BITDEER(US:BTDR)2026-02-12 14:02Financial 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]