Bitdeer recorded an increase of approximately 169% in revenue year-on-year,
The company went from a net profit of 105.3 million to a loss of 159.5 million dollars.
Bitdeer Technologies Group, a Bitcoin mining company, presented its unaudited financial results for the first quarter of 2026, which showed strong revenue growth driven by the expansion of its business, although accompanied by a significant increase in operating costs and a drop in profitability.
In his report, the company achieved income for 188.9 million dollars in the quarter ended March 31, 2026, compared to the 70.1 million registered in the same period of the previous year. This increase was mainly driven by the expansion of its own mining, which continues to be the group’s main revenue driver.
In operational terms, Bitdeer produced 2,033 bitcoins during the quarterwhile significantly increasing its computing capacity. closing the period with 31 bitcoins in its balance, according to the company statementsigned by Matt Kong, its commercial director.
At the same time, the hashrate own mining average stood at 63.2 EH/s, well above the 9.7 EH/s reported in the first quarter of 2025, reflecting the rapid expansion of its mining infrastructure.
Tension between mining expansion and operational liquidity
Despite the growth in revenue, costs increased considerably. Cost of revenue was $228 million, resulting in a gross loss of $39 million.
At a net level, the company recorded a loss of 159.5 million dollarsin contrast to the profit of 105.3 million obtained a year before. This increase in costs was mainly associated with electricity expenses of $95.5 million, in addition to depreciation and stock-based compensation of $76.3 million, along with higher operating costs linked to expansion, personnel and cloud services and artificial intelligence.
At a strategic level, the company continued to advance in the deployment of its mining infrastructure and technology, including the implementation of its SEALMINER A4 seriesin addition to the expansion of data centers aimed at artificial intelligence and cloud services. It also highlighted the completion of a 50 MW plant in Oromia, Ethiopia, and progress on projects in Norway and the United States, where it continues to develop large-scale facilities, including the Clarington project.
In its April 2026 operational update, the company reported an additional production of 783 bitcoins, maintaining an active monetization strategy of its bitcoin production, selling a large part of the BTC generated to finance operations, investments and infrastructure expansion, instead of maintaining a policy of significant reserve accumulation on its balance sheet, as the company explained in the report.