Core Insights - Bitdeer Technologies Group reported significant revenue growth in Q4 2025, with a year-over-year increase of 225.8% to $224.8 million, driven by self-mining and AI infrastructure initiatives [4][7] - Despite the revenue surge, gross profit fell to $10.6 million, reflecting a gross margin of 4.7%, down from 24.1% in the previous quarter, primarily due to lower Bitcoin prices, increased electricity costs, and a change in depreciation methodology [3][7] Financial Performance - The company posted an adjusted EBITDA of $31.2 million for Q4 2025, down from $39.6 million in Q3 2025 [3] - Self-mining revenue reached $168.6 million, significantly up from $41.5 million in Q4 2024 and $130.9 million in Q3 2025, attributed to a higher average operating hash rate [8] - Bitdeer reported a net operating cash outflow of $599.5 million, driven by supply chain costs, electricity expenses, and corporate overhead [5][17] Operational Developments - Bitdeer is expanding its self-mining capacity, exiting 2025 with over 55 EH/s and reaching over 63 EH/s in January 2026 [6][9] - The company commenced mass production of the SEALMINER A3 series and plans to begin production of SEAL04-1 in Q1 2026, with a focus on improving energy efficiency [10][12] - Bitdeer is prioritizing colocation services for AI and HPC at larger sites, with over 1.66 GW of capacity online and a total pipeline of 3 GW [12][14] Strategic Focus - The firm is pivoting towards AI/HPC colocation and GPU-as-a-Service, with plans to expand its cloud platform in Malaysia and the U.S. [5][14] - Management emphasized that significant U.S. GPU deployments will be backed by committed revenue from enterprise contracts, avoiding speculative capacity [15] - The company plans to switch to GAAP reporting in Q1 2026, moving away from IFRS [20]

Revenue Growth - Total revenue for 2025 was $620.3 million, a significant increase from $349.8 million in 2024, representing a growth of 77.5%[12] - Self-mining revenue reached $396.0 million in 2025, up from $163.1 million in 2024, reflecting a year-over-year increase of 142.5%[12] - Revenue for Q4 2025 reached $224.8 million, a significant increase of 226% compared to $69.0 million in Q4 2024[30] Profitability - Net profit for Q4 2025 was $70.5 million, a turnaround from a net loss of $531.9 million in Q4 2024[18] - Adjusted EBITDA for 2025 was $31.2 million, compared to a negative $4.3 million in 2024, indicating a substantial improvement[20] - Adjusted EBITDA for Q4 2025 was $31.2 million, compared to an adjusted EBITDA loss of $4.3 million in Q4 2024[36] - Total comprehensive income for Q4 2025 was $70.8 million, compared to a comprehensive loss of $532.2 million in Q4 2024[30] - The company reported a basic earnings per share of $0.31 for Q4 2025, a recovery from a loss per share of $3.22 in Q4 2024[30] Cash Flow and Assets - Cash and cash equivalents decreased to $149.4 million in 2025 from $476.3 million in 2024[12] - Total current assets increased to $1.39 billion in 2025, up from $949.4 million in 2024, driven by higher inventories and prepayments[28] - Net cash used in operating activities for the year ended December 31, 2025, was $1.7 billion, up from $622.1 million in 2024[31] - Cash and cash equivalents at the end of Q4 2025 were $149.4 million, a decrease from $476.3 million at the end of Q4 2024[31] Liabilities and Expenses - Total liabilities rose to $1.94 billion in 2025, compared to $1.28 billion in 2024, primarily due to increased borrowings and derivative liabilities[28] - Other operating expenses surged to $43.8 million in Q4 2025 from $3.7 million in Q4 2024, largely due to fair value changes of Bitcoin collateral[16] - The company recorded a $208.9 million other net gain in Q4 2025, mainly from fair value changes of derivative liabilities[17] Mining Performance - The average self-mining hashrate increased by 464.3% to 47.4 EH/s in Q4 2025 compared to 8.4 EH/s in Q4 2024[13] Operating Loss - Operating loss for Q4 2025 was $109.4 million, a recovery from an operating loss of $520.9 million in Q4 2024[30] Impairment - The company recorded an impairment of assets totaling $7.2 million for the year ended December 31, 2025, including $4.7 million related to a fire accident[37] Hosting Services - The company generated approximately $17.2 million from hosting services provided to a related party for the year ended December 31, 2024[30]

分组1 - Bitdeer Technologies Group (BTDR) reported a quarterly loss of $0.73 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.14, marking an earnings surprise of -430.91% [1] - The company posted revenues of $224.84 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 7.14%, and showing a substantial increase from year-ago revenues of $69.02 million [2] - Over the last four quarters, Bitdeer has surpassed consensus revenue estimates four times, although it has only exceeded consensus EPS estimates once [2] 分组2 - The stock has gained approximately 7% since the beginning of the year, outperforming the S&P 500, which has gained 1.4% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.16 on revenues of $203.69 million, and for the current fiscal year, it is -$0.15 on revenues of $1.18 billion [7] - The Zacks Industry Rank indicates that the Technology Services sector is currently in the bottom 38% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [8]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached $225 million, representing a 226% increase year-over-year and a 33% increase sequentially [5][17] - Gross profit totaled $10.6 million, with an adjusted EBITDA of $31.2 million for the quarter [5][21] - Self-mining revenue was $168.6 million, up 306% year-over-year and 28.7% sequentially [17] - Total operating expenses for the quarter were $66.3 million, compared to $42.5 million in Q4 2024 and $60.5 million in Q3 2025 [20] Business Line Data and Key Metrics Changes - Self-mining hash rate increased to over 63 exahash per second by the end of January 2026, up from 55 exahash per second at year-end [13] - SEALMINER sales revenue was $23.4 million, up 105.4% from $11.4 million in Q3 2025 [18] - The overall fleet-wide efficiency improved to 17.5 joules per terahash as of January 31, 2026 [14] Market Data and Key Metrics Changes - The company reported a significant shift in market dynamics around AI data center development, with increased demand for large-scale colocation capacity [6][7] - The average Bitcoin price decreased by 13% quarter-over-quarter, impacting gross margins [18][19] Company Strategy and Development Direction - The company aims to position itself as a vertically integrated Bitcoin and AI infrastructure provider, focusing on Bitcoin mining, ASIC development, and HPC AI [12][28] - The strategy includes prioritizing colocation services in Norway and the U.S. for large-scale AI HPC deployments [7][11] - The company plans to continue investing in self-mining capacity despite current Bitcoin price fluctuations, indicating a long-term belief in Bitcoin [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in securing colocation deals in the near future, although predicting exact timelines is challenging [31] - The company anticipates continued growth in self-mining operations and expects the supply-demand imbalance for AI compute to persist into 2027 [12][28] - Management highlighted the importance of maintaining operational flexibility and efficiency in response to market conditions [47] Other Important Information - The company plans to transition from IFRS to GAAP accounting standards starting in Q1 2026 [27] - Capital expenditures for 2025 totaled $176 million, with an anticipated range of $180 million to $200 million for 2026 [24] Q&A Session Summary Question: What are the main items being discussed with potential colocation customers? - Discussions vary by counterparty and include price, duration, and design considerations, with confidence in finalizing deals soon [30][31] Question: What should be expected in terms of debt and cost of capital for colocation projects? - Cost of capital will depend on counterparties and deal terms, making it difficult to predict at this stage [32][35] Question: What is the status of the Tydal site and its customer discussions? - The Tydal site is expected to be completed by the end of the year, with a low PUE of around 1.1 due to its hydropower source [40] Question: How does the company view the growth of its Bitcoin mining business in 2026? - The company remains committed to investing in Bitcoin mining capacity despite current market conditions, with no specific hash rate projections provided yet [42][43] Question: Is there a price point at which mining activity would slow down? - There is a price point where mining could slow, but the company has not reached it yet, and efficiency improvements allow for continued operation [47][48] Question: What is the strategy for GPU rental versus colocation? - The company will pursue colocation for larger sites and GPU rental for smaller sites, reflecting a strategic pivot based on customer needs [83][84]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached $225 million, up 226% year-over-year and 33% sequentially [5][17] - Gross profit totaled $10.6 million, with an adjusted EBITDA of $31.2 million for the quarter [5][22] - Self-mining revenue was $168.6 million, representing year-over-year growth of 306% and sequential growth of 28.7% [17] - Total operating expenses for the quarter were $66.3 million, compared to $42.5 million in Q4 2024 and $60.5 million in Q3 2025 [20][21] - Adjusted net loss was $82.6 million, compared to $37.4 million in Q4 2024 and $36.3 million in Q3 2025 [22] Business Line Data and Key Metrics Changes - Self-mining hash rate increased to over 63 exahash per second by the end of January 2026, up from 55 exahash per second at year-end [13] - SEALMINER sales revenue was $23.4 million, up 105.4% from $11.4 million in Q3 2025 [18] - The overall fleet-wide efficiency improved to 17.5 joules per terahash as of January 31, 2026 [14] Market Data and Key Metrics Changes - The company reported a significant shift in market dynamics around AI data center development, with increased demand for large-scale colocation capacity [7] - The average Bitcoin price decreased by 13% quarter-on-quarter, impacting revenue and gross margin [19] Company Strategy and Development Direction - The company aims to be a vertically integrated Bitcoin and AI infrastructure provider, focusing on Bitcoin mining, ASIC development, and HPC AI [12][28] - The strategy includes prioritizing colocation services in Norway and the U.S. for large-scale AI HPC deployments [7][11] - The company is expanding its GPU-as-a-Service offerings in Malaysia and the U.S., with a disciplined approach to capital deployment [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in securing colocation deals despite ongoing negotiations, emphasizing the sensitivity of discussions [31] - The company remains committed to Bitcoin mining, viewing it as a long-term investment despite current market conditions [42] - Management highlighted the importance of operational efficiency and cost control in navigating the current market environment [46][47] Other Important Information - The company plans to transition from IFRS to GAAP accounting standards starting in Q1 2026 [27] - The total cash and cash equivalents at year-end 2025 were $149.4 million, with significant