Bitdeer Q3 revenue hits record $320.7M as AI cloud backlog reaches ~$2.9B

The headline revenue and EBITDA gains sit alongside a heavy net loss driven largely by non-cash fair-value swings on digital asset borrowings, so the quality of earnings matters as much as the top-line record. The more telling signal is the divergence between self-mined BTC and a near-zero period-end holding, paired with a substantial AI cloud backlog and contracted capacity — a pivot that reframes Bitdeer less as a pure miner and more as a compute landlord. Whether the AI backlog converts to realized revenue, and how the borrowing-related fair-value drag evolves, are the open questions.