{"id":962658,"date":"2026-05-14T07:19:30","date_gmt":"2026-05-14T11:19:30","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\/"},"modified":"2026-05-14T07:19:30","modified_gmt":"2026-05-14T11:19:30","slug":"bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\/","title":{"rendered":"Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">SINGAPORE, May  14, 2026  (GLOBE NEWSWIRE) &#8212; Bitdeer Technologies Group (NASDAQ: BTDR) (\u201c<strong>Bitdeer<\/strong>\u201d or the \u201c<strong>Company<\/strong>\u201d), a world-leading technology company for AI and Bitcoin mining infrastructure, today released its unaudited financial results for the first quarter ended March 31, 2026.<\/p>\n<p>\n        <strong>Q1 2026 Financial<\/strong><br \/>\n        <sup><br \/>\n          <strong>1<\/strong><br \/>\n        <\/sup><br \/>\n        <strong> Highlight<\/strong><br \/>\n        <br \/>\n        <em>All amounts compared to Q1\u201925 unless otherwise noted<\/em>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Total revenue<\/strong>\u00a0was US$188.9 million vs. US$70.1 million.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Cost of revenue\u00a0<\/strong>was US$228.0 million vs. US$74.1 million.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Gross loss<\/strong>\u00a0was US$39.0 million vs. US$4.0 million.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Net loss<\/strong>\u00a0was US$159.5 million vs. net profit of US$105.3 million.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Adjusted EBITDA<\/strong><br \/>\n          <sup><br \/>\n            <strong>2<\/strong><br \/>\n          <\/sup>\u00a0was positive US$14.4 million vs. negative US$45.6\u00a0million.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Cash, cash equivalents and restricted cash\u00a0<\/strong>were US$297.7 million as of March 31, 2026.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Digital assets and digital assets &#8211; receivable balance:<\/strong> US$245.0 million as of March 31, 2026.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Management Commentary<\/strong>\n      <\/p>\n<p align=\"justify\">&#8220;The first quarter of 2026 demonstrated the breadth of Bitdeer&#8217;s execution capability,&#8221; said Matt Kong, Chief Business Officer of Bitdeer Technologies Group. &#8220;We launched the SEALMINER A4, our most efficient mining rig to date, advancing our vertically integrated hardware platform and reinforcing the competitive foundation of our mining business. We activated development of our Tydal facility in Norway, which is expected to become Norway&#8217;s largest operational AI data center upon completion. And we continue to grow our AI Cloud business, recently exceeding $69 million in annualized run-rate revenue.&#8221;<\/p>\n<p align=\"justify\">Mr. Kong continued, &#8220;Underpinning all of this is a global power portfolio of approximately 3.0 gigawatts that we believe is one of the most strategically valuable infrastructure assets in our sector. We are in advanced stages of negotiations with a credit-worthy colocation tenant for Tydal and are confident in our ability to execute a signed agreement. I believe 2026 will be a defining year for Bitdeer as an AI infrastructure platform.&#8221;<\/p>\n<p>\n        <strong>Operational Summary<\/strong>\n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;border-top: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">\n            <strong>Three Months Ended March 31<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:76%;width:76%;min-width:76%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">\n            <strong>Metric<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;padding-left: 0;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\n            <strong>2026<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;padding-left: 0;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">\n            <strong>2025<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Hash Rate Metrics:<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Self-Mining (Operated in self-owned datacenters)<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">65.1<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">11.5<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Co-Mining (Operated in 3<sup>rd<\/sup> party datacenters)<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">4.4<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Other Proprietary Hash Rate<sup>3<\/sup><\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">1.4<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">0.6<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Hosting<sup>4<\/sup><\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">7.2<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">12.1<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Total Hash Rate under Mgmt.<\/strong><br \/>\n            <sup><br \/>\n              <strong>5<\/strong><br \/>\n            <\/sup><br \/>\n            <strong> (EH\/s)<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>78.1<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>24.2<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Mining Rig Metrics:<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Self-Mining<sup>6<\/sup><\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">207,000<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">97,000<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Co-Mining<sup>7<\/sup><\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">18,000<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Hosted<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">37,000<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">78,000<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Total Mining Rigs under Mgmt.<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>262,000<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>175,000<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">BTC Mined<sup>8<\/sup><\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">2,033<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">350<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">BTC Held<sup>9<\/sup><\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">31<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">1,156<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Total Power Usage (MWh)<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">2,250,000<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">881,000\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Average cost of electricity ($\/MWh)<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">$52<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">$48<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Average miner efficiency (J\/TH)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">16.4<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\">29.0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Power Infrastructure Summary (As of 4\/30\/2026)<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Site<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: top\">\n            <strong>(MW)<br \/>Capacity<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: top\">\n            <strong>Energization<br \/>Timing<sup>10<\/sup><\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: top\">\n            <strong>Planned<br \/>Usage<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;border-top: solid black 1pt\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;vertical-align: top\">\n            <strong>Construction Update<\/strong>\n          <\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-top: solid black 1pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\n            <strong>Online Electrical Capacity:<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>1)<\/strong>\n          <\/td>\n<td style=\"max-width:20%;width:20%;min-width:20%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Rockdale, TX<\/td>\n<td colspan=\"2\" style=\"max-width:10%;width:10%;min-width:10%;text-align: center;vertical-align: middle;vertical-align: top\">563<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: top\">Online<\/td>\n<td colspan=\"2\" style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: top\">Crypto to Colocation \/ AI Cloud<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%\">\u00a0<\/td>\n<td style=\"max-width:41%;width:41%;min-width:41%;vertical-align: top\">In active evaluation of AI transition<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Knoxville, TN \u2013 phase 1<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">37<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Q4 \u201926<\/td>\n<td colspan=\"2\" rowspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">Crypto to AI Cloud<\/p>\n<\/td>\n<td rowspan=\"2\">\u00a0<\/td>\n<td rowspan=\"2\" style=\"vertical-align: top\">Phase 1 AI data center conversion design work initiated, targeting to complete by Q4 \u201926.