Bitdeer Technologies Group (BTDR) shares fell more than 15% on Monday after the company reported second-quarter 2026 results that showed strong revenue growth but a wider net loss.

The cryptocurrency mining company’s stock had already declined 15% over the previous month. Although shares were up 1.5% in premarket trading, they reversed sharply after the market opened.

Quarterly revenue came in at $228.8 million, up 47% from $155.6 million in the same period of 2025 and slightly above Wall Street’s consensus estimate of $225 million.

LATEST: Bitdeer mined 2,694 BTC in Q2, nearly five times last year's output, with its revenue also rising 47% to $228.8M. pic.twitter.com/jGf585abhX — CoinMarketCap (@CoinMarketCap) August 10, 2026

Self-mining operations generated the largest share of revenue, contributing $168.4 million. Bitdeer said its average self-mining hashrate rose 389% to 69.5 exahashes per second.

Revenue from AI cloud services increased tenfold year over year to $14 million in the quarter, underscoring the company’s push into AI infrastructure development and helping explain why investors are watching the mix between mining output and adjacent compute businesses as closely as headline revenue.

Despite the revenue gains, Bitdeer’s net loss widened to $92.3 million from $62.9 million in the year-ago quarter. The company said higher electricity costs, depreciation, research and development spending, administrative expenses, and interest obligations all contributed to the larger loss.

Bitdeer also mined a record 2,694 Bitcoin in the quarter, up from 565 BTC in the same period of 2025. However, its Bitcoin holdings ended the quarter at just 150 BTC, down 90% from 1,502 BTC a year earlier.

The company liquidated its entire 943 BTC treasury reserve in February, saying the sale was needed to support liquidity requirements. It also appeared to sell most of the Bitcoin it mined during the quarter as Bitcoin fell below $60,000.

Chief Financial Officer Michael Potter, who joined from Corsair Gaming in May, said the company’s AI cloud business is continuing to scale as its SEALMINER fleet comes online.

“Our AI Cloud revenue continues to scale, alongside our mining business as our SEALMINER fleet comes online,” Potter said.

Earlier this month, Bitdeer signed a 16-year lease agreement worth $4.7 billion to secure 121 megawatts of AI computing infrastructure at its Tydal facility in Norway. Potter described the deal as the company’s “first large-scale proof point” supporting its colocation business model.

“Earlier this month, we converted a meaningful portion of our power portfolio into long term, contracted revenue with the Tydal, Norway agreement,” he said.

Bitdeer has been expanding its presence in AI data center operations and high-performance computing infrastructure in recent reporting periods, a shift that has become increasingly relevant for miners seeking revenue streams beyond Bitcoin production.

BTDR ended Monday’s session down more than 15% and has fallen roughly 30% over the past two months.