Bitdeer reports Q2 2026 financial results, highlighting strong revenue growth while cost of revenue outpaced total sales, despite a significant sequential slowdown in expense growth.
Key Takeaways
Bitdeer revenue reached $228.8M in Q2 2026, up 47% year-over-year despite ongoing net losses.Rising energy costs for Bitcoin miners pressed Bitdeer to a $237.3M expense baseline in Q2 2026.Bitdeer is leveraging a $4.7B lease with Volta in Norway to pivot capacity into AI cloud infrastructure.Total revenue for the three months ended June 30 totalled $228.8 million, up from $155.6 million in the second quarter of 2025 and up 21.1% from $188.9 million in Q1 of 2026. The cost of revenue climbed to $237.3 million from $143.6 million in the second quarter of 2025, but increased only 4.1% sequentially from $228 million in the first quarter of 2026.
Bitdeer’s gross loss narrowed to $8.5 million, compared with a gross profit of $12 million in the second quarter of 2025. Still, the second-quarter gross loss was a marked improvement from the $39 million gross loss reported in the first quarter of 2026. The net loss reached $92.3 million, down from $159.5 million in the first quarter of 2026.
The primary narrative of Bitdeer’s Q2 financial performance centers on cost expansion. Year-over-year, cost of revenue grew 65.3%, outpacing the 47% increase in total revenue.
This discrepancy was driven principally by higher electricity expenses and rising depreciation costs as the company rapidly deployed new mining rigs and brought additional data center capacity online. Electricity expenses for self-mining rose to $84.7 million in the second quarter of 2026, while depreciation and share-based compensation expenses reached $79.8 million. Higher headcount, artificial intelligence (AI) cloud service fees, and co-mining hosting fees also contributed to the rising expense baseline.
Bitdeer Chief Financial Officer Michael G. Potter noted that the quarter reflected steady execution across both AI infrastructure and Bitcoin mining fleets, highlighting the recent 16-year, $4.7 billion AI and high-performance computing data center lease with Volta at its Tydal, Norway, facility as a key milestone for converting power capacity into long-term contracted revenue.
As of June 30, 2026, Bitdeer held $496.3 million in cash, cash equivalents and restricted cash, providing liquidity as it continues expanding its SEALMINER deployment and AI data center pipeline.
