Bitdeer Posts $320.7 Million Revenue as Bitcoin Holdings Shrink

What happened: Bitdeer reported record third-quarter revenue of $320.7 million, up 89% year over year, while its net loss widened to $125.5 million from $30.1 million. Bitcoin production rose 248% to 3,855 BTC, and adjusted EBITDA increased 173% to $69.6 million, while the reported loss included a $54.6 million non-cash charge from changes in digital-asset loan fair values. Alongside those results, AI Cloud revenue reached $20.4 million versus $1.8 million a year earlier, AI backlog stood at approximately $2.9 billion, and Bitcoin treasury holdings fell to 47 BTC from 2,029 BTC.

Why it matters: The combination of rising revenue, higher adjusted EBITDA and a wider accounting loss requires a more careful reading than either the record-sales headline or the loss figure provides alone. The non-cash charge explains part of the divergence, while $221.5 million in digital-asset disposals and the sharp reduction in Bitcoin holdings show a material change in the company's balance-sheet exposure during its AI buildout. The backlog offers evidence of contracted demand, but it remains distinct from recognized revenue: investors still need to assess whether construction and service delivery translate that approximately $2.9 billion pipeline into operating results.

Sources: The Block; SEC earnings exhibit.