Bitdeer Technologies Group (NASDAQ:BTDR) reported first-quarter results on Thursday that missed Wall Street forecasts on both earnings and revenue, despite strong year-on-year growth in sales.
Shares of the company slipped 0.30% in premarket trading following the earnings release.
Earnings and Revenue Miss Analyst Forecasts
Bitdeer posted an adjusted loss of $0.68 per share for the quarter, wider than analyst expectations for a loss of $0.37 per share.
Revenue totaled $188.9 million, below the consensus estimate of $199.51 million, although the figure represented a 169% increase from $70.1 million in the same quarter last year.
The company reported a net loss of $159.5 million, compared with net income of $105.3 million in the first quarter of 2025.
Adjusted EBITDA Returns to Positive Territory
Despite the wider net loss, adjusted EBITDA improved significantly, reaching positive $14.4 million versus negative $45.6 million a year earlier.
Chief business officer Matt Kong highlighted the company’s operational progress during the quarter.
“The first quarter of 2026 demonstrated the breadth of Bitdeer’s execution capability,” Kong said. “We launched the SEALMINER A4, our most efficient mining rig to date, advancing our vertically integrated hardware platform and reinforcing the competitive foundation of our mining business.”
Self-Mining Revenue Jumps on Higher Hashrate
Revenue from self-mining operations climbed sharply to $146.9 million from $37.2 million in the prior-year quarter.
The increase was driven by a 551.5% rise in average self-mining hashrate to 63.2 EH/s.
Bitdeer mined 820 Bitcoin during the quarter, compared with 350 Bitcoin in the same period a year earlier.
Costs Rise as Mining Fleet Expands
Cost of revenue increased significantly to $228.0 million from $74.1 million a year ago.
The company said the increase was primarily related to higher electricity expenses and depreciation costs as additional mining rigs entered operation.
Gross loss widened to $39.0 million from $4.0 million in the prior-year quarter.
Cash Position and Digital Asset Holdings Remain Strong
As of March 31, 2026, Bitdeer held $297.7 million in cash, cash equivalents and restricted cash.
The company also reported digital asset holdings valued at $245.0 million.
Bitdeer said it currently operates a global power portfolio totaling approximately 3.0 gigawatts across several countries.