Why Bitdeer (BTDR) Stock Fell Even After Revenue Beat by $70 Million

TLDR

Bitdeer posted record Q3 revenue of $320.7 million, up 89% and above estimates of $251.11 million.
The per-share loss was $0.46, wider than the $0.37 analysts expected.
Net loss grew to $125.5 million from $30.1 million, as cost of revenue jumped to $309.9 million.
The miner mined 3,855 BTC but held only 47 BTC at the end of September.
The AI Cloud backlog reached about $2.9 billion, and the Tydal site in Norway is on track for Q4.

Bitdeer (BTDR) stock closed Monday at $6.61, up 9.9%, ahead of its third-quarter report. Tuesday’s trading was choppier.

Bitdeer Technologies Group, BTDR

Premarket moves were mixed, with one report showing a 1.5% gain and another a 2.7% drop. Later in the day, the stock was down about 7%.
The report showed record revenue of $320.7 million, up 89% from $169.7 million a year earlier. Analysts had expected $251.11 million.

BITDEER $BTDR Q3’26 EARNINGS HIGHLIGHTS
Revenue: $320.7M (Est. $256M) ; +89% YoY EPS: -$0.46 (Est. -$0.34) Adj. EBITDA: $69.6M; +173% YoY
Announcements: AI Cloud Backlog: ~$2.9B; ~332 IT MW secured Tydal: $4.7B 16-year AI/HPC lease; 121 IT MW; ~$8.0B… pic.twitter.com/x7rDcZqmcT
— Wall St Engine (@wallstengine) November 10, 2026

The bottom line was not as kind. Bitdeer lost $0.46 per share, wider than the $0.37 loss analysts expected.
Where the Bitcoin Went
Bitdeer mined 3,855 BTC in the quarter, up from 1,109 Bitcoin a year earlier. Its proprietary hashrate rose to 86.4 EH/s from 35 EH/s.
Yet the miner held just 47 BTC on Sept. 30. A year earlier, it held 2,029 BTC.
Bitdeer took in $221.5 million from selling digital assets in the quarter, mostly mined bitcoin. In short, it sold much of what it dug up.
It ended September with $43.2 million in digital assets. It also had $343.8 million in digital-asset receivables from a related party, for a combined $387 million.
Cash and cash equivalents stood at $213.7 million.
Costs Outran Sales
Cost of revenue jumped to $309.9 million from $130.0 million, mainly on higher electricity costs and depreciation. Gross profit fell to $10.8 million from $39.7 million.
Net loss widened to $125.5 million from $30.1 million. A non-cash $54.6 million charge tied to a digital-asset loan was part of that.
Adjusted EBITDA still climbed 173% to $69.6 million from $25.5 million. Self-mining revenue rose to $217.5 million from $130.9 million.
Co-mining added $59.9 million. AI Cloud revenue rose to $20.4 million from $1.8 million.
The AI Cloud backlog reached about $2.9 billion, with roughly 332 IT megawatts of capacity secured. CFO Michael G. Potter said the company is “converting AI demand into long-duration contracts.”
He added that customer prepayments and project-level financing are meant to fund AI capacity as it is contracted. Construction at the Tydal site in Norway remains on schedule for energisation in the fourth quarter of 2026.
BTDR was down about 7% on Tuesday, while bitcoin slipped about 2%.
The post Why Bitdeer (BTDR) Stock Fell Even After Revenue Beat by $70 Million appeared first on Blockonomi.