Bitdeer Technologies Group Class A Ordinary Shares Q3 2026 Earnings Recap

Bitdeer’s shares rose 6.4% after earnings, with investors responding to sharply higher revenue and expanding contracted AI demand. The upside was tempered by AI cloud’s modest 15% gross margin and the fact that Bitcoin mining still provides most near-term revenue.

Key Takeaways

• Revenue increased 89% year over year to $321 million; gross profit turned positive, and adjusted EBITDA more than doubled quarter over quarter.
• AI cloud revenue reached $20.4 million, up 46% sequentially and more than 11 times the year-ago quarter. The business had 4,330 GPUs deployed at approximately 95% utilization and generated $3.1 million of gross profit, a roughly 15% margin.
• AI cloud ARR was approximately $86 million at September-end. Management cited about $2.9 billion of AI cloud backlog and roughly $4.7 billion of expected revenue from the base term of the Tydal lease.
• Malaysia commitments include more than $800 million of expected five-year revenue at sold-out A102 and over $1.7 billion at A201, where more than 70% of capacity is contracted.
• Tydal phase 1 remains on schedule for year-end delivery, while Bitcoin mining continues to account for most near-term revenue.