Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026

Published: 2026-05-14 07:03:05 ET BTDR

Published on 05/14/2026 at 07:03 am EDT

SINGAPORE, May 14, 2026 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for AI and Bitcoin mining infrastructure, today released its unaudited financial results for the first quarter ended March 31, 2026.

Q1 2026 Financial1 HighlightAll amounts compared to Q1’25 unless otherwise noted

Management Commentary

"The first quarter of 2026 demonstrated the breadth of Bitdeer's execution capability," said Matt Kong, Chief Business Officer of Bitdeer Technologies Group. "We launched the SEALMINER A4, our most efficient mining rig to date, advancing our vertically integrated hardware platform and reinforcing the competitive foundation of our mining business. We activated development of our Tydal facility in Norway, which is expected to become Norway's largest operational AI data center upon completion. And we continue to grow our AI Cloud business, recently exceeding $69 million in annualized run-rate revenue."

Mr. Kong continued, "Underpinning all of this is a global power portfolio of approximately 3.0 gigawatts that we believe is one of the most strategically valuable infrastructure assets in our sector. We are in advanced stages of negotiations with a credit-worthy colocation tenant for Tydal and are confident in our ability to execute a signed agreement. I believe 2026 will be a defining year for Bitdeer as an AI infrastructure platform."

Operational Summary

Power Infrastructure Summary (As of 4/30/2026)

Financial MD&A

Effective January 1, 2026, the Company transitioned from IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") to generally accepted accounting principles in the United States of America ('U.S. GAAP'). The consolidated financial statements for prior periods have been recast to conform to U.S. GAAP.

All variances are current quarter compared to the same quarter last year. All figures in this section are rounded12.

Q1 2026 High-Level P&L and Disaggregated Revenue Details:

Q1 2026 Management’s Discussion and Analysis (compared to Q1 2025)

Revenue

Cost of Revenue

Gross loss and Margin

Operating Expenses

Non-operating items

Net Income (Loss)

Adjusted Loss (Non-GAAP)13

Adjusted EBITDA (Non-GAAP)2

Cash Flows

Balance SheetAs of March 31, 2026 (compared to December 31, 2025)

Further information regarding the Company’s first quarter 2026 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.

* Amount less than US$1,000

Use of Non-GAAP Financial Measures

In evaluating the Company’s business, the Company considers and uses non-GAAP 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 stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses, and defines adjusted income (loss) as income (loss) adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.

The Company presents these non-GAAP 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-GAAP 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 GAAP. The Company compensates for these limitations by reconciling these non-GAAP financial measures to the nearest GAAP 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 income (loss) for the relevant period to adjusted EBITDA and adjusted loss, for the three months ended March 31, 2026 and 2025.

For investor and media inquiries, please contact:

Investor RelationsTesh Dahya, Head of Investor [email protected]

MediaElev8 New MediaJessica Starman, [email protected]

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1 Effective January 1, 2026, the Company transitioned from IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") to generally accepted accounting principles in the United States of America ('U.S. GAAP'). The consolidated financial statements for prior periods have been recast to conform to U.S. GAAP. 2 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.3 Other Proprietary Hash Rate includes the hashrate from Bitdeer’s cloud hashrate business, mining rigs delivered in the crypto mining datacenters but not deployed and the mining rigs temporarily offline due to limited economic benefit.4 Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.5 Total hash rate under management across Bitdeer’s primary business lines: Self-mining, Co-mining, Cloud Hash Rate, and Hosting.6 Self-Mining (Operated in self-owned datacenters) refers to cryptocurrency mining for Bitdeer’s own account, whereby its mining rigs are operated in self-owned datacenters.7 Co-mining (Operated in 3rd party datacenters) refers to cryptocurrency mining for Bitdeer’s own account, whereby its mining rigs are operated in third-party datacenters.8 Bitcoins mined Includes BTC from self-mining operations and BTC from co-mining operations.9 Bitcoins held does not include Bitcoins from customer deposits but does include Bitcoins that are pledged as collateral by us.10 Indicative timing for completion of power. All timing references are to calendar quarters and years11 Capacity under lease arrangement12 Figures may not add due to rounding.13 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.14 In the three months ended March 31, 2026, we recorded US$17.8 million other losses primarily due to the US$6.4 million of loss on derivative assets, US$5.4 million loss on extinguishment of debt in connection with the convertible senior notes issued in November 2024, and US$5.0 million donation.