On Aug. 10, 2026, Bitdeer Technologies Group released its unaudited financial results for the second quarter (Q2) of 2026, announcing a total revenue of $228.8 million alongside persistent cost pressures. While the company’s cost of revenue outpaced total sales year-over-year, sequential expense growth slowed significantly, enabling Bitdeer to narrow its gross loss to $8.5 million for the period ended June 30.
Revenue Growth and Cost Dynamics
Total revenue for the three months ended June 30 reached $228.8 million, marking an increase from $155.6 million in the second quarter of 2025 and a 21.1% rise from $188.9 million in Q1 of 2026. However, the cost of revenue climbed to $237.3 million compared to $143.6 million in the same period of the previous year. Despite a 65.3% year-over-year increase in cost of revenue—which outpaced the 47% growth in total revenue—sequential cost growth slowed to just 4.1% from the $228 million reported in the first quarter of 2026. Consequently, the $8.5 million gross loss represented a substantial recovery from the $39 million gross loss recorded in Q1 2026, though it contrasted with a gross profit of $12 million in Q2 2025. The net loss for the quarter stood at $92.3 million, improving from $159.5 million in the previous quarter.
Self-Mining Expansion and AI Infrastructure
The primary driver of top-line growth was Bitdeer‘s self-mining division, which generated $168.4 million in Q2 2026—up from $59.3 million in Q2 2025—bolstered by a 389.4% surge in the average self-mining hash rate to 69.5 exahashes per second. Meanwhile, AI cloud revenue expanded to $14 million from $1.3 million in the prior-year period. Expense expansion was largely fueled by rising electricity expenses for self-mining, which reached $84.7 million, alongside depreciation and share-based compensation expenses totaling $79.8 million due to the rapid deployment of new mining rigs and expanded data center capacity. Additional cost pressures stemmed from higher headcount, artificial intelligence (AI) cloud service fees, and co-mining hosting fees.
Strategic Milestones and Liquidity
Chief Financial Officer Michael G. Potter emphasized the company’s steady execution across both Bitcoin mining fleets and AI infrastructure. A cornerstone of this strategy is a 16-year, $4.7 billion AI and high-performance computing data center lease with Volta at its Tydal, Norway facility, which includes a 121-megawatt AI computing capacity agreement. In parallel, Bitdeer initiated construction on a $36 million electronics manufacturing facility in Sparks, Nevada, serving as its first U.S. assembly site for SEALMINER rigs to complement its San Jose, California innovation hub. As of June 30, 2026, Bitdeer maintained $496.3 million in cash, cash equivalents, and restricted cash to support its ongoing infrastructure and deployment pipeline.
