Bitdeer Cuts Gross Loss to $8.5M Amid Strong Q2 Revenue Growth

Bitdeer has announced its Q2 2026 financial results, showing strong revenue growth despite ongoing net losses. The company's total revenue reached $228.8 million in the second quarter, up 47% year-over-year and representing a 21.1% increase from the previous quarter. However, cost of revenue grew faster than total revenue, outpacing it by 65.3%, driven largely by higher electricity expenses and depreciation costs. As a result, Bitdeer's gross loss narrowed to $8.5 million, down significantly from the $39 million reported in Q1 2026.

The company's self-mining business was the main driver of revenue growth, generating $168.4 million in the second quarter, up from $59.3 million in the same period last year. The average self-mining hash rate surged by 389.4% to 69.5 exahashes per second. AI cloud revenue also expanded rapidly, reaching $14 million, up from $1.3 million in the prior-year period.

Bitdeer's CFO Michael G. Potter noted that the quarter reflected steady execution across both AI infrastructure and Bitcoin mining fleets. The company has secured a significant milestone with its 16-year, $4.7 billion lease with Volta at its Tydal, Norway facility, which will help convert power capacity into long-term contracted revenue.