Traders should weigh the topline growth and massive hash rate expansion against deteriorating profitability, negative operating cash flow, and ongoing dilution from the ATM. The Tydal colocation deal and AI Cloud ramp are multi-year value drivers, but near-term pressure from rising costs and debt service will likely cap upside. Watch for additional equity or debt offerings given the $158.5M quarterly cash burn.
Price Chart
Executive Summary
Bitdeer's Q2 2026 revenue surged 47% YoY to $228.8M, driven by a 389% increase in self-mining hashrate. However, the company swung to a gross loss of $8.5M (vs. gross profit of $12.0M a year ago) and net loss widened to $92.3M, reflecting sharply higher electricity, depreciation, and interest costs. The Tydal, Norway $4.7B colocation lease and scaling AI Cloud revenue provide a long-term growth narrative, but the core mining business remains cash-flow negative and the concurrent ATM offering signals persistent capital needs.
Key Facts
- Q2 2026 revenue $228.8M vs. $155.6M YoY (+47%)
- Gross loss of $8.5M vs. gross profit of $12.0M YoY
- Net loss of $92.3M vs. $62.9M YoY
- Adjusted EBITDA improved to $31.1M from $4.6M YoY
- Self-mining hash rate increased 389% YoY to 73.0 EH/s
- AI Cloud revenue grew to $14.0M from $1.3M YoY
- Cash & restricted cash $496.3M as of June 30, 2026
- Total borrowings of $1.8B; interest expense $32.5M in Q2
- Net cash used in operations $158.5M in Q2 2026
- ATM offering filed same day (424B5) for equity capital raise
Financial Impact
Revenue up ~$73M YoY; gross profit swung negative by ~$20M; net loss worsened by ~$29M; cash burn from operations ~$158.5M/Q; borrowings $1.8B with ~$32.5M quarterly interest cost
Risk Factors
- Persistent negative operating cash flow and widening net loss
- High debt burden ($1.8B borrowings) with rising interest expense
- Ongoing equity dilution via ATM program (12th capital raise in 24 months)
- Bitcoin price volatility directly impacts self-mining revenue and digital asset valuations
- Construction delays and legal proceedings (Clarington site) could impair power capacity expansion
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-086938 |
| Document: ea0301313-6k_bitdeer.htm | 0001213900-26-086938 |
| Document: 0001213900-26-086938-index-headers.html | 0001213900-26-086938 |
| Document: 0001213900-26-086938-index.html | 0001213900-26-086938 |
| Document: 0001213900-26-086938.txt | 0001213900-26-086938 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 6d ago | 6-K | $7.84 $8.06 | ▲ +2.81% | ▲ +2.28% | $7.22 (−7.84%) |
Oct 8, 2026 17d ago | 6-K | $9.63 $9.26 | ▼ −3.84% | ▼ −3.78% | $7.22 (−24.97%) |
Sep 9, 2026 6w ago | Press Release | $11.53 $11.96 | ▼ −3.73% | ▼ −2.88% | $7.22 (+37.34%) |
Sep 2, 2026 7w ago | 6-K | $10.74 $11.91 | ▲ +10.89% | ▲ +9.85% | $7.22 (−32.73%) |
Sep 1, 2026 7w ago | Press Release | $10.74 $11.91 | ▲ +10.89% | ▲ +9.85% | $7.22 (−32.73%) |
Aug 26, 2026 8w ago | 6-K | $10.67 $11.33 | ▲ +6.19% | ▲ +5.53% | $7.22 (−32.29%) |
Aug 17, 2026 10w ago | Insider Cluster | $9.39 $9.00 | ▼ −4.15% | ▼ −3.48% | $7.22 (−23.06%) |
Aug 10, 2026 11w ago | 6-K | $8.70 $8.69 | ▼ −0.06% | ▲ +0.26% | $7.22 (−16.91%) |
Aug 10, 2026 11w ago | 424B5 | $8.70 $8.69 | ▲ +0.06% | ▼ −0.26% | $7.22 (+16.91%) |
Aug 10, 2026 11w ago | 6-K | $8.70 $8.69 | ▼ −0.06% | ▲ +0.26% | $7.22 (−16.91%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers