Bitdeer Technologies Group Class A Ordinary Shares Earnings Recaps
Q1 2026
May 16, 2026
Bitdeer's shares rose modestly by 1.0% following the Q1 2026 earnings release, reflecting investor caution despite notable revenue growth and progress in AI infrastructure. The market appears to be weighing ongoing execution risks around key development projects and the impact of accounting changes rather than rewarding outright outperformance.
Key takeaways
- Total revenue increased approximately 170% year-over-year to $188.9 million in Q1 2026.
- Adjusted EBITDA improved by around $60 million year-over-year, reaching $14.4 million.
- Bitcoin mining production grew nearly 500% year-over-year, indicating strong operational expansion.
- Significant progress made on the Tydal Norway AI data center conversion, with 180 MW gross installed capacity planned and advanced lease negotiations underway.
- Transition to U.S. GAAP and adoption of fair value accounting for digital assets introduce potential non-cash earnings volatility going forward.