<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>3)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Knoxville, TN \u2013 phase 2<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">49<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Q1 \u201927<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>4)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Wenatchee, WA<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">13<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Q4 \u201926<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">Crypto to AI Cloud<\/td>\n<td>\u00a0<\/td>\n<td style=\"vertical-align: top\">AI data center design documents and building permit application submitted for approval. Core equipment is being delivered in succession; we plan to begin with a GB300 cluster. Dismantling of the crypto mining datacenter started in March 2026. Completion targeted Q4 \u201926.<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>5)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Molde, Norway<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">84<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Online<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">Crypto and in early assessment of converting to AI Cloud<\/td>\n<td>\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>6)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Tydal, Norway \u2013 phase 1<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">50<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Q4 \u201926<\/td>\n<td colspan=\"2\" rowspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">Crypto to Colocation<\/p>\n<\/td>\n<td rowspan=\"2\">\u00a0<\/td>\n<td rowspan=\"2\" style=\"vertical-align: top\">Planning and design continue to advance. Orders for critical long-lead equipment have been placed. Engaged Data Center Installations AS as Bitdeer\u2019s design and construction partner for Tydal AI datacenter conversion<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>7)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Tydal, Norway \u2013 phase 2<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">175<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Q4 \u201926<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>8)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Gedu, Bhutan<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">100<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Online<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">Crypto<\/td>\n<td>\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>9)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Jigmeling, Bhutan<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">500<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Online<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">Crypto<\/td>\n<td>\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>10)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Oromia Region, Ethiopia<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">50<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Online<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">Crypto<\/td>\n<td>\u00a0<\/td>\n<td style=\"vertical-align: top\">Construction of the 50 MW site has been completed and energized, with ongoing energization in phases driven by SEALMINER deliveries<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>11)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Massillon, OH<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">121<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Online<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">Crypto<\/td>\n<td>\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>12)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Cyberjaya, Malaysia<sup>11<\/sup><\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">2<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Online<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">AI Cloud<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Online Electrical Subtotal:<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,744<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" style=\"border-top: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\n            <strong>\u00a0<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\n            <br \/>\n            <strong>Pipeline Electrical Capacity:<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:4%;min-width:4%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>1)<\/strong>\n          <\/td>\n<td style=\"max-width:20%;min-width:20%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Massilon, OH<\/td>\n<td style=\"max-width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: top\">74 \/ 26<\/td>\n<td colspan=\"3\" style=\"max-width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: top\">Q3 \u201926<\/td>\n<td style=\"max-width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: top\">Crypto<\/td>\n<td style=\"max-width:38%;min-width:38%\">\u00a0<\/td>\n<td style=\"max-width:38%;min-width:38%;vertical-align: top\">Due to delivery delays for key electrical components, 74 MW is expected to be energized in phases during Q3 \u201926. Reconstruction of the two fire-damaged buildings (26MW) is currently underway and expected to be rebuilt and energized by the end of Q3 \u201926. We anticipate that the total reconstruction cost will be almost fully recovered through the supplier\u2019s insurance coverage.<\/td>\n<td style=\"max-width:1%;min-width:1%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Clarington, OH<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">570<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">To be updated<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Colocation<\/td>\n<td>\u00a0<\/td>\n<td style=\"vertical-align: top\">570 MW of power under contract with a local utility. Timing of power availability and construction may be affected by ongoing legal proceedings filed by a neighboring company, American Heavy Plate Solutions, LLC., which is under extensive influence from MHR, a New York based PE firm founded by Mark H. Rachesky. Design and other preparation work continues.<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>3)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Niles, OH<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">300<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">Q4 \u201928<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Colocation \/ AI Cloud<\/td>\n<td>\u00a0<\/td>\n<td style=\"vertical-align: top\">300 MW grid-interconnected development site, with target energization in Q4 \u201928. The project includes 41.8 acres of owned land and a transmission line extension agreement with a local utility company<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>4)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Rockdale, TX<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">179<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">2026<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Colocation \/ AI Cloud<\/td>\n<td>\u00a0<\/td>\n<td style=\"vertical-align: top\">In Planning<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>5)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Fox Creek, Alberta, Canada<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">101<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">Q2 \u201927<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">Crypto<\/td>\n<td>\u00a0<\/td>\n<td style=\"vertical-align: top\">101 MW site acquired, fully licensed and permitted for the construction of an on-site natural gas power plant. Assessing current design potential to accommodate future AIDC requirements. Groundbreaking planned for June 2026.<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>6)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Cyberjaya, Malaysia<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">9.5<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">Q4 \u201926<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">AI Cloud<\/td>\n<td>\u00a0<\/td>\n<td style=\"vertical-align: top\">In Progress<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Pipeline Electrical Subtotal:<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,259.5<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Total Global Electrical Capacity:<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3,003.5<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong><br \/>\n          <u>Financial MD&amp;A<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p>Effective January 1, 2026, the Company transitioned from IFRS Accounting Standards as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) to generally accepted accounting principles in the United States of America (&#8216;U.S. GAAP&#8217;). The consolidated financial statements for prior periods have been recast to conform to U.S. GAAP.<\/p>\n<p>\n        <em>All variances are current quarter compared to the same quarter last year. All figures in this section are rounded<\/em><br \/>\n        <sup><br \/>\n          <em>12<\/em><br \/>\n        <\/sup><br \/>\n        <em>.