SINGAPORE, Feb. 12, 2026 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining and AI infrastructure, today released its unaudited financial results for the fourth quarter ended December 31, 2025.
Q4 2025 Financial Highlights
All amounts compared to Q4’24 unless otherwise noted
- Total revenue was US$224.8 million vs. US$69.0 million.
- Cost of revenue was US$214.3 million vs. US$63.9 million.
- Gross profit was US$10.6 million vs. US$5.1 million.
- Net profit was US$70.5 million vs. net loss of US$531.9 million.
- Adjusted EBITDA1 was positive US$31.2 million, vs. negative US$4.32 million.
- Cash and cash equivalents were US$149.4 million as of December 31, 2025.
- Crypto and crypto receivable balance: US$218.6 million as of December 31, 2025.
Management Commentary
The fourth quarter of 2025 marked a strategic inflection point as we accelerated our transition toward high-performance compute infrastructure and colocation services,” said Matt Kong, Chief Business Officer at Bitdeer. “We expect the global AI infrastructure supply / demand imbalance to widen, and our 3.0 GW power portfolio represents a rare and increasingly valuable strategic asset. As hyperscalers and enterprise customers face extended lead times for power and data center capacity, Bitdeer’s operational infrastructure and speed to market provide a compelling competitive advantage.”
Mr. Kong continued, “we are pursuing a dual-track AI infrastructure strategy that prioritizes colocation for our largest sites while continuing to expand GPU-as-a-service opportunities where appropriate. For power-rich assets such as Tydal and Clarington, we believe colocation offers superior economics and more capital-efficient paths to monetization. This approach allows us to leverage our core strengths including power procurement, large-scale infrastructure development, and operational execution, to capitalize on the rapidly growing demand for AI compute capacity across multiple deployment models.
Our Bitcoin self-mining operations remain a cornerstone of our business and demonstrate our ability to rapidly scale infrastructure while achieving industry-leading efficiency. We continue to view Bitcoin mining as a significant long-term value driver, supported by our expanding power portfolio and proprietary SEALMINER technology. The substantial expansion of our fleet throughout 2025 showcases the technical execution and operational excellence that has become our competitive advantage. As we scale our colocation platform alongside our self-mining operations, we see meaningful opportunities to capture value across multiple high-growth infrastructure markets where time-to-power and deployment speed are increasingly critical differentiators.”
Operational Summary
| Metrics | Three Months Ended Dec 31 | |
| 2025 |
2024 |
|
| Total hash rate under management (EH/s) | 71.0 | 21.6 |
| – Proprietary hash rate | 58.0 | 8.9 |
| – Self-mining | 55.2 | 8.5 |
| – Cloud Hash Rate | 1.1 | 0.0 |
| – Delivered but not yet hashing | 1.7 | 0.4 |
| – Hosting | 13.0 | 12.7 |
| Mining rigs under management | 293,000 | 175,000 |
| – Self-owned | 211,000 | 85,000 |
| – Hosted | 82,000 | 90,000 |
| Bitcoin mined (self-mining only) | 1,673 | 469 |
| Bitcoins held | 2,017 | 594 |
| Total power usage (MWh) | 2,353,000 | 857,000 |
| Average cost of electricity ($/MWh) | 46 | 41 |
| Average miner efficiency (J/TH) | 17.9 | 30.4 |
Power Infrastructure Summary (As of 1/31/2026)
| Site / Location | Capacity (MW) | Status | Datacenter Type | Timing3 |
| Electrical capacity | ||||
| – Rockdale, Texas | 563 | Online | Crypto / Evaluating AI | Completed |
| – Knoxville, Tennessee – phase 1 | 37 | Online | Crypto converting to AI | Q4 2026 |
| – Knoxville, Tennessee – phase 2 | 49 | Online | Crypto | Completed |
| – Wenatchee, Washington | 13 | Online | Crypto converting to AI | Q4 2026 |
| – Molde, Norway | 84 | Online | Crypto | Completed |
| – Tydal – 1, Norway | 50 | Online | Crypto converting to AI | Q4 2026 |
| – Tydal – 2, Norway | 175 | Online | Crypto converting to AI | Q4 2026 |
| – Gedu, Bhutan | 100 | Online | Crypto | Completed |
| – Jigmeling, Bhutan | 500 | Online | Crypto | Completed |
| – Oromia Region, Ethiopia | 40 | Online | Crypto | Completed |
| – Massillon, Ohio | 47 | Online | Crypto | Completed |
| Total electrical capacity | 1,6584 | |||
| Pipeline capacity | ||||
| – Oromia Region, Ethiopia | 20 | In progress | Crypto | Q1 2026 |
| – Massillon, Ohio | 148/26 | In progress | Crypto | Q2 2026/TBD |
| – Clarington, Ohio | 570 | In progress | HPC/AI | To be updated |
| – Niles, Ohio | 300 | In progress | HPC/AI | Q4 2028 |
| – Rockdale, Texas | 179 | In planning | Crypto | Estimate 2026 |
| – Alberta, Canada | 101 | In planning | Crypto | Q2 2027 |
| Total pipeline capacity | 1,344 | |||
| Total global electrical capacity | 3,002 |
Financial MD&A
All variances are current quarter compared to the same quarter last year. All figures in this section are rounded5.
