Phoenix Group, the Abu Dhabi Securities Exchange-listed bitcoin miner, narrowed its net loss to $135.9 million (AED499.1 million) for the first nine months of 2026, from $229.1 million a year earlier.
Revenue fell 35.3% to $59.69 million from $92.33 million, according to its results, as reported by Argaam.
The smaller loss came mainly from a 64% drop in unrealized losses on digital assets, to $54.8 million.
Impairments and write-offs fell 61% to $17.7 million from $45.7 million. The company also booked a $13.1 million gain from fair value changes on investments, against a loss of $134,000 a year earlier.
Other operating expenses fell 15% to $15.1 million. The operating loss narrowed to $63.65 million from $76.39 million.
Loss per share was 2.25 cents, compared with 3.79 cents a year earlier.
For the third quarter, the net loss was $44.87 million, compared with $46.36 million a year earlier. Quarterly revenue fell 45.6% to $17.37 million.
The third-quarter loss widened from $9.99 million in the second quarter of 2026.
