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Image source: The Motley Fool. Monday, Aug. 10, 2026 at 8:00 a.m. ET Head of Investor Relations - Pretesh Dahya Founder, Chairman and Chief Executive Officer - Jihan Wu Chief Strategy Officer - Haris Basit Chief Financial Officer - Michael Potter Operator: 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, Pretesh Dahya, Head of Investor Relations. Please go ahead. Pretesh Dahya: 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 statements. These statements are based on management's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially. For a more complete discussion of forward-looking statements and the risks and uncertainties related to Bitdeer's business and industry, please refer to the company's filings with the U.S. Securities and Exchange Commission. I also want to note that we will be discussing certain non-GAAP financial measures and operating metrics today. A reconciliation of these measures to the most directly comparable GAAP measures is included in our earnings release issued earlier today. These non-GAAP measures should not be considered in isolation from or as a substitute for the most directly comparable measures prepared in accordance with GAAP. As a reminder, changes to the fair value of our digital assets are reflected in GAAP net income and may introduce noncash volatility into our reported results. With that, I will now turn the call over to Haris. Haris Basit: Thank you, Tesh, and good morning, everyone. This is our first earnings call since we announced the execution of our $4.7 billion colocation lease at Tydal, Norway. And I would like to begin by putting that agreement in context. Over the past several years, we have worked to build a power infrastructure portfolio that we believe is well positioned to support both our Bitcoin mining operations and our expansion into AI infrastructure. Tydal represents an important step in converting that portfolio into long duration contracted revenue, and it establishes AI infrastructure colocation as an additional pillar of our business alongside our AI cloud, Bitcoin Mining and ASIC development and manufacturing operations. We are pleased with the terms of this agreement and with the caliber of Volta as our counterparty. We view Tydal as an important proof point for this strategy, and we intend to pursue additional opportunities of this kind as they arise. Agreements of this scale and complexity reflect the work of our team over the past several years, and I want to thank everyone involved for their efforts in reaching this milestone. With that, let me walk through the terms of the Tydal transaction in more detail. On August 4, we announced that our subsidiary, Tydal Data Center AS has executed a 16-year colocation lease and services agreement with Volta at our Tydal campus in Norway. Under the agreement, we are delivering 121 IT megawatts, supported by approximately 133 gross megawatts. This will be spread across 4 existing data halls and will be configured to run NVIDIA GPUs. The lease is expected to generate approximately $4.7 billion in contracted base term revenue over the initial 16-year term, an 8-year renewal option, if exercised, would increase the potential contract value to approximately $8 billion over 24 years with the tenant termination right at the end of year 10. The leases structured has a modified growth arrangement. Volta pays a combined base rent and service fee with a 3% annual escalator and electricity costs are fully reimbursed on a pass-through basis, which protects our margin from energy price volatility and provides a highly predictable cash flow. Over the 16-year base term, we expect this agreement to generate average annual revenue of approximately $2.4 million per IT megawatts. Importantly, Volta's obligations are anticipated to be backed by an institutional grade credit structure. This anticipated credit enhancement meaningfully reduces our counterparty risk and improves the financeable quality of these contracted cash flows, which supports our plan to access attractive debt financing terms to fund the remaining development as Tydal. Our remaining capital expenditure is approximately $500 million, which we believe is significantly more capital efficient than a typical greenfield data center build. We expect to raise project level financing to fully fund our remaining Tydal capital needs and to provide significant additional capital. Delivery is structured across 2 equal-sized phases targeting December 31, 2026, for the first phase and March 31, 2027, for the second. A word on our tenant. Volta is a compute infrastructure developer focused on large-scale AI and data center deployments in power advantage markets. Volta has announced a $10 billion strategic partnership with an AI lab and a broader development pipeline exceeding 1 gigawatt. In selecting Volta as our partner at Tydal, we evaluated their technical ability to execute a large-scale GPU deployment, the quality and enforceability of their anticipated credit support and their ability to move rapidly to match the anticipated Tydal construction time line. It is important to note that Tydal will incorporate leading-edge NVIDIA GPUs has one of the highest reliability grid connections in Europe, is 100% powered by renewable energy and has an extremely high energy efficiency with a PUE of approximately 1.1. Our broader power and infrastructure portfolio stands at approximately 3 gigawatts of total global electrical capacity at the end of the second quarter, up approximately 12% year-over-year. Furthermore, we continue to evaluate opportunities for additional grid connected and behind-the-meter expansion sites globally across both new and existing sites. Our objective is straightforward. Continue acquiring, building and converting powered infrastructure. We will share updates on our progress here when appropriate. I will now turn the call over to Michael to walk through our business segment updates and second quarter financial results. Michael Potter: Thank you, Haris, and good morning. I'm happy to join everyone for the first time as Bitdeer's CFO. Execution remains our top priority. While the Tydal lease that Haris described has now been executed. There is significant work ahead to prepare for the first RFS date. We will update as appropriate as those milestones are achieved. The focus in our view is on the quality of altered demand, robustness of the financing structure and contractual protections. We believe this transaction compares very favorably on these dimensions, and we look forward to demonstrating that through continued execution. Looking ahead, we see plenty of interest in various sites within our portfolio that could potentially be used as AI/HPC data centers. A key advantage of our model is the ability to utilize capacity for crypto mining until an AI data center is ready, ensuring our power assets remain productive and secured. Turning to our Bitcoin mining business. Self-mining hash rate reached approximately 73 exahash per second at the end of the second quarter, up approximately 342% year-over-year, supported by approximately 243,000 active self-mining rigs. This is an increase of approximately 113% year-over-year. We mined 783 Bitcoin in April, 921 Bitcoin in May and 990 Bitcoin in June. Total second quarter production was approximately 2,694 Bitcoin, an increase of approximately 377% year-over-year. Our coal mining hash rate also continued to accelerate meaningfully during the quarter. This reflects our continued deployment of SEALMINERs into third-party facilities. It grew over 260% sequentially. We believe our combination of self-mining, co-mining and hosting gives us multiple channels to monetize our growing SEALMINER production. We have the flexibility to allocate hardware to the channel that offers the best returns as market conditions evolve. Our SEALMINER platform continues to reinforce our structural cost advantage. The commercial launch of our A4 Ultra Hydro unit operating at 9.45 joules per terahash at the chip level continues to lower our internal cost per exahash. During the quarter, we also launched the SEALMINER DL1 Hydro, our first machine designed for script algorithm mining. This broadens our product line beyond Bitcoin-focused hardware. Our internal manufacturing capability means that we're not subject to third-party markups when deploying SEALMINER rigs into our own fleet. This remains a structural cost advantage relative to other mining operators. In July, we broke ground on our first U.S.