Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026

About this update from Bitdeer Technologies Group

SINGAPORE , May 14, 2026 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“ Bitdeer ” or the “ Company ”), a world-leading technology company for AI and Bitcoin mining infrastructure, today released its unaudited financial results for the first quarter ended March 31, 2026 . Q1 2026 Financial 1 Highlight All amounts compared to Q1’25 unless otherwise noted Total revenue was US$188.9 million vs. US$70.1 million . Cost of revenue was US$228.0 million vs. US$74.1 million . Gross loss was US$39.0 million vs. US$4.0 million . Net loss was US$159.5 million vs. net profit of US$105.3 million . Adjusted EBITDA 2 was positive US$14.4 million vs. negative US$45 .6 million. Cash, cash equivalents and restricted cash were US$297.7 million as of March 31, 2026 . Digital assets and digital assets - receivable balance: US$245.0 million as of March 31, 2026 . Management Commentary "The first quarter of 2026 demonstrated the breadth of Bitdeer's execution capability," said Matt Kong , Chief Business Officer of Bitdeer Technologies Group . "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. We activated development of our Tydal facility in Norway , which is expected to become Norway's largest operational AI data center upon completion. And we continue to grow our AI Cloud business, recently exceeding $69 million in annualized run-rate revenue." Mr. Kong continued, "Underpinning all of this is a global power portfolio of approximately 3.0 gigawatts that we believe is one of the most strategically valuable infrastructure assets in our sector. We are in advanced stages of negotiations with a credit-worthy colocation tenant for Tydal and are confident in our ability to execute a signed agreement. I believe 2026 will be a defining year for Bitdeer as an AI infrastructure platform." Operational Summary Three Months Ended March 31 Metric 2026 2025 Hash Rate Metrics: Self-Mining (Operated in self-owned datacenters) 65.1 11.5 Co-Mining (Operated in 3rd party datacenters) 4.4 - Other Proprietary Hash Rate 3 1.4 0.6 Hosting4 7.2 12.1 Total Hash Rate under Mgmt. 5 (EH/s) 78.1 24.2 Mining Rig Metrics: Self-Mining6 207,000 97,000 Co-Mining7 18,000 - Hosted 37,000 78,000 Total Mining Rigs under Mgmt. 262,000 175,000 BTC Mined8 2,033 350 BTC Held9 31 1,156 Total Power Usage (MWh) 2,250,000 881,000 Average cost of electricity ($/MWh) $52 $48 Average miner efficiency (J/TH) 16.4 29.0 Power Infrastructure Summary (As of 4/30/2026) Site (MW)Capacity EnergizationTiming10 PlannedUsage Construction Update Online Electrical Capacity: 1) Rockdale, TX 563 Online Crypto to Colocation / AI Cloud In active evaluation of AI transition 2) Knoxville, TN – phase 1 37 Q4 ’26 Crypto to AI Cloud Phase 1 AI data center conversion design work initiated, targeting to complete by Q4 ’26. 3) Knoxville, TN – phase 2 49 Q1 ’27 4) Wenatchee, WA 13 Q4 ’26 Crypto to AI Cloud AI data center design documents and building permit application submitted for approval. Core equipment is being delivered in succession; we plan to begin with a GB300 cluster. Dismantling of the crypto mining datacenter started in March 2026 . Completion targeted Q4 ’26. 5) Molde, Norway 84 Online Crypto and in early assessment of converting to AI Cloud 6) Tydal, Norway – phase 1 50 Q4 ’26 Crypto to Colocation Planning and design continue to advance. Orders for critical long-lead equipment have been placed. Engaged Data Center Installations AS as Bitdeer’s design and construction partner for Tydal AI datacenter conversion 7) Tydal, Norway – phase 2 175 Q4 ’26 8) Gedu, Bhutan 100 Online Crypto 9) Jigmeling, Bhutan 500 Online Crypto 10) Oromia Region , Ethiopia 50 Online Crypto Construction of the 50 MW site has been completed and energized, with ongoing energization in phases driven by SEALMINER deliveries 11) Massillon, OH 121 Online Crypto 12) Cyberjaya, Malaysia 11 2 Online AI Cloud Online Electrical Subtotal: 1,744 Pipeline Electrical Capacity: 1) Massilon, OH 74 / 26 Q3 ’26 Crypto Due to delivery delays for key electrical components, 74 MW is expected to be energized in phases during Q3 ’26. Reconstruction of the two fire-damaged buildings (26MW) is currently underway and expected to be rebuilt and energized by the end of Q3 ’26. We anticipate that the total reconstruction cost will be almost fully recovered through the supplier’s insurance coverage. 