6-K
Bitdeer Technologies Group (BTDR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUERPURSUANT TO RULE 13a-16 OR 15d-16 UNDERTHE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2026
Commission file number: 001- 41687
BITDEER TECHNOLOGIES GROUP
08 Kallang Avenue
Aperia tower 1, #09-03/04
Singapore 339509
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INCORPORATION BY REFERENCE
This report on Form 6-K is hereby incorporated by reference in the registration statements of Bitdeer Technologies Group on Form F-3 (No. 333-273905, No. 333-278027, No. 333-278029, No. 333-280041, No. 333-283732 and No. 333-289855) and Form S-8 (No. 333-272858 and No. 333-275342), to the extent not superseded by documents or reports subsequently filed or furnished.
1
EXHIBITS
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release – Bitdeer Reports Unaudited Financial<br> Results for the Fourth Quarter and Full Year of 2025 |
2
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Bitdeer Technologies Group | |
|---|---|
| By: | /s/ Jihan Wu |
| Name: | Jihan Wu |
| Title: | Chief Executive Officer |
Date: February 12, 2026
3
Exhibit99.1
BitdeerReports Unaudited Financial Results
forthe Fourth Quarter and Full Year of 2025
SINGAPORE,February 12, 2026 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining and AI infrastructure, today released its unaudited financial results for the fourth quarter ended December 31, 2025.
Q42025 Financial Highlights
Allamounts compared to Q4’24 unless otherwise noted
| ● | Total revenue was US$224.8 million vs. US$69.0 million. |
|---|---|
| ● | Cost of revenue was US$214.3 million vs. US$63.9 million. |
| --- | --- |
| ● | Gross profit was US$10.6 million vs. US$5.1 million. |
| --- | --- |
| ● | Net profit was US$70.5 million vs. net loss of US$531.9 million. |
| --- | --- |
| ● | Adjusted EBITDA^1^ was positive US$31.2 million, vs. negative US$4.3^2^ million. |
| --- | --- |
| ● | Cash and cash equivalents were US$149.4 million as of December 31, 2025. |
| --- | --- |
| ● | Crypto and crypto receivable balance: US$218.6 million as of December 31, 2025. |
| --- | --- |
ManagementCommentary
The fourth quarter of 2025 marked a strategic inflection point as we accelerated our transition toward high-performance compute infrastructure and colocation services,” said Matt Kong, Chief Business Officer at Bitdeer. “We expect the global AI infrastructure supply / demand imbalance to widen, and our 3.0 GW power portfolio represents a rare and increasingly valuable strategic asset. As hyperscalers and enterprise customers face extended lead times for power and data center capacity, Bitdeer’s operational infrastructure and speed to market provide a compelling competitive advantage.”
Mr. Kong continued, “we are pursuing a dual-track AI infrastructure strategy that prioritizes colocation for our largest sites while continuing to expand GPU-as-a-service opportunities where appropriate. For power-rich assets such as Tydal and Clarington, we believe colocation offers superior economics and more capital-efficient paths to monetization. This approach allows us to leverage our core strengths including power procurement, large-scale infrastructure development, and operational execution, to capitalize on the rapidly growing demand for AI compute capacity across multiple deployment models.
Our Bitcoin self-mining operations remain a cornerstone of our business and demonstrate our ability to rapidly scale infrastructure while achieving industry-leading efficiency. We continue to view Bitcoin mining as a significant long-term value driver, supported by our expanding power portfolio and proprietary SEALMINER technology. The substantial expansion of our fleet throughout 2025 showcases the technical execution and operational excellence that has become our competitive advantage. As we scale our colocation platform alongside our self-mining operations, we see meaningful opportunities to capture value across multiple high-growth infrastructure markets where time-to-power and deployment speed are increasingly critical differentiators.”
