Earnings Recap — Q2 FY2026
CY Q3 2026 · Reported August 10, 2026 · Beat 1 of last 7 quarters
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Bitdeer's Tydal lease with Volta represents a significant conversion of power infrastructure into long-term AI colocation revenue, validating the demand for power-advantaged data center capacity. The company's ~3 GW portfolio and ability to pivot between mining and AI infrastructure positions it as a key player in the AI infrastructure buildout, with potential for additional colocation deals and project-level financing to fund expansion.
Bitdeer reported Q2 revenue of $228.8M, up ~47% YoY and ~21% sequentially, driven by self-mining expansion and AI cloud growth. Gross profit was negative $8.5M, a $30.5M sequential improvement, while adjusted EBITDA reached $31.1M. The company executed a 16-year colocation lease with Volta at Tydal, Norway for 121 IT MW, and continued scaling its AI cloud business with ARR reaching ~$76M. Self-mining hash rate grew to 73 EH/s, and the company raised ~$457M through its ATM program during the quarter.
Management highlighted the Tydal colocation lease as a key milestone, with $4.7B in contracted base-term revenue over 16 years and an 8-year renewal option that could bring total value to ~$8B. They expect to fund the remaining ~$500M of Tydal CapEx through project-level debt financing, which they believe will also unlock additional liquidity for the broader AI/HPC pipeline. They revised full-year crypto mining infrastructure CapEx guidance to $200M–$280M, excluding SEALMINER hardware, GPUs, AI cloud, and colocation development. Management expects continued expansion in Malaysia, followed by Norway and U.S. sites. They also noted the potential for additional colocation opportunities across their portfolio, with a preference for non-dilutive project financing over equity issuance.
“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.”
on Tydal colocation lease
“We view Tydal as an important proof point for this strategy, and we intend to pursue additional opportunities of this kind as they arise.”
on Future colocation pipeline
“Our preference is to prioritize non-dilutive project level financing over equity issuance wherever the underlying contracted cash flow support it.”
on Capital strategy
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?
Jihan Wu noted that near-term GPU deployment will be mostly in Malaysia, with a signed data center and other opportunities in active discussion. He mentioned that demand is strong and multiyear, with the bottleneck being execution. Norway will be next, with ~50 MW reserved for AI cloud, followed by U.S. sites in Tennessee and Washington.
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 explained that Volta was chosen for their innovative approach to capital markets, customer contracts, and ability to move rapidly. The initial lease is for 121 IT MW, but their ultimate demand could be larger. Michael Potter added that Rockdale is being prepared for potential AI data center development, while Clarington is being developed for crypto mining, with the lawsuit in discovery and no merit.
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?
Haris Basit clarified that the site has 180 gross MW total, with 133 gross MW leased to Volta and 47 gross MW retained for Bitdeer's own AI cloud use. He noted that the retained capacity represents significant potential upside and that no final decisions have been made on its deployment.