borrowings of $1.0 billion [26] Q&A Session Summary Question: What are the main items being discussed with potential colocation customers? - Discussions vary by counterparty, covering price, duration, and design aspects, with confidence in finalizing deals soon [31] Question: What should be expected in terms of debt and cost of capital for colocation projects? - Cost of capital will depend on counterparties and deal terms, making it difficult to predict at this stage [32] Question: Can you provide details on the Tydal site and its customer discussions? - The Tydal site is expected to be completed by the end of the year, with a low PUE of around 1.1 due to hydropower and cold climate advantages [39] Question: How does the company view growth in Bitcoin mining in 2026? - The company remains a long-term believer in Bitcoin and will continue to invest in mining capacity, though specific projections are not yet available [42] Question: Is there a price point at which mining activity would slow down? - There is a price point, but the company has not reached it yet, as efficiency improvements allow some operations to remain profitable [46][47] Question: What is the strategy for GPU rental versus colocation? - Larger sites will focus on colocation, while smaller sites will handle GPU rental, aligning with customer preferences [83]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached $225 million, representing a 226% increase year-over-year and a 33% increase sequentially [4] - Gross profit totaled $10.6 million, with an adjusted EBITDA of $31.2 million for the quarter [4][21] - Self-mining revenue was $168.6 million, up 306% year-over-year and 28.7% sequentially [16] - Total operating expenses for the quarter were $66.3 million, compared to $42.5 million in Q4 2024 and $60.5 million in Q3 2025 [19] - Adjusted net loss was $82.6 million, compared to $37.4 million in Q4 2024 and $36.3 million in Q3 2025 [21] Business Line Data and Key Metrics Changes - Self-mining revenue growth was driven by a significant increase in average operating hash rate and associated Bitcoin production, despite a 13% decrease in average Bitcoin prices [16][17] - SEALMINER sales revenue was $23.4 million, up 105.4% from the previous quarter [17] - The overall fleet-wide efficiency improved to 17.5 joules per terahash as of January 31, 2026, due to the deployment of next-generation SEALMINER rigs [13] Market Data and Key Metrics Changes - The company reported over 1.66 GW of capacity online and a total global power pipeline of 3 GW, positioning itself favorably in the AI and Bitcoin mining markets [6] - The demand for large-scale colocation capacity has increased significantly, prompting the company to prioritize colocation services in Norway and the U.S. [6] Company Strategy and Development Direction - The company aims to be a vertically integrated Bitcoin and AI infrastructure provider, focusing on three strategic pillars: Bitcoin mining, ASIC development, and HPC AI [11] - The company is actively pursuing colocation opportunities and has established a strong operational momentum heading into 2026 [27] - The company plans to continue investing in its Bitcoin mining capacity despite current market conditions, reflecting a long-term belief in Bitcoin [42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by lower Bitcoin prices and higher operational costs but expressed confidence in the company's ability to navigate these challenges [21][47] - The company expects the supply-demand imbalance for AI compute to persist well into 2027, indicating a strong market opportunity [11] Other Important Information - The company plans to transition from IFRS to GAAP accounting standards starting in Q1 2026 [26] - Capital expenditures for 2025 totaled $176 million, with an anticipated range of $180 million to $200 million for 2026 [24] Q&A Session Summary Question: What are the main items being discussed in colocation negotiations? - Discussions vary by counterparty and include price, duration, and design considerations, with confidence in finalizing deals soon [30][31] Question: What should be expected in terms of debt and cost of capital for colocation projects? - Cost of capital will depend on the counterparties and deal terms, making it difficult to predict at this stage [32][34] Question: What type of customers are being targeted for the Tydal site? - The site is expected to attract a range of customers, but specific details remain confidential due to the sensitivity of negotiations [40][41] Question: How does the company view growth in Bitcoin mining in 2026? - The company remains committed to Bitcoin mining and will continue to invest in capacity, though specific projections for hash rate growth have not been provided [42] Question: Is there a price point at which mining activity would slow down? - While there is a price point that could lead to slowing operations, the company has not reached it yet, and efficiency improvements allow continued operation at lower prices [47][48] Question: What is the strategy for GPU as a Service? - The company is focusing on the latest GPUs for larger sites while still pursuing GPU rental for smaller sites [81][82]

Q4 '25 Su p p le m e n ta l In ve s tor Pre s e n ta tion A le a d in g te c h c om p a n y for th e b loc kc h a in & a c c e le ra te d c om p u te c om m u n itie s Fe b ru a ry 20 26 NASDAQ: BTDR Dis c la im e r & Forwa rd - Lookin g Sta te m e n ts This presentation and the accompanying oral presentation have been prepared by Bitdeer Technologies Group (the "Company") solely for information purpose, and has not been independently verified. By viewing or accessing the information contained in this prese ...