| ^1^ | “Adjusted<br> EBITDA” is defined as earnings before interest, taxes, depreciation and amortization,<br> further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value<br> of derivative liabilities, loss on extinguishment of convertible senior notes, changes in<br> fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency<br> receivables, impairment of assets, other expenses – one off donation, changes in fair<br> value of derivative assets, changes in fair value of financial assets at fair value through<br> profit or loss, and changes in fair value of holdback shares for acquisition of FreeChain. |
|---|---|
| ^2^ | During<br> the current period, we revised definition of our previously reported non-IFRS Adjusted Profit<br> and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted<br> in a US$0.5 million, US$2.0 million and US$3.4 million revision to Q4 2024, Year-ended 2024<br> and Q3 2025 metrics, respectively, reflects non-cash fair value changes in financial assets<br> at fair value through profit or loss as they do not represent normal operating expenses (or<br> income) necessary to operate our business. |
| --- | --- |
OperationalSummary
| Metrics | |||
|---|---|---|---|
| 2024 | |||
| Total hash<br> rate under management (EH/s) | 71.0 | 21.6 | |
| - Proprietary hash<br> rate | 58.0 | 8.9 | |
| - Self-mining | 55.2 | 8.5 | |
| - Cloud Hash Rate | 1.1 | 0.0 | |
| - Delivered but not<br> yet hashing | 1.7 | 0.4 | |
| - Hosting | 13.0 | 12.7 | |
| Mining rigs under management | 293,000 | 175,000 | |
| - Self-owned | 211,000 | 85,000 | |
| - Hosted | 82,000 | 90,000 | |
| Bitcoin mined (self-mining<br> only) | 1,673 | 469 | |
| Bitcoins held | 2,017 | 594 | |
| Total power usage (MWh) | 2,353,000 | 857,000 | |
| Average cost of electricity<br> (/MWh) | 46 | 41 | |
| Average miner efficiency<br> (J/TH) | 17.9 | 30.4 |
All values are in US Dollars.
PowerInfrastructure Summary (As of 1/31/2026)
| Site<br> / Location | Capacity<br> (MW) | Status | Datacenter<br> Type | Timing^3^ | ||
|---|---|---|---|---|---|---|
| Electrical capacity | ||||||
| - Rockdale,<br> Texas | 563 | Online | Crypto / Evaluating AI | Completed | ||
| - Knoxville, Tennessee<br> – phase 1 | 37 | Online | Crypto converting to AI | Q4 2026 | ||
| - Knoxville, Tennessee<br> – phase 2 | 49 | Online | Crypto | Completed | ||
| - Wenatchee, Washington | 13 | Online | Crypto converting to AI | Q4 2026 | ||
| - Molde, Norway | 84 | Online | Crypto | Completed | ||
| - Tydal - 1, Norway | 50 | Online | Crypto converting to AI | Q4 2026 | ||
| - Tydal - 2, Norway | 175 | Online | Crypto converting to AI | Q4 2026 | ||
| - Gedu, Bhutan | 100 | Online | Crypto | Completed | ||
| - Jigmeling, Bhutan | 500 | Online | Crypto | Completed | ||
| - Oromia Region,<br> Ethiopia | 40 | Online | Crypto | Completed | ||
| -<br> Massillon, Ohio | 47 | Online | Crypto | Completed | ||
| Total<br> electrical capacity | 1,658 | ^4^ | ||||
| Pipeline capacity | ||||||
| - Oromia Region,<br> Ethiopia | 20 | In progress | Crypto | Q1 2026 | ||
| - Massillon, Ohio | 148/26 | In progress | Crypto | Q2 2026/TBD | ||
| - Clarington, Ohio | 570 | In progress | HPC/AI | To be updated | ||
| - Niles, Ohio | 300 | In progress | HPC/AI | Q4 2028 | ||
| -<br> Rockdale, Texas | 179 | In planning | Crypto | Estimate 2026 | ||
| -<br> Alberta, Canada | 101 | In planning | Crypto | Q2 2027 | ||
| Total<br> pipeline capacity | 1,344 | |||||
| Total<br> global electrical capacity | 3,002 | |||||
| ^3^ | Indicative<br> timing for completion of power and data center infrastructure. All timing references are<br> to calendar quarters and years. | |||||
| --- | --- | |||||
| ^4^ | Figures<br> represent total available electrical capacity | |||||
| --- | --- |
2
FinancialMD&A
Allvariances are current quarter compared to the same quarter last year. All figures in this section are rounded^5^.