2) Clarington, OH 570 To be updated Colocation 570 MW of power under contract with a local utility. Timing of power availability and construction may be affected by ongoing legal proceedings filed by a neighboring company, American Heavy Plate Solutions, LLC ., which is under extensive influence from MHR, a New York based PE firm founded by Mark H. Rachesky . Design and other preparation work continues. 3) Niles, OH 300 Q4 ’28 Colocation / AI Cloud 300 MW grid-interconnected development site, with target energization in Q4 ’28. The project includes 41.8 acres of owned land and a transmission line extension agreement with a local utility company 4) Rockdale, TX 179 2026 Colocation / AI Cloud In Planning 5) Fox Creek, Alberta, Canada 101 Q2 ’27 Crypto 101 MW site acquired, fully licensed and permitted for the construction of an on-site natural gas power plant. Assessing current design potential to accommodate future AIDC requirements. Groundbreaking planned for June 2026 . 6) Cyberjaya, Malaysia 9.5 Q4 ’26 AI Cloud In Progress Pipeline Electrical Subtotal: 1,259.5 Total Global Electrical Capacity: 3,003.5 Financial MD&A Effective January 1, 2026 , the Company transitioned from IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") to generally accepted accounting principles in the United States of America (' U.S. GAAP'). The consolidated financial statements for prior periods have been recast to conform to U.S. GAAP. All variances are current quarter compared to the same quarter last year. All figures in this section are rounded 12 . Q1 2026 High-Level P&L and Disaggregated Revenue Details: US $ in millions Three Months Ended 31-Mar-26 31-Dec-25 31-Mar-25 Total revenue 188.9 224.8 70.1 Cost of revenue (228.0) (214.9) (74.1) Gross income (loss) (39.0) 9.9 (4.0) Net income (loss) (159.5) (191.5) 105.3 Adjusted EBITDA 14.4 24.3 (45.6) Cash, cash equivalents and restricted cash 297.7 177.9 233.7 US $ in millions Three months ended March 31, 2026 Business line Self-mining Co-mining Cloud hash rate General hosting Membership hosting Sales of SEALMINERs and Accessories Revenue 146.9 9.0 3.7 5.5 13.7 3.7 Cost of revenue Including: - Electricity cost in operating mining rigs (95.5) (4.3) (1.8) (4.5) (10.2) - - Depreciation and SBC expenses (76.3) (4.5) (1.7) (0.4) (1.1) - - Cost of products sold - - - - - (3.6) - Other costs (9.5) (1.2) (0.2) (0.3) (0.8) - Total cost of revenue (181.3) (9.9) (3.7) (5.3) (12.1) (3.6) Gross income (loss) (34.4) (0.9) - 0.2 1.6 0.2 US $ in millions Three months ended March 31, 2025 Business line Self-mining Cloud hash rate General hosting Membership hosting Sales of SEALMINERs and Accessories Revenue 37.2 0.1 9.6 16.3 4.1 Cost of revenue Including: - Electricity cost in operating mining rigs (24.0) - (6.8) (11.4) - - Depreciation and SBC expenses (12.1) (0.1) (1.1) (1.8) - - Cost of products sold - - - - (3.3) - Other costs (5.4) - (1.4) (2.4) - Total cost of revenue (41.4) (0.1) (9.2) (15.6) (3.3) Gross income (loss) (4.2) - 0.4 0.7 0.8 Q1 2026 Management’s Discussion and Analysis (compared to Q1 2025) Revenue Total revenue was US$188.9 million vs. US$70.1 million . Self-mining revenue was US$146.9 million vs. US$37.2 million , primarily due to the increase in the average self-mining hashrate for the quarter by 551.5% to 63.2 EH/s from 9.7 EH/s last year. Co-mining revenue was US$9.0 million , primarily contributed by 3.7 EH/s average mining hashrate for the first quarter of 2026. Cloud Hash Rate revenue was US$3.7 million vs. US$0.1 million . General Hosting revenue was US$5.5 million vs. US$9.6 million . Membership Hosting revenue was US$13.7 million vs. US$16.3 million . SEALMINER sales revenue was US$3.7 million vs. US$4.1 million . AI Cloud revenue was US$3.7 million vs. US$1.4 million . Cost of Revenue Cost of revenue was US$228.0 million vs US$74.1 million . The increase was primarily driven by higher electricity and depreciation costs as a significant number of new mining rigs came online and a slightly higher per unit power cost. Additionally, the staff cost and AI cloud service fee increased along with the business expansion. Gross loss and Margin Gross loss was US$39.0 million vs. US$4.0 million . Gross margin was -20.7% vs. -5.7%. Operating Expenses The sum of the operating expenses below was US$47.7 million vs. US$75.7 million . Selling expenses were US$2.9 million vs. US$1.4 million . The increase was primarily due to the increased advertising expenses for our AI business. General and administrative expenses were US$24.6 million vs. US$15.3 million . The increase was primarily due to an increase in staff costs for general and administrative personnel and consulting fees for general corporate management and compliance