The massive hash rate scale-up and positive adjusted EBITDA signal operational momentum, but the GAAP loss, negative gross margin, and heavy debt ($1.9B borrowings) create risk. Watch for the Tydal colocation tenant agreement and AI Cloud revenue trajectory — a signed deal could catalyze the AI infrastructure thesis. Monitor cash burn: operating cash flow was -$346.9M in Q1.
Price Chart
Executive Summary
Bitdeer reported Q1 2026 revenue of $188.9M (up 169% YoY from $70.1M) but a GAAP net loss of $159.5M vs. net income of $105.3M a year ago, driven by a $228.0M cost of revenue, $39.0M gross loss, and $29.5M net interest expense. Adjusted EBITDA turned positive to $14.4M from -$45.6M YoY. The EPS of -$0.68 missed the consensus estimate of -$0.34 by 100% (a miss), though the headline revenue beat the $182.7M consensus. The stock will likely move on the massive hash rate scale-up (self-mining EH/s up 551% YoY) and the AI infrastructure pivot, but the GAAP loss and negative gross margin (-20.7%) temper the narrative.
Key Financial Metrics
Key Facts
- Revenue $188.9M vs. $70.1M YoY (+169%), above $182.7M consensus
- GAAP net loss $159.5M vs. net income $105.3M YoY; EPS -$0.68 vs. consensus -$0.34 (miss)
- Adjusted EBITDA positive $14.4M vs. -$45.6M YoY
- Gross loss $39.0M, gross margin -20.7% vs. -5.7% YoY
- Self-mining hash rate surged 551% YoY to 63.2 EH/s average
- AI Cloud revenue $3.7M, annualized run-rate >$69M; Tydal Norway AI data center in development
- Cash & equivalents $297.7M; total borrowings $1.9B; operating cash flow -$346.9M
- Convertible senior note issuance in Feb 2026 raised $364.5M net; $33.7M capped call purchased
Financial Impact
Revenue beat consensus by ~3.4% ($188.9M vs $182.7M); EPS missed by 100% (-$0.68 vs -$0.34); GAAP net loss swing of -$264.8M YoY
Risk Factors
- GAAP net loss and negative gross margin (-20.7%) indicate cost structure challenges
- High debt load ($1.9B borrowings) with $29.5M quarterly net interest expense
- Operating cash flow deeply negative at -$346.9M; reliance on financing for liquidity
- Bitcoin price volatility impacts digital asset fair value adjustments and mining economics
- Tydal colocation deal not yet signed; Clarington site subject to legal proceedings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3294742 |
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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