Q4 2025 High-Level P&L and Disaggregated Revenue Details:
| US $ in millions | Three Months Ended | |||||
| Dec 31, 2025 | Sep 30, 2025 | Dec 31, 2024 | ||||
| Total revenue | 224.8 | 169.7 | 69.0 | |||
| Cost of revenue | (214.3) | (128.9) | (63.9) | |||
| Gross profit | 10.6 | 40.8 | 5.1 | |||
| Net profit / (loss) | 70.5 | (266.7) | (531.9) | |||
| Adjusted EBITDA | 31.2 | 39.62 | (4.3)2 | |||
| Cash and cash equivalents | 149.4 | 196.3 | 476.3 | |||
| US $ in millions | Three months ended December 31, 2025 | |||||||||
| Business line | Self-mining | Cloud hash rate | General hosting | Membership hosting | Sales of SEALMINERs and Accessories | |||||
| Revenue | 168.6 | 2.1 | 7.6 | 16.3 | 23.4 | |||||
| Cost of revenue | ||||||||||
| Including: | ||||||||||
| – Electricity cost in operating mining rigs | (88.1) | (1.2) | (6.0) | (12.5) | – | |||||
| – Depreciation and SBC expenses | (63.9) | (0.7) | (0.6) | (1.2) | – | |||||
| – Cost of products sold | – | – | – | – | (19.9) | |||||
| – Other costs | (10.8) | (0.1) | (0.4) | (0.9) | (0.1) | |||||
| Total cost of revenue | (162.8) | (2.0) | (7.0) | (14.5) | (20.0) | |||||
| Gross profit | 5.8 | – | 0.6 | 1.7 | 3.4 | |||||
| US $ in millions | Three months ended December 31, 2024 | |||
| Business line | Self-mining | Cloud hash rate | General hosting | Membership hosting |
| Revenue | 41.5 | 2.3 | 8.5 | 12.4 |
| Cost of revenue | ||||
| Including: | ||||
| – Electricity cost in operating mining rigs | (22.3) | (0.1) | (5.8) | (7.0) |
| – Depreciation and SBC expenses | (12.2) | (0.6) | (1.2) | (1.8) |
| – Other costs | (4.0) | (0.3) | (0.8) | (1.2) |
| Total cost of revenue | (38.5) | (1.0) | (7.8) | (10.0) |
| Gross profit | 3.0 | 1.3 | 0.7 | 2.4 |
Full Year 2025 High-Level P&L and Disaggregated Revenue Details:
| US $ in millions | Years Ended | |
| Dec 31, 2025 | Dec 31, 2024 | |
| Total revenue | 620.3 | 349.8 |
| Cost of revenue | (559.3) | (283.4) |
| Gross profit | 61.0 | 66.4 |
| Net profit / (loss) | 65.6 | (599.2) |
| Adjusted EBITDA | 35.2 | 37.42 |
| Cash and cash equivalents | 149.4 | 476.3 |
| US $ in millions | Year ended December 31, 2025 | ||||
| Business line | Self-mining | Cloud hash rate | General hosting | Membership hosting | Sales of SEALMINERs and Accessories |
| Revenue | 396.0 | 2.1 | 35.0 | 61.2 | 108.3 |
| Cost of revenue | |||||
| Including: | |||||
| – Electricity cost in operating mining rigs | (201.1) | (1.2) | (25.6) | (45.0) | – |
| – Depreciation and SBC expenses | (123.3) | (0.7) | (3.9) | (6.8) | – |
| – Cost of products sold | – | – | – | – | (93.2) |
| – Other costs | (28.5) | (0.1) | (2.7) | (4.6) | (0.7) |
| Total cost of revenue | (353.0) | (2.1) | (32.3) | (56.4) | (93.9) |
| Gross profit | 43.1 | – | 2.7 | 4.8 | 14.4 |
| US $ in millions | Year ended December 31, 2024 | |||
| Business line | Self-mining | Cloud hash rate | General hosting | Membership hosting |
| Revenue | 163.1 | 39.8 | 67.6 | 64.0 |
| Cost of revenue | ||||
| Including: | ||||
| – Electricity cost in operating mining rigs | (91.1) | (7.5) | (39.6) | (41.0) |
| – Depreciation and SBC expenses | (39.1) | (8.4) | (8.4) | (8.2) |
