SINGAPORE, Feb. 12, 2026 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“ Bitdeer ” or the “ Company ”), a world-leading technology company for Bitcoin mining and AI infrastructure, today released its unaudited financial results for the fourth quarter ended December 31, 2025.

Q4 2025 Financial Highlights
All amounts compared to Q4’24 unless otherwise noted

  • Total revenue was US$224.8 million vs. US$69.0 million.
  • Cost of revenue was US$214.3 million vs. US$63.9 million.
  • Gross profit was US$10.6 million vs. US$5.1 million.
  • Net profit was US$70.5 million vs. net loss of US$531.9 million.
  • Adjusted EBITDA 1 was positive US$31.2 million, vs. negative US$4.3 2 million.
  • Cash and cash equivalents were US$149.4 million as of December 31, 2025.
  • Crypto and crypto receivable balance: US$218.6 million as of December 31, 2025.

Management Commentary

The fourth quarter of 2025 marked a strategic inflection point as we accelerated our transition toward high-performance compute infrastructure and colocation services," said Matt Kong, Chief Business Officer at Bitdeer. "We expect the global AI infrastructure supply / demand imbalance to widen, and our 3.0 GW power portfolio represents a rare and increasingly valuable strategic asset. As hyperscalers and enterprise customers face extended lead times for power and data center capacity, Bitdeer's operational infrastructure and speed to market provide a compelling competitive advantage."

Mr. Kong continued, “we are pursuing a dual-track AI infrastructure strategy that prioritizes colocation for our largest sites while continuing to expand GPU-as-a-service opportunities where appropriate. For power-rich assets such as Tydal and Clarington, we believe colocation offers superior economics and more capital-efficient paths to monetization. This approach allows us to leverage our core strengths including power procurement, large-scale infrastructure development, and operational execution, to capitalize on the rapidly growing demand for AI compute capacity across multiple deployment models.

Our Bitcoin self-mining operations remain a cornerstone of our business and demonstrate our ability to rapidly scale infrastructure while achieving industry-leading efficiency. We continue to view Bitcoin mining as a significant long-term value driver, supported by our expanding power portfolio and proprietary SEALMINER technology. The substantial expansion of our fleet throughout 2025 showcases the technical execution and operational excellence that has become our competitive advantage. As we scale our colocation platform alongside our self-mining operations, we see meaningful opportunities to capture value across multiple high-growth infrastructure markets where time-to-power and deployment speed are increasingly critical differentiators.”

Operational Summary

Metrics Three Months Ended Dec 31
2025
2024
Total hash rate under management (EH/s) 71.0 21.6
- Proprietary hash rate 58.0 8.9
- Self-mining 55.2 8.5
- Cloud Hash Rate 1.1 0.0
- Delivered but not yet hashing 1.7 0.4
- Hosting 13.0 12.7
Mining rigs under management 293,000 175,000
- Self-owned 211,000 85,000
- Hosted 82,000 90,000
Bitcoin mined (self-mining only) 1,673 469
Bitcoins held 2,017 594
Total power usage (MWh) 2,353,000 857,000
Average cost of electricity ($/MWh) 46 41
Average miner efficiency (J/TH) 17.9 30.4


Power Infrastructure Summary (As of 1/31/2026)

Site / Location Capacity (MW) Status Datacenter Type Timing 3
Electrical capacity
- Rockdale, Texas 563 Online Crypto / Evaluating AI Completed
- Knoxville, Tennessee – phase 1 37 Online Crypto converting to AI Q4 2026
- Knoxville, Tennessee – phase 2 49 Online Crypto Completed
- Wenatchee, Washington 13 Online Crypto converting to AI Q4 2026
- Molde, Norway 84 Online Crypto Completed
- Tydal - 1, Norway 50 Online Crypto converting to AI Q4 2026
- Tydal - 2, Norway 175 Online Crypto converting to AI Q4 2026
- Gedu, Bhutan 100 Online Crypto Completed
- Jigmeling, Bhutan 500 Online Crypto Completed
- Oromia Region, Ethiopia 40 Online Crypto Completed
- Massillon, Ohio 47 Online Crypto Completed
Total electrical capacity 1,658 4
Pipeline capacity
- Oromia Region, Ethiopia 20 In progress Crypto Q1 2026
- Massillon, Ohio 148/26 In progress Crypto Q2 2026/TBD
- Clarington, Ohio 570 In progress HPC/AI To be updated
- Niles, Ohio 300 In progress HPC/AI Q4 2028
- Rockdale, Texas 179 In planning Crypto Estimate 2026
- Alberta, Canada 101 In planning Crypto Q2 2027
Total pipeline capacity 1,344
Total global electrical capacity 3,002

