Bitdeer Technologies Group Class A Ordinary Shares 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Bitdeer Technologies Group reported second quarter 2020 revenue of approximately $228.8 million, up 47% year over year and 21% sequentially.
- Self-mining hash rate reached approximately 73 EH/s at quarter end, up 342% year over year, supported by about 243,000 active self-mining rigs, an increase of 113% year over year.
- Bitcoin production totaled approximately 2,694 BTC in Q2, a 377% increase year over year.
- AI cloud annual recurring revenue reached approximately $76 million at the end of June, up 77% quarter over quarter, with utilization at about 95% across 4,248 deployed GPUs.
- Gross profit was negative $8.5 million with a gross margin of negative 3.7%, representing a $30.5 million sequential improvement.
- Adjusted EBITDA was approximately $31.1 million, up 575% year over year and 116% sequentially.
- Operating loss was $101.7 million and net loss per share was $0.37.
- Net cash used in operating activities was approximately $158.5 million, an improvement of $188 million sequentially.
- Cash, cash equivalents, and restricted cash totaled approximately $496 million at quarter end, up from $298 million at the end of Q1.
- Total long-term debt was approximately $1.8 billion, down $78 million sequentially.
- Bitdeer executed a $4.7 billion, 16-year co-location lease and services agreement with Volta at the Tidal campus in Norway, delivering 121 IT megawatts supported by approximately 133 gross megawatts across four data halls configured for Nvidia GPUs.
- The lease includes an eight-year renewal option potentially increasing contract value to $8 billion over 24 years, with a tenant termination right at year ten.
- The lease features a 3% annual escalator on combined base rent and service fee, with electricity costs reimbursed on a pass-through basis, protecting margins from energy price volatility.
- Remaining capital expenditure at Tidal is approximately $500 million, to be funded through project-level financing in two phases targeting December 31, 2026, and March 31, 2027.
- Bitdeer broke ground on a 180,700 square foot coal miner manufacturing facility in Sparks, Nevada, expected to produce 10,000 units per month and be completed by end of 2026.
- At the Massillon, Ohio site, 174 MW of capacity is online with reconstruction underway on two fire-damaged buildings, expected to be energized in phases during Q3.
- Bitdeer broke ground on a $155 million Fox Creek, Alberta site, including a fully permitted 101 MW on-site natural gas power plant with grid interconnection and a closed-loop dry cooling system.
- AI cloud signed a new ten-year lease for 21.7 IT megawatts in Malaysia, expected to hand over in Q1 2027, designed to support 128 Nvidia GP372 systems.
- Bitdeer filed a new shelf registration statement and a prospectus supplement to move its ATM equity program to the new shelf, taking down $1 billion for offering under that program.
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Transcript
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Good day. Thank you for standing by. Welcome to Bitdeer's second quarter 2026 earnings conference call. At this time, all participants on a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising that your hand is raised. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Tesh Dahya, Head of Investor Relations.
Please go ahead. Thank you, operator, and good morning, everyone.
Welcome to Bitdeer Technologies Group's second quarter 2026 earnings conference call. Joining me today are Jihan Wu, founder, chairman, and chief executive officer, Haris Basit, chief strategy officer, and Michael Potter, chief financial officer. Today's call will begin with Haris providing a review of our recently announced Tydal, Norway colocation lease agreement, followed by Michael with a review of our business segments and second quarter financial results. Before management begins their formal remarks, I would like to remind everyone that during today's call, we may make certain forward-looking statements. These statements are based on management's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially.
For a more complete discussion of forward-looking statements and the risks and uncertainties related to Bitdeer's business and industry, please refer to the company's filings with the U.S. Securities and Exchange Commission. I also want to note that we will be discussing certain non-GAAP financial measures and operating metrics today. A reconciliation of these measures to the most directly comparable GAAP measures is included in our earnings release issued earlier today. These non-GAAP measures should not be considered in isolation from or as a substitute for the most directly comparable measures prepared in accordance with GAAP. As a reminder, changes to the fair value of our digital assets are reflected in GAAP net income and may introduce non-cash volatility into our reported results. With that, I will now turn the call over to Haris.
Thank you, Tesh, and good morning, everyone. This is our first earnings call since we announced the execution of our $4.7 billion colocation lease at Tydal, Norway, and I would like to begin by putting that agreement in context. Over the past several years, we have worked to build a power infrastructure portfolio that we believe is well-positioned to support both our Bitcoin mining operations and our expansion into AI infrastructure. Tydal represents an important step in converting that portfolio into long-duration contracted revenue, and it establishes AI infrastructure colocation as an additional pillar of our business, alongside our AI Cloud, Bitcoin mining, and ASIC development and manufacturing operations. We are pleased with the terms of this agreement and with the caliber of Volta as our counterparty.
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