| – Other costs | (11.8) | (2.5) | (4.3) | (4.5) |
| Total cost of revenue | (142.0) | (18.4) | (52.3) | (53.7) |
| Gross profit | 21.1 | 21.4 | 15.3 | 10.3 |
Q4 2025 Management’s Discussion and Analysis (compared to Q4 2024)
Revenue
- Total revenue was US$224.8 million vs. US$69.0 million.
- Self-mining revenue was US$168.6 million vs. US$41.5 million, primarily due to the increase in the average self-mining hashrate for the quarter by 464.3% to 47.4 EH/s from 8.4 EH/s last year.
- Cloud Hash Rate revenue was US$2.1 million vs. US$2.3 million.
- General Hosting revenue was US$7.6 million vs. US$8.5 million.
- Membership Hosting revenue was US$16.3 million vs. US$12.4 million.
- SEALMINER sales revenue was US$23.4 million.
- HPC and AI Cloud revenue was US$2.3 million.
Cost of Revenue
- Cost of revenue was US$214.3 million vs US$63.9 million. The increase was primarily driven by higher electricity and depreciation costs as a significant number of new mining rigs came online, a slightly higher per unit power cost, compounded by a change in the depreciation accounting assumptions applied to mining rigs to reflect a more conservative approach.
Gross Profit and Margin
- Gross profit was US$10.6 million vs. US$5.1 million.
- Gross margin was 4.7% vs. 7.4%.
Operating Expenses
- The sum of the operating expenses below was US$66.3 million vs. US$42.5 million.
- Selling expenses were US$2.4 million vs. US$2.0 million, flat year-over-year.
- General and administrative expenses were US$28.8 million vs. US$17.7 million. The increase was primarily due to an increase in staff costs for general and administrative personnel and consulting fee for capital market and compliance activities, as well as the higher share-based payment expenses.
- Research and development expenses were US$35.2 million vs. US$22.9 million, primarily due to the one-off development and tape out costs of SEAL-DL1 chip.
Other Operating Expenses
- Other operating expenses were US$43.8 million vs. US$3.7 million. This was largely attributable to the fair value change of Bitcoins pledged for the Bitcoin collateralized loan since Q3 2025.
Other Net Gain
- In Q4 2025, we recorded US$208.9 million other net gain primarily due to the non-cash, fair value changes of derivative liabilities, which are the US$276.6 million of gain on fair value changes for the convertible senior notes issued in November 2024, June 2025 and November 2025 and the US$44.2 million of loss on extinguishment of the convertible senior notes issued in November 2024.
Net Profit / (Loss)
- Net profit was US$70.5 million vs. net loss of US$531.9 million.
Adjusted Loss (Non-IFRS)6
- Adjusted loss was US$82.6 million vs. US$37.42 million. The change was primarily due to the higher energy and depreciation costs, higher operating and interest expense, partially offset by the year-over-year higher revenue.
Adjusted EBITDA (Non-IFRS)1
- Adjusted EBITDA was positive US$31.2 million vs. negative US$4.32 million. The year-over-year growth was primarily driven by significantly higher self-mining hashrate as a result of the Company’s mass production and deployment of SEALMINERs during 2025.
