What drove the full redesign of the Knoxville project and the slight push-out of its ready-for-service time?

Michael Potter explained that the redesign was driven by market demand for a single, more monolithic amount of megawatts, leading to a consolidation from two separate smaller projects into one data hall complex. Jihan Wu clarified that this aligns with the second phase of the original plan, so the overall timeline isn't significantly pushed out, but rather a shift from an earlier Phase 1 activation. “So we redesigned it instead of having 2 separate smaller sites inside our bigger site to dispute be one data hall complex. So that was the redesign we did, and it's reflected on -- from the discussions we've had with potential customers and what their requirements are.”

How was Volta selected as a partner, and what are the next steps for the Rockdale and Clarington sites?

Haris Basit stated that Volta was chosen due to their innovative approach in capital markets, customer acquisition, rapid execution, and favorable commercial terms. For Rockdale, power infrastructure build-out continues in preparation for a potential AI data center. At Clarington, the site is being developed for crypto mining, and the lawsuit is in discovery after a motion to dismiss was denied, though management believes it lacks merit. “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 customer that they have obtained and their contracts for the customer.”

How does the Texas government's pause on new data center grid connections affect Bitdeer's colocation opportunities in Texas?

Michael Potter indicated it's too early to make strong comments as the actual criteria for the pause haven't been released. He noted that the activity at their main Texas site, Rockdale, is pre-batch zero and not currently affected by the new regulations. “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 side -- all the activity there is pre-batch zero and not related to that, that we're working on.”

BTDR

Bitdeer (BTDR) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Financials· Aug 10, 2026

Source: earnings call transcript

Executive summary

Bitdeer Q2 FY26 — Tydal Colocation Lease Secures Long-Term AI Revenue

Bitdeer's Q2 FY26 results highlight a strategic pivot towards AI infrastructure, anchored by a significant $4.7 billion colocation lease at Tydal, Norway, securing long-term contracted revenue. While the core Bitcoin mining operations continue to expand aggressively, the company is balancing growth investments with a focus on AI cloud and colocation, leveraging its power infrastructure portfolio. The quarter saw strong sequential improvements in adjusted EBITDA and cash position, despite negative gross profit and net loss, as the company navigates a dynamic market and invests heavily in future growth.

Highlights

Executed a 16-year colocation lease with Volta at Tydal, Norway, expected to generate $4.7 billion in contracted base term revenue.
Self-mining hash rate reached approximately 73 EH/s, an increase of approximately 342% year-over-year.
AI Cloud Annual Recurring Revenue (ARR) reached approximately $76 million, an increase of approximately 77% quarter-over-quarter.
Adjusted EBITDA was approximately $31.1 million, an increase of approximately 575% year-over-year and 116% sequentially.
Ended the quarter with approximately $496 million in cash, cash equivalents, and restricted cash, up from $298 million sequentially.

Concerns

Total gross profit was negative $8.5 million, with a gross margin of approximately negative 3.7%.
Operating loss in the quarter was $101.7 million and net loss per share was $0.37.
Full-year crypto mining infrastructure capital expenditures revised to $200 million to $280 million, indicating increased investment.
Clarington lawsuit motion to dismiss was turned down, proceeding to discovery.

Guidance & targets

Category	Target	Timeline	Confidence
Full-year crypto mining infrastructure capital expenditures	$200 million to $280 million medium materiality	FY26	High
Remaining Tydal capital expenditure	approximately $500 million high materiality	Future	High
Tydal Phase 1 delivery date	December 31, 2026 high materiality	Q4 · FY26	High
Tydal Phase 2 delivery date	March 31, 2027 high materiality	Q1 · FY27	High
Sparks, Nevada manufacturing facility completion	end of 2026 medium materiality	FY26	High
Massillon, Ohio capacity energization	in phases during the third quarter medium materiality	Q3 · FY26	High
Malaysia data center readiness	first quarter of 2027 medium materiality	Q1 · FY27	High
General and administrative expense run rate	reflect the incremental head count and infrastructure needed to support that growth low materiality	H2 FY26	Medium

Orderbook & backlog

Contracted base term revenue $4.7 billion August 4, 2026

Over initial 16-year term from Tydal colocation lease.

Potential contract value with renewal $8 billion August 4, 2026

Over 24 years if renewal option is exercised, with tenant termination right at end of year 10.

Product announcements

Product	Type	Timeline
Sealminer A4 Ultra hydro unit	update	—
Sealminer Hydral	launch	—
NVIDIA's Nemotron-III model	milestone	—

Deals & partnerships

Volta 16-year colocation lease and services agreement for 121 IT megawatts at Tydal campus $4.7 billion 16 years (initial term)

Agreement with Volta, a compute infrastructure developer focused on large-scale AI deployments. Volta's obligations are anticipated to be backed by an institutional grade credit structure. Renewal option could increase potential contract value to $8 billion over 24 years.

Undisclosed 10-year lease for 21.7 IT megawatts of capacity in Malaysia 10 years

Designed to support 128 NVIDIA GB300-NVL72 systems for AI cloud services.

Capital programs

Tydal Data Center Development underway approximately $500 million

Spent to date: hundreds of millions of dollars

Funding: project level financing

Benefit:121 IT megawatts

Remaining capital expenditure for the Tydal campus, significantly more capital efficient than a typical greenfield data center build. Project-level financing expected to fully fund needs and provide additional capital.

Sparks, Nevada Sealminer Manufacturing Facility underway

Start: July

Benefit:10,000 units (annual production)

Broke ground on a 187,000 square foot facility, expected to create approximately 70 local jobs.

