Bitdeer Technologies Group ) posted record Q3 revenue of $320.7 million, an increase of 89% year over year, as growth in Bitcoin mining and rising demand for artificial intelligence boosted its business.

Adjusted EBITDA jumped 173%, while the AI Cloud revenue backlog reached $2.9 billion. Bitdeer’s net loss widened to $125.5 million from $30.1 million, including a $54.6 million noncash loss related to a digital asset loan.

Bitcoin production rose to 3,855 $BTC from 1,109 $BTC, and the proprietary hash rate climbed to 86.4 EH/s from 35 EH/s.

Self-mining brought in $217.5 million in revenue, and co-mining generated $59.9 million.

Higher electricity and depreciation costs weighed on profitability, bringing gross margin down to 3.4% from 23.4%.

At the end of September, Bitdeer had $213.7 million in cash, cash equivalents and restricted cash, and $1.95 billion in borrowings.

Can AI Cloud Become Next Growth Engine?

As Bitdeer expanded beyond Bitcoin mining, its AI Cloud revenue rose to $20.4 million from $1.8 million a year earlier.

It secured 332 megawatts of AI Cloud IT capacity, with several projects in progress.

The company secured a $4.7 billion AI data center lease in Norway that could be worth $8 billion with extensions, as well as $1.7 billion in expected revenue commitments in Malaysia. Bitdeer also plans to expand its AI capacity with Nvidia’s GB300 and Vera Rubin platforms.

"We are converting AI demand into long-duration contracts," Bitdeer CFO Michael Potter said.

Source: www.benzinga.com. Adapted by NBTC.