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Dec 31, 2025
Bitdeer Q4 2025 Earnings Report
Bitdeer reported sharply higher fourth quarter 2025 revenue and returned to profitability, driven by strong self-mining growth and positive Adjusted EBITDA.
Key Takeaways
Bitdeer generated 224835000 in revenue in Q4 2025, up significantly year over year, with net income of 70542000 and operating income of 109353000. Growth was primarily driven by a surge in self-mining revenue and expanded hash rate deployment, while Adjusted EBITDA turned positive at 31199000.
Total revenue increased to 224835000, led by self-mining revenue of 168600000.
Net income reached 70542000 compared to a net loss in the prior year period.
Adjusted EBITDA was positive at 31199000.
Total hash rate under management expanded to 71.0 EH/s with 293000 mining machines under management.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company emphasized its strategic transition toward AI infrastructure and colocation services but did not provide specific quantitative financial guidance for Q1 or full-year 2026.
Positive Outlook
- Accelerating transition toward AI infrastructure and colocation services.
- 3.0 GW global power portfolio provides strategic advantage.
- Strong expansion in proprietary hash rate and self-mining capacity.
- Positive Adjusted EBITDA achieved in Q4 2025.
- Significant growth in mining rigs and electrical capacity.
Challenges Ahead
- Gross margin declined to 4.7% from 7.4% year over year.
- Operating expenses increased significantly year over year.
- High electricity and depreciation costs impacted profitability.
- Other operating expenses rose due to Bitcoin collateral fair value changes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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