Cash Flows
- Net cash used in operating activities was US$599.5 million, primarily driven by SEALMINERs supply chain and manufacturing costs, electricity costs from the mining business, general corporate overhead and interest.
- Net cash generated from investing activities was US$97.9 million, which included US$50.7 million of capital expenditures for datacenter infrastructure construction, GPU equipment procurement and tariffs and freight for mining rigs delivered to the datacenters, and US$150.6 million of proceeds from the disposal of cryptocurrencies.
- Net cash generated from financing activities was US$454.5 million, primarily driven by the proceeds of a total US$698.0 million from our convertible senior note issuance in November, borrowing from a related party and ATM and ELOC program, partially offset by US$171.1 million of repayments of borrowings.
Balance Sheet
As of December 31, 2025 (compared to December 31, 2024)
- US$149.4 million in cash and cash equivalents, US$83.1 million in cryptocurrencies and US$1.0 billion in borrowing.
- US$723.0 million prepayments and other assets, up from US$310.2 million. Change primarily driven by advanced payments to suppliers for SEALMINERs mass volume production.
- US$252.0 million inventories, up from US$64.9 million. Increase mainly including wafers, chips, WIP and finished SEALMINERs inventory.
- US$620.7 million in mining rigs, up from US$67.3 million. Change mainly raised from mass production and the deployment of SEALMINERs to the Company’s datacenters for self-mining activities.
- US$501.1 million derivative liabilities mainly due to the convertible senior notes issued in November 2024, June 2025 and November 2025.
Further information regarding the Company’s fourth quarter 2024 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for Bitcoin mining and AI infrastructure. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan, amongst other countries. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.
Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
| BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||
| As of December 31, | As of December 31, | |||||
| (US $ in thousands) | 2025 | 2024 | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 149,352 | 476,270 | ||||
| Restricted cash | 22,366 | 9,144 | ||||
| Cryptocurrencies | 83,077 | 77,537 | ||||
| Cryptocurrencies – receivables | 135,558 | – | ||||
| Trade receivables | 31,374 | 9,627 | ||||
| Amounts due from a related party | 9,654 | 15,512 | ||||
| Prepayments and other assets | 698,291 | 291,929 | ||||
| Inventories | 251,999 | 64,888 | ||||
| Financial assets at fair value through profit or loss | 4,976 | 4,540 | ||||
| Total current assets | 1,386,647 | 949,447 | ||||
| Non-current assets | ||||||
| Restricted cash | 6,159 | 8,212 | ||||
| Prepayments and other assets | 24,681 | 18,244 | ||||
| Financial assets at fair value through profit or loss | 39,309 | 37,981 | ||||
| Mining rigs | 620,667 | 67,324 | ||||
| Right-of-use assets | 83,292 | 69,273 | ||||
| Property, plant and equipment | 441,797 | 251,377 | ||||
| Investment properties | 29,826 | 30,723 | ||||
| Intangible assets | 93,432 | 83,235 | ||||
| Goodwill | 35,818 | 35,818 | ||||
| Derivative assets | 31,857 | – | ||||
| Deferred tax assets | 11,087 | 6,220 | ||||
| Total non-current assets | 1,417,925 | 608,407 | ||||
| TOTAL ASSETS | 2,804,572 | 1,557,854 | ||||
| LIABILITIES | ||||||
| Current liabilities | ||||||
| Trade payables | 119,818 | 31,471 | ||||
| Other payables and accruals | 54,655 | 40,617 | ||||
| Amounts due to a related party | 4,340 | 8,747 | ||||
| Income tax payables | 13,355 | 2,729 | ||||
| Derivative liabilities | 501,085 | 763,939 | ||||
| Deferred revenue | 64,391 | 39,029 | ||||
| Borrowings | 478,792 | 208,127 | ||||
