Bitdeer Q1 Revenue Soars 170% to $188.9M with 500% Bitcoin Mining Surge
BTDR•Bitdeer reported Q1 revenue of $188.9M, up 170% year-over-year, driven by a 500% surge in Bitcoin mining production and launch of its Seal Miner A4 series. Gross profit was negative $39M on a 20.7% margin and operating loss totaled $159.5M due to low Bitcoin prices and high depreciation.
1. Q1 2026 Financial Results
Bitdeer posted Q1 2026 revenue of $188.9M, up 170% year-over-year. Gross profit was negative $39M (–20.7% margin), operating loss reached $159.5M with earnings per share of –$0.68.
2. Bitcoin Mining Production
Bitcoin mining production climbed almost 500% year-over-year, driven by deployment of the Seal Miner A4 series, boosting self-mining capabilities and improving fleet efficiency to 16.4 J/TH.
3. AI Cloud Growth and Data Center Projects
AI cloud annual recurring revenue expanded to approximately $69M by the end of March, supported by GPU utilization jumping from 41% to 94%. The company is converting its Tydal Norway facility into a 180MW AI data center and is in advanced negotiations for an investment-grade tenant.
4. Risks and Future Outlook
Construction at the Clarington site faces land-use litigation risks that could delay timelines, while seasonal power cost dynamics in Norway and Bhutan pressure profitability. Management expects margin recovery through wider deployment of the A4 series, normalization of energy costs and scaling of high-margin AI cloud revenue.