<\/em>\n      <\/p>\n<p>\n        <strong>Q1 2026 High-Level P&amp;L and Disaggregated Revenue Details:<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-top: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">\n            <strong>US $ in millions<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">\n            <strong>Three Months Ended<br \/><\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:64%;width:64%;min-width:64%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>31-Mar-26<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>31-Dec-25<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>31-Mar-25<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Total revenue<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">188.9<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">224.8<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">70.1<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Cost of revenue<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(228.0)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(214.9)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(74.1)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Gross income (loss)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(39.0)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">9.9<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(4.0)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Net income (loss)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(159.5)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(191.5)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">105.3<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Adjusted EBITDA<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">14.4<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">24.3<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(45.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Cash, cash equivalents and restricted cash<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">297.7<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">177.9<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">233.7<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">\n            <strong>US $ in millions<\/strong>\n          <\/td>\n<td colspan=\"6\" style=\"text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">\n            <strong>Three months ended March 31, 2026<br \/><\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:28%;width:28%;min-width:28%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Business line<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Self-mining<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Co-mining<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Cloud <br \/>hash rate<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>General <br \/>hosting<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Membership <br \/>hosting<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Sales of <br \/>SEALMINERs <br \/>and <br \/>Accessories<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Revenue<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">146.9<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">9.0<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">3.7<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">5.5<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">13.7<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">3.7<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Cost of revenue<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Including:<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">&#8211; Electricity cost in operating mining rigs<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(95.5)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(4.3)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(1.8)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(4.5)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(10.2)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">&#8211; Depreciation and SBC expenses<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(76.3)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(4.5)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(1.7)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(0.4)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(1.1)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">&#8211; Cost of products sold<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(3.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">&#8211; Other costs<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(9.5)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(1.2)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(0.2)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(0.3)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(0.8)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Total cost of revenue<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(181.3)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(9.9)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(3.7)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(5.3)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(12.1)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(3.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Gross income (loss)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(34.4)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(0.9)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">0.2<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">1.6<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">0.2<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-top: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">\n            <strong>US $ in millions<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: middle\">\n            <strong>Three months ended March 31, 2025<br \/><\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Business line<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Self-mining<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Cloud hash <br \/>rate<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>General <br \/>hosting<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Membership <br \/>hosting<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Sales of <br \/>SEALMINERs <br \/>and <br \/>Accessories<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Revenue<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">37.2<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">0.1<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">9.6<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">16.3<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">4.1<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Cost of revenue<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Including:<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">&#8211; Electricity cost in operating mining rigs<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(24.0)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(6.8)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(11.4)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">&#8211; Depreciation and SBC expenses<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(12.1)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(0.1)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(1.1)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(1.8)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">&#8211; Cost of products sold<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(3.3)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">&#8211; Other costs<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(5.4)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(1.4)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(2.4)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Total cost of revenue<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(41.4)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(0.1)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(9.2)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(15.6)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(3.3)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">\n            <strong>Gross income (loss)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">(4.2)<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">0.4<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">0.7<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">0.8<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong><br \/>\n          <em><br \/>\n            <br \/>Q1 2026 Management\u2019s Discussion and Analysis (compared to Q1 2025)<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Revenue<\/em><br \/>\n        <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Total revenue<\/strong>\u00a0was US$188.9 million vs. US$70.1 million.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Self-mining revenue<\/strong>\u00a0was US$146.9 million vs. US$37.2 million, primarily due to the increase in the average self-mining hashrate for the quarter by 551.5% to 63.2 EH\/s from 9.7 EH\/s last year.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Co-mining revenue <\/strong>was US$9.0 million, primarily contributed by 3.7 EH\/s average mining hashrate for the first quarter of 2026.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Cloud Hash Rate<\/strong>\u00a0<strong>revenue<\/strong>\u00a0was US$3.7 million vs. US$0.1 million.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>General Hosting revenue\u00a0<\/strong>was US$5.5 million vs. US$9.6 million.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Membership Hosting revenue\u00a0<\/strong>was US$13.7 million vs. US$16.3 million.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>SEALMINER sales revenue\u00a0<\/strong>was US$3.7 million vs. US$4.1 million.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>AI Cloud revenue\u00a0<\/strong>was US$3.7 million vs. US$1.4 million.