Crypto mining and AI cloud company Bitdeer said on Monday it pulled in $169.7 million in revenue for the third quarter of 2025, representing a 173% surge compared to the same quarter last year.
Bitdeer’s revenue beat was powered by rising Bitcoin prices and a huge increase in its self-mining output, according to the earnings report.
Despite the top-line growth, Wall Street didn’t react kindly. Bitdeer’s stock (BTDR) dropped more than 9% on Monday morning, with analysts pointing fingers at a softening in Bitcoin’s price that spooked investor sentiment.
Bitdeer also logged a net loss of $266.7 million for the quarter, which is more than five times the $50.1 million loss it posted last year.
But the company’s adjusted EBITDA did turn positive, hitting $43 million, which is a complete 180 from the $7.9 million adjusted loss in Q3 2024, thanks to a combination of stronger operational efficiency and higher mining capacity.
Bitdeer’s self-mining output surges, cloud contracts phased out
Revenue from self-mining alone exploded to $130.9 million, up from $31.5 million a year earlier. Bitdeer mined 1,109 Bitcoins during Q3, more than doubling its 511 BTC output from the same time last year.
The company completely wound down its Cloud Hashrate contracts, which used to bring in $7.1 million, and instead reallocated that hardware to its in-house mining fleet, boosting efficiency.
As of September 30, Bitdeer held $196.3 million in cash and equivalents, alongside $246.2 million worth of cryptocurrency on its books. But costs followed revenue, so Bitdeer’s operating expenses surged by 41% year-over-year, hitting $60.5 million, as the company scaled up infrastructure.
Research and development expenses jumped to $39.1 million, from $24.8 million, due to active work on the SEAL04 chip, Bitdeer’s next-generation ASIC miner.
By the end of October, Bitdeer said it had hit 41.2 EH/s (exahash per second) of self-mining capacity, overshooting its 40 EH/s target for the year. Mass production of SEALMINER A3 machines is already underway.
But SEAL04 development hit a snag. The company flagged “significant delays” in manufacturing due to design hurdles.
Chief Strategy Officer Haris Basit said the delays stem from technical complexities involving both EDA tools and design flows, and added that “we completed the first tape-out in September”.
He confirmed that volume production for SEAL04 remains on schedule for Q1 2026, though the version with updated architecture won’t meet its initial launch timeline.
GPU rollout builds momentum, data centers break ground
Bitdeer is also building out AI data centers beyond crypto. By October, the company had deployed 584 GPUs, pulling in an annualized $8 million in recurring revenue.
They’ve already placed orders for NVIDIA’s GB300 and B300 systems, which are expected to arrive in December.
The company now controls 1,611 megawatts of energized power capacity spread across Texas, Norway, Bhutan, and Ethiopia, while another 1,381 megawatts are under development.
Among the projects in motion: a 221 MW facility in Massillon, Ohio, scheduled to go live in early 2026, and a 570 MW site in Clarington, Ohio, set to finish by mid-2027. On top of that, Bitdeer has begun energizing new capacity in Massillon and Oromia, Ethiopia, per the earnings report.
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