Financial MD&A
All variances are current quarter compared to the same quarter last year. All figures in this section are rounded 5 .

Q4 2025 High-Level P&L and Disaggregated Revenue Details:

US $ in millions Three Months Ended
Dec 31, 2025 Sep 30, 2025 Dec 31, 2024
Total revenue 224.8
169.7
69.0
Cost of revenue (214.3)
(128.9)
(63.9)
Gross profit 10.6
40.8
5.1
Net profit / (loss) 70.5
(266.7)
(531.9)
Adjusted EBITDA 31.2
39.6 2
(4.3) 2
Cash and cash equivalents 149.4
196.3
476.3


US $ in millions Three months ended December 31, 2025
Business line Self-mining Cloud hash rate General hosting Membership hosting Sales of SEALMINERs and Accessories
Revenue 168.6
2.1
7.6
16.3
23.4
Cost of revenue
Including:
- Electricity cost in operating mining rigs (88.1)
(1.2)
(6.0)
(12.5)
-
- Depreciation and SBC expenses (63.9)
(0.7)
(0.6)
(1.2)
-
- Cost of products sold -
-
-
-
(19.9)
- Other costs (10.8)
(0.1)
(0.4)
(0.9)
(0.1)
Total cost of revenue (162.8 )
(2.0 )
(7.0 )
(14.5 )
(20.0 )
Gross profit 5.8
-
0.6
1.7
3.4


US $ in millions Three months ended December 31, 2024
Business line Self-mining Cloud hash rate General hosting Membership hosting
Revenue 41.5 2.3 8.5 12.4
Cost of revenue
Including:
- Electricity cost in operating mining rigs (22.3) (0.1) (5.8) (7.0)
- Depreciation and SBC expenses (12.2) (0.6) (1.2) (1.8)
- Other costs (4.0) (0.3) (0.8) (1.2)
Total cost of revenue (38.5) (1.0) (7.8) (10.0)
Gross profit 3.0 1.3 0.7 2.4


Full Year 2025 High-Level P&L and Disaggregated Revenue Details:

US $ in millions Years Ended
Dec 31, 2025 Dec 31, 2024
Total revenue 620.3 349.8
Cost of revenue (559.3) (283.4)
Gross profit 61.0 66.4
Net profit / (loss) 65.6 (599.2)
Adjusted EBITDA 35.2 37.4 2
Cash and cash equivalents 149.4 476.3



US $ in millions Year ended December 31, 2025
Business line Self-mining Cloud hash rate General hosting Membership hosting Sales of SEALMINERs and Accessories
Revenue 396.0 2.1 35.0 61.2 108.3
Cost of revenue
Including:
- Electricity cost in operating mining rigs (201.1) (1.2) (25.6) (45.0) -
- Depreciation and SBC expenses (123.3) (0.7) (3.9) (6.8) -
- Cost of products sold - - - - (93.2)
- Other costs (28.5) (0.1) (2.7) (4.6) (0.7)
Total cost of revenue (353.0) (2.1) (32.3) (56.4) (93.9)
Gross profit 43.1 - 2.7 4.8 14.4



US $ in millions Year ended December 31, 2024
Business line Self-mining Cloud hash rate General hosting Membership hosting
Revenue 163.1 39.8 67.6 64.0
Cost of revenue
Including:
- Electricity cost in operating mining rigs (91.1) (7.5) (39.6) (41.0)
- Depreciation and SBC expenses (39.1) (8.4) (8.4) (8.2)
- Other costs (11.8) (2.5) (4.3) (4.5)
Total cost of revenue (142.0) (18.4) (52.3) (53.7)
Gross profit 21.1 21.4 15.3 10.3