Core Insights - Bitdeer Technologies Group has reported a significant financial turnaround in Q4 2025, achieving a net profit of US$70.5 million compared to a net loss of US$531.9 million in the same quarter of the previous year [5][21][32] - The company is strategically transitioning towards high-performance compute infrastructure and colocation services, anticipating a widening supply/demand imbalance in global AI infrastructure [2][3] - The self-mining operations remain a key component of the business, with a substantial increase in Bitcoin mined and hash rate under management [3][5] Financial Performance - Total revenue for Q4 2025 was US$224.8 million, a significant increase from US$69.0 million in Q4 2024 [5][9] - Cost of revenue rose to US$214.3 million from US$63.9 million, primarily due to higher electricity and depreciation costs [5][14] - Gross profit was US$10.6 million, up from US$5.1 million, with a gross margin of 4.7% compared to 7.4% in the previous year [5][17] Operational Metrics - The total hash rate under management increased to 71.0 EH/s from 21.6 EH/s year-over-year, with self-mining contributing 55.2 EH/s [3][9] - Bitcoin mined through self-mining operations reached 1,673 BTC, a significant increase from 469 BTC in Q4 2024 [5][9] - The number of mining rigs under management grew to 293,000, up from 175,000, with self-owned rigs increasing to 211,000 [3][9] Cash Flow and Balance Sheet - Cash and cash equivalents as of December 31, 2025, were US$149.4 million, down from US$476.3 million a year earlier [5][25] - The company generated net cash from financing activities of US$454.5 million, primarily from convertible senior note issuances [25][34] - Total assets increased to US$2.8 billion from US$1.6 billion year-over-year, reflecting growth in mining rigs and inventories [25][30] Strategic Initiatives - Bitdeer is pursuing a dual-track AI infrastructure strategy, focusing on colocation for large sites while expanding GPU-as-a-service opportunities [2][3] - The company is leveraging its power procurement and infrastructure development capabilities to meet the growing demand for AI compute capacity [2][3] - The operational infrastructure and speed to market are highlighted as competitive advantages in the current market landscape [2][3]

Core Insights - Bitdeer Technologies Group reported a significant increase in self-mined Bitcoin, reaching 668 coins, which represents a year-over-year growth of 430% [1] - The total Bitcoin holdings of the company have reached 1,530 coins [1] - The self-mining hash rate has achieved 63.2 EH/s, with ongoing deployment of SEALMINER mining machines and a gradual phase-out of outdated third-party models [1]

Core Insights - Bitdeer Technologies Group reported a significant increase in self-mining hashrate and Bitcoin production, indicating strong operational growth and expansion in the cryptocurrency mining sector [1][6][14]. Mining Operations - The self-mining hashrate reached 63.2 EH/s, a 14% increase from December 2025 [14]. - Bitcoin production surged by 430% year over year, totaling 668 Bitcoins mined in January 2026 [6][12]. - The total hash rate under management increased to 78.1 EH/s, up from 71.0 EH/s in December 2025 [10]. SEALMINER Manufacturing - The deployment of SEALMINER mining rigs contributed to the increase in self-mining capacity, with a total proprietary hash rate of 65.1 EH/s as of January 2026 [3][10]. - Cumulative deployed SEALMINER A3 units increased to 8.7 EH/s, while A2 units reached 44.1 EH/s [3]. Research and Development - The SEAL-DL1 Litecoin ASIC chip has been successfully taped out, with initial testing results exceeding expectations [7]. - Plans are in place to launch the SEAL-DL1 product in Q1 2026, which is expected to outperform the SEALMINER A2 series [7]. Infrastructure Development - Bitdeer is advancing its U.S. manufacturing plans, with a lease signed and construction permit application submitted [7]. - The total global electrical capacity across various sites is now 3,002 MW, with several projects in progress and planning stages [9][19]. AI and HPC Initiatives - The company is actively evaluating colocation arrangements for HPC/AI services, with strong interest from potential hyperscaler customers [8][14]. - Initial deployment of NVIDIA GB200 NVL72 infrastructure in Malaysia marks the first phase of capacity expansion for AI workloads [11].