activities. Research and development expenses were US$20.2 million vs. US$59.0 million , primarily due to a reduction in one-off incremental development expenses. Loss on change in fair value of digital assets held for operations were US$24.0 million vs. US$21.3 million . Other operating income were US$4.8 million vs. US$2.5 million . This was largely attributable to the change in fair value of digital assets-settled receivables and payables. Non-operating items Net interest expenses were US$29.5 million vs. US$5.3 million , primarily due to increased borrowing through the convertible senior notes and borrowing from a related party. In Q1 2026, we recorded US$9.0 million gain on change in fair value of digital assets loan and US$16.2 million loss on change in fair value of digital assets - receivable. This is a fair value change of our loan in digital assets and the associated collateral digital assets in connection with our loan from a related party mainly due to the fluctuations of Bitcoin price. In Q1 2025, we recorded US$205.0 million gain on fair value changes of derivative liabilities for the convertible notes issued in August 2024 and Tether warrants, both of which were retired in 2025. In Q1 2026, we recorded US$17.8 million other net loss primarily due to the US$6.4 million of loss on derivative assets, US$5.4 million loss on extinguishment of debt in connection with the convertible senior notes issued in November 2024 , and US$5.0 million donation. Net Income (Loss) Net loss was US$159.5 million vs. net income of US$105.3 million . Adjusted Loss (Non-GAAP) 13 Adjusted loss was US$106.6 million vs. US$66.4 million . The change was primarily due to the higher energy and depreciation costs, and higher interest expense, partially offset by the year-over-year higher revenue. Adjusted EBITDA (Non-GAAP) 2 Adjusted EBITDA was US$14.4 million vs. negative US$45.6 million . The year-over-year growth was primarily driven by significantly higher self-mining hashrate as a result of the Company’s mass production and deployment of SEALMINERs, along with lower operating expenses incurred. Cash Flows Net cash used in operating activities was US$346.9 million , primarily driven by SEALMINERs supply chain and manufacturing costs, electricity costs from the mining business, general corporate overhead and interest. Net cash provided by investing activities was US$113.3 million , which included US$93.7 million of capital expenditures for datacenter infrastructure construction, GPU equipment procurement and tariffs and freight for mining rigs delivered to the datacenters, and US$206.8 million of proceeds from the disposal of digital assets. Net cash provided by financing activities was US$352.6 million , primarily driven by the proceeds of a total US$568.3 million from our convertible senior note issuance in February, borrowings and ATM program, partially offset by US$85.0 million of repayments of borrowings, US$93.0 million of repayments made in connection with the extinguishment of convertible senior notes, and US$33.7 million of purchase of capped call instrument. Balance Sheet As of March 31, 2026 (compared to December 31, 2025 ) US$297.7 million in cash, cash equivalents and restricted cash, US$245.0 million in digital assets and digital assets receivables, and US$1.9 billion in borrowing. US$386.7 million prepayments and other assets, decrease from US$723.0 million . Change primarily driven by delivery of raw materials procurement for SEALMINERs mass volume production. US$613.0 million inventories, up from US$252.0 million . Increase mainly including wafers, chips, WIP and finished SEALMINERs inventory. US$1.2 billion in property, plant and equipment, up from US$1.1 billion . Change mainly raised from mass production and the deployment of SEALMINERs to the Company’s datacenters for mining activities and expansion of datacenters. Further information regarding the Company’s first quarter 2026 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 . About Bitdeer 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-Looking Statements 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. BITDEER GROUP UNAUDITED CONSOLIDATED BALANCE SHEET March 31 , December 31 , (US $ in thousands) 2026 2025 ASSETS Current assets Cash and cash equivalents 260,761 149,352 Restricted cash 30,582 22,366 Digital assets 35,115 85,488 Digital assets - receivables 209,867 135,558 Accounts receivable 33,281 31,374 Amounts due from related parties 9,635 9,654 Prepayments and other current assets 341,110 698,291 Inventories, net 613,042 251,999 Short-term investments 