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Cost of Revenue<\/em><br \/>\n        <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Cost of revenue\u00a0<\/strong>was US$228.0 million vs US$74.1 million. The increase was primarily driven by higher electricity and depreciation costs as a significant number of new mining rigs came online and a slightly higher per unit power cost. Additionally, the staff cost and AI cloud service fee increased along with the business expansion.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Gross<\/em><br \/>\n        <\/strong>\u00a0<strong><em>loss and Margin<\/em><\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Gross loss\u00a0<\/strong>was US$39.0 million vs. US$4.0 million.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">\n          <strong>Gross margin<\/strong>\u00a0was -20.7% vs. -5.7%.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Operating Expenses<\/em><br \/>\n        <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:8pt;text-align:justify\">The sum of the operating expenses below was US$47.7 million vs. US$75.7 million.\n<ul type=\"circle\">\n<li style=\"margin-bottom:8pt;text-align:justify\">Selling expenses were US$2.9 million vs. US$1.4 million. The increase was primarily due to the increased advertising expenses for our AI business.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">General and administrative expenses were US$24.6 million vs. US$15.3 million. The increase was primarily due to an increase in staff costs for general and administrative personnel and consulting fees for general corporate management and compliance activities.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">Research and development expenses were US$20.2 million vs. US$59.0 million, primarily due to a reduction in one-off incremental development expenses.<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">Loss on change in fair value of digital assets held for operations were US$24.0 million vs. US$21.3 million.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">Other operating income were US$4.8 million vs. US$2.5 million. This was largely attributable to the change in fair value of digital assets-settled receivables and payables.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Non-operating items<\/em><br \/>\n        <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:8pt;text-align:justify\">Net interest expenses were US$29.5 million vs. US$5.3 million, primarily due to increased borrowing through the convertible senior notes and borrowing from a related party.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">In Q1 2026, we recorded US$9.0 million gain on change in fair value of digital assets loan and US$16.2 million loss on change in fair value of digital assets &#8211; receivable. This is a fair value change of our loan in digital assets and the associated collateral digital assets in connection with our loan from a related party mainly due to the fluctuations of Bitcoin price.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">In Q1 2025, we recorded US$205.0 million gain on fair value changes of derivative liabilities for the convertible notes issued in August 2024 and Tether warrants, both of which were retired in 2025.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">In Q1 2026, we recorded US$17.8 million other net loss primarily due to the US$6.4 million of loss on derivative assets, US$5.4 million loss on extinguishment of debt in connection with the convertible senior notes issued in November 2024, and US$5.0 million donation.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Net Income (Loss)<\/em><br \/>\n        <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:8pt;text-align:justify\">Net loss was US$159.5 million vs. net income of US$105.3 million.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Adjusted Loss (Non-GAAP)<\/em><br \/>\n        <\/strong><br \/>\n        <sup><br \/>\n          <strong><br \/>\n            <em>13<\/em><br \/>\n          <\/strong><br \/>\n        <\/sup>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:8pt;text-align:justify\">Adjusted loss was US$106.6 million vs. US$66.4 million. The change was primarily due to the higher energy and depreciation costs, and higher interest expense, partially offset by the year-over-year higher revenue.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Adjusted EBITDA (Non-GAAP)<\/em><br \/>\n        <\/strong><br \/>\n        <sup><br \/>\n          <strong><br \/>\n            <em>2<\/em><br \/>\n          <\/strong><br \/>\n        <\/sup>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:8pt;text-align:justify\">Adjusted EBITDA was US$14.4 million vs. negative US$45.6 million. The year-over-year growth was primarily driven by significantly higher self-mining hashrate as a result of the Company\u2019s mass production and deployment of SEALMINERs, along with lower operating expenses incurred.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Cash Flows<\/em><br \/>\n        <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:8pt;text-align:justify\">Net cash used in operating activities was US$346.9 million, primarily driven by SEALMINERs supply chain and manufacturing costs, electricity costs from the mining business, general corporate overhead and interest.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">Net cash provided by investing activities was US$113.3 million, which included US$93.7 million of capital expenditures for datacenter infrastructure construction, GPU equipment procurement and tariffs and freight for mining rigs delivered to the datacenters, and US$206.8 million of proceeds from the disposal of digital assets.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">Net cash provided by financing activities was US$352.6 million, primarily driven by the proceeds of a total US$568.3 million from our convertible senior note issuance in February, borrowings and ATM program, partially offset by US$85.0 million of repayments of borrowings, US$93.0 million of repayments made in connection with the extinguishment of convertible senior notes, and US$33.7 million of purchase of capped call instrument.<\/li>\n<\/ul>\n<p>\n        <strong><br \/>\n          <em>Balance Sheet<\/em><br \/>\n        <\/strong><br \/>\n        <br \/>\n        <em>As of March 31, 2026 (compared to December 31, 2025)<\/em>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:8pt;text-align:justify\">US$297.7 million in cash, cash equivalents and restricted cash, US$245.0 million in digital assets and digital assets receivables, and US$1.9 billion in borrowing.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">US$386.7 million prepayments and other assets, decrease from US$723.0 million. Change primarily driven by delivery of raw materials procurement for SEALMINERs mass volume production.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">US$613.0 million inventories, up from US$252.0 million. Increase mainly including wafers, chips, WIP and finished SEALMINERs inventory.<\/li>\n<li style=\"margin-bottom:8pt;text-align:justify\">US$1.2 billion in property, plant and equipment, up from US$1.1 billion. Change mainly raised from mass production and the deployment of SEALMINERs to the Company\u2019s datacenters for mining activities and expansion of datacenters.<\/li>\n<\/ul>\n<p align=\"justify\">Further information regarding the Company\u2019s first quarter 2026 financial and operations results can be found on the SEC\u2019s website\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=pKU9gHGXo5qBdcQavahqgM9iiPC_ow8EstJl-p_9ASWdISKgp-xGz7bKebDuob4jyI-Y998a9bx6zbZ6tziy1zy7QLgmbQt0HZzXNSWdMIh0G4CiGhgXfpaRLQV1s6cAif2I0t61qIIbbasEkcdYuC5WT1Vo6o7Bq6SieEyhaPB2kLqY2-PPrh3-KKZUdfWV_gliPKrN0bKlqnLo0J_HvmeamerWR4A8AFSMrZkj1BU=\" rel=\"nofollow\" target=\"_blank\">https:\/\/sec.gov<\/a>\u00a0and the Company\u2019s Investor Relations website\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=pKU9gHGXo5qBdcQavahqgF6rs6dyTdClItPZbHFY613sknBIVzDbVMUB2MCeVdaKy03Oq8F4M0L4RKQdRgJkZmXoLv_cepkpAbXZgYObSMdO6y02Z2eN6hEGStpFG5luEd56lkO9Irv86wgy7wISta1W5snt_unv1uBZUQlLVDzlDQeNu8JMegBL5XA3XBTr0T3PJo2p2o1JSTCZPjtrpiBY6GTqyy3reOIjrSxlEWNRFPIqpCqelS7U9R-6tRYKoH9z2BOQoOLp9WbVjKcxfw==\" rel=\"nofollow\" target=\"_blank\">https:\/\/ir.bitdeer.com<\/a>.<\/p>\n<p>\n        <strong>About Bitdeer Technologies Group<\/strong>\n      <\/p>\n<p align=\"justify\">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\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=pKU9gHGXo5qBdcQavahqgF6rs6dyTdClItPZbHFY6132A2jKmLWDH-ao3ua2vuUozRSxpaaUWyP51SZz3Z7vQ9n6yCSRpS7JY3Ohtv_hgiiiv8jCg_tZrMx2ZyOUjZqeL7yfqhq4I_x__T_L3uMDguoeNT1RyDipGHLx_URnbDgYKxPVcrofSObGtarohb4YRRMGC9aB14QVdjv7eR4ce_uXmoqMlcmFLNg0Sykmcsmw6_pW913_XibNt6oStmkW9CSPQcA7TSIrU_GryO9T-QzCN8DdZsIfR-ZspU8SvbPerMxB4cpVOXnU9N1oBv4l7rTIJ6jEtP1uBdB8pcrSiKL8hIk0SyDaV33jn81SppmvfGUy4b6Vtlk2vtEcYR39VCyVbDrnJWfWmRDZUPlnm0Acw0AgpvsHfhxtymKLti_0EIjvGXkQy3HHvzzaBkrGLAc1Uhz0d4go7Rmx6V80ADfkO4YSekToe6n_FDx76f_5u2_L5ZEAO6V9LSjohWV3yIJBFq4fOKgkhL28DmLNg_-u_WXWMHwoojh14Cw0xz02SEtjAi_C5K-UfXUvapsQ1JQ4L15X4-5CI-bkdCZYCuizpHgBbnrpbsnW0lYWB9uPbguhNP0OMLi68gBft_gKyNo_oIFSHOLUCjye9EZ1qMGI0g5-CQsYlVr_rJEKKOU0noRa8vCAfkp7EcILjV3JSffAP7nawFPvebYQr03ClLr0uV4JG9y8OywkeBm7MAVEFDmSbMfDevLEfZgEgtdoIcNm5_0EunNteWE7zxC-rc4te6RH2EzO5LObH-LMnE2rXbnjGcDCld29UwKZ2eBKREnhiy_qFQ6FYhoQS-Tk1VMwsc8AUNd0tDtZgkLyA1eC1j2Y60bJC3Jm5kaFXmT-TFG5V5QaqX44HO6Yt8TSy6S7hojTvz-N8x5R5hmdoUzI-CJ5u67m820g_WOSBQ2cCQHy8rH3wyJMKv2rkCuaa-GMh3LkJHDp02LzT8wr_rbH8r9_n23HvVz4HXfbc81wfuvpfttBB_LaLepwV8YdrpbmgXh1dqtP0J1545lSfk4pA42Ccxagy7PpWQSoscuiKNVOSHfLA4uMhKMYdRa6fXUIYIQRi4gF2xTvDSGiooHDS3OymibkDbhoBcXNsHyy_QrKRU_rNkHW8XiITkRh9c4LVjNC_lB_tWx5rzGoZHF_WQH-nAs2R9T0YJ8TQIbqSdbCvVyXkDMsT10uukNQjKOHPvokCKpvS9A-m8IOvwbABLRCJdcFTfj01KHF61x7bI5Vrg3tDj7KJ8YWcJMz1zqIYt_jrrN0uAasspXLGyyKyOS_ztJ_9CCb81rrZpKV191j3TUvh6OuvsXsJmpJWAaPF1FEkT_g-126fg5_QCpYBSQdu6WHURyh5AV-Ea5h2SiEUrlVKAkbJBmMIhDj6TY3BOlI7IBQcfKtabkRXhs=\" rel=\"nofollow\" target=\"_blank\">https:\/\/ir.bitdeer.com\/<\/a>\u00a0or follow Bitdeer on X\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=LNGx1vVHJCwEti0gx-tyGhpE7IU4sHBTGxJ3sWSmjpZD4URmw-M9x89rasocp4IEqh4dXCb_BFg57xl_Nrs-8JJoSXiYLVF4F1dKIGpgzIg=\" rel=\"nofollow\" target=\"_blank\">@BitdeerOfficial<\/a>\u00a0and LinkedIn @\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=olbfseK3cX_B_p9iFs8kExeJjhvF5pUtv73xFCVa0L_snfB6v_fHNJECE-NXzfiz3cBAWQI5pF4QW9OCcQi2eys8ZsfS9fHlFJ0U0MJcwl_j7b_GcAdUV7w71SSZUgxZ\" rel=\"nofollow\" target=\"_blank\">Bitdeer Group.