-based manufacturing site, a 187,000 square foot SEALMINER manufacturing facility in Sparks, Nevada. This is expected to be completed by the end of 2026 and will be capable of producing 10,000 units per month. It is expected to create approximately 70 high-quality local jobs. At the Massillon, Ohio site, we have 174 megawatts of capacity currently online for mining. With reconstruction of 2 previously fire damaged buildings underway, a significant portion of that cost has been recovered through supplier insurance coverage. We believe the associated capacity could be energized in phases during the third quarter. In June, we broke ground on our Fox Creek, Alberta site, a $155 million investment includes a fully permitted 101-megawatt on-site natural gas power plant with grid interconnection. The site uses a closed-loop dry cooling system. Alberta's Bring Your Own Generation framework gives us the flexibility to curtail compute workloads and sell power back to the grid. Our AI business continued to scale during the quarter. AI cloud annual recurring revenue reached approximately $76 million at the end of June, an increase of approximately 77% quarter-over-quarter. Utilization was approximately 95% across 4,248 deployed GPUs. We also signed a new 10-year lease for 21.7 IT megawatts of capacity in Malaysia with handover expected in the first quarter of 2027. It is designed to support 128 NVIDIA GV300 NVL72 systems. On the product side, we deployed NVIDIA's Nemotron 3 model onto our Bitdeer AI model studio on the first day of its launch. Turning to our financial results. Second quarter revenue was approximately $228.8 million, an increase of approximately 47% year-over-year and approximately 21% sequentially. The year-over-year growth was driven primarily by the continued expansion of our self-mining hash rate and the associated increase in Bitcoin production, along with accelerating contribution from our AI cloud business, which contributed $14 million, an increase of approximately 284% sequentially. Total gross profit was negative $8.5 million with a gross margin of approximately negative 3.7%. Importantly, this represents a $30.5 million sequential improvement that demonstrates the operating leverage of our vertically integrated model. This recovery was driven by 2 key factors: normalized seasonal power costs, which dropped approximately 15% sequentially and an improvement in our blended fleet efficiency to 15.8 joules per terahash. On a year-over-year basis, our gross margins reflect continued but moderating pressure from the additional depreciation expense from our expanding mining fleet and the still challenging hash price environment. Adjusted EBITDA was approximately $31.1 million, an increase of approximately 575% over the year and approximately 116% sequentially. This sequential improvement illustrates the operating leverage of our vertically integrated model as both hash price and power cost dynamics continue to stabilize. Operating loss in the quarter was $101.7 million and net loss per share was $0.37. Turning to the balance sheet and cash flow. Net cash used in operating activities was approximately $158.5 million, an improvement of approximately $188 million sequentially. This was driven by the capitalization of SEALMINER-related inventory to PP&E as we're allocating those rigs for internal use. We ended the quarter with approximately $496 million in cash, cash equivalents and restricted cash compared to approximately $298 million at the end of the first quarter. Total long-term debt was approximately $1.8 billion, a reduction of approximately $78 million sequentially. The increase in cash primarily reflects $457 million in proceeds from our at-the-market equity program during the quarter. We view this as a prudent capital raise, establishing the liquidity reserve necessary to execute on our AI/HPC pipeline, powered land acquisition priorities and to help ensure that our Tydal site progresses on schedule. Today, we filed a new shelf registration statement since our previous shelf, which was about 1.5 years old, had largely used up its capacity. We now qualify as a well-known seasoned issuer, which makes us eligible for automatic shelf registration. Considering the increased size and scale of our business, we also filed a prospectus supplement to move our existing ATM program to the new shelf and take down $1 billion for offering under that program. Looking ahead, we expect to broaden our sources of capital with much of our remaining 2026 financing needs to be met through project level debt financing, anchored by our previously discussed goals of accessing the debt markets for Tydal. We expect this debt financing will also unlock significant incremental liquidity to support our broader AI/HPC pipeline. Our preference is to prioritize non-dilutive project level financing over equity issuance wherever the underlying contracted cash flow support it. Consistent with this, in Q2, our Bitcoin wafer spend was funded entirely through cash generated by our mining operations and debt collateralized by our wafer bank, not equity issuance. In terms of guidance, we are revising our full year crypto mining infrastructure capital expenditures to $200 million to $280 million, driven by additional infrastructure development opportunities we see in North America. As a reminder, this guidance excludes CapEx for SEALMINER hardware, GPUs, AI cloud or colocation development. On expenses, we continue to actively manage our overhead as we scale the organization to support our expanding colocation and AI cloud businesses alongside our core mining and ASIC manufacturing operations. And we expect our general and administrative expense run rate in the second half to reflect the incremental headcount and infrastructure needed to support that growth. To summarize, the second quarter was a solid quarter for Bitdeer. In the past few months, we have clearly demonstrated our ability to deliver against our HPC/AI objectives. We executed our first major AI infrastructure colocation lease agreement at Tydal, officially launching our colocation data center business as a core pillar of our company. We reached this milestone on compelling terms and with the partner, Volta, we are excited to work with. Our underlying power portfolio continues to scale. Our AI cloud business is demonstrating strong momentum, and our Bitcoin mining and SEALMINER platforms illustrate the benefits of vertical integration. Thank you for joining us this morning. Operator, please open the call for questions. Operator: [Operator Instructions] Our first question coming from the line of Nick Giles with B. Riley Securities. Nick Giles: Guys, congrats on getting the first deal done here. You spoke to the pipeline and looking at new opportunities globally. I was just hoping you could frame up kind of some of the opportunities you're seeing outside of the U.S., how near term these opportunities could be? Michael Potter: I want to make sure I understand your question. You want to know what our opportunities are outside the U.S.? Nick Giles: Exactly. Yes. Just hoping to get a better sense for the pipeline ex U.S. How many megawatts are you assessing today? And what's the earliest that some of these megawatts could be brought online? Michael Potter: So I'm sure Jihan could give some additional color on this. But we do have a lot of large Asia-based potential customers that are slowly starting to turn online. Our existing GPUs in Asia are quite used up, and we're expecting to add more capacity as customers come online. I don't know if Jihan has anything additionally you wants to talk about. Jihan Wu: On the GPU deployment, I think in the near future, mostly in Malaysia. We have data center already signed up, and we also have other opportunities in active discussion. And the demand side is also very strong. And it is multiyear, highly profitable contract. And the bottleneck right now is our execution. So we are quite busy on executing those AI contract in Malaysia. And then Norway will be the next. We reserved like 50 megawatts, a little bit less than 50 megawatts I think in Norway ourselves that will be a little bit later than in Malaysia. And it is expected within next year. And then we will have some of our U.S. data center activated in Tennessee and Washington. Nick Giles: That's helpful. Would you consider any new sites outside of the U.S. for colocation purposes? Or are you