Bitdeer Achieves Record $320M Revenue in Q3 as AI Pivot Accelerates
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Key Takeaways
- Record Q3 revenue of $320.7 million, an 89% increase over the previous year.
- Adjusted EBITDA rose 173% year-over-year to reach $69.6 million.
- AI Cloud revenue backlog grew to $2.9 billion, supported by long-term contracts.
- Total proprietary hashrate increased to 86.4 EH/s from 35.0 EH/s in Q3 2025.
- Tydal, Norway Phase 1 remains on schedule for a Q4 2026 launch.
Bitdeer (NASDAQ: BTDR)'s financial performance in the third quarter of 2026 was marked by a sharp increase in top-line growth, with revenue rising 40% sequentially from the second quarter. The $320.7 million total was supported by a proprietary hashrate that expanded to 86.4 EH/s from 35.0 EH/s in the prior year. However, the company reported a net loss of $125.5 million, widening from a $30.1 million loss in Q3 2025. This bottom-line result was impacted by a $54.6 million non-cash loss stemming from fair value changes in digital asset loans.
The company is increasingly focusing on its AI Cloud business, which now boasts a contract backlog of approximately $2.9 billion. Chief Financial Officer Michael G. Potter noted that the firm is successfully converting high demand for artificial intelligence into long-term service agreements. To support this, Bitdeer is developing its Tydal facility in Norway, where the first 60.5 MW phase is scheduled for service in late 2026. This site is tied to a 16-year lease with Volta that could reach a total value of $8.0 billion if extension options are utilized.
Operational updates reveal a diverse global pipeline. In the United States, the 221 MW Massillon, Ohio site is fully operational, and the company recently added 200 acres to its Rockdale, Texas campus for AI and high-performance computing (HPC) use. Conversely, the 570 MW Clarington, Ohio project faces potential delays due to legal challenges from a neighboring entity. In Tennessee, the Knoxville project's energization has been pushed to the fourth quarter of 2027 because of equipment delivery setbacks.
In Malaysia, Bitdeer is scaling its AI Cloud capacity across several campuses, including Cyberjaya and Johor Bahru, with multiple phases expected to go live between 2027 and 2028. As of the end of September, the company maintained a liquidity position of $213.7 million in cash and restricted cash, alongside $387.0 million in digital assets and receivables. Efficiency metrics showed improvement, with average miner efficiency reaching 15.4 J/TH, despite a slight rise in electricity costs to $47/MWh.
