Bitdeer posted Q3 2025 revenue of $169.7 million, a 173.6 % year‑over‑year increase that beat the consensus estimate of $161.14 million by $8.6 million. The jump was driven by a 315.6 % surge in self‑mining revenue, which rose to $140 million from $35 million in the same quarter last year, and a modest 5 % rise in cloud‑hash‑rate revenue, offset by the elimination of the $7.1 million in cloud‑hash‑rate revenue reported in Q3 2024.
Adjusted EBITDA swung to $43.0 million, up from a loss of $7.9 million in Q3 2024, reflecting a 24.1 % gross margin that expanded from 4.5 % the prior year. The margin lift was largely due to higher self‑mining revenue, which carries a higher gross‑margin profile, and to operational efficiencies that reduced the cost of power and equipment depreciation.
Earnings per share fell to a loss of $1.28, missing the consensus estimate of $-0.22 by $1.06. The miss was driven by a $266.7 million net loss, of which $200 million was attributable to non‑cash derivative losses. The company’s management noted that the derivative write‑downs were a one‑time event and that future quarters should see a return to profitability once the impact of these items is fully absorbed.
Self‑mining hashrate reached 41.2 EH/s, surpassing the 40 EH/s target set earlier in the year. The company also reported that early SEAL04 samples achieved 6‑7 J/TH efficiency, but development of the next‑generation chip is delayed, with mass production now targeted for Q1 2026 rather than the originally planned Q4 2025.
Bitdeer expanded its AI cloud footprint, allocating 200 MW of power to AI services and projecting an annualized revenue run‑rate of more than $2 billion by the end of 2026. While the company has not disclosed the exact revenue figure for the AI segment in Q3, it highlighted that the expansion is part of a broader strategy to diversify beyond mining and capture the growing demand for high‑performance computing.
Investor sentiment was mixed after the release. While the revenue beat and EBITDA turnaround generated initial optimism, the significant EPS miss and the large net loss—largely driven by non‑cash derivative losses—caused a cautious reaction in the market, underscoring concerns about the company’s short‑term profitability despite its operational gains.
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