<\/a><\/p>\n<p align=\"justify\">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.<\/p>\n<p>\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">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 \u201cforward-looking statements\u201d within the meaning of The Private Securities Litigation Reform Act of 1995. The words \u201canticipate,\u201d \u201clook forward to,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cshould,\u201d \u201ctarget,\u201d \u201cwill,\u201d \u201cwould\u201d 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 \u201cRisk Factors\u201d in Bitdeer\u2019s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer\u2019s 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.<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"5\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>BITDEER GROUP UNAUDITED CONSOLIDATED BALANCE SHEET<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>March 31,<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>December 31,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>(US $ in thousands)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2025<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>ASSETS<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Current assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Cash and cash equivalents<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">260,761<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">149,352<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Restricted cash<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">30,582<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">22,366<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Digital assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">35,115<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">85,488<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Digital assets &#8211; receivables<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">209,867<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">135,558<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Accounts receivable<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">33,281<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">31,374<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Amounts due from related parties<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">9,635<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">9,654<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Prepayments and other current assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">341,110<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">698,291<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Inventories, net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">613,042<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">251,999<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Short-term investments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,694<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,976<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Total current assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,538,087<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,389,058<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Non-current assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Restricted cash<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,351<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,159<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Other non-current assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">45,563<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">24,681<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Long-term investments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">37,876<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">39,081<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Operating lease right-of-use assets, net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">101,088<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">104,725<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Property, plant and equipment, net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,235,445<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,086,275<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Intangible assets, net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">87,866<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">93,432<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Goodwill<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,818<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,818<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Deferred tax assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,997<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,682<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Total non-current assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,563,004<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,398,853<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>TOTAL ASSETS<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3,101,091<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,787,911<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>LIABILITIES<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Current liabilities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Accounts payable<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">133,580<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">119,818<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Accrued expenses and other current liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">57,853<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">54,964<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Amounts due to a related party<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">4,126<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,340<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Income tax payables<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">12,764<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,355<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Deferred revenue<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">57,639<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">64,391<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Short-term borrowings<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">26,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,000<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Current portion of long-term borrowings<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">49<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Short-term borrowings from a related party<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">167,822<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Current portion of long-term borrowings from a related party<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">350,000<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">275,000<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Current portion of operating lease liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">22,217<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,888<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Total current liabilities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>832,050<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>569,769<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Non-current liabilities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Other non-current liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2,450<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2,413<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Deferred revenue<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">61,420<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">63,255<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Long-term borrowings<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,180,654<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">947,183<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Long-term borrowings from a related party<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">195,583<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">246,831<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Operating