Q4 2025 Management’s Discussion and Analysis (compared to Q4 2024)

Revenue

  • Total revenue was US$224.8 million vs. US$69.0 million.
  • Self-mining revenue was US$168.6 million vs. US$41.5 million, primarily due to the increase in the average self-mining hashrate for the quarter by 464.3% to 47.4 EH/s from 8.4 EH/s last year.
  • Cloud Hash Rate revenue was US$2.1 million vs. US$2.3 million.
  • General Hosting revenue was US$7.6 million vs. US$8.5 million.
  • Membership Hosting revenue was US$16.3 million vs. US$12.4 million.
  • SEALMINER sales revenue was US$23.4 million.
  • HPC and AI Cloud revenue was US$2.3 million.

Cost of Revenue

  • Cost of revenue was US$214.3 million vs US$63.9 million. The increase was primarily driven by higher electricity and depreciation costs as a significant number of new mining rigs came online, a slightly higher per unit power cost, compounded by a change in the depreciation accounting assumptions applied to mining rigs to reflect a more conservative approach.

Gross Profit and Margin

  • Gross profit was US$10.6 million vs. US$5.1 million.
  • Gross margin was 4.7% vs. 7.4%.

Operating Expenses

  • The sum of the operating expenses below was US$66.3 million vs. US$42.5 million.
    • Selling expenses were US$2.4 million vs. US$2.0 million, flat year-over-year.
    • General and administrative expenses were US$28.8 million vs. US$17.7 million. The increase was primarily due to an increase in staff costs for general and administrative personnel and consulting fee for capital market and compliance activities, as well as the higher share-based payment expenses.
    • Research and development expenses were US$35.2 million vs. US$22.9 million, primarily due to the one-off development and tape out costs of SEAL-DL1 chip.

Other Operating Expenses

  • Other operating expenses were US$43.8 million vs. US$3.7 million. This was largely attributable to the fair value change of Bitcoins pledged for the Bitcoin collateralized loan since Q3 2025.

Other Net Gain

  • In Q4 2025, we recorded US$208.9 million other net gain primarily due to the non-cash, fair value changes of derivative liabilities, which are the US$276.6 million of gain on fair value changes for the convertible senior notes issued in November 2024, June 2025 and November 2025 and the US$44.2 million of loss on extinguishment of the convertible senior notes issued in November 2024.

Net Profit / (Loss)

  • Net profit was US$70.5 million vs. net loss of US$531.9 million.

Adjusted Loss (Non-IFRS) 6

  • Adjusted loss was US$82.6 million vs. US$37.4 2 million. The change was primarily due to the higher energy and depreciation costs, higher operating and interest expense, partially offset by the year-over-year higher revenue.

Adjusted EBITDA (Non-IFRS) 1

  • Adjusted EBITDA was positive US$31.2 million vs. negative US$4.3 2 million. The year-over-year growth was primarily driven by significantly higher self-mining hashrate as a result of the Company’s mass production and deployment of SEALMINERs during 2025.

Cash Flows

  • Net cash used in operating activities was US$599.5 million, primarily driven by SEALMINERs supply chain and manufacturing costs, electricity costs from the mining business, general corporate overhead and interest.
  • Net cash generated from investing activities was US$97.9 million, which included US$50.7 million of capital expenditures for datacenter infrastructure construction, GPU equipment procurement and tariffs and freight for mining rigs delivered to the datacenters, and US$150.6 million of proceeds from the disposal of cryptocurrencies.
  • Net cash generated from financing activities was US$454.5 million, primarily driven by the proceeds of a total US$698.0 million from our convertible senior note issuance in November, borrowing from a related party and ATM and ELOC program, partially offset by US$171.1 million of repayments of borrowings.

