Bitdeer Technologies Group (Bitdeer) reported $320.7 million in revenue for the third quarter of 2026, an 89% increase from a year earlier, alongside a wider net loss. The Nov. 10 results showed a loss of $125.5 million, compared with $30.1 million in the same quarter last year. Combined self-mining and co-mining production was 3,855 BTC, up from 1,109 BTC.
Gross profit fell to $10.8 million from $39.7 million, and gross margin narrowed to 3.4% from 23.4%. Bitdeer said expanding its mining operations increased electricity and depreciation costs. Co-mining growth also added staffing and hosting expenses.
Adjusted EBITDA, a non-GAAP measure, rose 173% to $69.6 million from $25.5 million. Self-mining revenue was $217.5 million, co-mining revenue totaled $59.9 million, and AI Cloud revenue climbed to $20.4 million from $1.8 million a year earlier.
Bitdeer put its AI Cloud backlog at about $2.9 billion as of Sept. 30 and said it had secured about 332 IT MW of AI Cloud capacity. The company defines the non-GAAP backlog as estimated revenue from signed AI Cloud commitments over their remaining terms. It cautioned that the figure may not indicate future revenue, which depends on data centers being energized, GPUs being deployed and customers meeting their commitments.
In an update on September operations, Bitdeer said it mined 1,355 BTC, about 200% more than in September 2025. EconoTimes previously covered the September operating update, which put the company's self-mining hashrate at company-operated sites at 82.3 exahashes per second, compared with 35.0 EH/s a year earlier. The quarterly production total also includes output from Bitdeer equipment at facilities operated by other companies.
