Monitor upcoming Q3 2026 for further gross margin and cash burn trajectory—Tydal colocation revenue ramp and AI Cloud scaling may offset crypto-mining cost pressures, but the GAAP earnings miss and negative operating cash flow ($158.5M used) are near-term headwinds.
Price Chart
Executive Summary
Bitdeer reported Q2 2026 EPS of -$0.65, a 92.6% miss vs consensus of -$0.34, and a net loss of $92.3M (wider than $62.9M a year ago). Revenue grew 47% YoY to $228.8M (above $155.6M), but cost of revenue rose even faster (65%), leading to a gross loss of $8.5M vs a gross profit of $12.0M in Q2 2025. The stock is likely to react negatively to the deep EPS miss and negative gross margin, partially offset by the Tydal colocation deal and AI Cloud growth.
Key Financial Metrics
Key Facts
- EPS miss of 92.6%: reported -$0.65 vs consensus -$0.34
- Revenue grew 47% YoY to $228.8M, but gross loss of $8.5M vs prior-year gross profit of $12.0M
- Net loss widened to $92.3M from $62.9M in Q2 2025
- AI Cloud revenue jumped to $14.0M (from $1.3M), but remains small at 6% of total revenue
- Tydal, Norway colocation lease signed: $4.7B, 16-year deal with Volta for 121 IT MW
- Cash, equivalents and restricted cash at $496.3M; total borrowings $1.8B
- Adjusted EBITDA (non-GAAP) improved to $31.1M from $4.6M YoY
Financial Impact
EPS miss of -$0.31 vs consensus; gross profit swung from +$12.0M to -$8.5M; net loss deepened by $29.4M
Risk Factors
- Deep EPS miss signals higher cost structure than expected—operating leverage not materializing
- Gross loss of -3.7% margin vs +7.7% a year ago; if this persists, cash burn accelerates
- Bitcoin price sensitivity: self-mining revenue grew on hashrate expansion but was partially offset by lower avg BTC price
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3341671 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | 6-K | $7.84 $8.06 | ▲ +2.81% | ▲ +2.28% | $7.09 (−9.63%) |
Oct 8, 2026 18d ago | 6-K | $9.63 $9.26 | ▼ −3.84% | ▼ −3.78% | $7.09 (−26.43%) |
Sep 9, 2026 6w ago | Press Release | $11.53 $11.96 | ▼ −3.73% | ▼ −2.88% | $7.09 (+38.55%) |
Sep 2, 2026 7w ago | 6-K | $10.74 $11.91 | ▲ +10.89% | ▲ +9.85% | $7.09 (−34.03%) |
Sep 1, 2026 7w ago | Press Release | $10.74 $11.91 | ▲ +10.89% | ▲ +9.85% | $7.09 (−34.03%) |
Aug 26, 2026 8w ago | 6-K | $10.67 $11.33 | ▲ +6.19% | ▲ +5.53% | $7.09 (−33.60%) |
Aug 17, 2026 10w ago | Insider Cluster | $9.39 $9.00 | ▼ −4.15% | ▼ −3.48% | $7.09 (−24.55%) |
Aug 10, 2026 11w ago | 6-K | $8.70 $8.69 | ▼ −0.06% | ▲ +0.26% | $7.09 (−18.52%) |
Aug 10, 2026 11w ago | 424B5 | $8.70 $8.69 | ▲ +0.06% | ▼ −0.26% | $7.09 (+18.52%) |
Aug 10, 2026 11w ago | 6-K | $8.70 $8.69 | ▼ −0.06% | ▲ +0.26% | $7.09 (−18.52%) |
US Market Status
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