Balance Sheet
As of December 31, 2025 (compared to December 31, 2024)

  • US$149.4 million in cash and cash equivalents, US$83.1 million in cryptocurrencies and US$1.0 billion in borrowing.
  • US$723.0 million prepayments and other assets, up from US$310.2 million. Change primarily driven by advanced payments to suppliers for SEALMINERs mass volume production.
  • US$252.0 million inventories, up from US$64.9 million. Increase mainly including wafers, chips, WIP and finished SEALMINERs inventory.
  • US$620.7 million in mining rigs, up from US$67.3 million. Change mainly raised from mass production and the deployment of SEALMINERs to the Company’s datacenters for self-mining activities.
  • US$501.1 million derivative liabilities mainly due to the convertible senior notes issued in November 2024, June 2025 and November 2025.

Further information regarding the Company’s fourth quarter 2024 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com .

About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for Bitcoin mining and AI infrastructure. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan, amongst other countries. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.


BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of December 31, As of December 31,
(US $ in thousands) 2025
2024
ASSETS
Current assets
Cash and cash equivalents 149,352 476,270
Restricted cash 22,366 9,144
Cryptocurrencies 83,077 77,537
Cryptocurrencies - receivables 135,558 -
Trade receivables 31,374 9,627
Amounts due from a related party 9,654 15,512
Prepayments and other assets 698,291 291,929
Inventories 251,999 64,888
Financial assets at fair value through profit or loss 4,976 4,540
Total current assets 1,386,647 949,447
Non-current assets
Restricted cash 6,159 8,212
Prepayments and other assets 24,681 18,244
Financial assets at fair value through profit or loss 39,309 37,981
Mining rigs 620,667 67,324
Right-of-use assets 83,292 69,273
Property, plant and equipment 441,797 251,377
Investment properties 29,826 30,723
Intangible assets 93,432 83,235
Goodwill 35,818 35,818
Derivative assets 31,857 -
Deferred tax assets 11,087 6,220
Total non-current assets 1,417,925 608,407
TOTAL ASSETS 2,804,572 1,557,854
LIABILITIES
Current liabilities
Trade payables 119,818 31,471
Other payables and accruals 54,655 40,617
Amounts due to a related party 4,340 8,747
Income tax payables 13,355 2,729
Derivative liabilities 501,085 763,939
Deferred revenue 64,391 39,029
Borrowings 478,792 208,127
Borrowings from a related party 275,000 -
Lease liabilities 9,226 5,460
Total current liabilities 1,520,662 1,100,119
Non-current liabilities
Other payables and accruals 2,413 1,650
Deferred revenue 63,255 90,200
Borrowings 468 -
Borrowings from a related party 246,831 -
Lease liabilities 88,980 72,673
Deferred tax liabilities 14,115 16,614
Total non-current liabilities 416,062 181,137
TOTAL LIABILITIES 1,936,724 1,281,256
NET ASSETS 867,848 276,598
EQUITY
Share capital * *
Treasury equity (325,597) (160,926)
Accumulated deficit (583,407) (649,004)
Reserves 1,776,852 1,086,528
TOTAL EQUITY 867,848 276,598

* Amount less than US$1,000

BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS)
Three months ended Dec 31, Years ended Dec 31,
(US $ in thousands) 2025
2024
2025
2024
Revenue 7 224,835 69,018 620,253 349,782
Cost of revenue (214,265) (63,919) (559,261) (283,382)
Gross profit 10,570 5,099 60,992 66,400
Selling expenses (2,364) (1,952) (6,667) (8,044)
General and administrative expenses (28,780) (17,668) (84,415) (64,317)
Research and development expenses (35,197) (22,898) (153,876) (76,946)
Other operating income / (expenses) (43,809) (3,670) (21,352) 727
Other net gain / (loss) 208,933 (479,778) 365,038 (507,479)
Profit / (Loss) from operations 109,353 (520,867) 159,720 (589,659)
Finance expenses (36,438) (11,811) (88,890) (11,935)
Profit / (Loss) before taxation 72,915 (532,678) 70,830 (601,594)
Income tax benefit / (expenses) (2,373) 761 (5,233) 2,443
Profit / (Loss) for the periods 70,542 (531,917) 65,597 (599,151)
Other comprehensive income / (loss)
Income / (Loss) for the periods 70,542 (531,917) 65,597 (599,151)
Other comprehensive income / (loss) for the periods
Item that may be reclassified to profit or loss
- Exchange differences on translation of financial statements 265 (234) 431 (218)
Other comprehensive income / (loss) for the periods, net of tax 265 (234) 431 (218)
Total comprehensive income / (loss) for the periods 70,807 (532,151) 66,028 (599,369)
Earnings / (Loss) per share
- Basic 0.31 (3.22) 0.32 (4.36)
- Diluted (0.73) (3.22) (1.43) (4.36)
Weighted average number of shares outstanding (thousands)
- Basic 225,305 165,427 204,679 137,426
- Diluted 268,150 165,427 234,319 137,426


BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended
Dec 31, 		Years ended
Dec 31,
(US $ in thousands) 2025
2024
2025
2024
Cash flows from operating activities
Cash used in operating activities (565,473) (321,629) (1,677,080) (613,167)
Interest paid on leases (1,045) (902) (4,028) (3,473)
Interest paid on borrowings (35,127) (2,216) (64,325) (3,952)
Interest received 1,964 1,653 7,797 7,115
Income tax paid (700) (1,964) (1,886) (8,596)
Income tax refund 844 - 844 -
Net cash used in operating activities (599,537) (325,058) (1,738,678) (622,073)
Cash flows from investing activities
Purchase of property, plant and equipment, investment properties and intangible assets (34,598) (42,617) (232,242) (119,487)
Payment for mining rigs (16,132) (5,766) (35,441) (7,731)
Purchase of financial assets at fair value through profit or loss, net of refund received (2,024) (425) (5,426) (2,776)
Purchase of cryptocurrencies - - (18,159) -
Proceeds from disposal of property, plant and equipment - 54 - 298
Proceeds from disposal of cryptocurrencies 150,634 38,794 352,006 248,447
Cash paid for the site and gas-fired power project in Alberta, Canada - - (21,881) -
Cash paid for business acquisitions, net of cash acquired - - - (6,051)
Net cash generated from / (used in) investing activities 97,880 (9,960) 38,857 112,700
Cash flows from financing activities
Capital element of lease rentals paid (2,211) (6,540) (7,995) (9,676)
Proceeds from borrowings - - 43,472 -
Repayments of borrowings (3) (10,000) (17,009) (15,000)
Borrowings from a related party 168,000 - 668,000 -
Repayments of borrowings to a related party (57,042) - (95,417) -
Proceeds from issuance of shares for exercise of share rewards 170 4,412 3,517 5,170
Proceeds from issuance of ordinary shares and warrants, net of transaction costs 141,530 321,918 401,347 485,108
Acquisition of treasury shares (35,000) - (65,010) (617)
Proceeds from convertible senior notes, net of transaction costs 388,480 387,917 750,958 554,214
Repayments to convertible senior notes in connection with note extinguishment (114,071) (14,932) (147,854) (14,932)
Purchase of capped call instrument (35,400) - (35,400) -
Purchase of zero-strike call option - (160,000) (129,607) (160,000)
Net cash generated from financing activities 454,453 522,775 1,369,002 844,267
Net increase / (decrease) in cash and cash equivalents (47,204) 187,757 (330,819) 334,894
Cash and cash equivalents at the beginning of the period 196,252 291,314 476,270 144,729
Effect of movements in exchange rates on cash and cash equivalents held 304 (2,801) 3,901 (3,353)
Cash and cash equivalents at the end of the period 149,352 476,270 149,352 476,270

Use of Non-IFRS Financial Measures
In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted loss, as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of convertible senior notes, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, impairment of assets, other expenses – one off donation, changes in fair value of derivative assets, changes in fair value of financial assets at fair value through profit or loss, and changes in fair value of holdback shares for acquisition of FreeChain, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of convertible senior notes, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, impairment of assets, other expenses – one off donation, changes in fair value of derivative assets, changes in fair value of financial assets at fair value through profit or loss, and changes in fair value of holdback shares for acquisition of FreeChain.