| Borrowings from a related party | 275,000 | – | ||||
| Lease liabilities | 9,226 | 5,460 | ||||
| Total current liabilities | 1,520,662 | 1,100,119 | ||||
| Non-current liabilities | ||||||
| Other payables and accruals | 2,413 | 1,650 | ||||
| Deferred revenue | 63,255 | 90,200 | ||||
| Borrowings | 468 | – | ||||
| Borrowings from a related party | 246,831 | – | ||||
| Lease liabilities | 88,980 | 72,673 | ||||
| Deferred tax liabilities | 14,115 | 16,614 | ||||
| Total non-current liabilities | 416,062 | 181,137 | ||||
| TOTAL LIABILITIES | 1,936,724 | 1,281,256 | ||||
| NET ASSETS | 867,848 | 276,598 | ||||
| EQUITY | ||||||
| Share capital | * | * | ||||
| Treasury equity | (325,597) | (160,926) | ||||
| Accumulated deficit | (583,407) | (649,004) | ||||
| Reserves | 1,776,852 | 1,086,528 | ||||
| TOTAL EQUITY | 867,848 | 276,598 | ||||
* Amount less than US$1,000
| BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS) | |||||||||||||
| Three months ended Dec 31, | Years ended Dec 31, | ||||||||||||
| (US $ in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue7 | 224,835 | 69,018 | 620,253 | 349,782 | |||||||||
| Cost of revenue | (214,265) | (63,919) | (559,261) | (283,382) | |||||||||
| Gross profit | 10,570 | 5,099 | 60,992 | 66,400 | |||||||||
| Selling expenses | (2,364) | (1,952) | (6,667) | (8,044) | |||||||||
| General and administrative expenses | (28,780) | (17,668) | (84,415) | (64,317) | |||||||||
| Research and development expenses | (35,197) | (22,898) | (153,876) | (76,946) | |||||||||
| Other operating income / (expenses) | (43,809) | (3,670) | (21,352) | 727 | |||||||||
| Other net gain / (loss) | 208,933 | (479,778) | 365,038 | (507,479) | |||||||||
| Profit / (Loss) from operations | 109,353 | (520,867) | 159,720 | (589,659) | |||||||||
| Finance expenses | (36,438) | (11,811) | (88,890) | (11,935) | |||||||||
| Profit / (Loss) before taxation | 72,915 | (532,678) | 70,830 | (601,594) | |||||||||
| Income tax benefit / (expenses) | (2,373) | 761 | (5,233) | 2,443 | |||||||||
| Profit / (Loss) for the periods | 70,542 | (531,917) | 65,597 | (599,151) | |||||||||
| Other comprehensive income / (loss) | |||||||||||||
| Income / (Loss) for the periods | 70,542 | (531,917) | 65,597 | (599,151) | |||||||||
| Other comprehensive income / (loss) for the periods | |||||||||||||
| Item that may be reclassified to profit or loss | |||||||||||||
| – Exchange differences on translation of financial statements | 265 | (234) | 431 | (218) | |||||||||
| Other comprehensive income / (loss) for the periods, net of tax | 265 | (234) | 431 | (218) | |||||||||
| Total comprehensive income / (loss) for the periods | 70,807 | (532,151) | 66,028 | (599,369) | |||||||||
| Earnings / (Loss) per share | |||||||||||||
| – Basic | 0.31 | (3.22) | 0.32 | (4.36) | |||||||||
| – Diluted | (0.73) | (3.22) | (1.43) | (4.36) | |||||||||
| Weighted average number of shares outstanding (thousands) | |||||||||||||
| – Basic | 225,305 | 165,427 | 204,679 | 137,426 | |||||||||
| – Diluted | 268,150 | 165,427 | 234,319 | 137,426 | |||||||||
| BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
| Three months ended Dec 31, |
Years ended Dec 31, |
|||||||||||
| (US $ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Cash flows from operating activities | ||||||||||||
| Cash used in operating activities | (565,473) | (321,629) | (1,677,080) | (613,167) | ||||||||
| Interest paid on leases | (1,045) | (902) | (4,028) | (3,473) | ||||||||
| Interest paid on borrowings | (35,127) | (2,216) | (64,325) | (3,952) | ||||||||
| Interest received | 1,964 | 1,653 | 7,797 | 7,115 | ||||||||
| Income tax paid | (700) | (1,964) | (1,886) | (8,596) | ||||||||
| Income tax refund | 844 | – | 844 | – | ||||||||
| Net cash used in operating activities | (599,537) | (325,058) | (1,738,678) | (622,073) | ||||||||
