Shares of Bitdeer Technologies Group (BTDR) fell 10.25% to $9.77 in morning trading Monday after the Bitcoin miner reported a wider second-quarter net loss despite a 47% increase in revenue.
According to data from Yahoo Finance (as of 14:04 UTC), the stock opened at $11.12 and traded as low as $9.71, compared with a previous close of $10.88. Volume reached about 4.99 million shares, below its average daily volume of roughly 10.66 million.
In an SEC filing dated August 10, Bitdeer reported $228.8 million in second-quarter revenue, up from $155.6 million a year earlier. But its net loss widened to $92.3 million from $62.9 million, while the company swung to a gross loss as costs increased faster than revenue.
Revenue rises as mining output expands
The increase in revenue was driven largely by Bitdeer’s expanded self-mining operations. The company’s total hash rate under management rose to 86.1 EH/s from 30.6 EH/s a year earlier, while Bitcoin production increased to 2,694 BTC from 565 BTC.
Self-mining revenue reached $168.4 million, compared with $59.3 million in the year-earlier quarter. Bitdeer attributed the increase primarily to a 389.4% rise in its average self-mining hash rate.
The company’s AI Cloud business also expanded, although from a much smaller base. Revenue from AI Cloud increased to $14 million from $1.3 million, while cloud hash-rate operations contributed another $3.7 million.
Higher costs erase gross profit
The stronger revenue performance was offset by a sharp increase in costs. Bitdeer’s cost of revenue rose to $237.3 million from $143.6 million a year earlier. That resulted in an $8.5 million gross loss, compared with a $12 million gross profit in the second quarter of 2025.
Gross margin fell to -3.7% from 7.7%. Operating expenses also increased to $72.6 million from $42.2 million, while net interest expense more than tripled to $31.1 million from $9.6 million. Despite the larger net loss, adjusted EBITDA increased to $31.1 million from $4.6 million.
Bitdeer increases infrastructure capacity
Bitdeer reported 2,980.2 megawatts of total global electrical capacity at the end of the quarter, including 1,752 MW already online and another 1,228.2 MW in its development pipeline. The company is also allocating infrastructure toward artificial intelligence and high-performance computing. Its plans include a $4.7 billion, 16-year AI/HPC data-center lease in Tydal, Norway.
The expansion adds to Bitdeer’s capital and financing requirements as it develops its mining and data-center operations.
AI infrastructure deal lifts Bitdeer shares
Last week, Bitdeer’s expansion into AI infrastructure also drew investor attention after the company announced a 16-year colocation and services agreement for its Tydal, Norway, data-center campus. The deal, signed by its wholly owned subsidiary Tydal Data Center AS with Volta Tydal AS, is expected to generate about $4.7 billion in contracted revenue over the initial 16-year term.
The agreement includes a one-time option to extend the arrangement by another eight years, which could bring the total value to about $8 billion over 24 years if exercised.
Cash position comes under pressure
Bitdeer had $496.3 million in cash and restricted cash at June 30, while digital assets and receivables totaled $196.9 million. Borrowings stood at about $1.8 billion. The company used $158.5 million of net cash in operating activities during the quarter and another $68.4 million in investing activities.
Financing activities generated $428.9 million, including proceeds from borrowings and the company’s at-the-market equity program.
Why it matters
Bitdeer’s results show the trade-off facing miners expanding into larger-scale computing infrastructure: higher capacity can increase revenue, but electricity, depreciation, operating and financing costs can weigh on profitability.
For investors, the quarter also highlights the company’s growing exposure beyond Bitcoin mining as it develops AI Cloud and data-center operations alongside its core mining business.
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