lease liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">86,343<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">98,468<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Deferred tax liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">12,476<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">11,973<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Total non-current liabilities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>1,538,926<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>1,370,123<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>TOTAL LIABILITIES<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2,370,976<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>1,939,892<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>STOCKHOLDERS\u2019 EQUITY<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Common stock<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">*<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">*<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Treasury stock<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(35,990)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Accumulated deficit<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(693,683)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(534,156)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Additional paid-in capital<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,423,162<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,418,111<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Accumulated other comprehensive income<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">636<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">54<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>TOTAL STOCKHOLDERS\u2019 EQUITY<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>730,115<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>848,019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>TOTAL LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3,101,091<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,787,911<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>* Amount less than US$1,000<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"4\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME<br \/>(LOSS)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:75%;width:75%;min-width:75%;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Three months ended March 31,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>(US $ in thousands)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2026<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2025<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Revenue<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>188,930<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>70,128<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Cost of revenue<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(227,971)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(74,098)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Gross loss<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(39,041<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(3,970<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Selling expenses<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(2,893)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1,391)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">General and administrative expenses<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(24,592)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(15,278)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Research and development expenses<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(20,199)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(59,004)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of digital assets held for operations<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(24,028)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(21,309)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Other operating income<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">4,821<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,486<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Total operating expenses<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(66,891<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(94,496<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Loss from operations<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(105,932<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(98,466<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Interest expenses, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(29,516)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(5,290)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Share of losses from equity method investments<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1,887)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(2,696)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of digital assets &#8211; receivable<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(16,152)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of digital assets loan<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">8,963<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of derivative liabilities<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">205,004<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Foreign exchange gain (loss)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(645)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,603<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Other net losses<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(17,772)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1,453)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Income (loss) before taxes<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(162,941<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>98,702<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Income tax benefit<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">3,414<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">6,613<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Net income (loss)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(159,527<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>105,315<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Foreign currency translation adjustment, net of tax<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">582<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">166<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Total comprehensive income (loss)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(158,945<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>105,481<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Net income (loss) per share (in US$)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Basic<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.68)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">0.55<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Diluted<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.68)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.47)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Weighted average number of shares outstanding (thousand shares)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Basic<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">233,393<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">190,199<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Diluted<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">233,393<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">203,476<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"4\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:75%;width:75%;min-width:75%;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Three months ended March 31,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>(US $ in thousands)<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2026<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2025<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Net cash\u00a0used in operating activities<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(346,894<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(285,274<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Cash flows from investing activities<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Purchase of property, plant and equipment and intangible assets<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(93,746)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(45,725)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Purchase of long-term investments<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(400)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(132)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Proceeds from disposal of property, plant and equipment<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">574<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Purchase of digital assets<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(18,159)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Proceeds from disposal of digital assets<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">206,843<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">12,283<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Cash