seeing any opportunities for expansion in your European footprint on the colocation side? Jihan Wu: We are actively looking for other power assets opportunities in Europe. But since we haven't done any deal yet, so I think it's too early to really talk about our plan in Europe. And right now, our focus should be on execute the deal in Tydal. I think that's very important for us. If we can execute that, we will generate revenue and cash flows. I think that's -- and it will also generate kind of credibility of our data center execution. So I think that's super important for us right now. Nick Giles: Understood. And then maybe one more, if I could. I saw, if I read correctly, just at the Knoxville site, there was a full redesign of the project, and I believe ready for service time was slightly pushed out. Can you just talk about -- maybe provide some additional background on what drove that? Was that potential customer driven? Was that just kind of better fit NVIDIA architectures? What was the reason for that? Michael Potter: I don't know if you want to talk about that, Haris or you want me to jump in on it. Haris Basit: I think probably best for you, Michael. Michael Potter: So when we have been going to market and looking at the requirements around our Tydal, Norway site, originally, we had expected Tennessee to be 2 different projects, but the market demand is more for a single more monolithic amount of megawatts offered in one place. So we redesigned it instead of having 2 separate smaller sites inside our bigger site to just be one data hall complex. So that was the redesign we did, and it's reflected from the discussions we've had with potential customers and what their requirements are. Jihan Wu: And the expectation actually aligns with the second phase. So there will be low Phase I, Phase II as only one phase, and it will all be online at the same time. So if we look at the expected Phase II actually pushed out a lot, but there will be low Phase I early activation. Operator: Our next question in queue coming from the line of Mike Grondahl with Northland Capital. Mike Grondahl: Could you spend a minute on how you decided on Volta and kind of what maybe their ultimate demand is? And then secondly, Rockdale and kind of Clarington, what are next steps at both of those sites? Haris Basit: Maybe I'll start with the Volta side and then have Michael or Jihan speak to the other sites. So why we chose Volta was really they have done a great job actually in finding innovative ways of addressing this business in both the capital markets, the customers that they have obtained and their contracts with the customer. They also were able to move rapidly, which is something that we wanted to see at the Tydal site since that site is coming online in just a few months. And in general, the commercial terms were also very favorable. So we thought that they were the right choice for us at the Tydal site. Their ultimate demand can be much larger, but of course, they're just getting started. And so we -- the initial lease is for 121 IT megawatts. Mike Grondahl: Got it. Then just an update on next steps at Rockdale and Clarington. Michael Potter: I don't know if Jihan wants to add some further color, but we're continuing to build out the power infrastructure as per our previously discussed time line in Rockdale. That was something that was predating the batch or the allocator of the power in the site. And we're preparing in the background what we believe we need to do if we want to do an AI data center at that site. Clarington, we're developing it for crypto mining right now. The power is available coming up soon, and we'd like to be able to make sure we use it fully. There's no big update on the lawsuit in Clarington now. The motion to dismiss that we had filed was turned down by the judge, which is pretty common in these pretrial things, and it's gone into a discovery now. We continue to believe that the lawsuit doesn't have any merit, and we continue to work on that. Operator: Our next question coming from the line of Kevin Cassidy with Rosenblatt Securities. Kevin Cassidy: Congratulations on landing Volta. Two things on that. Well, maybe with the Texas government putting a pause on the new data center grid, maybe Haris, you might have touched on that, but how does that affect your colocation opportunities in Texas? Haris Basit: Michael, do you want to answer that one? Michael Potter: It's still a little bit early to make strong comments on that because the actual criteria haven't come out yet. The one big site we have in Texas, which is Rockdale, that site, all the activity there is pre-batch 0 and not related to that, that we're working on. As the actual news gets out and the criteria come out, I think we'll be in a better position to be more specific in our comments. Kevin Cassidy: Okay. Great. And with Volta is a large Neo cloud and worldwide, is there a chance to just expand your relationship with them to other sites? Haris Basit: I mean there is that potential, of course, with Volta, but we haven't released any information on that yet. Kevin Cassidy: Okay. Maybe I'll ask one other is how should we be model SEALMINER rigs going forward and for external sales? Michael Potter: So right now, the existing wafer inventory that we have, we've designated for internal use with the very challenging hash rate and our desire to expand our ability to do self-mining and co-mining, we made the decision to use it internally. We have the capability and the capacity to deploy it, and that's the best way to get that working and earning us some cash. It is an example of our model being extremely flexible in that we do have a fair amount of powered land that's in earlier stages of development for other uses that we can quickly deploy cryptocurrency mining into it and make sure we generate cash off the power. Also, if you keep using the power, it's less likely that the utility will try and move it away from the land. So it's important that we can quickly react when we do get land into our portfolio and use it and the crypto mining that we do is a big advantage there. Operator: Our next question in queue coming from the line of John Todaro with Needham. John Todaro: Congrats on the lease. First question, just as it relates to the lease, it was 133 gross megawatts signed. I think we have that site going for 225. Just trying to understand why Volta didn't go for the full amount and are you keeping some for cloud? And if so, I guess, why in the strategy there? And then I have a follow-up. Haris Basit: So the full amount of power there is actually 180 gross megawatts. And so of that 180 gross megawatts, so we're leasing 133 gross, which would be 121 IT megawatts to Volta and then retaining 47 megawatts gross for our own AI cloud use there. So as you know, this market is dynamic. There's a lot of activity in the -- both the colocation and AI cloud space. We think there's still a lot of opportunities for us in Norway with the 47 megawatts that we've retained. And we haven't made final decisions on exactly how that would be deployed and for whose benefit in terms of the ultimate tenants there. So we think that's a significant potential upside for us, and we felt it would be beneficial for us to retain that power for ourselves. John Todaro: Understood. And then just one on the credit guarantee. We've seen some in the past where you have kind of a Neo cloud and your offtaker is like an Athropic-like entity, but there's still either the chip manufacturer or a hyperscaler involved in the credit guarantee. I guess can you just walk us through a bit more how that process worked and what maybe some of the other avenues you were looking at before ultimately settling on the way it's structured now? Haris Basit: Yes. So I don't want to speak about the alternatives that we looked at since those are proprietary in many cases. But the letter of credit structure here, I think, is quite useful, and it might be quite useful to the industry as a whole because for the first time, it has backing or credit backing from someone other than, as you said, someone who's a chip vendor or a hyperscaler. So it opens up additional funding opportunities. And it is a very high level of very high rating for letters of credit from the types of banks that we expect these letters of credit to come from. So we know this is innovative and new to the industry, but we think it's going to be something that catches on. Operator: Our next question moves