Bitdeer Stock Drops Following $266.7 Million Loss and Q3 Results

TLDR

• Bitdeer reported a revenue of $169.7 million for Q3 2025, a 173% increase compared to the previous year.
• The company’s self-mining revenue surged to $130.9 million, up from $31.5 million in the same quarter last year.
• Bitdeer posted a net loss of $266.7 million for Q3 2025, more than five times its loss from the previous year.
• Despite the loss, Bitdeer achieved a positive adjusted EBITDA of $43 million, reversing last year’s loss of $7.9 million.
• The company faced delays in the development of its SEAL04 chip, with production now scheduled for Q1 2026.

Bitdeer, the crypto mining and AI cloud company, reported a net loss of $266.7 million for Q3 2025. Despite a strong revenue performance of $169.7 million, up 173% from last year, Bitdeer stock dropped more than 9%. The company’s revenue surge was driven by rising Bitcoin prices and increased self-mining output.

Bitdeer Faces $266.7 Million Loss Despite Growth

Bitdeer’s self-mining segment saw substantial growth in Q3 2025. The company mined 1,109 Bitcoins, more than double its output from the same period last year. Revenue from self-mining surged to $130.9 million, up from $31.5 million in Q3 2024.

Despite the rise in self-mining revenue, Bitdeer faced challenges with its overall financial performance. The company’s operating expenses rose 41%, hitting $60.5 million as it scaled up infrastructure. As a result, Bitdeer recorded a net loss of $266.7 million for the quarter.

While revenue increased, the company’s shift away from Cloud Hashrate contracts led to a decline in that segment. Bitdeer closed its Cloud Hashrate business, which previously brought in $7.1 million. Instead, the company reallocated the hardware to its own mining operations, boosting efficiency.

SEAL04 Chip Delays Push Back Production to 2026

Bitdeer’s ambitious plans for the SEAL04 chip encountered setbacks. The company flagged “significant delays” in manufacturing the next-generation ASIC miner. According to Chief Strategy Officer Haris Basit, the delays were due to technical complexities in design.

The development of the SEAL04 chip had initially been on schedule, but volume production is now expected to begin in Q1 2026. The company had hoped for an earlier launch but will now release the updated version later than anticipated.

Despite the setbacks with SEAL04, Bitdeer’s self-mining operations continue to grow. As of September 30, Bitdeer’s mining capacity hit 41.2 EH/s, surpassing its target for the year. The company’s shift in focus to in-house mining and the upcoming launch of its SEALMINER A3 machines are expected to enhance this capacity further.

Bitdeer Stock Drops Despite Energy and AI Expansion

Bitdeer has also expanded its footprint in the AI cloud sector. By October 2025, the company had deployed 584 GPUs, generating $8 million in recurring revenue. The company has also ordered NVIDIA’s GB300 and B300 systems, which are expected to arrive in December.

The company’s energy capacity is also growing, with 1,611 megawatts of energized power spread across Texas, Norway, Bhutan, and Ethiopia. Another 1,381 megawatts are under development, which will support future growth. Bitdeer is also building new facilities in Ohio and Ethiopia, with a 570 MW site in Clarington scheduled for completion by mid-2027.

Despite strong growth in mining capacity and AI expansion, Bitdeer stock continues to face investor uncertainty. Analysts point to Bitcoin’s fluctuating price as a key factor behind the stock’s decline. The company’s ability to execute its growth strategies, including its AI and mining projects, will likely remain under scrutiny in the coming months.

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