Fox Creek, Alberta Site Development underway $155 million

Start: June

Benefit:101-megawatt on-site natural gas power plant

Investment includes a fully permitted power plant with grid interconnection and a closed-loop dry cooling system. Alberta's bring-your-own generation framework allows curtailment and selling power back to the grid.

Risks & headwinds

Negative gross profit and net loss Q2 FY26

Gross profit negative $8.5 million (negative 3.7% margin); Operating loss $101.7 million; Net loss per share $0.37.

Mitigation:Sequential improvement in gross profit and adjusted EBITDA demonstrates operating leverage; focus on stabilizing hash price and power cost dynamics.

Challenging hash price environment Q2 FY26

Continued but moderating pressure

Mitigation:Leveraging internal manufacturing for structural cost advantage and flexibility to allocate hardware to self-mining/co-mining based on market conditions.

Increased capital expenditures for crypto mining infrastructure FY26

Revised full-year CapEx to $200 million to $280 million

Mitigation:Driven by additional infrastructure development opportunities in North America; prioritizing non-dilutive project-level financing over equity issuance for future needs.

Regulatory uncertainty in Texas for data centers Ongoing

Texas government putting a pause on the new data center grid

Mitigation:Too early to make strong comments as actual criteria haven't come out; Rockdale site activity is pre-batch zero and not currently affected.

Clarington lawsuit proceeding to discovery Ongoing

Motion to dismiss turned down by judge

Mitigation:Management believes the lawsuit doesn't have any merit and continues to work on it.

What to watch in Q3 FY26

Tydal Phase 1 Delivery

Q4 FY26

Current On track for December 31, 2026

Target Successful delivery of Phase 1

Why it matters

This is the first major milestone for the $4.7 billion colocation lease, crucial for establishing credibility and generating contracted revenue.

Delivery is structured across 2 equal-sized phases targeting December 31, 2026, for the first phase and March 31, 2027, for the second.

Find out whether BTDR delivers this. Inve re-checks your case every morning.

Q&A highlights

What are the opportunities for colocation outside the U.S., particularly in Europe and Asia, and how near-term are they?

Jihan Wu indicated that near-future deployment is mostly focused on Malaysia, where a data center is already signed up, with other active discussions. The company has reserved 47 megawatts in Norway for its own AI cloud use, expected online next year. While actively looking for power asset opportunities in Europe, the immediate focus is on executing the Tydal deal to build credibility and generate revenue.

“On the [indiscernible] deployment, I think the near future, mostly in Malaysia. We have data center already signed up. And we also have other opportunities in active discussion.”

asked by Nick Giles · answered by Jihan Wu

2 min read 6 chapters

Detailed narrative

Tydal Colocation Lease Secures Long-Term AI Revenue

Bitdeer announced a significant 16-year colocation lease with Volta at its Tydal campus in Norway, expected to generate $4.7 billion in contracted base term revenue for 121 IT megawatts. The agreement includes a 3% annual escalator and full pass-through of electricity costs, ensuring predictable cash flow and margin protection.

This deal is backed by an institutional-grade credit structure, which reduces counterparty risk and supports project-level financing for the remaining $500 million capital expenditure. Delivery is planned in two phases, targeting December 31, 2026, and March 31, 2027, respectively.

Strategic Expansion into AI Infrastructure

The Tydal agreement marks a pivotal step in Bitdeer's strategy to convert its power infrastructure portfolio into long-duration contracted revenue, establishing AI infrastructure colocation as a new business pillar. The company retained 47 gross megawatts at Tydal for its own AI cloud use, exploring further opportunities.

Additionally, Bitdeer signed a 10-year lease for 21.7 IT megawatts of capacity in Malaysia, expected online in Q1 2027, designed to support 128 NVIDIA GB300-NVL72 systems, further scaling its AI cloud business.

Robust Bitcoin Mining Operations

Bitdeer's self-mining hash rate reached approximately 73 exahash per second by the end of Q2 FY26, representing a 342% year-over-year increase, supported by 243,000 active rigs. Bitcoin production totaled 2,694 BTC, up 377% YoY. The co-mining hash rate also accelerated significantly, growing over 260% sequentially.

The company leverages its internal Sealminer manufacturing capability to deploy rigs into its own fleet, maintaining a structural cost advantage and flexibility to allocate hardware based on market conditions.

Manufacturing and Site Development Initiatives

The company broke ground on a 187,000 square foot Sealminer manufacturing facility in Sparks, Nevada, anticipated to be completed by the end of 2026 and capable of producing 10,000 units annually. At the Massillon, Ohio site, reconstruction of two fire-damaged buildings is underway, with 174 megawatts of capacity expected to be energized in phases during Q3 FY26.

Bitdeer also broke ground on its Fox Creek, Alberta site, a $155 million investment including a 101-megawatt natural gas power plant.

Financial Performance and Capital Allocation Strategy

Second quarter revenue grew 47% year-over-year to $228.8 million, driven by mining expansion and a 284% sequential increase in AI cloud contribution to $14 million. Adjusted EBITDA surged 575% YoY to $31.1 million, demonstrating operating leverage. The company ended the quarter with $496 million in cash, benefiting from $457 million in proceeds from an at-the-market equity program.

Bitdeer plans to prioritize non-dilutive project-level debt financing for future capital needs, such as the Tydal development, over equity issuance.

Flexibility and Innovation in Power Asset Utilization

Bitdeer's model allows for strategic flexibility, utilizing power assets for crypto mining during the development phase of AI data centers, ensuring productivity and securing utility connections. The company's internal manufacturing of Sealminer rigs provides a cost advantage and the ability to quickly deploy hardware.

The institutional-grade credit structure backing the Tydal lease is seen as an innovative approach that could open additional funding opportunities for the industry.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.