you coming from Brett Knoblauch Cantor Fitzgerald. Brett Knoblauch: I just have a few, Haris on the Tydal lease, I kind of talked about an additional $500 million of CapEx needed. Curious how much money you guys have put into that site, call it, excluding the additional CapEx you need? Haris Basit: Actually, let me ask Michael to answer that question for how much has actually been put in. Michael Potter: I mean we've put hundreds of millions of dollars of development into the site already, some of which has actually been spent around the AI data center and originally developing the site to be used as a cryptocurrency site. So we made a reasonably significant investment in there in the past, which prepared us so that we could act very quickly when this opportunity came up. This is more of a brownfield or semi-developed site than a complete greenfield. So it allowed us to act very quickly and meet the time lines that Volta was hoping for. Brett Knoblauch: Understood. And then just high level, how should we think about how you're going to allocate capital between maybe leasing some of the power land you have and building your own AI or expanding your AI cloud business? I guess if we think about Volta and your AI cloud, to some extent, they probably compete against each other, you're both selling compute. Is there a preference for you to want to be bigger on the cloud side? Is it going to be a mixed approach? I guess how are you guys thinking of it internally? Michael Potter: I think Jihan can give some deeper color on that. But we're remaining flexible. If there's a good colocation deal that we feel it's in the best interest of the company to do, we can still execute on something like that. And if we look at what we can do around owning the GPUs ourselves or providing the GPUs ourselves and serving a customer ourselves, it's something that we strongly consider as well. We have said that we're going to do one or the other as the exclusive way to do it. Brett Knoblauch: Awesome. And then maybe if I can just follow up with one more. As I look at kind of 3 gigs of kind of existing power and power coming online over the next several quarters, I guess, is there a site that we should be focusing on that is kind of most ready or the next catalyst to either be leased or either to be converted? Or anything we should think about the future catalyst ramp here? Michael Potter: I think Jihan talked about this a little bit earlier that in Asia, we have ability to grow quickly in Malaysia because of the new site that we're signed up in Malaysia. So in the very short term, I think Malaysia is the one you see the most activity on. If you look at the table, we provide Washington State and Tennessee are the 2 that are sort of designated specifically for that, that we're actively working on and doing construction and such. So in terms of any like soon news, those are 2 that are most likely to come out. The other site is really depending on where we are with our discussions with customers and what we decide to turn on that. And as that happens, we'll make sure we'll update everybody. Operator: Our next question in the queue coming from the line of Mike Colonnese with H.C. Wainwright. Michael Colonnese: Congrats on the Tydal deal. Great to see. I have 2. First on the AI/HPC business. So Haris, you touched on this a bit earlier, but I just wanted to follow up on it. So if you could just talk about the preferred use for the additional 47 megawatts of gross capacity at Tydal at this stage. It sounds like you're considering either the GPU as a service type model or another colocation deal. If you were to do a colocation type of contract, would Volta be interested in this incremental capacity? Or would you be marketing that out to new prospective tenants? Haris Basit: I mean I don't really want to speak for Volta here on this call, but there is a lot of interest from Volta in expanding our relationship, and we will consider it along with other options. Michael Colonnese: And then just given where GPU pricing is, obviously, you guys have had some success in that business as well. Would you say you're more or less likely to deploy your own GPUs to use that additional 47? Or do you think at this juncture, colocation model would be the preferred way? Haris Basit: We haven't made any final decisions for the 47 megawatts. But if you're looking for a forward-looking comment there, I don't know, Jihan, if you want to add some color there. Jihan Wu: Actually, there are already some interested customers talking with us on those capacities. So for any GPU deal, we need to consider about the financing and the deployment technical together. So I think right now, it's not quite the right time to talk about too much. Our execution line, I think Malaysia right now is more in the front of it. So which means we got a lot of interest from customers, and we will focus them to discussing with some initial capacity. And after that, we will start to execute those Tydal's 47 megawatts of AI cloud. Michael Colonnese: And then one more for me, just on the Bitcoin mining side. So Bitdeer has been one of the few miners that has continued to aggressively expand capacity in this environment, really positioning you well for the next stage of the cycle here. Just curious how we should think about hash rate growth in the back half of the year? It sounds like you have the wafer inventory to develop, deploy and manufacture your own SEALMINERs for your proprietary use. Just trying to think through the best way to model hash rate expansion from here. Michael Potter: I think in general, for modeling purposes, if you look at the steady increase we've had over the last few quarters, it will be similar to that where we're deploying about the same amount of mining machines per month going forward. So it will be -- I don't think it'll be greatly accelerating from where we are, but I think steady deployment at a reasonably high rate as we've shown over the last few quarters. Operator: Our next question coming from the line of Brian Kinstlinger with Alliance Global Partners. Kevin Pimental: This is Kevin for Brian. For the Tydal, what tasks does the Bitdeer need to accomplish between now and the beginning of both Phases 1 and 2? Haris Basit: Well, I mean, Phases 1 and 2 are full RFS, right? So they will be completely ready for the customers' GPUs at that time. And so effectively, we have all of the long lead time items have been ordered. They will arrive -- the scheduled arrivals are before the respective RFS dates. We have to finish installing those. There's a commissioning part of it that is also very critical. So it's in a very good state right now. We've had an engineering analysis, and it looks like it's -- we're going to hit our target dates. There's probably 100 things to do off the top of my head, I can't name what they are, but there's hundreds of people on site working on this, and it's moving ahead. There's no specific item that stands out that is more critical than the others that could potentially cause a problem. So we feel like we're in a pretty good position to hit those dates. Kevin Pimental: Got it. And then Bitdeer recently announced it will lease a 21.7 megawatt data center in Malaysia for AI cloud. Can you share some more details like the cost and how you finance the GPUs and any other infrastructure needed? When you expect this data center will be ready for your customers? And then maybe could you share a range at full capacity of what the annual revenue run rate would be for this data center? Michael Potter: Yes. It's a little bit early to talk about specifics and forward forecast on that. I'm sure that Jihan can give some additional color, but we do have several customers that are interested in it. And the GPU financing will depend on whatever contract we have and how it needs to be done based on that contract. When you have a good quality customer backstopping the use of the GPU, it's normally much more straightforward to find financing for GPUs. Operator: Last question are coming from the line of Ben Sommers with BTIG. Benjamin Sommers: So Haris, you mentioned some exploring behind-the-meter opportunities there. I know you guys are doing some on-site generation in Alberta, but any additional color you can provide on preliminary conversations or steps you've taken to develop some behind-the-meter power moving forward? Haris Basit: I think it's -- other than us talking about Alberta in the past, I think it's too early to talk