Q42025 High-Level P&L and Disaggregated Revenue Details:
| US $ in millions | Three<br> Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec<br> 31, 2025 | Sep<br> 30, 2025 | Dec<br> 31, 2024 | |||||||||||||
| Total revenue | 224.8 | 169.7 | 69.0 | ||||||||||||
| Cost of revenue | (214.3 | ) | (128.9 | ) | (63.9 | ) | |||||||||
| Gross profit | 10.6 | 40.8 | 5.1 | ||||||||||||
| Net profit / (loss) | 70.5 | (266.7 | ) | (531.9 | ) | ||||||||||
| Adjusted EBITDA | 31.2 | 39.6 | ^2^ | (4.3 | )^2^ | ||||||||||
| Cash and cash equivalents | 149.4 | 196.3 | 476.3 | ||||||||||||
| US $ in millions | Three<br> months ended December 31, 2025 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Business<br> line | Self-mining | Cloud<br> hash rate | General<br> hosting | Membership<br> hosting | Sales<br> of SEALMINERs and Accessories | ||||||||||
| Revenue | 168.6 | 2.1 | 7.6 | 16.3 | 23.4 | ||||||||||
| Cost of revenue | |||||||||||||||
| Including: | |||||||||||||||
| - Electricity cost in operating mining rigs | (88.1 | ) | (1.2 | ) | (6.0 | ) | (12.5 | ) | - | ||||||
| - Depreciation and SBC expenses | (63.9 | ) | (0.7 | ) | (0.6 | ) | (1.2 | ) | - | ||||||
| - Cost of products sold | - | - | - | - | (19.9 | ) | |||||||||
| - Other costs | (10.8 | ) | (0.1 | ) | (0.4 | ) | (0.9 | ) | (0.1 | ) | |||||
| Total cost of revenue | (162.8 | ) | (2.0 | ) | (7.0 | ) | (14.5 | ) | (20.0 | ) | |||||
| Gross profit | 5.8 | - | 0.6 | 1.7 | 3.4 | ||||||||||
| US $ in millions | Three<br> months ended December 31, 2024 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Business<br> line | Self-mining | Cloud<br> hash rate | General<br> hosting | Membership<br> hosting | |||||||||||
| Revenue | 41.5 | 2.3 | 8.5 | 12.4 | |||||||||||
| Cost of revenue | |||||||||||||||
| Including: | |||||||||||||||
| - Electricity cost in operating mining rigs | (22.3 | ) | (0.1 | ) | (5.8 | ) | (7.0 | ) | |||||||
| - Depreciation and SBC expenses | (12.2 | ) | (0.6 | ) | (1.2 | ) | (1.8 | ) | |||||||
| - Other costs | (4.0 | ) | (0.3 | ) | (0.8 | ) | (1.2 | ) | |||||||
| Total cost of revenue | (38.5 | ) | (1.0 | ) | (7.8 | ) | (10.0 | ) | |||||||
| Gross profit | 3.0 | 1.3 | 0.7 | 2.4 | |||||||||||
| ^5^ | Figures<br> may not add due to rounding. | ||||||||||||||
| --- | --- |
3
FullYear 2025 High-Level P&L and Disaggregated Revenue Details:
| US $ in millions | Years<br> Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec<br> 31,<br><br> 2025 | Dec<br> 31,<br><br> 2024 | ||||||||||||||
| Total revenue | 620.3 | 349.8 | |||||||||||||
| Cost of revenue | (559.3 | ) | (283.4 | ) | |||||||||||
| Gross profit | 61.0 | 66.4 | |||||||||||||
| Net profit / (loss) | 65.6 | (599.2 | ) | ||||||||||||
| Adjusted EBITDA | 35.2 | 37.4 | ^2^ | ||||||||||||
| Cash and cash equivalents | 149.4 | 476.3 | |||||||||||||
| US $ in millions | Year<br> ended December 31, 2025 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Business<br> line | Self-mining | Cloud<br> hash rate | General<br> hosting | Membership<br> hosting | Sales<br> of SEALMINERs and Accessories | ||||||||||
| Revenue | 396.0 | 2.1 | 35.0 | 61.2 | 108.3 | ||||||||||
| Cost of revenue | |||||||||||||||
| Including: | |||||||||||||||
| - Electricity cost in operating mining rigs | (201.1 | ) | (1.2 | ) | (25.6 | ) | (45.0 | ) | - | ||||||
| - Depreciation and SBC expenses | (123.3 | ) | (0.7 | ) | (3.9 | ) | (6.8 | ) | - | ||||||
| - Cost of products sold | - | - | - | - | (93.2 | ) | |||||||||
| - Other costs | (28.5 | ) | (0.1 | ) | (2.7 | ) | (4.6 | ) | (0.7 | ) | |||||
| Total cost of revenue | (353.0 | ) | (2.1 | ) | (32.3 | ) | (56.4 | ) | (93.9 | ) | |||||
| Gross profit | 43.1 | - | 2.7 | 4.8 | 14.4 | ||||||||||
| US $ in millions | Year<br> ended December 31, 2024 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Business<br> line | Self-mining | Cloud<br> hash rate | General<br> hosting | Membership<br> hosting | |||||||||||
| Revenue | 163.1 | 39.8 | 67.6 | 64.0 | |||||||||||
| Cost of revenue | |||||||||||||||
| Including: | |||||||||||||||
| - Electricity cost in operating mining rigs | (91.1 | ) | (7.5 | ) | (39.6 | ) | (41.0 | ) | |||||||