The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

The following table presents a reconciliation of loss for the relevant period to adjusted EBITDA and adjusted loss, for the three and twelve months ended December 31, 2025 and 2024.

BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED LOSS RECONCILIATION
Three months ended Dec 31, Years ended Dec 31,
(US $ in thousands) 2025
2024
2025
2024
Adjusted EBITDA
Profit / (Loss) for the periods 70,542 (531,917) 65,597 (599,151)
Add：
Depreciation and amortization 75,059 25,116 168,119 81,096
Income tax (benefit) / expenses 2,373 (761) 5,233 (2,443)
Interest expenses, net 36,380 8,729 91,725 10,050
Share-based payment expenses 8,602 8,658 38,493 33,968
Changes in fair value of derivative liabilities (276,552) 469,501 (444,861) 498,167
Loss on extinguishment of convertible senior notes 44,209 8,172 60,403 8,172
Changes in fair value of cryptocurrency-settled receivables and payables (1,724) 5,733 631 6,362
Changes in fair value of cryptocurrency receivables 48,950 - 26,710 -
Impairment of assets 8 14,699 - 14,699 -
Other expenses - one off donation 1,250 - 1,250 -
Changes in fair value of derivative assets 3,543 - 3,543 -
Change in fair value of financial assets at fair value through profit or loss 3,868 (530) 3,662 (1,970)
Changes in fair value of holdback shares for acquisition of FreeChain - 2,970 - 3,186
Total of Adjusted EBITDA 31,199 (4,329) 2 35,204 37,437 2
Adjusted Loss
Profit / (Loss) for the periods 70,542 (531,917) 65,597 (599,151)
Add：
Share-based payment expenses 8,602 8,658 38,493 33,968
Changes in fair value of derivative liabilities (276,552) 469,501 (444,861) 498,167
Loss on extinguishment of convertible senior notes 44,209 8,172 60,403 8,172
Changes in fair value of cryptocurrency-settled receivables and payables (1,724) 5,733 631 6,362
Changes in fair value of cryptocurrency receivables 48,950 - 26,710 -
Impairment of assets 8 14,699 - 14,699 -
Other expenses - one off donation 1,250 - 1,250 -
Changes in fair value of derivative assets 3,543 - 3,543 -
Change in fair value of financial assets at fair value through profit or loss 3,868 (530) 3,662 (1,970)
Changes in fair value of holdback shares for acquisition of FreeChain - 2,970 - 3,186
Total of Adjusted Loss (82,613) (37,413) 2 (229,873) (51,266) 2

For investor and media inquiries, please contact:

Investor Relations
John Ragozzino Jr., CFA
ICR
[email protected]

Public Relations
Nishant Sharma
BlocksBridge Consulting
[email protected]

1 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of convertible senior notes, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, impairment of assets, other expenses – one off donation, changes in fair value of derivative assets, changes in fair value of financial assets at fair value through profit or loss, and changes in fair value of holdback shares for acquisition of FreeChain.

2 During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$0.5 million, US$2.0 million and US$3.4 million revision to Q4 2024, Year-ended 2024 and Q3 2025 metrics, respectively, reflects non-cash fair value changes in financial assets at fair value through profit or loss as they do not represent normal operating expenses (or income) necessary to operate our business.

3 Indicative timing for completion of power and data center infrastructure. All timing references are to calendar quarters and years.

4 Figures represent total available electrical capacity

5 Figures may not add due to rounding.

6 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of convertible senior notes, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, impairment of assets, other expenses – one off donation, changes in fair value of derivative assets, changes in fair value of financial assets at fair value through profit or loss, and changes in fair value of holdback shares for acquisition of FreeChain.

8 Impairment of assets for the year ended December 31, 2025 was US$7.2 million and nil, respectively. In the year ended December 31, 2025, we recorded an impairment of US$4.7 million related to the fire accident in Massillon Ohio site, US$8.7 million related to old model of whatsminers, and US$1.3 million related to our other assets as they didn't happen occasionally and do not represent normal operating expenses (or income) necessary to operate our business.