about that at any other site. So if any of those things develop further, we can mention it in the future. Michael Potter: We have talked about this being the first site, but that we do have the ability to expand it. So this is sort of a test of concept for us in Alberta underneath the program they have there of bring your own power and the availability of stranded gas in quite a few locations in Alberta, which sort of ensures you get reasonable supply at reasonable costs. It is a site that if Fox Creek works well for us, we can expand in. Using the same model and the capability we've been developing internally, we have looked at other sites that we can do more in. And if we decide to do it, we'll update everybody at that time. Benjamin Sommers: Super helpful. And then just on the AI cloud business quickly, we touched on the expansion there. Just curious what you're seeing in terms of term length for new GPU cloud contracts and maybe how that's compared or how that's changed over the past 90 days? Michael Potter: Haris or Jihan, do you have any comments on that? Jihan Wu: Right now, when we are discussing with our customers on the CPU contract, mostly focusing on those long-term contracts, I mean 5 years, we are not spending very much time on talking contracts that are shorter than that. And we will -- our expansion will mostly be supported by this kind of long-term. Operator: [Operator Instructions] I will now turn the call over to Michael Potter for any closing comments. Michael Potter: Thanks, everyone, for joining us, and we look forward to speaking again soon. Operator, you can end the call. Operator: This concludes today's conference call. Thank you for your participation. You may now disconnect. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Bitdeer (BTDR) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Bitdeer Technologies Group? Here are five stocks we like better. AI colocation is becoming a core business: Bitdeer signed a 16-year Tydal, Norway lease with Volta expected to generate about $4.7 billion in contracted revenue, with potential value rising to $8 billion if renewed. The project still requires roughly $500 million in capital expenditures. Mining capacity and production surged: Self-mining hash rate rose 342% year over year to about 73 EH/s, while second-quarter Bitcoin production increased 377% to approximately 2,694 BTC. SEALMINER deployments and new manufacturing and power projects are expected to further expand capacity. Financial performance improved but losses persisted: Revenue increased 47% year over year to $228.8 million, adjusted EBITDA rose 575% to $31.1 million, and AI Cloud revenue jumped 284% sequentially to $14 million. However, gross profit remained negative at $8.5 million and the company reported a $101.7 million operating loss. 4 Blockchain Stocks That Aren’t Coinbase Bitdeer Technologies Group (NASDAQ:BTDR) reported higher second-quarter revenue and a sharp improvement in adjusted EBITDA as growth in self-mining capacity and AI Cloud operations offset continued pressure on gross margins from depreciation and Bitcoin mining economics. The company also highlighted its recently announced 16-year colocation lease agreement at its Tydal, Norway campus, which management described as the formal launch of AI infrastructure colocation as a core business line alongside AI Cloud, Bitcoin mining, and ASIC development and manufacturing. → MarketBeat Week in Review – 08/03 - 08/07 Beyond the Halving: The Future of Bitcoin Mining Stocks Haris Basit, Bitdeer’s chief strategy officer, said subsidiary Tydal Data Center AS signed the lease and services agreement with Volta on Aug. 4. Under the agreement, Bitdeer will provide 121 IT megawatts, supported by approximately 133 gross megawatts, across four existing data halls configured for NVIDIA GPUs. The base 16-year term is expected to generate approximately $4.7 billion of contracted revenue. Volta has an eight-year renewal option that could bring the potential value to about $8 billion over 24 years, although the tenant has a termination right at the end of year 10. → Quantum Earnings Week: Winners and Losers Are Finally Emerging The modified gross lease includes combined base rent and service fees with a 3% annual escalator, while electricity costs will be reimbursed on a pass-through basis. Basit said the structure is intended to protect Bitdeer’s margins from energy-price volatility and create predictable cash flow. Average annual revenue is expected to be approximately $2.4 million per IT megawatt over the initial term. Bitdeer expects Volta’s obligations to be supported by an institutional-grade credit structure. Management said the anticipated credit enhancement should reduce counterparty risk and support efforts to obtain project-level debt financing for the remaining development work. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War The company estimates that roughly $500 million of capital expenditures remain at Tydal. It expects project financing to fund those requirements and provide additional capital. The first half of the deployment is targeted for Dec. 31, 2026, with the second half targeted for March 31, 2027. Basit said Tydal has a grid connection that is among Europe’s most reliable, runs on renewable power and has a power usage effectiveness, or PUE, of about 1.1. Bitdeer retained 47 gross megawatts of the campus’s 180 gross megawatts for potential AI Cloud use. Management said it has not made a final decision on how that capacity will be deployed, though it is in discussions with interested customers. Bitdeer’s self-mining hash rate reached about 73 exahashes per second at the end of the quarter, up about 342% from a year earlier. The company had approximately 243,000 active self-mining rigs, representing a 113% year-over-year increase. Bitcoin production totaled approximately 2,694 Bitcoin during the second quarter, up roughly 377% year over year. Monthly production was 783 Bitcoin in April, 921 Bitcoin in May and 990 Bitcoin in June. Chief Financial Officer Michael Potter said co-mining hash rate increased more than 260% sequentially as the company deployed SEALMINER machines at third-party facilities. He said Bitdeer can direct its internally manufactured mining hardware among self-mining, co-mining and hosting channels based on expected returns. During the quarter, Bitdeer continued the commercial launch of its SEALMINER A4 Ultra Hydro unit, which management said operates at 9.45 joules per terahash at the chip level. The company also launched the SEALMINER DL1 Hydro, its first machine for Scrypt-algorithm mining. In July, Bitdeer broke ground on a 187,000-square-foot SEALMINER manufacturing facility in Sparks, Nevada. The facility is expected to be completed by the end of 2026, produce up to 10,000 units per month and create approximately 70 jobs. At its Massillon, Ohio site, Bitdeer has 174 megawatts online for mining and is rebuilding two fire-damaged buildings. Management said a significant portion of reconstruction costs has been recovered through supplier insurance coverage, with related capacity expected to be energized in phases during the third quarter. The company also began construction in June on a $155 million Fox Creek, Alberta project, including a fully permitted 101-megawatt on-site natural gas power plant and grid interconnection. Potter said Alberta’s bring-your-own-generation framework will allow the company to curtail compute workloads and potentially sell power to the grid. Bitdeer’s AI Cloud annual recurring revenue reached approximately $76 million at the end of June, up about 77% sequentially. Utilization was approximately 95% across 4,248 deployed GPUs. The company signed a 10-year lease for 21.7 IT megawatts in Malaysia, where handover is expected in the first quarter of 2027. The facility is designed to support 128 NVIDIA GB300 NVL72 systems. Founder, Chairman and Chief Executive Officer Jihan Wu said Malaysia is the company’s near-term focus for AI Cloud execution, citing strong customer demand and active discussions for multiyear, profitable contracts. He said Bitdeer is generally prioritizing GPU contracts with terms of around five years rather than shorter-duration arrangements. Second-quarter revenue was approximately $228.8 million, up about 47% from a year earlier and 21% from the prior quarter. Management attributed the year-over-year increase primarily to higher self-mining hash rate and Bitcoin production, as well as growth