Bitdeer Technologies Group (BTDR) just posted a record quarter. Revenue hit $320.7 million, up 89% year-over-year, as Bitcoin mining expansion and growing artificial intelligence demand boosted its business.

Adjusted EBITDA surged 173%, while AI Cloud revenue backlog reached $2.9 billion. But the bottom line told a messier story: Bitdeer's net loss widened to $125.5 million from $30.1 million, including a $54.6 million noncash loss tied to a digital asset loan.

On the mining side, Bitcoin production increased to 3,855 BTC from 1,109 BTC, and proprietary hash rate reached 86.4 EH/s, up from 35 EH/s. Self-mining generated $217.5 million in revenue, while co-mining contributed $59.9 million.

Rising electricity and depreciation costs pressured profitability, pushing gross margin down to 3.4% from 23.4%. Bitdeer ended September with $213.7 million in cash, equivalents and restricted cash, alongside $1.95 billion in borrowings.

Can AI Cloud Become the Next Growth Engine?

Bitdeer's AI Cloud revenue climbed to $20.4 million from $1.8 million a year earlier as the company expanded beyond Bitcoin mining. It secured 332 megawatts of AI Cloud IT capacity, with several projects underway.

The company secured a $4.7 billion AI data center lease in Norway, potentially worth $8 billion with extensions, alongside $1.7 billion in expected revenue commitments in Malaysia. It also plans to expand AI capacity using Nvidia's GB300 and Vera Rubin platforms.

"We are converting AI demand into long-duration contracts," CFO Michael Potter said.