Q2 2026 Bitdeer Technologies Group Earnings Call Transcript
Key Points
- Executed a $4.7 billion 16-year colocation lease with Volta at Tydal, Norway, securing long-term contracted revenue and establishing AI infrastructure colocation as a core business pillar.
- Self-mining hash rate surged 342% year-over-year to 73 EH/s, with Q2 Bitcoin production up 377% to 2,694 BTC.
- AI cloud business scaled rapidly, with annual recurring revenue up 77% quarter-over-quarter to $76 million and 95% GPU utilization.
- Vertically integrated SEALMINER platform provides a structural cost advantage, with the A4 Ultra Hydro achieving 9.45 J/TH efficiency and internal deployment avoiding third-party markups.
- Strong balance sheet with $496 million in cash and a $1 billion ATM program, positioning the company to fund growth and pursue non-dilutive project-level debt financing.
- Gross margin remained negative at -3.7%, reflecting ongoing hash price pressure and depreciation from fleet expansion.
- Operating loss widened to $101.7 million, with a net loss per share of $0.37.
- Tydal lease carries execution risk, with $500 million in remaining capex and tight delivery timelines (Phase 1 by Dec 2026, Phase 2 by Mar 2027).
- Counterparty risk remains despite anticipated credit enhancement, as Volta's obligations are not yet fully backed by institutional-grade credit.
- Legal overhang from the Clarington lawsuit, with a motion to dismiss denied and the case moving to discovery, creating potential uncertainty.
Good day. Thank you for standing by. Welcome to Bitdeer's second-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to turn the conference over to your first speaker today, Tesh Dahya, Head of Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. Welcome to Bitdeer Technology Group's second-quarter 2026 earnings conference call. Joining me today are Jihan Wu, Founder, Chairman and Chief Executive Officer; Haris Basit, Chief Strategy Officer; and Michael Potter, Chief Financial Officer.
Today's call will begin with Haris providing a review of our recently announced Tydal, Norway, colocation lease agreement, followed by Michael, with a review of our business segments and second-quarter financial results.
Before management begins their formal remarks, I would like to remind everyone that during today's call, we may make certain forward-looking
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