Bitdeer Q3 Loss Deepens Amid Revenue Surge, ASIC Chip Delay and AI Pivot
Bitdeer reported a third-quarter revenue of $169.7 million, up 174% year-on-year, beating analysts’ forecasts. Despite a swing to $43 million in adjusted EBITDA profit, the company posted a net loss of $266.7 million ($1.28 per share), deepening from a $50.1 million shortfall a year earlier.
Bitdeer’s CEO skipped the earnings call as the release revealed a delay of the next-generation SEAL04 ASIC chip. Self-mining capacity reached 41.2 EH/s by October, surpassing the 40 EH/s target, and production of the SEALMINER A3 series began in earnest. Bitcoin production doubled to 1,109 BTC, and holdings rose to 2,029 BTC.
The company also launched high-performance AI cloud services, generating initial revenue of $1.8 million. Management forecasts that dedicating 200 MW to AI infrastructure could drive an annualized revenue run-rate exceeding $2 billion by end-2026.
Bitdeer shares plunged nearly 20% to $17.65 following the chip delay and widened loss, marking the steepest drop since February. Traders should note the execution risks in both bitcoin mining and the nascent AI pivot.
Neutral
In the short term, Bitdeer’s widened net loss and SEAL04 ASIC chip delay may dampen market sentiment around mining profitability, potentially exerting slight downward pressure on Bitcoin price as traders reassess miner capex and expansion plans. However, the record revenue growth, positive adjusted EBITDA, expanded self-mining capacity and AI cloud pivot signal robust operational momentum. Increased mining capacity supports network security and may underpin Bitcoin’s fundamentals over the longer term. Balancing these bullish and bearish factors suggests a neutral impact on BTC trading.