Bitdeer Technologies Group (NASDAQ: BTDR) shares fell roughly 15% on Monday after the Singapore-based company reported second-quarter results that showed revenue surging but profitability deteriorating sharply.
Total revenue climbed 47% year over year to $228.8 million in the quarter ended June 30, up from $155.6 million a year earlier. Self-mining generated $168.4 million of that total, while new co-mining operations contributed $25.0 million and AI Cloud services added $14.0 million.
Despite the top-line expansion, cost of revenue rose faster, reaching $237.3 million versus $143.6 million in Q2 2025. The result was an $8.5 million gross loss, a swing from a $12.0 million gross profit a year ago. Net loss widened to $92.3 million from $62.9 million, and adjusted EPS came in at a loss of $2.08, missing the consensus estimate of a $0.36 loss by a wide margin.
Adjusted EBITDA improved to $31.1 million from $4.6 million, reflecting add-backs for depreciation, fair-value changes in digital assets and other non-cash items. Cash, cash equivalents and restricted cash rose to $496.3 million at quarter-end from $318.9 million a year earlier, supported by higher borrowings that included related-party debt.