Bitdeer lifts AI cloud sales to $20.4 million from $1.8 million in Q3

Bitdeer’s AI cloud revenue leaped to $20.4 million in the third quarter from $1.8 million a year ago.

The bitcoin miner said in its unaudited results on Nov. 10 that it had generated record total revenue of $320.7 million.

Signed commitments swell to about $2.9 billion

In Bitdeer’s release, the AI Cloud unit also reported a gross profit of $3.1 million compared with a gross loss of $0.8 million a year earlier. The AI Cloud commitments signed are about $2.9 billion of expected revenue, and Bitdeer has procured about 332 IT megawatts of capacity for the business.

“We are converting AI demand into long-duration contracts,” Chief Financial Officer Michael G. Potter said. “Customer prepayments, together with project-level financing, are designed to fund AI capacity as it is contracted.”

Deferred revenue grew $263.8 million in the quarter, mostly AI Cloud advance payments, which helped boost operating cash flow to a positive $6 million.

Malaysia holds much of the contracted load. More than 70% of a 21.7 MW site in Johor Bahru is covered by offtake deals, worth more than $1.7 billion over five years.

All the GPU capacity at a 9.5 MW site in Cyberjaya is booked under 5-year commitments valued at more than $800 million. Another Johor agreement for 65.1 MW signed in September is targeted for Q3 2027.

More Malaysian deals follow the two. A 67 MW site on Nvidia’s GB300 platform is expected in Q2 2027 and a 60 MW Vera Rubin site in Q1 2028.

Bitdeer’s capex came in at $478 million for the quarter. About $368 million was expended mainly on data center construction and GPU buys.

Next is Norway. The first phase of the Tydal campus, 60.5 MW, is anticipated to be ready for service in Q4 2026 under a $4.7 billion, 16-year lease with Volta.

Tenant has the option to break the lease at 10 years at no cost. An eight-year one-time extension would increase the potential contract value to about $8.0 billion.

Bitdeer’s release only identifies the end customer as a leading AI laboratory. Cryptopolitan reported in August that Anthropic was behind the deal.

“Our priorities are clear: deliver Tydal, complete our financings and bring Malaysia online,” said Potter.

Record $320.7 million sales lift adjusted EBITDA 173%

The total revenue was up 89% from $169.7 million a year earlier and 40% from $228.8 million in Q2. Revenue was still dominated by self-mining at $217.5 million, with co-mining accounting for $59.9 million.

Bitdeer mined 3,855 BTC, up from 1,109 BTC. Its total proprietary hashrate rose to 86.4 EH/s from 35 EH/s.

Adjusted EBITDA increased 173% to $69.6 million from $25.5 million. The net loss grew to $125.5 million from $30.1 million.

A $54.6 million non-cash loss accounted for much of the gap. The charge arose from the change in fair value of a bitcoin collateralized loan from a related party.

At the time of writing, Bitdeer shares were trading at $6.29, down 4.9% on the day.

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