in AI Cloud revenue. AI Cloud contributed $14 million in revenue, an increase of approximately 284% sequentially. Total gross profit was negative $8.5 million, compared with a sequential improvement of $30.5 million. Gross margin was negative 3.7%. Adjusted EBITDA was approximately $31.1 million, up 575% year over year and 116% sequentially. Operating loss was $101.7 million. Net loss per share was $0.37. Potter said the sequential gross-profit recovery reflected a roughly 15% decline in seasonal power costs and improved blended fleet efficiency to 15.8 joules per terahash. He said year-over-year margins continued to reflect added depreciation from the company’s expanding mining fleet and a challenging hash-price environment. Bitdeer ended the quarter with approximately $496 million in cash equivalents and restricted cash, compared with approximately $298 million at the end of the first quarter. The increase primarily reflected $457 million of proceeds from the company’s at-the-market equity program. Long-term debt totaled approximately $1.8 billion, down about $78 million sequentially. The company filed a new shelf registration statement and moved its existing at-the-market program to the new shelf, with $1 billion available under the program. Potter said Bitdeer expects much of its remaining 2026 financing needs to be met through project-level debt financing and said the company prefers non-dilutive financing when contracted cash flows can support it. Bitdeer revised its full-year crypto-mining infrastructure capital expenditure guidance to $200 million to $280 million, citing additional North American infrastructure development opportunities. The guidance excludes capital expenditures for SEALMINER hardware, GPUs, AI Cloud and colocation development. Bitdeer Technologies Group Inc (NASDAQ:BTDR) is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure. Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Bitdeer Technologies Group Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Bitdeer Technologies Group (NASDAQ:BTDR) shares gained 1.65% in pre-market trading on Monday despite the Bitcoin mining and AI infrastructure company reporting second-quarter earnings and revenue below Wall Street expectations. The company recorded an adjusted loss of $0.37 per share, wider than the analyst estimate for a loss of $0.32 per share. Revenue reached $228.8 million, narrowly missing the consensus forecast of $231.16 million. However, sales increased 47% year-on-year from $155.6 million in the corresponding quarter last year, supported by substantial expansion of Bitdeer’s mining operations. Despite the strong increase in revenue, profitability was pressured by rising operating costs as Bitdeer continued expanding its mining infrastructure. The company reported a gross loss of $8.5 million, compared with a gross profit of $12.0 million in the same quarter of the previous year. Higher electricity expenses and increased depreciation associated with new mining rigs entering operation outweighed the benefit of stronger revenue during the period. Adjusted EBITDA showed a significant improvement, however, climbing to $31.1 million from $4.6 million a year earlier. The increase was primarily driven by substantially higher self-mining and co-mining hashrate following the deployment of Bitdeer’s SEALMINER fleet. Self-mining revenue increased sharply to $168.4 million from $59.3 million in the prior-year period. Average self-mining hashrate expanded 389.4% to 69.5 EH/s as additional SEALMINER equipment was brought online. Bitdeer mined 2,694 Bitcoin during the quarter, a substantial increase from the 565 Bitcoin produced in the corresponding period last year. The company also generated $25.0 million of new co-mining revenue, providing another source of growth within its cryptocurrency infrastructure operations. Alongside the expansion of its Bitcoin mining operations, Bitdeer continued to build its AI infrastructure business. AI Cloud revenue climbed to $14.0 million from just $1.3 million in the same quarter last year, although it remains considerably smaller than the company’s core mining activities. “The second quarter reflected steady progress across our platform,” said Michael G. Potter, Chief Financial Officer. “Our AI Cloud revenue continues to scale, alongside our mining business as our SEALMINER fleet comes online.” Bitdeer finished the second quarter with $496.3 million in cash and cash equivalents and a further $196.9 million in digital assets. Borrowings stood at $1.8 billion at the end of the period. While both earnings and revenue fell short of analyst expectations, the modest positive reaction in Bitdeer shares suggests investors focused on the 47% revenue increase, rapid expansion in mining capacity, stronger adjusted EBITDA and continued growth of the company’s AI Cloud business. Bitdeer stock price

This article first appeared on GuruFocus. Revenue: $228.8 million, up approximately 47% year over year and 21% sequentially. Gross Profit: Negative $8.5 million, with a gross margin of approximately negative 3.7%; a $30.5 million sequential improvement. Adjusted EBITDA: Approximately $31.1 million, up 575% year over year and 116% sequentially. Operating Loss: $101.7 million in the quarter. Net Loss Per Share: $0.37. Cash Flow: Net cash used in operating activities was approximately $158.5 million, an improvement of $188 million sequentially. Cash Position: Ended the quarter with approximately $496 million in cash, cash equivalents, and restricted cash, up from $298 million at the end of Q1. Long-Term Debt: Approximately $1.8 billion, a reduction of $78 million sequentially. Self-Mining Hash Rate: Approximately 73 EH/s at quarter end, up 342% year over year. Bitcoin Production: 2,694 Bitcoin in Q2, up 377% year over year. AI Cloud Revenue: $14 million, up 284% sequentially; annual recurring revenue reached approximately $76 million. AI Cloud Utilization: Approximately 95% across 4,248 deployed GPUs. Capital Expenditure Guidance: Full-year crypto mining infrastructure CapEx revised to $200 million to $280 million. Warning! GuruFocus has detected 10 Warning Signs with BTDR. Is BTDR fairly valued? Test your thesis with our free DCF calculator. Release Date: August 10, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. 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. Q: Can you provide more details on the Tydal lease agreement, specifically the total power capacity, the amount leased to Volta, and the strategy for the remaining capacity?A: Haris Basit, Chief Strategy Officer, explained that the Tydal site has a total of 180 gross megawatts. Of that, 133 gross megawatts (121 IT megawatts) are leased to Volta under the 16-year agreement. Bitdeer is retaining 47 gross megawatts for its own AI cloud use, which represents significant potential upside. The company has not made final decisions on how that retained capacity will be deployed, but it is actively evaluating options. Q: How should we think about the credit guarantee structure for the Tydal lease, and what makes it unique compared to other deals in the industry?A: Haris Basit, Chief Strategy Officer, noted that the letter of credit structure is innovative for the industry because it provides credit backing from an entity other than a chip vendor or hyperscaler. This opens up additional funding opportunities and is expected to come from highly rated banks. Bitdeer believes this structure will catch on across the industry as it reduces counterparty risk and improves the financeable quality of contracted cash flows. Q: What is the timeline and what tasks remain for the Tydal project to reach the ready-for-service (RFS) dates for Phases 1 and 2?A: Haris Basit, Chief Strategy Officer, confirmed that all long lead-time items have been ordered and are scheduled to arrive before the respective RFS dates. The company is in the installation and commissioning phase, with approximately 100 people on site. An engineering analysis indicates the project is on track to hit the target dates of December 31, 2026, for Phase 1 and March 31, 2027, for Phase 2, with no specific critical items that could cause delays. Q: Can you provide an update on the pipeline for AI/HPC colocation opportunities outside the US, particularly in Asia and Europe?A: Jihan Wu, CEO, stated that the near-term focus is on Malaysia, where a new data center lease has been signed and customer demand is strong. Norway will follow with the retained 47 megawatts expected to