January 31, 2026 [14] Market Data and Key Metrics Changes - The company reported a significant shift in market dynamics around AI data center development, with increased demand for large-scale colocation capacity [7] - The average Bitcoin price decreased by 13% quarter-on-quarter, impacting revenue and gross margin [19] Company Strategy and Development Direction - The company aims to be a vertically integrated Bitcoin and AI infrastructure provider, focusing on Bitcoin mining, ASIC development, and HPC AI [12][28] - The strategy includes prioritizing colocation services in Norway and the U.S. for large-scale AI HPC deployments [7][11] - The company is expanding its GPU-as-a-Service offerings in Malaysia and the U.S., with a disciplined approach to capital deployment [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in securing colocation deals despite ongoing negotiations, emphasizing the sensitivity of discussions [31] - The company remains committed to Bitcoin mining, viewing it as a long-term investment despite current market conditions [42] - Management highlighted the importance of operational efficiency and cost control in navigating the current market environment [46][47] Other Important Information - The company plans to transition from IFRS to GAAP accounting standards starting in Q1 2026 [27] - The total cash and cash equivalents at year-end 2025 were $149.4 million, with significant borrowings of $1.0 billion [26] Q&A Session Summary Question: What are the main items being discussed with potential colocation customers? - Discussions vary by counterparty, covering price, duration, and design aspects, with confidence in finalizing deals soon [31] Question: What should be expected in terms of debt and cost of capital for colocation projects? - Cost of capital will depend on counterparties and deal terms, making it difficult to predict at this stage [32] Question: Can you provide details on the Tydal site and its customer discussions? - The Tydal site is expected to be completed by the end of the year, with a low PUE of around 1.1 due to hydropower and cold climate advantages [39] Question: How does the company view growth in Bitcoin mining in 2026? - The company remains a long-term believer in Bitcoin and will continue to invest in mining capacity, though specific projections are not yet available [42] Question: Is there a price point at which mining activity would slow down? - There is a price point, but the company has not reached it yet, as efficiency improvements allow some operations to remain profitable [46][47] Question: What is the strategy for GPU rental versus colocation? - Larger sites will focus on colocation, while smaller sites will handle GPU rental, aligning with customer preferences [83]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached $225 million, representing a 226% increase year-over-year and a 33% increase sequentially [4] - Gross profit totaled $10.6 million, with an adjusted EBITDA of $31.2 million for the quarter [4][21] - Self-mining revenue was $168.6 million, up 306% year-over-year and 28.7% sequentially [16] - Total operating expenses for the quarter were $66.3 million, compared to $42.5 million in Q4 2024 and $60.5 million in Q3 2025 [19] - Adjusted net loss was $82.6 million, compared to $37.4 million in Q4 2024 and $36.3 million in Q3 2025 [21] Business Line Data and Key Metrics Changes - Self-mining revenue growth was driven by a significant increase in average operating hash rate and associated Bitcoin production, despite a 13% decrease in average Bitcoin prices [16][17] - SEALMINER sales revenue was $23.4 million, up 105.4% from the previous quarter [17] - The overall fleet-wide efficiency improved to 17.5 joules per terahash as of January 31, 2026, due to the deployment of next-generation SEALMINER rigs [13] Market Data and Key Metrics Changes - The company reported over 1.66 GW of capacity online and a total global power pipeline of 3 GW, positioning itself favorably in the AI and Bitcoin mining markets [6] - The demand for large-scale colocation capacity has increased significantly, prompting the company to prioritize colocation services in Norway and the U.S. [6] Company Strategy and Development Direction - The company aims to be a vertically integrated Bitcoin and AI infrastructure provider, focusing on three strategic pillars: Bitcoin mining, ASIC development, and HPC AI [11] - The company is actively pursuing colocation opportunities and has established a strong operational momentum heading into 2026 [27] - The company plans to continue investing in its Bitcoin mining capacity despite current market conditions, reflecting a long-term belief in Bitcoin [42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by lower Bitcoin prices and higher operational costs but expressed confidence in the company's ability to navigate these challenges [21][47] - The company expects the supply-demand imbalance for AI compute to persist well