Bitdeer Stock Slides As Q2 Loss Widens Despite Sharp Revenue Growth

Bitdeer Technologies Group ) reported Monday, with revenue rising sharply year over year but falling short of expectations as losses widened.Following the cryptocurrency miner’s results, its stock price was trading about 16% lower. Revenue of $228.8 million rose 47% from $155.6 million a year earlier but missed the .Adjusted EPS of a 39-cent loss missed the 36-cent loss estimate, while GAAP net loss per share was 37 cents versus 32 cents a year earlier.“The second quarter reflected steady progress across our platform. Earlier this month, we converted a meaningful portion of our power portfolio into long-term, contracted revenue with the Tydal, Norway agreement, our first large-scale proof point for the colocation strategy we plan to continue to build upon,” commented Michael G. Potter, Chief Financial Officer.Profitability and Revenue MixGross loss was $8.5 million versus $12 million in gross profit a year earlier, while net loss widened to $92.3 million from $62.9 million.Adjusted EBITDA rose to $31.1 million from $4.6 million.Self-mining revenue jumped to $168.4 million from $59.3 million, while AI Cloud revenue rose to $14 million from $1.3 million.Co-mining revenue was $25 million, and SEALMINER sales fell to $0.4 million from $69.5 million.Mining and AI Cloud OperationsBitdeer mined 2,694 bitcoin, up from 565, and quarter-end self-mining hash rate reached 73.0 EH/s from 16.5 EH/s. Average miner efficiency improved to 15.8 J/TH from 25.7 J/TH.AI Cloud annual recurring revenue reached about $76 million, with 95% GPU utilization across 4,248 deployed GPUs and 3,517 under active external subscription. Read Also: AI Infrastructure ExpansionThe company signed a 16-year AI/HPC colocation lease with Volta at Tydal, Norway, covering 121 IT MW and carrying an expected contracted value of $4.7 billion.The project has an estimated NOI margin of about 90%. Bitdeer also signed a 10-year lease for a 21.7 IT MW facility in Johor Bahru, Malaysia, designed to support 128 NVIDIA GB300 NVL72 systems, with handover expected in the first quarter of 2027.Cash Flow, Balance Sheet and OutlookNet cash used in operating activities was $158.5 million, with capital expenditures of $266.0 million.Cash, cash equivalents and restricted cash totaled $496.3 million, while borrowings were $1.8 billion. PP&E rose to $2.1 billion from $1.1 billion.Capex included GPU purchases, tariffs and mining-rig freight. Bitdeer also recorded $4.3 million of insurance compensation related to the Massillon fire.Clarington timing may be affected by legal proceedings, while Knoxville is targeted for Q3 2027 and Massillon energization for Q3 2026.BTDR Price Action: Bitdeer Technologies shares were down 16.45% at $9.09 at the time of publication on Monday, according to Benzinga Pro data. Read Also: JPMorgan Lifts S&P 500 Target to 8,000: How High Can It Go by Year-End? Photo: Quality Stock Arts on Shutterstock.com