Bitdeer’s $320.7 Million Revenue Record Comes With a $125.5 Million Net Loss

What happened: Bitdeer reported record third-quarter revenue of $320.7 million, up 89% year over year and 40% from the preceding quarter. Bitcoin production reached 3,855 BTC, an increase of 248% year over year, while its net loss widened to $125.5 million. Adjusted EBITDA reached $69.6 million, up 173% year over year, and the net loss included a $54.6 million non-cash fair-value loss on a digital-assets loan.

Why it matters: The production and revenue figures show substantial expansion, but the accounting results require readers to distinguish operating measures from the final net result. The $54.6 million loan adjustment helps explain the reported loss without accounting for all of it, while adjusted EBITDA measures a different set of expenses and adjustments. Bitdeer attributed growth to production, fleet efficiency, co-mining and AI cloud activity; the supplied figures do not isolate AI cloud revenue, so they cannot establish how much that business contributed.

Source: The Block