into 2027, indicating a strong market opportunity [11] Other Important Information - The company plans to transition from IFRS to GAAP accounting standards starting in Q1 2026 [26] - Capital expenditures for 2025 totaled $176 million, with an anticipated range of $180 million to $200 million for 2026 [24] Q&A Session Summary Question: What are the main items being discussed in colocation negotiations? - Discussions vary by counterparty and include price, duration, and design considerations, with confidence in finalizing deals soon [30][31] Question: What should be expected in terms of debt and cost of capital for colocation projects? - Cost of capital will depend on the counterparties and deal terms, making it difficult to predict at this stage [32][34] Question: What type of customers are being targeted for the Tydal site? - The site is expected to attract a range of customers, but specific details remain confidential due to the sensitivity of negotiations [40][41] Question: How does the company view growth in Bitcoin mining in 2026? - The company remains committed to Bitcoin mining and will continue to invest in capacity, though specific projections for hash rate growth have not been provided [42] Question: Is there a price point at which mining activity would slow down? - While there is a price point that could lead to slowing operations, the company has not reached it yet, and efficiency improvements allow continued operation at lower prices [47][48] Question: What is the strategy for GPU as a Service? - The company is focusing on the latest GPUs for larger sites while still pursuing GPU rental for smaller sites [81][82]

Core Insights - Bitdeer Technologies Group reported a significant increase in self-mining hashrate and Bitcoin production, indicating strong operational growth and expansion in the cryptocurrency mining sector [1][6][14]. Mining Operations - The self-mining hashrate reached 63.2 EH/s, a 14% increase from December 2025 [14]. - Bitcoin production surged by 430% year over year, totaling 668 Bitcoins mined in January 2026 [6][12]. - The total hash rate under management increased to 78.1 EH/s, up from 71.0 EH/s in December 2025 [10]. SEALMINER Manufacturing - The deployment of SEALMINER mining rigs contributed to the increase in self-mining capacity, with a total proprietary hash rate of 65.1 EH/s as of January 2026 [3][10]. - Cumulative deployed SEALMINER A3 units increased to 8.7 EH/s, while A2 units reached 44.1 EH/s [3]. Research and Development - The SEAL-DL1 Litecoin ASIC chip has been successfully taped out, with initial testing results exceeding expectations [7]. - Plans are in place to launch the SEAL-DL1 product in Q1 2026, which is expected to outperform the SEALMINER A2 series [7]. Infrastructure Development - Bitdeer is advancing its U.S. manufacturing plans, with a lease signed and construction permit application submitted [7]. - The total global electrical capacity across various sites is now 3,002 MW, with several projects in progress and planning stages [9][19]. AI and HPC Initiatives - The company is actively evaluating colocation arrangements for HPC/AI services, with strong interest from potential hyperscaler customers [8][14]. - Initial deployment of NVIDIA GB200 NVL72 infrastructure in Malaysia marks the first phase of capacity expansion for AI workloads [11].

Core Insights - Bitdeer Technologies Group reported significant operational updates for December 2025, highlighting a substantial increase in Bitcoin production and self-mining capacity [1][15]. Operational Update - Bitdeer sold approximately 1.4 EH/s of SEALMINER A2s to external parties in December 2025 [3]. - The total proprietary hash rate deployed increased to 58.0 EH/s, up from 47.3 EH/s in November 2025 [4]. - Self-mining production reached 636 Bitcoins, marking a 339% year-over-year increase and a 21% increase from November 2025 [7][11]. SEALMINER R&D - The company is advancing two chip designs, SEAL04-1 and SEAL04-2, with SEAL04-1 achieving 6-7 J/TH power efficiency under low-voltage mode, targeting mass production in Q1 2026 [8]. - Eight units of GB200 systems were deployed and tested in Malaysia, with a cloud service launch expected in January 2026 [6]. Infrastructure Summary - Total electrical capacity across various sites reached 1,658 MW, with several sites online and others in progress [10]. - The company is actively evaluating U.S. data center leasing opportunities to deploy GPUs and enhance AI cloud services [12]. Production and Operations Summary - Total hash rate under management increased to 71.0 EH/s in December 2025, up from 60.3 EH/s in November 2025 [11]. - The number of mining rigs under management rose to 293,000, with self-owned rigs increasing to 211,000 [13]. Management Commentary - The Chief Business Officer emphasized the acceleration of self-mining operations and the planned growth through 2026, driven by the deployment of additional proprietary rigs [15].

