Key Highlights

• Bitdeer reported Q2 2026 Revenue of $228.8 million, up 47 percent year-over-year and 21 percent sequentially, missing the adjusted EPS estimate of negative $0.35 by 5.71 percent.

• The company executed a 16-year, $4.7 billion colocation Lease with Volta at its Tydal, Norway campus, with an $8 billion potential value if an eight-year renewal option is exercised.

• Self-mining hash rate reached approximately 73 exahash per second, up 342 percent year-over-year, with adjusted EBITDA of $31.1 million, up 575 percent year-over-year.

• The company raised $457 million through its at-the-market Equity program during the quarter and filed a new $1 billion shelf registration.

Tydal Lease Establishes Colocation as a New Business Pillar

Bitdeer Technologies Group ( Nasdaq :BTDR) executed a 16-year colocation lease and services agreement with Volta at its Tydal, Norway campus, delivering 121 IT megawatts and expected to generate approximately $4.7 billion in contracted base term revenue. Bitdeer is a Bitcoin Mining and computing infrastructure company that has been expanding into AI Data Center colocation alongside its core mining and ASIC Manufacturing businesses. An eight-year renewal option, if exercised, would extend the potential contract value to approximately $8 billion over 24 years, with electricity costs fully reimbursed on a pass-through basis to protect margins from energy price Volatility .

Management said Volta's payment obligations are anticipated to be backed by an institutional-grade Credit structure, which it believes reduces counterparty risk and improves the financeability of the underlying cash flows. The company's remaining Capital Expenditure at Tydal is approximately $500 million, which it plans to fund primarily through project-level Debt Financing rather than additional equity issuance, with delivery split across two phases targeting December 31, 2026 and March 31, 2027.

Bitcoin Mining Segment Shows Sharp Sequential Margin Recovery

Second quarter revenue reached $228.8 million, up 47 percent year-over-year, driven by continued expansion of self-mining hash rate to approximately 73 exahash per second, up 342 percent year-over-year, supported by approximately 243,000 active self-mining rigs. Total Gross Profit was negative $8.5 million, representing a $30.5 million sequential improvement that management attributed to normalized seasonal power costs, which fell approximately 15 percent sequentially, and improved fleet efficiency of 15.8 joules per terahash.

Despite the sequential recovery, gross margin remained negative at approximately negative 3.7 percent, and the company posted an operating loss of $101.7 million and net loss per share of $0.37 for the quarter, reflecting continued Depreciation from the expanding mining fleet and a still-challenging hash price environment. Adjusted EBITDA reached $31.1 million, up 116 percent sequentially, which management pointed to as evidence of Operating Leverage in its vertically integrated model even as GAAP profitability remains a work in progress.

AI Cloud Business Scales Alongside Bitcoin Operations

Bitdeer's AI Cloud annual Recurring Revenue reached approximately $76 million at the end of June, an increase of approximately 77 percent quarter-over-quarter, with utilization of approximately 95 percent across 4,248 deployed GPUs. The company signed a new 10-year lease for 21.7 IT megawatts of capacity in Malaysia during the quarter, designed to support NVIDIA GB300 systems, and management said near-term AI Cloud growth will be concentrated in Malaysia given committed Demand and existing GPU capacity already largely utilized there.

The company's ability to allocate hardware flexibly between self-mining, co-mining, and AI Cloud channels is central to its strategy, but management acknowledged this flexibility also means near-term capital allocation decisions, including how the remaining 47 gross megawatts retained at Tydal will ultimately be deployed between colocation and Bitdeer's own AI Cloud use, have not yet been finalized. Management noted current GPU contract discussions are focused on longer, five-year terms rather than shorter commitments, suggesting a shift toward a more durable AI Cloud revenue base over time.

Conclusion

Bitdeer's second quarter marked a pivotal step in its Diversification strategy, with the Tydal colocation lease establishing a new, long-duration contracted revenue stream alongside continued scaling of its Bitcoin mining and AI Cloud segments. The company's reliance on project-level debt financing rather than further equity dilution reflects confidence in the underlying credit quality of its Tydal counterparty, though execution risk remains given the scale and complexity of delivering 121 IT megawatts across two phases within roughly seven months of each other. How quickly the company can replicate the Tydal structure at other sites in its approximately 3 gigawatt power portfolio, and whether its self-mining hash rate growth continues at its recent pace without further diluting shareholders, are likely to be the key variables shaping results into 2027.