Bitdeer Sets Revenue Record at $320.7 Million as AI Cloud Backlog Reaches $2.9 Billion

Bitdeer Technologies Group posted record third-quarter revenue of $320.7 million, while AI Cloud revenue climbed as the company expanded its business beyond Bitcoin (BTC) mining.

Revenue for the three months ended Sept. 30 rose 89% from $169.7 million in the same quarter of 2025 and 40% from $228.8 million in the second quarter of 2026. Adjusted EBITDA, a non-GAAP measure, increased 173% to $69.6 million from $25.5 million a year earlier.

AI Cloud revenue was $20.4 million, up from $1.8 million a year earlier. Self-mining generated $217.5 million and co-mining brought in $59.9 million. The AI Cloud backlog was about $2.9 billion as of Sept. 30.

The backlog represents expected revenue from signed customer commitments over their remaining terms. It is not a U.S. GAAP measure or a guarantee of future sales; timing depends on data-center energization, GPU deployment and customer performance.

Bitdeer recorded a $125.5 million net loss, including a $54.6 million noncash loss from a change in the fair value of a digital-assets loan. Gross profit fell to $10.8 million from $39.7 million. The results were unaudited.