Bitdeer Technologies Group (NASDAQ:BTDR) reported sharply higher first-quarter revenue as its Bitcoin mining output expanded, while management emphasized a broader push into AI cloud services and large-scale data center colocation.
On the company’s first-quarter 2026 earnings call, Chief Strategy Officer Haris Basit said Bitdeer’s vertically integrated platform advanced across four strategic businesses: Bitcoin mining, ASIC development, AI cloud and colocation data center infrastructure. He said the company’s Bitcoin mining production grew nearly 500% year over year, while its AI cloud business posted rapid growth in annual recurring revenue.
Sequentially, revenue declined from $224.8 million in the fourth quarter of 2025, which Dahya attributed to lower average Bitcoin prices and a larger share of manufacturing output going toward internal mining deployment rather than external SEALMINER sales.
Margins Pressured by Bitcoin Prices, Depreciation and Power Costs
Bitdeer posted a gross loss of $39 million in the quarter, equal to a negative gross margin of 20.7%. Dahya said three factors drove the result: pressure on Bitcoin prices, $70 million of non-cash depreciation expense tied to the company’s expanded mining fleet, and seasonal power cost dynamics at facilities in Norway and Bhutan.
“Looking ahead, the path to gross margin recovery is straightforward,” Dahya said, citing A4 series deployment, lower electricity costs as spring and summer rates normalize, and higher AI cloud revenue as potential drivers.
The company reported an operating loss of $159.5 million and a loss per share of $0.68. Net cash used in operating activities was $346.9 million, down 42% from $594.7 million in the fourth quarter of 2025. Bitdeer ended the quarter with $297.7 million in cash equivalents and restricted cash, compared with $177.9 million at the end of 2025. Total borrowings were approximately $1.92 billion.
Dahya also noted that the company began reporting under U.S. GAAP in the first quarter and adopted accounting guidance requiring digital assets to be measured at fair value each reporting period. He said fair value changes in digital assets will flow through GAAP net income and may introduce non-cash volatility.
AI Data Center Plans Center on Norway, Ohio and Texas
Basit said Bitdeer had approximately 1.7 gigawatts of electrical capacity online at the end of March and a total global power pipeline of about 3 gigawatts. He described that portfolio as one of the company’s foundational assets as demand for AI compute infrastructure increases.
The company’s highest-priority colocation opportunity is its Tydal, Norway facility. Basit said Bitdeer’s subsidiary, Tydal Data Center AS, entered into an agreement on March 30 with Data Center Installations AS to develop and convert the site into an AI data center. The project is expected to deliver 180 megawatts of gross installed capacity, with the first phase expected to be completed as early as December 2026.
Upon completion, management expects Tydal to be Norway’s largest operational AI data center and one of the largest in Europe by installed capacity. Basit said the facility is being designed in accordance with NVIDIA guidelines and is intended to support NVIDIA GB300 and Vera Rubin technology.
Basit said the company is in advanced negotiations with a potential colocation tenant for Tydal and has retained Morgan Stanley as financial adviser for the project. In response to an analyst question, he said most of the design work is already in hand and that remaining discussions involve detailed technical requirements. He added that management is focused on securing a tenant with strong credit and favorable economics.
At Clarington, Ohio, Bitdeer has 570 megawatts of power under contract with AEP. Basit said design and preparation work is continuing, but litigation filed by a neighboring company could affect the construction timeline. He said Bitdeer’s attorneys believe the company has a well-founded case and that the litigation has limited merit, while management is evaluating ways to mitigate timing impacts.
At Rockdale, Texas, Bitdeer is pursuing a dual-track strategy: continuing Bitcoin mining operations while developing AI infrastructure on adjacent land. Basit said the company is working with ERCOT on 179 megawatts of incremental power capacity targeted for energization by year-end, which would bring total power capacity at Rockdale to more than 740 megawatts. In the question-and-answer session, he said the site has attracted interest from hyperscalers, neo-cloud companies and other prospective tenants, but that it was too early to give a precise development timeline.
Bitcoin Mining Hash Rate Expands
Bitdeer’s self-mining hash rate increased from 55.2 exahash per second at the end of December 2025 to about 65 exahash per second at the end of March, representing year-over-year growth of more than 400%, according to Basit.
The company mined 668 Bitcoin in January, 705 Bitcoin in February and 661 Bitcoin in March. Basit said the March decline from February reflected seasonal factors at the Norway and Bhutan facilities rather than fleet performance. He noted that April production increased to 783 Bitcoin.
Basit also highlighted the launch of the SEALMINER A4 series on April 7. He said the A4 Ultra Hydro model operates at 9.45 joules per terahash, while the A4 Pro Hydro and A4 Pro Air operate at 10.9 joules per terahash. Bitdeer’s fleet efficiency was approximately 16.4 joules per terahash as of March 31.
During the Q&A, Founder, Chairman and CEO Jihan Wu said Bitdeer is currently emphasizing self-mining rather than external mining rig sales, citing semiconductor fabrication constraints and market conditions. He said selling rigs in the current Bitcoin pricing environment would require “a very bad price” and described self-mining expansion as the better economic decision for the company.
AI Cloud Revenue Ramps Up
Bitdeer said its AI cloud business grew quickly during the quarter. Basit said annual recurring revenue rose from about $10 million at the end of January to about $21 million at the end of February and approximately $43 million at the end of March. In April, annual recurring revenue reached about $69 million, with more than 4,000 GPUs deployed.
GPU utilization increased from 41% in January to 94% in March. At quarter-end, Bitdeer had 2,128 GPUs deployed, including H100s, H200s, B200s and GB200s, with 1,948 under active external subscription.
Basit said hourly pricing for H100s had increased by approximately 40% since late 2025, and that the market absorbed the increase without meaningful friction. Wu said most GPU cloud contracts are now long-term, generally running three to five years, which he said should make rates “relatively stable” from this point.
Bitdeer reiterated 2026 guidance for total infrastructure capital expenditures of $180 million to $200 million for crypto mining data center construction. Dahya said that guidance does not include capital spending for SEALMINER hardware, GPUs, AI cloud or colocation development.
Basit said the company expects the bulk of its fiscal 2026 financing needs to be addressed through project-level debt financing after a lease agreement is signed for the Tydal site. The company also priced an upsized offering of $375 million in 5% convertible senior notes due 2032 during the quarter.
About Bitdeer Technologies Group (NASDAQ:BTDR)
Bitdeer Technologies Group Inc (NASDAQ:BTDR) is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure.
Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures.
