Bitdeer Technologies Group Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Bitdeer Technologies Group Q1 2026 Earnings Summary

Financial Highlights

  • Revenue: $188.9 million, +170% YoY (vs. Q1 2025); -16% sequentially (vs. $224.8 million in Q4 2025), driven by Bitcoin mining expansion offset by lower average BTC prices and more internal SEALMINER deployments.
  • Adjusted EBITDA: $14.4 million, +~$60 million YoY; -41% sequentially (vs. $24.3 million in Q4 2025).
  • Gross Profit: -$39 million (gross margin -20.7%), impacted by BTC price pressure, $70 million non-cash depreciation on mining fleet (3-year straight-line basis), and seasonal power costs in Norway/Bhutan.
  • Operating Loss: -$159.5 million; EPS: -$0.68.
  • Operating Cash Flow: -$346.9 million used (42% improvement vs. Q4 2025's -$594.7 million).

Operational Highlights

  • 1.7 GW electrical capacity online; 3 GW global power pipeline, one of the largest AI-suitable portfolios among public peers.
  • Transitioned to U.S. GAAP in Q1 2026 (from IFRS), adopting ASU 2023-08 for fair value measurement of digital assets, introducing non-cash volatility to GAAP earnings.

Bitcoin Mining

  • Self-mining hash rate: 65 EH/s at end of March 2026 (+18% vs. 55.2 EH/s end-Dec 2025; +400%+ YoY).
  • Bitcoin produced: 668 (Jan), 705 (Feb), 661 (Mar); April output rose to 783 BTC.

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Operator: Hello, and welcome to Bitdeer Technologies First Quarter 2026 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to Tesh Dahya. You may begin. Pretesh Dahya: Thank you, operator, and good morning, everyone. Welcome to Bitdeer Technology Group's First Quarter 2026 Earnings Conference Call. Joining me today are Jihan Wu, Founder, Chairman and Chief Executive Officer; Matt Kong, Chief Business Officer; and Haris Basit, Chief Strategy Officer. Today's call will begin with Haris providing a review of the company's first quarter results, operational progress and strategic direction, and I will close with an update on our financial performance. To accompany today's call, we have provided a supplemental investor presentation available on Bitdeer's Investor Relations website under Webcasts and Presentations. Before management begins their formal remarks, I would like to remind everyone that during today's call, we may make certain forward-looking statements. These statements are based on management's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially. For a more complete discussion of forward-looking statements and the risks and uncertainties related to Bitdeer's business, please refer to the company's filings with the U.S. Securities and Exchange Commission. I also want to note that beginning with the first quarter of 2026, Bitdeer has transitioned from Internationa

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