𝐁𝐢𝐭𝐝𝐞𝐞𝐫: 𝐐𝟑 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐁𝐞𝐚𝐭𝐬 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐬, 𝐀𝐝𝐣𝐮𝐬𝐭𝐞𝐝 𝐄𝐁𝐈𝐓𝐃𝐀 𝐒𝐮𝐫𝐠𝐞𝐬 𝟏𝟕𝟑%, 𝐀𝐈 𝐁𝐚𝐜𝐤𝐥𝐨𝐠

$BTDR (-4,53 %)

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📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Revenue: $320.7M (Est. $258.19M) ✅, +89% YoY.

• Net Loss: $125.5M (vs. $30.1M loss YoY).

• Adjusted EBITDA: $69.6M, +173% YoY.

• Gross Profit: $10.8M (vs. $39.7M YoY).

• Gross Margin: 3.4% (vs. 23.4% YoY).

• AI Cloud Revenue: $20.4M (vs. $1.8M YoY).

• Self-Mining Revenue: $217.5M.

• Co-Mining Revenue: $59.9M.

• Cash & Restricted Cash: $213.7M.

• Digital Assets & Receivables: $387.0M.

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Q3 revenue exceeded consensus by ~24.2%, while adjusted EBITDA increased 173% YoY.

• AI Cloud revenue grew more than 11x YoY, reaching $20.4M.

• AI Cloud revenue backlog reached ~$2.9B, with approximately 332 IT MW of secured capacity.

• Tydal secured a $4.7B, 16-year lease with Volta covering 121 IT MW, with potential contract value of ~$8B if extended.

• Tydal Phase 1 remains targeted for Q4 2026, Phase 2 for Q1 2027 and additional capacity for H2 2027.

• Malaysia AI Cloud expansion includes contracted GB300 and Vera Rubin capacity, with deployments scheduled across 2027–2028.

• Malaysia Cyberjaya GPU capacity is fully contracted under five-year commitments worth more than $800M.

• Johor Bahru secured offtake commitments covering over 70% of capacity, representing more than $1.7B in expected five-year revenue.

• Proprietary mining hash rate reached 86.4 EH/s, with 3,855 BTC mined during Q3.

• Gross margin contracted 2,000 bps YoY to 3.4%, reflecting higher electricity and depreciation costs.

• Net loss widened to $125.5M, including a $54.6M non-cash digital asset loan valuation loss.

• Q3 operating cash flow of $6M benefited from $263.8M in deferred revenue, primarily customer prepayments.

• Cash declined to $213.7M from $496.3M QoQ, while borrowings reached $1.95B.

• Capital expenditures totaled $478M, including ~$368M for data center infrastructure and GPU equipment.

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“At the same time, we are converting AI demand into long-duration contracts. Our AI Cloud revenue backlog has grown to approximately US$2.9 billion, and construction at Tydal remains on target.”