Bitdeer Reports Record Q3 2026 Revenue of $320.7M, Adjusted EBITDA Up 173%

Bitdeer began as a Bitmain-linked miner before listing on Nasdaq via a 2021 SPAC merger, building its identity around industrial-scale Bitcoin mining in the US, Norway and Bhutan. Like rivals Marathon Digital and Riot Platforms, it has spent the past two years pivoting toward AI cloud and data-center leasing as a second revenue stream, betting that power-dense infrastructure built for mining rigs can also host GPU clusters for AI compute customers.

Miners and investors now have two very different numbers to reconcile: bitcoin production jumped 248% to 3,855 BTC, yet the net loss nearly quadrupled to $125.5 million from $30.1 million a year earlier. That gap means higher output and record revenue are not translating into profit, pointing toward rising power, depreciation or financing costs that shareholders will need explained before they can treat the 89% revenue growth as a clean signal.

Bitdeer's results sharpen a question facing every miner diversifying into AI: whether leasing compute capacity is a genuine hedge against halving-driven margin pressure or a capital-intensive distraction that widens losses before it pays off. A company can post an 89% revenue gain and still lose more money than the year before, which is an honest reminder that top-line growth and balance-sheet health are not the same test, whatever the AI narrative implies.

The $2.9 billion AI Cloud backlog is the figure to track next, since backlog is a pipeline of contracted future work, not booked revenue. Bitdeer's coming quarterly filings will show how much of that figure converts into actual AI Cloud sales versus mining income, and whether Adjusted EBITDA growth of 173% this quarter holds up once more of that backlog starts billing rather than sitting on paper.

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