paid for the site and gas-fired power project in Alberta, Canada<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(21,870)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Net cash provided by (used in) investing activities<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>113,271<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(73,603<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Cash flows from financing activities<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Proceeds from borrowings<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">26,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Repayment of borrowings<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(26,000)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Borrowings from a related party<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">150,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Repayment of borrowings to a related party<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(59,000)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Proceeds from exercise of stock-based rewards<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">70<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">530<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Proceeds from issuance of common stock, net of transaction costs<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">27,761<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">118,403<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Repurchase of common stock<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(4,000)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(21,010)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Proceeds from convertible senior notes, net of transaction costs<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">364,502<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1,119)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Repayments made in connection with the extinguishment of convertible senior notes<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(93,046)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Purchase of capped call instrument<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(33,713)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Net cash provided by financing activities<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>352,574<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>96,804<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Net increase (decrease) in cash, cash equivalents and restricted cash<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>118,951<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(262,073<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Effect of exchange rate changes on cash, cash equivalents and restricted cash<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">866<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,101<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Cash, cash equivalents and restricted cash at the beginning of the period<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">177,877<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">493,626<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Cash, cash equivalents and restricted cash at the end of the period<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>297,694<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>233,654<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>Use of Non-GAAP Financial Measures<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p align=\"justify\">In evaluating the Company\u2019s business, the Company considers and uses non-GAAP measures, adjusted EBITDA\u00a0and adjusted loss, as supplemental measures to review and assess its operating performance. The\u00a0Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further\u00a0adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets &#8211; receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses, and defines adjusted income (loss) as income (loss) adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets &#8211; receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.<\/p>\n<p align=\"justify\">The Company presents these non-GAAP 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-GAAP measures facilitate investors\u2019 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\u2019s loss for the periods, as determined in accordance with GAAP. The Company compensates for these limitations by reconciling these non-GAAP financial measures to the nearest GAAP 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.<\/p>\n<p align=\"justify\">The following table presents a reconciliation of income (loss) for the relevant period to adjusted EBITDA and adjusted loss, for the three months ended March 31, 2026 and 2025.<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"4\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>BITDEER GROUP UNAUDITED NON-GAAP ADJUSTED EBITDA AND ADJUSTED INCOME (LOSS) RECONCILIATION<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:75%;width:75%;min-width:75%;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Three months ended March 31,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>(US $ in thousands)<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2026<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2025<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Adjusted EBITDA<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Net income (loss)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(159,527<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>105,315<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong><br \/>\n              <em>Add<\/em><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <em>\uff1a<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Depreciation and amortization<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">94,867<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">22,104<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Income tax benefits<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(3,414)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(6,613)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Interest expenses, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">29,516<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">5,290<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Stock-based compensation expense<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">7,129<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">10,404<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Share of losses from equity method investments<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,887<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,696<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of digital assets held for operations<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">24,028<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">21,309<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of digital assets-settled receivables and payables<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(5,059)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(2,551)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of digital assets &#8211; receivable<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">16,152<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of digital assets loan<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(8,963)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of derivative liabilities<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(205,004)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <sup>Other net losses<\/sup><br \/>\n            <sup>14<\/sup>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">17,772<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,453<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Total of Adjusted EBITDA<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>14,388<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(45,597<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Adjusted Loss<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Net income (loss)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(159,527<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>105,315<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong><br \/>\n              <em>Add<\/em><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <em>\uff1a<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Stock-based compensation expense<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">7,129<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">10,404<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Share of losses from equity method investments<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,887<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,696<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of digital assets held for operations<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">24,028<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">21,309<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of digital assets-settled receivables and payables<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(5,059)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(2,551)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of