| - Depreciation and SBC expenses | (39.1 | ) | (8.4 | ) | (8.4 | ) | (8.2 | ) | |||||||
| - Other costs | (11.8 | ) | (2.5 | ) | (4.3 | ) | (4.5 | ) | |||||||
| Total cost of revenue | (142.0 | ) | (18.4 | ) | (52.3 | ) | (53.7 | ) | |||||||
| Gross profit | 21.1 | 21.4 | 15.3 | 10.3 |
Q42025 Management’s Discussion and Analysis (compared to Q4 2024)
Revenue
| ● | Total revenue was US$224.8 million vs. US$69.0 million. |
|---|---|
| ● | Self-mining revenue was US$168.6 million vs. US$41.5 million, primarily due to the increase in the<br> average self-mining hashrate for the quarter by 464.3% to 47.4 EH/s from 8.4 EH/s last year. |
| --- | --- |
| ● | Cloud Hash Rate revenue was US$2.1 million vs. US$2.3 million. |
| --- | --- |
| ● | General Hosting revenue was US$7.6 million vs. US$8.5 million. |
| --- | --- |
| ● | Membership Hosting revenue was US$16.3 million vs. US$12.4 million. |
| --- | --- |
| ● | SEALMINER sales revenue was US$23.4 million. |
| --- | --- |
| ● | HPC and AI Cloud revenue was US$2.3 million. |
| --- | --- |
4
Costof Revenue
| ● | Cost of revenue was US$214.3 million vs US$63.9 million. The increase was primarily driven<br> by higher electricity and depreciation costs as a significant number of new mining rigs came<br> online, a slightly higher per unit power cost, compounded by a change in the depreciation<br> accounting assumptions applied to mining rigs to reflect a more conservative approach. |
|---|
GrossProfit and Margin
| ● | Gross profit was US$10.6 million vs. US$5.1 million. |
|---|---|
| ● | Gross margin was 4.7% vs. 7.4%. |
| --- | --- |
OperatingExpenses
| ● | The<br> sum of the operating expenses below was US$66.3 million vs. US$42.5 million. |
|---|---|
| ● | Selling<br> expenses were US$2.4 million vs. US$2.0 million, flat year-over-year. |
| --- | --- |
| ● | General<br> and administrative expenses were US$28.8 million vs. US$17.7 million. The increase was primarily<br> due to an increase in staff costs for general and administrative personnel and consulting<br> fee for capital market and compliance activities, as well as the higher share-based payment<br> expenses. |
| --- | --- |
| ● | Research<br> and development expenses were US$35.2 million vs. US$22.9 million, primarily due to the one-off<br> development and tape out costs of SEAL-DL1 chip. |
| --- | --- |
OtherOperating Expenses
| ● | Other<br> operating expenses were US$43.8 million vs. US$3.7 million. This was largely attributable<br> to the fair value change of Bitcoins pledged for the Bitcoin collateralized loan since Q3<br> 2025. |
|---|
OtherNet Gain
| ● | In<br> Q4 2025, we recorded US$208.9 million other net gain primarily due to the non-cash, fair<br> value changes of derivative liabilities, which are the US$276.6 million of gain on fair value<br> changes for the convertible senior notes issued in November 2024, June 2025 and November<br> 2025 and the US$44.2 million of loss on extinguishment of the convertible senior notes issued<br> in November 2024. |
|---|
NetProfit / (Loss)
| ● | Net<br> profit was US$70.5 million vs. net loss of US$531.9 million. |
|---|
AdjustedLoss (Non-IFRS)^6^
^^
| ● | Adjusted<br> loss was US$82.6 million vs. US$37.4^2^ million. The change was primarily due to<br> the higher energy and depreciation costs, higher operating and interest expense, partially<br> offset by the year-over-year higher revenue. |
|---|
AdjustedEBITDA (Non-IFRS)^1^
^^
| ● | Adjusted<br> EBITDA was positive US$31.2 million vs. negative US$4.3^2^ million. The year-over-year<br> growth was primarily driven by significantly higher self-mining hashrate as a result of the<br> Company’s mass production and deployment of SEALMINERs during 2025. |
|---|
| ^6^ | “Adjusted<br> profit/(loss)” is defined as profit/(loss) adjusted to exclude share-based payment<br> expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment<br> of convertible senior notes, changes in fair value of cryptocurrency-settled receivables<br> and payables, changes in fair value of cryptocurrency receivables, impairment of assets,<br> other expenses – one off donation, changes in fair value of derivative assets, changes<br> in fair value of financial assets at fair value through profit or loss, and changes in fair<br> value of holdback shares for acquisition of FreeChain. |
