Bitdeer Technologies, a Bitcoin mining company based in Singapore, saw its shares plummet nearly 20% on Monday as it reported significant quarterly losses.
Quarterly Results
Bitdeer recorded a net loss of $266.7 million for the third quarter of 2025, a sharp contrast to the net loss of $50.1 million from the same period last year, mainly due to non-cash losses from revalued convertible debt.
Despite this, the company’s revenue surged to $169.7 million, marking a 174% increase from the previous year, spurred by the growth of its self-mining operations.
BTDR closing price on Monday. Source: Google Finance
Business Performance
Additionally, Bitdeer’s operating performance showed improvements, with adjusted EBITDA climbing to $43 million, up from a $7.9 million loss in the same period of 2024. The company doubled its Bitcoin production, mining 1,109 BTC during the quarter.
For the first time, Bitdeer generated revenue from its AI cloud services, earning $1.8 million in Q3, indicating a shift in computing power towards artificial intelligence.
Matt Kong, Bitdeer’s Chief Business Officer, stated that the company is “uniquely positioned to capitalize” on the AI boom, projecting that allocating 200 MW of power to AI cloud services could potentially yield an annualized revenue run-rate of over $2 billion by the end of 2026.
By the close of the quarter, Bitdeer held 2,029 BTC, up from 258 BTC a year ago, and operated 241,000 mining rigs, compared to 165,000 at the same time last year.
Industry Trends
Many Bitcoin mining firms are increasingly shifting towards AI and high-performance computing (HPC), repurposing their resources to meet rising demands for computing power.
For instance, MARA Holdings recently announced an acquisition of a 64% stake in Exaion, focusing on low-carbon AI infrastructure, and TeraWulf entered into multiyear agreements worth $3.7 billion with Fluidstack for AI services.
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Tags: #Bitcoin #Business #Bitcoin Mining