| Cash flows from investing activities | ||||||||||||
| Purchase of property, plant and equipment, investment properties and intangible assets | (34,598) | (42,617) | (232,242) | (119,487) | ||||||||
| Payment for mining rigs | (16,132) | (5,766) | (35,441) | (7,731) | ||||||||
| Purchase of financial assets at fair value through profit or loss, net of refund received | (2,024) | (425) | (5,426) | (2,776) | ||||||||
| Purchase of cryptocurrencies | – | – | (18,159) | – | ||||||||
| Proceeds from disposal of property, plant and equipment | – | 54 | – | 298 | ||||||||
| Proceeds from disposal of cryptocurrencies | 150,634 | 38,794 | 352,006 | 248,447 | ||||||||
| Cash paid for the site and gas-fired power project in Alberta, Canada | – | – | (21,881) | – | ||||||||
| Cash paid for business acquisitions, net of cash acquired | – | – | – | (6,051) | ||||||||
| Net cash generated from / (used in) investing activities | 97,880 | (9,960) | 38,857 | 112,700 | ||||||||
| Cash flows from financing activities | ||||||||||||
| Capital element of lease rentals paid | (2,211) | (6,540) | (7,995) | (9,676) | ||||||||
| Proceeds from borrowings | – | – | 43,472 | – | ||||||||
| Repayments of borrowings | (3) | (10,000) | (17,009) | (15,000) | ||||||||
| Borrowings from a related party | 168,000 | – | 668,000 | – | ||||||||
| Repayments of borrowings to a related party | (57,042) | – | (95,417) | – | ||||||||
| Proceeds from issuance of shares for exercise of share rewards | 170 | 4,412 | 3,517 | 5,170 | ||||||||
| Proceeds from issuance of ordinary shares and warrants, net of transaction costs | 141,530 | 321,918 | 401,347 | 485,108 | ||||||||
| Acquisition of treasury shares | (35,000) | – | (65,010) | (617) | ||||||||
| Proceeds from convertible senior notes, net of transaction costs | 388,480 | 387,917 | 750,958 | 554,214 | ||||||||
| Repayments to convertible senior notes in connection with note extinguishment | (114,071) | (14,932) | (147,854) | (14,932) | ||||||||
| Purchase of capped call instrument | (35,400) | – | (35,400) | – | ||||||||
| Purchase of zero-strike call option | – | (160,000) | (129,607) | (160,000) | ||||||||
| Net cash generated from financing activities | 454,453 | 522,775 | 1,369,002 | 844,267 | ||||||||
| Net increase / (decrease) in cash and cash equivalents | (47,204) | 187,757 | (330,819) | 334,894 | ||||||||
| Cash and cash equivalents at the beginning of the period | 196,252 | 291,314 | 476,270 | 144,729 | ||||||||
| Effect of movements in exchange rates on cash and cash equivalents held | 304 | (2,801) | 3,901 | (3,353) | ||||||||
| Cash and cash equivalents at the end of the period | 149,352 | 476,270 | 149,352 | 476,270 | ||||||||
Use of Non-IFRS Financial Measures
In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted loss, as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of convertible senior notes, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, impairment of assets, other expenses – one off donation, changes in fair value of derivative assets, changes in fair value of financial assets at fair value through profit or loss, and changes in fair value of holdback shares for acquisition of FreeChain, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of convertible senior notes, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, impairment of assets, other expenses – one off donation, changes in fair value of derivative assets, changes in fair value of financial assets at fair value through profit or loss, and changes in fair value of holdback shares for acquisition of FreeChain.
The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.
The following table presents a reconciliation of loss for the relevant period to adjusted EBITDA and adjusted loss, for the three and twelve months ended December 31, 2025 and 2024.
| BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED LOSS RECONCILIATION | ||||||||||||
| Three months ended Dec 31, | Years ended Dec 31, | |||||||||||
| (US $ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Adjusted EBITDA | ||||||||||||
| Profit / (Loss) for the periods | 70,542 | (531,917) | 65,597 | (599,151) | ||||||||
| Add： | ||||||||||||
| Depreciation and amortization | 75,059 | 25,116 | 168,119 | 81,096 | ||||||||
| Income tax (benefit) / expenses | 2,373 | (761) | 5,233 | (2,443) | ||||||||
| Interest expenses, net | 36,380 | 8,729 | 91,725 | 10,050 | ||||||||
| Share-based payment expenses | 8,602 | 8,658 | 38,493 | 33,968 | ||||||||
| Changes in fair value of derivative liabilities | (276,552) | 469,501 | (444,861) | 498,167 | ||||||||
| Loss on extinguishment of convertible senior notes | 44,209 | 8,172 | 60,403 | 8,172 | ||||||||
| Changes in fair value of cryptocurrency-settled receivables and payables | (1,724) | 5,733 | 631 | 6,362 | ||||||||
| Changes in fair value of cryptocurrency receivables | 48,950 | – | 26,710 | – | ||||||||
| Impairment of assets 8 | 14,699 | – | 14,699 | – | ||||||||
| Other expenses – one off donation | 1,250 | – | 1,250 | – | ||||||||
| Changes in fair value of derivative assets | 3,543 | – | 3,543 | – | ||||||||
| Change in fair value of financial assets at fair value through profit or loss | 3,868 | (530) | 3,662 | (1,970) | ||||||||
| Changes in fair value of holdback shares for acquisition of FreeChain | – | 2,970 | – | 3,186 | ||||||||
| Total of Adjusted EBITDA | 31,199 | (4,329) 2 | 35,204 | 37,437 2 | ||||||||
| Adjusted Loss | ||||||||||||
| Profit / (Loss) for the periods | 70,542 | (531,917) | 65,597 | (599,151) | ||||||||
| Add： | ||||||||||||
| Share-based payment expenses | 8,602 | 8,658 | 38,493 | 33,968 | ||||||||
| Changes in fair value of derivative liabilities | (276,552) | 469,501 | (444,861) | 498,167 | ||||||||
| Loss on extinguishment of convertible senior notes | 44,209 | 8,172 | 60,403 | 8,172 | ||||||||
| Changes in fair value of cryptocurrency-settled receivables and payables | (1,724) | 5,733 | 631 | 6,362 | ||||||||
| Changes in fair value of cryptocurrency receivables | 48,950 | – | 26,710 | – | ||||||||
| Impairment of assets 8 | 14,699 | – | 14,699 | – | ||||||||
| Other expenses – one off donation | 1,250 | – | 1,250 | – | ||||||||
| Changes in fair value of derivative assets | 3,543 | – | 3,543 | – | ||||||||
| Change in fair value of financial assets at fair value through profit or loss | 3,868 | (530) | 3,662 | (1,970) | ||||||||
| Changes in fair value of holdback shares for acquisition of FreeChain | – | 2,970 | – | 3,186 | ||||||||
| Total of Adjusted Loss | (82,613) | (37,413) 2 | (229,873) | (51,266) 2 | ||||||||
For investor and media inquiries, please contact:
Investor Relations
John Ragozzino Jr., CFA
ICR
bitdeer.IR@icrinc.com
Public Relations
Nishant Sharma
BlocksBridge Consulting
bitdeer@blocksbridge.com
1 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of convertible senior notes, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, impairment of assets, other expenses – one off donation, changes in fair value of derivative assets, changes in fair value of financial assets at fair value through profit or loss, and changes in fair value of holdback shares for acquisition of FreeChain.
2 During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$0.5 million, US$2.0 million and US$3.4 million revision to Q4 2024, Year-ended 2024 and Q3 2025 metrics, respectively, reflects non-cash fair value changes in financial assets at fair value through profit or loss as they do not represent normal operating expenses (or income) necessary to operate our business.
3 Indicative timing for completion of power and data center infrastructure. All timing references are to calendar quarters and years.
4 Figures represent total available electrical capacity
5 Figures may not add due to rounding.
6 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of convertible senior notes, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, impairment of assets, other expenses – one off donation, changes in fair value of derivative assets, changes in fair value of financial assets at fair value through profit or loss, and changes in fair value of holdback shares for acquisition of FreeChain.
8 Impairment of assets for the year ended December 31, 2025 was US$7.2 million and nil, respectively. In the year ended December 31, 2025, we recorded an impairment of US$4.7 million related to the fire accident in Massillon Ohio site, US$8.7 million related to old model of whatsminers, and US$1.3 million related to our other assets as they didn’t happen occasionally and do not represent normal operating expenses (or income) necessary to operate our business.