|---|
5
CashFlows
| ● | Net<br> cash used in operating activities was US$599.5 million, primarily driven by SEALMINERs supply<br> chain and manufacturing costs, electricity costs from the mining business, general corporate<br> overhead and interest. |
|---|---|
| ● | Net<br> cash generated from investing activities was US$97.9 million, which included US$50.7 million<br> of capital expenditures for datacenter infrastructure construction, GPU equipment procurement<br> and tariffs and freight for mining rigs delivered to the datacenters, and US$150.6 million<br> of proceeds from the disposal of cryptocurrencies. |
| --- | --- |
| ● | Net<br> cash generated from financing activities was US$454.5 million, primarily driven by the proceeds<br> of a total US$698.0 million from our convertible senior note issuance in November, borrowing<br> from a related party and ATM and ELOC program, partially offset by US$171.1 million of repayments<br> of borrowings. |
| --- | --- |
BalanceSheet
Asof December 31, 2025 (compared to December 31, 2024)
| ● | US$149.4<br> million in cash and cash equivalents, US$83.1 million in cryptocurrencies and US$1.0 billion<br> in borrowing. |
|---|---|
| ● | US$723.0<br> million prepayments and other assets, up from US$310.2 million. Change primarily driven by<br> advanced payments to suppliers for SEALMINERs mass volume production. |
| --- | --- |
| ● | US$252.0<br> million inventories, up from US$64.9 million. Increase mainly including wafers, chips, WIP<br> and finished SEALMINERs inventory. |
| --- | --- |
| ● | US$620.7<br> million in mining rigs, up from US$67.3 million. Change mainly raised from mass production<br> and the deployment of SEALMINERs to the Company’s datacenters for self-mining activities. |
| --- | --- |
| ● | US$501.1<br> million derivative liabilities mainly due to the convertible senior notes issued in November<br> 2024, June 2025 and November 2025. |
| --- | --- |
Further information regarding the Company’s fourth quarter 2024 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.
AboutBitdeer Technologies Group
Bitdeer is a world-leading technology company for Bitcoin mining and AI infrastructure. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan, amongst other countries. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.
Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.
Forward-LookingStatements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
6
BITDEERGROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As<br> of December 31, | As<br> of December 31, | |||||
|---|---|---|---|---|---|---|
| (US<br> $ in thousands) | 2025 | 2024 | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 149,352 | 476,270 | ||||
| Restricted cash | 22,366 | 9,144 | ||||
| Cryptocurrencies | 83,077 | 77,537 | ||||
| Cryptocurrencies - receivables | 135,558 | - | ||||
| Trade receivables | 31,374 | 9,627 | ||||
| Amounts due from a related party | 9,654 | 15,512 | ||||
| Prepayments and other assets | 698,291 | 291,929 | ||||
| Inventories | 251,999 | 64,888 | ||||
| Financial assets<br> at fair value through profit or loss | 4,976 | 4,540 | ||||
| Total<br> current assets | 1,386,647 | 949,447 | ||||
| Non-current assets | ||||||
| Restricted cash | 6,159 | 8,212 | ||||
| Prepayments and other assets | 24,681 | 18,244 | ||||
| Financial assets at fair value through profit<br> or loss | 39,309 | 37,981 | ||||
| Mining rigs | 620,667 | 67,324 | ||||
| Right-of-use assets | 83,292 | 69,273 | ||||
| Property, plant and equipment | 441,797 | 251,377 | ||||
| Investment properties | 29,826 | 30,723 | ||||
| Intangible assets | 93,432 | 83,235 | ||||
| Goodwill | 35,818 | 35,818 | ||||
| Derivative assets | 31,857 | - | ||||
| Deferred tax assets | 11,087 | 6,220 | ||||
| Total<br> non-current assets | 1,417,925 | 608,407 | ||||
| TOTAL<br> ASSETS | 2,804,572 | 1,557,854 | ||||
| LIABILITIES | ||||||
| Current liabilities | ||||||
| Trade payables | 119,818 | 31,471 | ||||
| Other payables and accruals | 54,655 | 40,617 | ||||
| Amounts due to a related party | 4,340 | 8,747 | ||||