digital assets &#8211; receivable<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">16,152<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of digital assets loan<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(8,963)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Change in fair value of derivative liabilities<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(205,004)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Other net losses<sup>14<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">17,772<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,453<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Total of Adjusted Loss<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(106,581<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>(66,378<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>For investor and media inquiries, please contact:<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Investor Relations<br \/><\/strong>Tesh Dahya, Head of Investor Relations<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=P9aC-qcT_0DvAcphhDOU_BZwQy3dZSjiB1l-HE5PA3VyxFUWEas7DBJgb5DNvkcObxzihsK2lJvkIutfwD6ieHVvCHzLMDfC-kY-ZAMMCSI=\" rel=\"nofollow\" target=\"_blank\"><u>tesh.dahya@bitdeer.com<\/u><\/a><\/p>\n<p>\n        <strong>Media<br \/><\/strong>Elev8 New Media<br \/>Jessica Starman, MBA<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=8bq4p3AY6v_VydJir_pyhb3hbU1d8-0ZnwOPHsOikR77s4EWwXKVM2-h9TwoGKZUTV-eHvA2IDqx8qUSIBTcXEZFUCTa-JIDt5UujC5VT0jjZ-wYZ8L97njPVefs8jvE\" rel=\"nofollow\" target=\"_blank\"><u>bitdeer@elev8newmedia.com<\/u><\/a><\/p>\n<p>___________________________________<\/p>\n<p>\n        <sup>1<\/sup> Effective January 1, 2026, the Company transitioned from IFRS Accounting Standards as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) to generally accepted accounting principles in the United States of America (&#8216;U.S. GAAP&#8217;). The consolidated financial statements for prior periods have been recast to conform to U.S. GAAP. <br \/><sup>2<\/sup><strong>\u201cAdjusted EBITDA\u201d<\/strong> is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets &#8211; receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.<br \/><sup>3<\/sup><strong>Other Proprietary Hash Rate<\/strong> includes the hashrate from Bitdeer\u2019s cloud hashrate business, mining rigs delivered in the crypto mining datacenters but not deployed and the mining rigs temporarily offline due to limited economic benefit.<br \/><sup>4<\/sup><strong>Hosting <\/strong>encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.<br \/><sup>5<\/sup><strong>Total hash rate under management<\/strong> across Bitdeer\u2019s primary business lines: Self-mining, Co-mining, Cloud Hash Rate, and Hosting.<br \/><sup>6<\/sup><strong>Self-Mining <\/strong><strong>(Operated in self-owned datacenters)<\/strong> refers to cryptocurrency mining for Bitdeer\u2019s own account, whereby its mining rigs are operated in self-owned datacenters.<br \/><sup>7<\/sup><strong>Co-mining <\/strong><strong>(Operated in 3<\/strong><sup><strong>rd<\/strong><\/sup><strong> party datacenters)<\/strong> refers to cryptocurrency mining for Bitdeer\u2019s own account, whereby its mining rigs are operated in third-party datacenters.<br \/><sup>8<\/sup><strong>Bitcoins <\/strong><strong>mined<\/strong> Includes BTC from self-mining operations and BTC from co-mining operations.<br \/><sup>9<\/sup><strong>Bitcoins held <\/strong>does not include Bitcoins from customer deposits but does include Bitcoins that are pledged as collateral by us.<br \/><sup>10<\/sup> Indicative timing for completion of power. All timing references are to calendar quarters and years<br \/><sup>11<\/sup> Capacity under lease arrangement<br \/><sup>12<\/sup> Figures may not add due to rounding.<br \/><sup>13<\/sup><strong>\u201cAdjusted profit\/(loss)\u201d<\/strong> is defined as profit\/(loss) adjusted to exclude stock-based compensation expense, share of losses from equity method investments, change in fair value of digital assets held for operations, change in fair value of digital assets-settled receivable and payable, change in fair value of digital assets &#8211; receivable, change in fair value of digital assets loan, change in fair value of derivative liabilities, and other net losses.<br \/><sup>14<\/sup> In the three months ended March 31, 2026, we recorded US$17.8 million other losses primarily due to the US$6.4 million of loss on derivative assets, US$5.4 million loss on extinguishment of debt in connection with the convertible senior notes issued in November 2024, and US$5.0 million donation.<\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcyMDMxOSM3NjAzMzA3IzIyNDQxMjk=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/ZDJiMDliMTQtOTZlOC00NDQ3LWFiZWEtOWU5NDFmNWNhOTAzLTEyNTU2ODItMjAyNi0wNS0xNC1lbg==\/tiny\/Bitdeer-Technologies-Group.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>SINGAPORE, May 14, 2026 (GLOBE NEWSWIRE) &#8212; Bitdeer Technologies Group (NASDAQ: BTDR) (\u201cBitdeer\u201d or the \u201cCompany\u201d), a world-leading technology company for AI and Bitcoin mining infrastructure, today released its unaudited financial results for the first quarter ended March 31, 2026. Q1 2026 Financial 1 Highlight All amounts compared to Q1\u201925 unless otherwise noted Total revenue\u00a0was US$188.9 million vs. US$70.1 million. Cost of revenue\u00a0was US$228.0 million vs. US$74.1 million. Gross loss\u00a0was US$39.0 million vs. US$4.0 million. Net loss\u00a0was US$159.5 million vs. net profit of US$105.3 million. Adjusted EBITDA 2 \u00a0was positive US$14.4 million vs. negative US$45.6\u00a0million. Cash, cash equivalents and restricted cash\u00a0were US$297.7 million as of March 31, 2026. Digital assets and digital assets &#8211; receivable balance: US$245.0 million as of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-962658","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"SINGAPORE, May 14, 2026 (GLOBE NEWSWIRE) &#8212; Bitdeer Technologies Group (NASDAQ: BTDR) (\u201cBitdeer\u201d or the \u201cCompany\u201d), a world-leading technology company for AI and Bitcoin mining infrastructure, today released its unaudited financial results for the first quarter ended March 31, 2026. Q1 2026 Financial 1 Highlight All amounts compared to Q1\u201925 unless otherwise noted Total revenue\u00a0was US$188.9 million vs. US$70.1 million. Cost of revenue\u00a0was US$228.0 million vs. US$74.1 million. Gross loss\u00a0was US$39.0 million vs. US$4.0 million. Net loss\u00a0was US$159.5 million vs. net profit of US$105.3 million. Adjusted EBITDA 2 \u00a0was positive US$14.4 million vs. negative US$45.6\u00a0million. Cash, cash equivalents and restricted cash\u00a0were US$297.7 million as of March 31, 2026. Digital assets and digital assets &#8211; receivable balance: US$245.0 million as of &hellip; Continue reading &quot;Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-14T11:19:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcyMDMxOSM3NjAzMzA3IzIyNDQxMjk=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"18 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026\",\"datePublished\":\"2026-05-14T11:19:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\\\/\"},\"wordCount\":3682,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=OTcyMDMxOSM3NjAzMzA3IzIyNDQxMjk=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\\\/\",\"name\":\"Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026 - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\/","og_locale":"en_US","og_type":"article","og_title":"Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026 - Market Newsdesk","og_description":"SINGAPORE, May 14, 2026 (GLOBE NEWSWIRE) &#8212; Bitdeer Technologies Group (NASDAQ: BTDR) (\u201cBitdeer\u201d or the \u201cCompany\u201d), a world-leading technology company for AI and Bitcoin mining infrastructure, today released its unaudited financial results for the first quarter ended March 31, 2026. Q1 2026 Financial 1 Highlight All amounts compared to Q1\u201925 unless otherwise noted Total revenue\u00a0was US$188.9 million vs. US$70.1 million. Cost of revenue\u00a0was US$228.0 million vs. US$74.1 million. Gross loss\u00a0was US$39.0 million vs. US$4.0 million. Net loss\u00a0was US$159.5 million vs. net profit of US$105.3 million. Adjusted EBITDA 2 \u00a0was positive US$14.4 million vs. negative US$45.6\u00a0million. Cash, cash equivalents and restricted cash\u00a0were US$297.7 million as of March 31, 2026. Digital assets and digital assets &#8211; receivable balance: US$245.0 million as of &hellip; Continue reading \"Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\/","og_site_name":"Market Newsdesk","article_published_time":"2026-05-14T11:19:30+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcyMDMxOSM3NjAzMzA3IzIyNDQxMjk=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"18 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026","datePublished":"2026-05-14T11:19:30+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\/"},"wordCount":3682,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcyMDMxOSM3NjAzMzA3IzIyNDQxMjk=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/bitdeer-reports-unaudited-financial-results-for-the-first-quarter-of-2026\/","name":"Bitdeer Reports Unaudited Financial Results for the First Quarter of 2026 - 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