be deployed next year. The company is actively looking at other power asset opportunities in Europe but is prioritizing execution at Tydal to build credibility. US sites in Tennessee and Washington are also being activated for AI/HPC use. Q: What drove the redesign of the Knoxville, Tennessee site, and how does it impact the project timeline?A: Michael Potter, CFO, explained that market demand favored a single, larger monolithic data hall complex rather than two separate smaller sites. The redesign consolidated the project into one data hall complex to better align with potential customer requirements. Jihan Wu added that the revised timeline aligns with the original Phase II expectations, with the main change being the elimination of early Phase I activation. Q: How should investors model SEALMINER rig deployments and external sales going forward?A: Haris Basit, Chief Strategy Officer, stated that the existing wafer inventory has been designated for internal use due to the challenging hash price environment and the desire to expand self-mining and co-mining operations. The company has the capacity to deploy these rigs internally, which generates cash and secures power assets. This flexibility allows Bitdeer to quickly deploy crypto mining on newly acquired land to keep power active and productive. Q: What is the company's capital allocation strategy between colocation leases and building out its own AI cloud business?A: Haris Basit, Chief Strategy Officer, indicated that Bitdeer remains flexible and will evaluate each opportunity on its merits. The company will consider both colocation deals and owning GPUs to serve customers directly. Jihan Wu added that for GPU deals, the company must consider financing and deployment technicalities together, and the immediate focus is on executing the Malaysia capacity before moving to the retained 47 megawatts in Norway. Q: Can you provide details on the new 21.7-megawatt data center lease in Malaysia, including cost, financing, and expected revenue?A: Haris Basit, Chief Strategy Officer, said it is too early to provide specific forecasts, but several customers have expressed interest. GPU financing will depend on the contract structure, and with a quality customer backstopping GPU usage, financing is typically more straightforward. The handover is expected in the first quarter of 2027, and the site is designed to support 128 NVIDIA GB300 NVL72 systems. Q: What are the next steps for the Rockdale and Clarington sites?A: Haris Basit, Chief Strategy Officer, stated that Rockdale is continuing power infrastructure buildout per the previously discussed timeline, with preparations underway for a potential AI data center. Clarington is being developed for crypto mining with power coming online soon. Regarding the Clarington lawsuit, the motion to dismiss was denied, which is common in pretrial proceedings, and the case has moved into discovery. The company continues to believe the lawsuit lacks merit. Q: What are you seeing in terms of contract term lengths for new GPU cloud contracts, and how has that changed recently?A: Haris Basit, Chief Strategy Officer, stated that discussions with customers are focused on long-term contracts of around five years. The company is not spending much time on shorter-term contracts, and its expansion will be supported by these long-term agreements, which provide revenue stability and predictability. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Three crypto companies, Bitdeer (BTDR), Forward Industries (FWDI), and Bit Digital (BTBT), report quarterly earnings this week, each coming off a quarter deep in the red. The three prints span exposure to major tokens, including Bitcoin (BTC), Solana (SOL), and Ethereum (ETH). All three assets fell last quarter, likely driving heavy paper losses. Now the earnings will show how deep the damage ran. Bitdeer opens the week on Monday. It will report its second-quarter 2026 results before the US market opens on Monday, August 10, at around 7:00 a.m. ET In the first quarter, Bitdeer reported a $159.5 million net loss, pressured by weaker cryptocurrency prices. Revenue, however, rose to $188.9 million, while adjusted EBITDA remained positive at $14.4 million. The second-quarter results come amid a strong period for Bitdeer shares. BTDR gained roughly 83% during Q2, significantly outperforming Bitcoin, which fell 14.08% over the same period. The company’s mining output also surged. June production reached 990 BTC, up 388% year-over-year. Moreover, Bitdeer has continued to expand its AI infrastructure push. In June, its subsidiary signed a colocation lease for its Tydal AI data center in Norway. It also broke ground on an Alberta facility. Follow us on X to get the latest news as it happens Forward Industries will report its fiscal third-quarter results on Wednesday. In fiscal Q2, the company posted a $283.1 million net loss, largely due to Solana-related write-downs. Revenue more than quadrupled year-over-year to $13.0 million. Forward previously disclosed that it acquired more than 500,000 SOL during fiscal Q3 at an average price of about $79 per token, lifting its Solana treasury to 7.55 million SOL. The purchases helped fuel a rally in the company’s stock. Despite that boost, Forward was the only decliner among the three stocks during the quarter, falling about 5% between April and June. The decline was smaller than Solana’s roughly 11.4% drop. Bit Digital closes the week on Thursday before the open. The Ethereum treasury firm reported a net loss of $146.7 million last quarter as Ethereum's price downturn cut deep. A $121.1 million hit on digital assets drove most of the damage. Revenue fell 13.6% to $27.9 million, and the firm held about 155,444 ETH. The stock still recovered. Bit Digital rose about 37% in the second quarter, diverging from ETH’s 25.3% dip. Together, the three reports test one question. Each firm holds tokens that fell last quarter, and the earnings will show how deeply those drawdowns cut into results. Subscribe to our YouTube channel to watch leaders and journalists provide expert insights https://youtu.be/bvGprKRZSDg Read the Original story 3 Crypto Earnings to Watch This Week After Q1 Losses by Kamina Bashir at beincrypto.com

ICF International (ICFI) came out with quarterly earnings of $1.86 per share, beating the Zacks Consensus Estimate of $1.69 per share. This compares to earnings of $1.66 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +10.06%. A quarter ago, it was expected that this consulting and technology services provider would post earnings of $1.55 per share when it actually produced earnings of $1.5, delivering a surprise of -3.23%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. ICF, which belongs to the Zacks Government Services industry, posted revenues of $474.5 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.36%. This compares to year-ago revenues of $476.15 million. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. ICF shares have lost about 0.6% since the beginning of the year versus the S&P 500's gain of 12.8%. While ICF has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for ICF was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.97 on $494.19 million in revenues for the coming quarter and $7.01 on $1.9 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Government Services is currently in the top 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Bitdeer Technologies Group (BTDR), another stock in the broader Zacks Business Services sector, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10. This company is expected to post quarterly loss of $0.35 per share in its upcoming report, which represents a year-over-year change of +54%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Bitdeer Technologies Group's revenues are expected to be $224.08 million, up 44% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ICF International, Inc. (ICFI) : Free Stock Analysis Report Bitdeer Technologies Group (BTDR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Bitdeer Technologies Group (NasdaqCM:BTDR) reports very strong Bitcoin mining production growth, with output nearly 5x higher year over year. Quarterly revenue is reported up 170%, reflecting rapid expansion in both Bitcoin mining and AI cloud services. The company is converting its Tydal, Norway site into what it describes as the country’s largest AI data center and progressing new data center projects in the US. Bitdeer is ramping AI cloud GPU deployments and rolling out new mining rigs alongside added manufacturing capacity. For investors tracking crypto infrastructure, Bitdeer sits at the intersection of Bitcoin mining and AI compute. The stock most recently closed at $13.35, with the share price up 15.6% year to date and 177.5% over 3 years, while down 12.1% over the past year. That mix of returns reflects a company that has gone through sharp swings but is now tying its story more closely to AI data centers and cloud services. Looking ahead, the key questions for you are how Bitdeer executes on its large Norway buildout, US data center projects and AI cloud GPU rollout, and how those efforts balance against the volatility of Bitcoin mining. The coming quarters are likely to focus on the pace of infrastructure completion, utilization of new AI capacity and the adoption of its next generation mining rigs. Stay updated on the most important news stories for Bitdeer Technologies Group by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Bitdeer Technologies Group. 