Bitdeer posts record $320.7 million Q3 revenue as AI lease pipeline grows

Bitdeer Technologies Group just had its biggest quarter ever, at least by revenue. The Bitcoin miner and AI cloud operator reported $320.7 million in third-quarter 2026 sales, up 89% from $169.7 million a year earlier.

The bottom line told a different story. Net loss ballooned to $125.5 million, compared to $30.1 million in Q3 2025.

The Nasdaq-listed company (BTDR) released the unaudited results on November 10. It also pointed to a $4.7 billion, 16-year AI and high-performance computing lease with Volta Tydal AS, a deal announced on August 4, 2026.

The numbers behind the record quarter

Self-mining did most of the heavy lifting. That segment brought in $217.5 million, or roughly two-thirds of total revenue.

Bitdeer self-mined 3,855 BTC during the quarter. That is a 248% jump from the same period last year.

Adjusted EBITDA climbed 173% to $69.6 million. Revenue grew 89%, while adjusted EBITDA grew 173%, which suggests each additional dollar of sales is carrying more profit with it.

So why the wider net loss? The company’s loss grew from $30.1 million in Q3 2025 to $125.5 million this quarter, and a $54.6 million non-cash loss related to digital asset borrowings accounts for a large share of that.

Mining a lot, holding very little

One figure stands out against the production numbers. By the end of the third quarter, Bitdeer held just 47 BTC.

That is a remarkably small stack for a company that mined 3,855 coins in three months.

The company runs operations across the US, Bhutan, Norway, Canada, Malaysia and Ethiopia. Its total power portfolio stands at 3.1 GW.

The AI pivot is getting serious

The Tydal deal is the headline act for Bitdeer’s AI ambitions. Announced on August 4, 2026, the 16-year lease covers 121 IT MW and carries a total value of $4.7 billion.

That lease sits alongside a broader AI cloud services backlog of approximately $2.9 billion. Bitdeer has secured 332 MW of capacity for that business.

What this means for Bitdeer and its investors

Bitdeer is essentially running two businesses under one roof. One is a fast-growing Bitcoin miner with rising output and improving operating margins. The other is an emerging AI infrastructure provider with a sizable contracted pipeline.

The risk is equally visible. A $125.5 million net loss, driven in part by a $54.6 million charge tied to digital asset borrowings, shows that financing decisions can swamp operational gains on the income statement.

The thin Bitcoin holdings also matter here. With only 47 BTC on the books, Bitdeer has limited exposure to a price rally.

Watch the next few quarters for three things: whether adjusted EBITDA keeps outpacing revenue growth, whether borrowing-related charges shrink, and how quickly the AI backlog starts showing up as recognized revenue.