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Sep 30, 2025
Bitdeer Q3 2025 Earnings Report
Bitdeer reported a significant revenue increase but posted a large net loss in Q3 2025.
Key Takeaways
Bitdeer achieved strong revenue growth driven by self-mining operations, though it recorded a steep net loss due to non-cash derivative liabilities. Adjusted EBITDA turned positive, showing operational strength.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Bitdeer is accelerating its transition into AI cloud infrastructure and expects significant revenue growth potential from this segment, targeting $2B ARR by end of 2026 from 200MW allocated to AI.
Positive Outlook
- Mass production of SEALMINER A3 underway
- SEAL04 chip samples show 6–7 J/TH efficiency
- AI cloud expected to exceed $2B ARR by end of 2026 with 200MW allocation
- Company exceeded 40 EH/s self-mining target in October
- 87% GPU utilization and expansion into Southeast Asia data centers
Challenges Ahead
- Development of SEAL04 second-gen chip is significantly delayed
- Recorded $266.7M net loss due to non-cash derivative liabilities
- High capital expenditures pressure cash flow
- Cloud hash rate revenue dropped to $0 due to contract expirations
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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