| Income tax payables | 13,355 | 2,729 | ||||
| Derivative liabilities | 501,085 | 763,939 | ||||
| Deferred revenue | 64,391 | 39,029 | ||||
| Borrowings | 478,792 | 208,127 | ||||
| Borrowings from a related party | 275,000 | - | ||||
| Lease liabilities | 9,226 | 5,460 | ||||
| Total<br> current liabilities | 1,520,662 | 1,100,119 | ||||
| Non-current liabilities | ||||||
| Other payables and accruals | 2,413 | 1,650 | ||||
| Deferred revenue | 63,255 | 90,200 | ||||
| Borrowings | 468 | - | ||||
| Borrowings from a related party | 246,831 | - | ||||
| Lease liabilities | 88,980 | 72,673 | ||||
| Deferred tax liabilities | 14,115 | 16,614 | ||||
| Total<br> non-current liabilities | 416,062 | 181,137 | ||||
| TOTAL<br> LIABILITIES | 1,936,724 | 1,281,256 | ||||
| NET<br> ASSETS | 867,848 | 276,598 | ||||
| EQUITY | ||||||
| Share capital | * | * | ||||
| Treasury equity | (325,597 | ) | (160,926 | ) | ||
| Accumulated deficit | (583,407 | ) | (649,004 | ) | ||
| Reserves | 1,776,852 | 1,086,528 | ||||
| TOTAL<br> EQUITY | 867,848 | 276,598 | ||||
| * | Amount<br> less than US$1,000 | |||||
| --- | --- |
7
BITDEERGROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS)
| Three<br> months ended Dec 31, | Years<br> ended Dec 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (US<br> $ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Revenue^7^ | 224,835 | 69,018 | 620,253 | 349,782 | ||||||||
| Cost of revenue | (214,265 | ) | (63,919 | ) | (559,261 | ) | (283,382 | ) | ||||
| Gross profit | 10,570 | 5,099 | 60,992 | 66,400 | ||||||||
| Selling expenses | (2,364 | ) | (1,952 | ) | (6,667 | ) | (8,044 | ) | ||||
| General and administrative expenses | (28,780 | ) | (17,668 | ) | (84,415 | ) | (64,317 | ) | ||||
| Research and development expenses | (35,197 | ) | (22,898 | ) | (153,876 | ) | (76,946 | ) | ||||
| Other operating income / (expenses) | (43,809 | ) | (3,670 | ) | (21,352 | ) | 727 | |||||
| Other net gain /<br> (loss) | 208,933 | (479,778 | ) | 365,038 | (507,479 | ) | ||||||
| Profit / (Loss) from<br> operations | 109,353 | (520,867 | ) | 159,720 | (589,659 | ) | ||||||
| Finance expenses | (36,438 | ) | (11,811 | ) | (88,890 | ) | (11,935 | ) | ||||
| Profit / (Loss) before<br> taxation | 72,915 | (532,678 | ) | 70,830 | (601,594 | ) | ||||||
| Income tax benefit<br> / (expenses) | (2,373 | ) | 761 | (5,233 | ) | 2,443 | ||||||
| Profit<br> / (Loss) for the periods | 70,542 | (531,917 | ) | 65,597 | (599,151 | ) | ||||||
| Other comprehensive income<br> / (loss) | ||||||||||||
| Income / (Loss) for the periods | 70,542 | (531,917 | ) | 65,597 | (599,151 | ) | ||||||
| Other comprehensive income<br> / (loss) for the periods | ||||||||||||
| Item that may be reclassified<br> to profit or loss | ||||||||||||
| - Exchange differences<br> on translation of financial statements | 265 | (234 | ) | 431 | (218 | ) | ||||||
| Other<br> comprehensive income / (loss) for the periods, net of tax | 265 | (234 | ) | 431 | (218 | ) | ||||||
| Total<br> comprehensive income / (loss) for the periods | 70,807 | (532,151 | ) | 66,028 | (599,369 | ) | ||||||
| Earnings / (Loss) per<br> share | ||||||||||||
| - Basic | 0.31 | (3.22 | ) | 0.32 | (4.36 | ) | ||||||
| - Diluted | (0.73 | ) | (3.22 | ) | (1.43 | ) | (4.36 | ) | ||||
| Weighted average number<br> of shares outstanding (thousands) | ||||||||||||
| - Basic | 225,305 | 165,427 | 204,679 | 137,426 | ||||||||
| - Diluted | 268,150 | 165,427 | 234,319 | 137,426 | ||||||||
| ^7^ | Included<br> nil and approximately US$17.2 million generated from hosting service provided to a related<br> party for the three months and year ended December 31, 2024. | |||||||||||
| --- | --- |
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| BITDEER GROUP<br> UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three months ended Dec 31, | Years ended Dec 31, | |||||||||||
| (US $ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Cash flows from operating<br> activities | ||||||||||||
| Cash<br> used in operating activities | (565,473 | ) | (321,629 | ) | (1,677,080 | ) | (613,167 | ) | ||||
| Interest paid on leases | (1,045 | ) | (902 | ) | (4,028 | ) | (3,473 | ) | ||||