Production Growth - Bitdeer mined 526 bitcoin in November 2025, a 251% increase compared to the same period last year [1] - The production growth is attributed to the deployment of proprietary SEALMINER rigs, with a self-mining hashrate of 45.7 EH/s [1] Future Projections - The company expects to surpass 50 EH/s by the end of the year, joining other public miners with similar capacity [2] - Currently, Bitdeer has 34.3 EH/s of SEALMINER A2 model deployed and 3.3 EH/s in transit, along with 0.6 EH/s of the new A3 model deployed and 2.9 EH/s in transit [2] ASIC Chip Development - Bitdeer's SEAL04-1 chip demonstrated power efficiency of approximately 6-7 J/TH, with mass production targeted for Q1 2026 [3] - The SEAL04 chip's production was delayed, leading to a split in design and rollout into two batches: SEAL04-1 and SEAL-02 [3] High-Performance Computing Division - The high-performance computing division is on track to earn approximately $10 million in annual recurring revenue as of November, up from $8 million in October [4] - Expansion of AI infrastructure includes a new 2 megawatt data center in Malaysia, expected to launch by the end of 2025 [4] Data Center Expansion - The company is evaluating leasing opportunities for data centers in the U.S., including a 13 megawatt site in Wenatchee, Washington, and a 35 megawatt project in Knoxville, Tennessee [5] Setbacks - A localized setback occurred at Bitdeer's site in Massillon, Ohio, due to a fire, postponing the energization of approximately 26 megawatts [6] - The remaining 174 megawatts at the location are scheduled to come online in Q2 2026 [6]

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 Insights - Bitdeer Technologies Group reported significant operational updates for September 2025, highlighting advancements in self-mining, chip development, and expansion into HPC/AI data centers [1][2]. Operational Update - The company increased its self-mining hashrate to 35.0 EH/s, with a target of reaching 40 EH/s by the end of October 2025, marking a 20.5% increase in Bitcoins mined to 452 compared to August 2025 [5][10]. - Mass production of the SEALMINER A3 series has commenced, with initial shipments expected in October 2025 [5][9]. - The first design of SEAL04 chips has been taped out, demonstrating sub-10 J/TH efficiency in initial testing, with plans for mass production [5][9]. Mining Rig Manufacturing and R&D - A total of 34.2 EH/s in mining rigs have been manufactured, with 6.1 EH/s shipped to external customers and 22.6 EH/s deployed for self-mining [5][10]. - The SEALMINER A3 series includes models with power efficiencies ranging from 12.5 J/TH to 14 J/TH and hashrates from 260 TH/s to 660 TH/s [5][9]. Infrastructure Development - The company is expanding its HPC/AI strategy, with a focus on the Clarington, Ohio site, which will have 570 MW of electrical capacity available by the end of Q3 2026 [7][8]. - Bitdeer plans to convert its Tydal Phase 2 site into an AI data center by Q4 2026, with minimal impact on current mining operations [8][9]. - The total global power pipeline has increased to 3 GW, with various sites under construction or in planning stages [8][10]. Financial Outlook - Bitdeer anticipates that by the end of 2026, it could generate an annualized revenue run-rate exceeding US$2 billion from its AI factory operations [8][9]. - The company's neo cloud business, Bitdeer.AI, achieved US$8 million in AI cloud ARR in September 2025, with significant growth expected [8][9].