Bitdeer Technologies Group reported a third-quarter net loss of $266.7 million, or $1.28 per share, exceeding analysts’ expectations and marking a significant increase from the $50.1 million loss recorded in the year-earlier quarter. Revenue for the period rose to $169.7 million, more than doubling from the previous year, driven primarily by self-mining capacity expansion and higher bitcoin prices. Despite the revenue gain, adjusted EBITDA flipped to a profit only marginally, as elevated operating costs and accelerated spending weighed on overall profitability.
Alongside the earnings release, Bitdeer announced a delay on the next-generation SEAL04 ASIC chip, a key component of the company’s strategic pivot into artificial intelligence and data center services. Mass production of the SEALMINER A3 series has commenced, but the SEAL04 remains in development, shifting expected deployment into early 2026. The delay has prompted concerns about near-term capital expenditure and incremental revenue streams tied to AI cloud contracts.
At the end of October, self-mining operations achieved 41.2 EH/s of hash rate, surpassing the previously announced target of 40 EH/s and bolstering in-house bitcoin holdings to 2,029 BTC. The firm forecasts that allocating 200 MW to AI cloud services could generate an annualized revenue run rate exceeding $2 billion by late 2026 under a favorable market environment. However, lack of a concrete timetable for the SEAL04 release has introduced uncertainty around realizing these projections.
Market reaction was swift, with shares declining 20% in response to the combined impact of the larger-than-forecast loss and the ASIC chip delay. The drop represents the steepest single-day fall since February and lifts the year-to-date decline to approximately 19%. Investors cited concerns over execution risks and competitive pressure in the AI infrastructure sector, as well as the potential for continued margin compression in mining operations.
Analysts at VanEck noted that while Bitdeer’s strategic expansion into AI and data centers offers long-term upside, execution must align closely with delivery timelines to sustain investor confidence. Industry watchers highlight supply chain dynamics for semiconductor manufacturing and broader macroeconomic factors as potential headwinds for chip development schedules. Observers will monitor updates on SEAL04 progress and capital allocation decisions in upcoming earnings calls.
Bitdeer’s pivot into AI services parallels moves by other major bitcoin miners seeking diversification beyond traditional mining revenue. Continued evaluation of data center performance metrics, customer contract ramp-ups, and chip production milestones will be critical in shaping the next phase of the company’s growth trajectory.
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