| Interest paid on borrowings | (35,127 | ) | (2,216 | ) | (64,325 | ) | (3,952 | ) | ||||
| Interest received | 1,964 | 1,653 | 7,797 | 7,115 | ||||||||
| Income tax paid | (700 | ) | (1,964 | ) | (1,886 | ) | (8,596 | ) | ||||
| Income tax refund | 844 | - | 844 | - | ||||||||
| Net<br> cash used in operating activities | (599,537 | ) | (325,058 | ) | (1,738,678 | ) | (622,073 | ) | ||||
| Cash flows from investing<br> activities | ||||||||||||
| Purchase of property, plant and equipment,<br> investment properties and intangible assets | (34,598 | ) | (42,617 | ) | (232,242 | ) | (119,487 | ) | ||||
| Payment for mining rigs | (16,132 | ) | (5,766 | ) | (35,441 | ) | (7,731 | ) | ||||
| Purchase of financial assets at fair value<br> through profit or loss, net of refund received | (2,024 | ) | (425 | ) | (5,426 | ) | (2,776 | ) | ||||
| Purchase of cryptocurrencies | - | - | (18,159 | ) | - | |||||||
| Proceeds from disposal of property, plant<br> and equipment | - | 54 | - | 298 | ||||||||
| Proceeds from disposal of cryptocurrencies | 150,634 | 38,794 | 352,006 | 248,447 | ||||||||
| Cash paid for the site and gas-fired power<br> project in Alberta, Canada | - | - | (21,881 | ) | - | |||||||
| Cash paid for business<br> acquisitions, net of cash acquired | - | - | - | (6,051 | ) | |||||||
| Net<br> cash generated from / (used in) investing activities | 97,880 | (9,960 | ) | 38,857 | 112,700 | |||||||
| Cash flows from financing<br> activities | ||||||||||||
| Capital element of lease rentals paid | (2,211 | ) | (6,540 | ) | (7,995 | ) | (9,676 | ) | ||||
| Proceeds from borrowings | - | - | 43,472 | - | ||||||||
| Repayments of borrowings | (3 | ) | (10,000 | ) | (17,009 | ) | (15,000 | ) | ||||
| Borrowings from a related party | 168,000 | - | 668,000 | - | ||||||||
| Repayments of borrowings to a related party | (57,042 | ) | - | (95,417 | ) | - | ||||||
| Proceeds from issuance of shares for exercise<br> of share rewards | 170 | 4,412 | 3,517 | 5,170 | ||||||||
| Proceeds from issuance of ordinary shares<br> and warrants, net of transaction costs | 141,530 | 321,918 | 401,347 | 485,108 | ||||||||
| Acquisition of treasury shares | (35,000 | ) | - | (65,010 | ) | (617 | ) | |||||
| Proceeds from convertible senior notes,<br> net of transaction costs | 388,480 | 387,917 | 750,958 | 554,214 | ||||||||
| Repayments to convertible senior notes in<br> connection with note extinguishment | (114,071 | ) | (14,932 | ) | (147,854 | ) | (14,932 | ) | ||||
| Purchase of capped call instrument | (35,400 | ) | - | (35,400 | ) | - | ||||||
| Purchase of zero-strike<br> call option | - | (160,000 | ) | (129,607 | ) | (160,000 | ) | |||||
| Net<br> cash generated from financing activities | 454,453 | 522,775 | 1,369,002 | 844,267 | ||||||||
| Net increase / (decrease)<br> in cash and cash equivalents | (47,204 | ) | 187,757 | (330,819 | ) | 334,894 | ||||||
| Cash and cash equivalents at the beginning<br> of the period | 196,252 | 291,314 | 476,270 | 144,729 | ||||||||
| Effect of movements<br> in exchange rates on cash and cash equivalents held | 304 | (2,801 | ) | 3,901 | (3,353 | ) | ||||||
| Cash<br> and cash equivalents at the end of the period | 149,352 | 476,270 | 149,352 | 476,270 |
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Use ofNon-IFRS Financial Measures
In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted loss, as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of convertible senior notes, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, impairment of assets, other expenses – one off donation, changes in fair value of derivative assets, changes in fair value of financial assets at fair value through profit or loss, and changes in fair value of holdback shares for acquisition of FreeChain, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of convertible senior notes, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, impairment of assets, other expenses – one off donation, changes in fair value of derivative assets, changes in fair value of financial assets at fair value through profit or loss, and changes in fair value of holdback shares for acquisition of FreeChain.
