Bitdeer Technologies Group reported second-quarter revenue of $228.8 million, up 47% from $155.6 million a year earlier, but the crypto miner missed Wall Street forecasts and posted a wider loss as costs rose faster than sales. The company reported a loss of $0.37 per share, compared with analysts' expectation of $0.32, while net loss widened to $92.3 million from $62.9 million a year earlier. Cost of revenue climbed to $237.3 million, driven by electricity and depreciation expense, pushing Bitdeer to a gross loss of $8.5 million versus a $12.0 million gross profit a year earlier. The results extended a difficult stretch after a $159.5 million deficit in the first quarter, even as operating trends improved. Self-mining revenue nearly tripled to $168.4 million from $59.3 million and Bitcoin mined rose to 2,694 from 565 a year earlier. Adjusted EBITDA improved to $31.1 million from $4.6 million, while AI Cloud revenue increased to $14 million from $1.3 million. Chief Financial Officer Michael G. Potter said the results reflected the benefit of Bitdeer's vertically integrated model as its SEALMINER fleet comes online. Investors focused on the earnings shortfall, sending BTDR down 20.08% on Monday to $8.70, its lowest close since March 31. After gaining roughly 83% in the second quarter, the stock has fallen 43.7% since July. Bitdeer's next earnings update is due in November.