Bitdeer (BTDR) Stock Defies Gravity: Revenue Rockets 122% QoQ While Losses Widen—What’s Brewing?

Mining giant Bitdeer just posted numbers that'll make your head spin—revenue more than doubled in a single quarter while red ink deepened. Here's the breakdown.

The good, the bad, and the volatile

That 122% quarter-over-quarter revenue surge isn't a typo—it's the kind of growth that makes traditional finance bros choke on their artisanal coffee. But before popping champagne, note the widening net loss lurking beneath the surface.

High-stakes mining math

When your business runs on ASICs and cheap electricity, these wild swings come with the territory. The market's betting those rigs keep humming while Bitcoin stays frisky—because nothing fuels growth like a good old-fashioned crypto bull run (and lax accounting standards).

One thing's certain: in the casino of public crypto companies, Bitdeer's rolling the dice hard. Whether that's genius or recklessness depends entirely on tomorrow's BTC price—and how long regulators keep pretending not to notice.

TLDR

• Bitdeer Revenue Soars 122% QoQ, But Net Loss Deepens to $147.7M in Q2 2025
• SEALMINER & Self-Mining Power Bitdeer’s Surge, Yet Profits Slide Sharply
• Bitdeer Hits $155.6M Revenue, Faces Heavy Losses from Rising R&D, Fair Value
• Bitdeer Eyes HPC Future as Costs Climb and Mining Shifts to In-House Power
• Cash, Crypto, and Capex Fuel Bitdeer’s Growth Amid Deepening Quarterly Loss

Bitdeer Technologies Group (BTDR) closed at $13.39, reflecting a 2.83% decline (-$0.39).The stock showed a recovery, rising by 2.32% (+$0.31) to $13.70,

Bitdeer Technologies Group (BTDR) 

BTDR reported strong second-quarter revenue growth but recorded a significant net loss. The company’s Q2 2025 revenue climbed 122% quarter-over-quarter to $155.6 million, driven by self-mining and hardware sales. However, losses deepened to $147.7 million, weighed by operating expenses and non-cash fair value changes.

Revenue Grows as Self-Mining and SEALMINER Sales Accelerate

Bitdeer’s quarterly revenue grew to $155.6 million from $99.2 million year-over-year, a rise of 56.8%. Sequentially, revenue jumped 121.9% as self-mining hashrates and hardware sales surged. The company booked $69.5 million from external sales of its SEALMINER A2 units.

Self-mining revenue increased to $59.3 million from $41.6 million, driven by a 103.3% increase in average hashrate. Membership and general hosting revenues declined due to contract expirations and reduced mining economics following the April 2024 halving. Cloud hash rate revenue fell to zero as the company redirected machines to self-mining.

High-performance computing (HPC) and AI cloud revenue came in at $1.3 million, as Bitdeer continues developing its datacenter infrastructure. The company also confirmed it’s in advanced talks with a development partner for its Ohio site. These steps mark progress toward entering the HPC and AI hosting space.

Costs, Operating Expenses, and Adjusted Metrics Highlight Profitability Strain

Bitdeer’s cost of revenue ROSE to $142.8 million, up from $74.8 million, driven by SEALMINER production and staffing expenses. Gross profit dropped to $12.8 million from $24.4 million year-over-year, with gross margin falling to 8.2%. The company continues investing heavily in chip development and infrastructure.

Operating expenses totaled $42.3 million, led by a 156% surge in R&D to $20.6 million due to SEALMINER A4 development. General and administrative costs grew to $20.1 million, while selling expenses decreased to $1.6 million. Adjusted EBITDA dropped to $17.3 million, reflecting reduced profitability and higher investments.

Bitdeer posted an adjusted loss of $24.4 million versus a profit of $3.2 million in Q2 2024. Other net losses reached $108.5 million, mainly due to non-cash losses on convertible notes and warrant liabilities. Despite revenue strength, higher costs and fair value changes weighed heavily on results.

Strategic Expansion and Liquidity Position Maintain Growth Outlook

Bitdeer reported $299.8 million in cash and $169.3 million in cryptocurrency holdings as of June 30, 2025. Inventories increased to $208.8 million, primarily from SEALMINER wafers and finished products. Prepayments and other assets reached $465.2 million, up due to supplier payments for chip production.

The company’s borrowing stood at $533.1 million, reflecting aggressive growth financing including convertible notes and related-party loans. Capital expenditures reached $106.5 million, with most spent on datacenter infrastructure expansion. Net cash from financing activities totaled $431.5 million, offsetting operating and investing outflows.

Bitdeer reiterated its infrastructure capex guidance of $260–$290 million for 2025. It remains on track to reach 40 EH/s in self-mining by October and exceed it by year-end. With improving wafer supply and new chip development, Bitdeer is positioning for sustained capacity expansion and energy-efficient mining solutions.