The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.
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The following table presents a reconciliation of loss for the relevant period to adjusted EBITDA and adjusted loss, for the three and twelve months ended December 31, 2025 and 2024.
| BITDEER GROUP<br> NON-IFRS ADJUSTED EBITDA AND ADJUSTED LOSS RECONCILIATION | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three<br> months ended Dec 31, | Years<br> ended Dec 31, | |||||||||||
| (US $ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Adjusted EBITDA | ||||||||||||
| Profit /<br> (Loss) for the periods | 70,542 | (531,917 | ) | 65,597 | (599,151 | ) | ||||||
| Add： | ||||||||||||
| Depreciation and amortization | 75,059 | 25,116 | 168,119 | 81,096 | ||||||||
| Income tax (benefit) / expenses | 2,373 | (761 | ) | 5,233 | (2,443 | ) | ||||||
| Interest expenses, net | 36,380 | 8,729 | 91,725 | 10,050 | ||||||||
| Share-based payment expenses | 8,602 | 8,658 | 38,493 | 33,968 | ||||||||
| Changes in fair value of derivative liabilities | (276,552 | ) | 469,501 | (444,861 | ) | 498,167 | ||||||
| Loss on extinguishment of convertible senior<br> notes | 44,209 | 8,172 | 60,403 | 8,172 | ||||||||
| Changes in fair value of cryptocurrency-settled<br> receivables and payables | (1,724 | ) | 5,733 | 631 | 6,362 | |||||||
| Changes in fair value of cryptocurrency<br> receivables | 48,950 | - | 26,710 | - | ||||||||
| Impairment of assets^8^ | 14,699 | - | 14,699 | - | ||||||||
| Other expenses - one off donation | 1,250 | - | 1,250 | - | ||||||||
| Changes in fair value of derivative assets | 3,543 | - | 3,543 | - | ||||||||
| Change in fair value of financial assets<br> at fair value through profit or loss | 3,868 | (530 | ) | 3,662 | (1,970 | ) | ||||||
| Changes in fair value of holdback shares<br> for acquisition of FreeChain | - | 2,970 | - | 3,186 | ||||||||
| Total<br> of Adjusted EBITDA | 31,199 | (4,329 | )^2^ | 35,204 | 37,437 | ^2^ | ||||||
| Adjusted Loss | ||||||||||||
| Profit / (Loss) for the<br> periods | 70,542 | (531,917 | ) | 65,597 | (599,151 | ) | ||||||
| Add： | ||||||||||||
| Share-based payment expenses | 8,602 | 8,658 | 38,493 | 33,968 | ||||||||
| Changes in fair value of derivative liabilities | (276,552 | ) | 469,501 | (444,861 | ) | 498,167 | ||||||
| Loss on extinguishment of convertible senior<br> notes | 44,209 | 8,172 | 60,403 | 8,172 | ||||||||
| Changes in fair value of cryptocurrency-settled<br> receivables and payables | (1,724 | ) | 5,733 | 631 | 6,362 | |||||||
| Changes in fair value of cryptocurrency<br> receivables | 48,950 | - | 26,710 | - | ||||||||
| Impairment of assets<br> ^8^ | 14,699 | - | 14,699 | - | ||||||||
| Other expenses - one off donation | 1,250 | - | 1,250 | - | ||||||||
| Changes in fair value of derivative assets | 3,543 | - | 3,543 | - | ||||||||
| Change in fair value of financial assets<br> at fair value through profit or loss | 3,868 | (530 | ) | 3,662 | (1,970 | ) | ||||||
| Changes in fair value<br> of holdback shares for acquisition of FreeChain | - | 2,970 | - | 3,186 | ||||||||
| Total<br> of Adjusted Loss | (82,613 | ) | (37,413 | )^2^ | (229,873 | ) | (51,266 | )^2^ |
Forinvestor and media inquiries, please contact:
InvestorRelations
John Ragozzino Jr., CFA
ICR
PublicRelations
Nishant Sharma
BlocksBridge Consulting
| ^8^ | Impairment of assets for the year ended December 31, 2025 was<br>US$7.2 million and nil, respectively. In the year ended December 31, 2025, we recorded an impairment of US$4.7 million related to the<br>fire accident in Massillon Ohio site, US$8.7 million related to old model of whatsminers, and US$1.3 million related to our other assets<br>as they didn’t happen occasionally and do not represent normal operating expenses (or income) necessary to operate our business. |
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