4,694 4,976 Total current assets 1,538,087 1,389,058 Non-current assets Restricted cash 6,351 6,159 Other non-current assets 45,563 24,681 Long-term investments 37,876 39,081 Operating lease right-of-use assets, net 101,088 104,725 Property, plant and equipment, net 1,235,445 1,086,275 Intangible assets, net 87,866 93,432 Goodwill 35,818 35,818 Deferred tax assets 12,997 8,682 Total non-current assets 1,563,004 1,398,853 TOTAL ASSETS 3,101,091 2,787,911 LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES Current liabilities Accounts payable 133,580 119,818 Accrued expenses and other current liabilities 57,853 54,964 Amounts due to a related party 4,126 4,340 Income tax payables 12,764 13,355 Deferred revenue 57,639 64,391 Short-term borrowings 26,000 26,000 Current portion of long-term borrowings 49 13 Short-term borrowings from a related party 167,822 - Current portion of long-term borrowings from a related party 350,000 275,000 Current portion of operating lease liabilities 22,217 11,888 Total current liabilities 832,050 569,769 Non-current liabilities Other non-current liabilities 2,450 2,413 Deferred revenue 61,420 63,255 Long-term borrowings 1,180,654 947,183 Long-term borrowings from a related party 195,583 246,831 Operating lease liabilities 86,343 98,468 Deferred tax liabilities 12,476 11,973 Total non-current liabilities 1,538,926 1,370,123 TOTAL LIABILITIES 2,370,976 1,939,892 STOCKHOLDERS’ EQUITY Common stock * * Treasury stock - (35,990) Accumulated deficit (693,683) (534,156) Additional paid-in capital 1,423,162 1,418,111 Accumulated other comprehensive income 636 54 TOTAL STOCKHOLDERS’ EQUITY 730,115 848,019 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 3,101,091 2,787,911 * Amount less than US$1,000 BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(LOSS) Three months ended March 31 , (US $ in thousands) 2026 2025 Revenue 188,930 70,128 Cost of revenue (227,971) (74,098) Gross loss (39,041 ) (3,970 ) Selling expenses (2,893) (1,391) General and administrative expenses (24,592) (15,278) Research and development expenses (20,199) (59,004) Change in fair value of digital assets held for operations (24,028) (21,309) Other operating income 4,821 2,486 Total operating expenses (66,891 ) (94,496 ) Loss from operations (105,932 ) (98,466 ) Interest expenses, net (29,516) (5,290) Share of losses from equity method investments (1,887) (2,696) Change in fair value of digital assets - receivable (16,152) - Change in fair value of digital assets loan 8,963 - Change in fair value of derivative liabilities - 205,004 Foreign exchange gain (loss) (645) 1,603 Other net losses (17,772) (1,453) Income (loss) before taxes (162,941 ) 98,702 Income tax benefit 3,414 6,613 Net income (loss) (159,527 ) 105,315 Foreign currency translation adjustment, net of tax 582 166 Total comprehensive income (loss) (158,945 ) 105,481 Net income (loss) per share (in US$) Basic (0.68) 0.55 Diluted (0.68) (0.47) Weighted average number of shares outstanding (thousand shares) Basic 233,393 190,199 Diluted 233,393 203,476 BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three months ended March 31 , (US $ in thousands) 2026 2025 Net cash used in operating activities (346,894 ) (285,274 ) Cash flows from investing activities Purchase of property, plant and equipment and intangible assets (93,746) (45,725) Purchase of long-term investments (400) (132) Proceeds from disposal of property, plant and equipment 574 - Purchase of digital assets - (18,159) Proceeds from disposal of digital assets 206,843 12,283 Cash paid for the site and gas-fired power project in Alberta, Canada - (21,870) Net cash provided by (used in) investing activities 113,271 (73,603 ) Cash flows from financing activities Proceeds from borrowings 26,000 - Repayment of borrowings (26,000) - Borrowings from a related party 150,000 - Repayment of borrowings to a related party (59,000) - Proceeds from exercise of stock-based rewards 70 530 Proceeds from issuance of common stock, net of transaction costs 27,761 118,403 Repurchase of common stock (4,000) (21,010) Proceeds from convertible senior notes, net of transaction costs 364,502 (1,119) Repayments made in connection with the extinguishment of convertible senior notes (93,046) - Purchase of capped call instrument (33,713) - Net cash provided by financing activities 352,574 96,804 Net increase (decrease) in cash, cash equivalents and restricted cash 118,951 (262,073 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 866 2,101 Cash, cash equivalents and restricted cash at the beginning of the period 177,877 