📰 Beyond the headline: 4 risks and 2 things going right for Bitdeer Technologies Group that every investor should see. For you as an investor, this update underlines how aggressively Bitdeer is leaning into scale. Bitcoin production for April is roughly 4.7x the prior year, and Q1 2026 revenue of US$188.93 million is well above the prior year’s US$70.13 million. At the same time, the company moved from net income of US$105.32 million to a net loss of US$159.53 million, reflecting much heavier costs, interest expense and fair value swings on digital assets. That mix, very strong operational output and a sizeable quarterly loss, suggests a business model that is still being built out, with returns on recent capital decisions yet to show through. The push into AI cloud and large data centers, including the Norway site and projects in Ohio and Texas, targets the same broad opportunity that players like Marathon Digital, Core Scientific and Nvidia’s data center customers are pursuing. However, Bitdeer appears to have a heavier balance between self mining, colocation and AI services. For you, the trade off to weigh is whether the current scale up in hash rate, GPUs and manufacturing capacity is worth the earnings volatility and capital intensity reported in these results. The sharp increase in self mining output and the launch of the Seal Miner A4 rigs directly support the narrative that expanding proprietary ASICs and hash rate can drive higher Bitcoin production and help reduce unit costs over time. The swing from profit to a sizeable net loss, along with higher operating expenses and capital spending on projects like the Alberta power plant and new data centers, challenges the idea that vertical integration will quickly translate into stronger margins. The rapid AI cloud buildout, including colocation at Tydal and GPU deployment, goes further than the earlier focus on ASICs and self mining, so some future revenue mix and execution risks around AI services may not be fully captured in the existing narrative framework. Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Bitdeer Technologies Group to help decide what it's worth to you. ⚠️ Analysts have flagged that interest payments are not well covered by earnings, which matters when the company is also funding large-scale data centers and manufacturing expansion. ⚠️ Earnings have been volatile, with large one off items and fair value changes on digital assets contributing to swings from profit to loss, which can make it harder for you to assess underlying profitability. 🎁 Revenue is growing quickly, supported by very strong Bitcoin production growth and momentum in AI cloud annualized recurring revenue of about US$69 million. 🎁 The combination of proprietary ASIC development, higher hash rate, and an AI focused colocation model gives Bitdeer multiple potential revenue streams across mining, hosting and cloud services. From here, focus on whether Bitdeer can translate its larger hash rate and AI infrastructure into better margins and more stable earnings. Progress on leasing out the Tydal, Norway data center to high credit tenants, build schedules for the Ohio and Texas projects, and ramp up of the Reno assembly facility will be key markers of execution. It is also worth tracking how quickly AI cloud recurring revenue grows relative to self mining, and whether operating costs and financing expenses begin to ease as projects move from construction to cash generation. Quarterly updates on Bitcoin production, GPU deployments and any changes to capital structure will help you judge if the current expansion is becoming more self funding or if it continues to rely heavily on external capital. To ensure you're always in the loop on how the latest news impacts the investment narrative for Bitdeer Technologies Group, head to the community page for Bitdeer Technologies Group to never miss an update on the top community narratives. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BTDR. Have feedback on this article? Concerned about the content? Get in touch with us directly. 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Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Bitdeer Technologies Group (BTDR) just posted first quarter 2026 results that paired strong revenue growth with a swing to a sizeable loss, giving investors a mixed update on its Bitcoin mining and AI build out. See our latest analysis for Bitdeer Technologies Group. Those Q1 numbers landed after a strong run in the stock, with Bitdeer’s 90 day share price return of 46.33% and year to date share price return of 27.71% pointing to building momentum, while the 3 year total shareholder return of 191.50% shows how volatile yet rewarding the story has been over a longer stretch. If Bitdeer’s push into Bitcoin mining and AI infrastructure has caught your attention, it can be useful to see what else is gaining traction in the sector by scanning 22 cryptocurrency and blockchain stocks With revenue at $188.93 million, a reported net loss of $159.53 million, a market value of about $3.2 billion, and a price target implying upside from $14.75, investors may be asking whether there is still a buying opportunity here or if the market has already fully reflected expectations for the company. Based on the most followed narrative, Bitdeer’s fair value of about $20.87 sits well above the last close of $14.75, putting a spotlight on what assumptions need to hold up for that gap to close. Read the complete narrative. Curious what is backing that valuation gap? The narrative leans heavily on rapid revenue expansion, firmer margins, and a future earnings multiple usually reserved for sector standouts. Want to see exactly how those moving parts are combined into one fair value number? Result: Fair Value of $20.87 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, there are clear pressure points, including the Q4 2024 revenue fall to US$69 million and the sizeable IFRS net loss tied to derivative valuation swings. Find out about the key risks to this Bitdeer Technologies Group narrative. The analyst fair value of $20.87 suggests upside, yet the current P/E of 54.7x is far above the US Software industry at 28.2x, the peer average at 35.8x, and a fair ratio of 16.7x. That gap tilts toward valuation risk, so which signal do you put more weight on? To see how this premium multiple stacks up and what the numbers imply for future re rating risk, See what the numbers say about this price — find out in our valuation breakdown. Given the mix of risks and rewards in this story, it makes sense to move quickly, review the underlying data, and decide where you stand based on the 2 key rewards and 5 important warning signs. If you stop with just one stock, you risk missing other opportunities that fit your style, so use the screener to line up your next moves confidently. Target potential mispricing by scanning 47 high quality undervalued stocks that combine quality fundamentals with prices that may not fully reflect their financial profile. Strengthen your income stream by reviewing 13 dividend fortresses offering higher yields that could complement growth focused positions. Zero in on financial resilience by checking solid balance sheet and fundamentals stocks screener (45 results) that may handle tougher conditions better than heavily indebted peers. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BTDR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]