Bitdeer Technologies Group Q4 FY2025 earnings call

• Power and infrastructure portfolio progress: Advancing global sites suitable for Bitcoin mining and AI/HPC workloads. Teadle, Norway 225-megawatt facility near retrofit completion, Clarington 570-megawatt site in US with progress on interconnection and tenant discussions (despite litigation), and Rockdale site pursuing dual-track strategy of maintaining Bitcoin mining while developing HPC capacity. • Bitcoin mining: Exited 2025 with over 63 exahash per second self-mining hash rate. SealMiner A2 and A3 in deployment with industry-leading efficiency. CLO4-1 chip mass production starts Q1 2026, SEAL-DL1 chip for Litecoin/Dogecoin with strong test results. • Data center development: Internal team with data center construction experience, working with EPC contractors, prioritizing colocation for larger sites and disciplined GPU deployments backed by customer contracts.

Fourth quarter total revenue reached $225,000,000. Self-mining revenue was $168,600,000, representing a year-over-year growth of 306% and sequential growth of 28.7%. SealMiner sales revenue was $23,400,000, up 105.4% from Q3 2025. Gross profit totaled $10,600,000 with a gross margin of 4.7%.

• Anticipates total infrastructure spend for crypto mining data center construction in 2026 to be in the range of $180,000,000 to $200,000,000. • Colocation deals expected in the near future, with significant GPU deployments backed by committed revenue from enterprise customers.

• Litigation could delay Clarington site development. • Lower Bitcoin prices and market dynamics posing challenges. • Regulatory uncertainties in ERCOT region affecting Rockdale site expansion.

Q: Nick Giles asked about items being discussed in colocation negotiations and financing for colocation projects.

A: Haris Basit said negotiations involve price, duration, timing, and cost of capital depends on counterparties and deal terms, with discussions sensitive and active.

Q: Mike Colonnese inquired about Teadle site customer discussions, PUE, and Bitcoin mining growth in 2026.

A: Haris Basit mentioned PUE at Teadle around 1.1, sensitive on customer discussions, and no public projections on Bitcoin mining hash rate growth yet.

Q: Kevin Cassidy asked about Bitcoin mining activity slowing at lower prices and GPU-as-a-service market for older GPUs.

A: Haris Basit said not at current prices, with older machines replaced in normal upgrade cycle, and still demand for older GPUs like H100s in Singapore.

Q: Darren Aftahi asked about hires for digital infrastructure and Rockdale site land acquisition timeline.

A: Haris Basit said continued hiring in AI, cloud, and engineering, land acquisition for Rockdale moving forward but timeline uncertain, and ERCOT regulations not affecting Rockdale growth.

Q: Greg Lewis asked about GPU business expansion in Malaysia, leasing infrastructure, and rollout timeline.

A: Haris Basit said infrastructure in Malaysia is leased, with Jihan Wu noting GPUs could be deployed by end of 2024 or early 2025 depending on infrastructure readiness.

Q: John Todaro asked about Clarrington site litigation and Litecoin/Dogecoin mining.

A: Haris Basit said litigation has merit and defense, with multiple alternatives for Clarrington, and focus on Bitcoin mining with some effort on Litecoin/Dogecoin due to improved yields.

Q: Brett Knoblauch asked about wafer allocation and split between self-manufacturing and selling SealMiners.

A: Jihan Wu said good relationships for wafer allocation, self-deployment important for Bitcoin mining profitability in bearish market, and market share growth expected.

Q: Mike Grondahl asked about pivot from GPU rental to colocation for larger sites.

A: Haris Basit and Jihan Wu explained larger sites focus on colocation, smaller sites on GPU rental due to different customer needs and contract requirements.

Q: Steven Glagola asked about US AI cloud expansion dependence on contracts and strategic attractiveness of US cloud expansion.

A: Haris Basit said significant US GPU expansion dependent on contracts, Jihan Wu noted US as AI innovation center with own data centers providing strategic advantage for cloud expansion.