According to Bitdeer Technologies Group's second-quarter report, the company generated $228.8 million in revenue, up from $155.6 million during the same period last year, while its net loss widened to $92.3 million from $62.9 million a year earlier. The company's Bitcoin production reached 2,694 BTC in Q2 2026, representing a nearly fivefold increase from 565 BTC produced in the second quarter of 2025. Self-mining generated $168.4 million of quarterly revenue as Bitdeer's average self-mining hashrate climbed 389% year over year to 69.5 exahashes per second. The revenue figure came slightly above Wall Street expectations, with analyst estimates compiled by Yahoo Finance placing consensus revenue at about $225 million for the quarter.
Bitdeer shares fell 20% to their lowest level since March 31, closing at $8.70 on Monday following the quarterly results. The stock decline erased what remained of the company's 83% gain in the second quarter, which had outpaced the broader Bitcoin market. Since July, the stock has dropped 43.7%, marking a sharp reversal from its previous rally. The earnings miss overshadowed the company's operational improvements, with the stock falling to its lowest level since March despite the strong Bitcoin production growth.
Despite producing substantially more Bitcoin, Bitdeer ended the quarter holding only 150 BTC on its balance sheet, down 90% from 1,502 BTC a year earlier. The lower treasury balance follows the company's decision in February to liquidate all 943 BTC it held at the time. Bitdeer stated the February sale was made for liquidity purposes and did not represent a move away from Bitcoin mining, a business where the company has continued adding computing capacity, manufacturing operations and internally developed mining hardware.
Bitdeer's AI cloud revenue reached $14 million, up from $1.3 million in the previous year, demonstrating significant growth in the company's diversification efforts. The CFO framed the period as measured progress, stating that "Our AI Cloud revenue continues to scale, alongside our mining business as our SEALMINER fleet comes online. Together, these results show the advantage of owning the fully integrated vertical stack, from power, to hardware, and infrastructure." The company continues operating its AI cloud business with $76 million in annualized run-rate revenue and approximately 95% utilization.
The company swung to a gross loss of $8.5 million from a $12.0 million gross profit a year earlier, with the cost of revenue outpacing revenue gains. The cost of revenue rose to $237.3 million on electricity and depreciation charges, which outweighed the 47% revenue growth. Adjusted EBITDA improved sharply to $31.1 million from $4.6 million over the same period, showing operational progress despite the wider net loss. At March 31, the company reported $297.7 million in cash and restricted cash and approximately $1.9 billion in borrowings.