493,626 Cash, cash equivalents and restricted cash at the end of the period 297,694 233,654 Use of Non-GAAP Financial Measures In evaluating the Company’s business, the Company considers and uses non-GAAP 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 stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses, and defines adjusted income (loss) as income (loss) adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses. The Company presents these non-GAAP 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-GAAP 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 GAAP. The Company compensates for these limitations by reconciling these non-GAAP financial measures to the nearest GAAP 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. The following table presents a reconciliation of income (loss) for the relevant period to adjusted EBITDA and adjusted loss, for the three months ended March 31, 2026 and 2025. BITDEER GROUP UNAUDITED NON-GAAP ADJUSTED EBITDA AND ADJUSTED INCOME (LOSS) RECONCILIATION Three months ended March 31 , (US $ in thousands) 2026 2025 Adjusted EBITDA Net income (loss) (159,527 ) 105,315 Add ： Depreciation and amortization 94,867 22,104 Income tax benefits (3,414) (6,613) Interest expenses, net 29,516 5,290 Stock-based compensation expense 7,129 10,404 Share of losses from equity method investments 1,887 2,696 Change in fair value of digital assets held for operations 24,028 21,309 Change in fair value of digital assets-settled receivables and payables (5,059) (2,551) Change in fair value of digital assets - receivable 16,152 - Change in fair value of digital assets loan (8,963) - Change in fair value of derivative liabilities - (205,004) Other net losses14 17,772 1,453 Total of Adjusted EBITDA 14,388 (45,597 ) Adjusted Loss Net income (loss) (159,527 ) 105,315 Add ： Stock-based compensation expense 7,129 10,404 Share of losses from equity method investments 1,887 2,696 Change in fair value of digital assets held for operations 24,028 21,309 Change in fair value of digital assets-settled receivables and payables (5,059) (2,551) Change in fair value of digital assets - receivable 16,152 - Change in fair value of digital assets loan (8,963) - Change in fair value of derivative liabilities - (205,004) Other net losses14 17,772 1,453 Total of Adjusted Loss (106,581 ) (66,378 ) For investor and media inquiries, please contact: Investor Relations Tesh Dahya , Head of Investor Relations [email protected] Media Elev8 New Media Jessica Starman , MBA [email protected] ___________________________________ 1 Effective January 1, 2026 , the Company transitioned from IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") to generally accepted accounting principles in the United States of America (' U.S. GAAP'). The consolidated financial statements for prior periods have been recast to conform to U.S. GAAP. 2 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.3 Other Proprietary Hash Rate includes the hashrate from Bitdeer’s cloud hashrate business, mining rigs delivered in the crypto mining datacenters but not deployed and the mining rigs temporarily offline due to limited economic benefit.4 Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.5 Total hash rate under management across Bitdeer’s primary business lines: Self-mining, Co-mining, Cloud Hash Rate , and Hosting.6 Self-Mining (Operated in self-owned datacenters) refers to cryptocurrency mining for Bitdeer’s own account, whereby its mining rigs are operated in self-owned datacenters.7 Co-mining (Operated in 3 rd party datacenters) refers to cryptocurrency mining for Bitdeer’s own account, whereby its mining rigs are operated in third-party datacenters.8 Bitcoins mined Includes BTC from self-mining operations and BTC from co-mining operations.9 Bitcoins held does not include Bitcoins from customer deposits but does include Bitcoins that are pledged as collateral by us.10 Indicative timing for completion of power. All timing references are to calendar quarters and years11 Capacity under lease arrangement12 Figures may not add due to rounding.13 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets - receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.14 In the three months ended March 31, 2026 , we recorded US$17.8 million other losses primarily due to the US$6.4 million of loss on derivative assets, US$5.4 million loss on extinguishment of debt in connection with the convertible senior notes issued in November 2024 , and US$5.0 million donation. Source: Bitdeer Technologies Group

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