Hut 8 Mining Financials
This page shows Hut 8 Mining (HUT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Hut 8 Mining generated $162.4M in revenue in fiscal year 2024. This represents an increase of 69.1% from the prior year.
Hut 8 Mining's EBITDA was $508.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1787.3% from the prior year.
Hut 8 Mining reported $331.9M in net income in fiscal year 2024. This represents an increase of 1418.9% from the prior year.
Hut 8 Mining earned $3.40 per diluted share (EPS) in fiscal year 2024. This represents an increase of 672.7% from the prior year.
Hut 8 Mining held $85.0M in cash against $235.6M in long-term debt as of fiscal year 2024.
Hut 8 Mining had 99M shares outstanding in fiscal year 2024. This represents an increase of 11.8% from the prior year.
Hut 8 Mining's gross margin was 46.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 3.1 percentage points from the prior year.
Hut 8 Mining's operating margin was 283.6% in fiscal year 2024, reflecting core business profitability. This is up 273.8 percentage points from the prior year.
Hut 8 Mining's net profit margin was 204.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 181.6 percentage points from the prior year.
Hut 8 Mining's ROE was 34.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 29.5 percentage points from the prior year.
HUT Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $83.5M+102.2% | $41.3M+89.3% | $21.8M-31.2% | $31.7M-27.5% | $43.7M+24.2% | $35.2M-31.9% | $51.7M+35.6% | $38.2M |
| Cost of Revenue | $32.3M+48.5% | $21.8M+16.7% | $18.7M-8.1% | $20.3M+15.7% | $17.6M-14.9% | $20.6M-26.7% | $28.1M+39.5% | $20.2M |
| Gross Profit | $51.2M+162.2% | $19.5M+518.6% | $3.2M-72.3% | $11.4M-56.5% | $26.2M+79.5% | $14.6M-38.2% | $23.6M+31.1% | $18.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $25.9M-14.3% | $30.2M+43.2% | $21.1M+11.8% | $18.8M+16.5% | $16.2M-9.6% | $17.9M-10.5% | $20.0M-40.1% | $33.4M |
| Operating Income | $72.7M-61.3% | $187.9M+227.2% | -$147.7M-152.4% | $281.9M+18067.8% | -$1.6M+98.2% | -$86.7M-132.5% | $266.9M+2348.3% | $10.9M |
| Interest Expense | $8.6M+2.6% | $8.4M+12.4% | $7.5M-21.9% | $9.6M+20.5% | $7.9M+32.0% | $6.0M-4.3% | $6.3M+5.1% | $6.0M |
| Income Tax | $19.0M-31.0% | $27.6M+236.5% | -$20.2M-118.3% | $110.5M+24289.0% | $453K+124.2% | -$1.9M-142.6% | $4.4M+1012.0% | -$482K |
| Net Income | $50.1M-63.5% | $137.3M+202.6% | -$133.9M-188.0% | $152.2M+23427.8% | $647K+100.9% | -$71.9M-128.6% | $250.9M+2270.8% | $10.6M |
| EPS (Diluted) | $0.43-63.6% | $1.18+190.8% | $-1.30-192.2% | $1.41+14000.0% | $0.01+101.3% | $-0.78-128.3% | $2.76+1523.5% | $0.17 |
HUT Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.7B+33.0% | $2.0B+28.6% | $1.6B+3.5% | $1.5B+38.2% | $1.1B+1.1% | $1.1B+8.8% | $999.0M+34.9% | $740.8M |
| Current Assets | $223.4M-45.7% | $411.3M+52.8% | $269.1M+4.8% | $256.8M+133.0% | $110.3M-43.7% | $195.7M+483.3% | $33.5M-45.6% | $61.6M |
| Cash & Equivalents | $33.5M-84.5% | $216.3M+99.5% | $108.4M+27.4% | $85.0M+17.7% | $72.3M-58.8% | $175.5M+1419.8% | $11.5M-62.1% | $30.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $6.7M-21.5% | $8.5M+90.7% | $4.5M-36.2% | $7.0M+15.2% | $6.1M+3.5% | $5.9M-24.3% | $7.7M+132.1% | $3.3M |
| Goodwill | $206.6M+270.4% | $55.8M+4.9% | $53.2M+0.2% | $53.1M-5.9% | $56.4M+1.2% | $55.8M-1.0% | $56.4M-2.2% | $57.6M |
| Total Liabilities | $1.0B+63.4% | $633.0M+8.4% | $584.2M+8.5% | $538.3M+39.2% | $386.7M-7.6% | $418.7M+62.0% | $258.4M+2.1% | $253.2M |
| Current Liabilities | $310.0M+36.3% | $227.4M+6.6% | $213.2M+38.5% | $154.0M+39.4% | $110.5M-5.4% | $116.8M+8.2% | $108.0M-4.1% | $112.6M |
| Long-Term Debt | N/A | N/A | N/A | $235.6M+1.4% | $232.3M-11.9% | $263.9M+138.5% | $110.6M-10.3% | $123.3M |
| Total Equity | $1.4B+3.9% | $1.4B+40.6% | $987.7M+1.1% | $976.7M+37.1% | $712.5M+6.6% | $668.3M-9.8% | $740.6M+51.9% | $487.6M |
| Retained Earnings | $285.2M+21.3% | $235.1M+140.5% | $97.7M-57.8% | $231.6M+191.7% | $79.4M+0.8% | $78.8M-47.7% | $150.6M+250.2% | -$100.3M |
HUT Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | -$33.8M | N/A | N/A | N/A | -$26.3M | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | -$58.2M | N/A | N/A | N/A | $23.3M | N/A |
| Financing Cash Flow | N/A | N/A | $115.5M | N/A | N/A | N/A | -$14.6M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
HUT Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.3%+14.0pp | 47.3%+32.8pp | 14.5%-21.4pp | 35.9%-23.9pp | 59.9%+18.5pp | 41.4%-4.2pp | 45.6%-1.5pp | 47.1% |
| Operating Margin | 87.0%-367.9pp | 454.9%+1131.7pp | -676.8%-1566.3pp | 889.5%+893.1pp | -3.6%+242.6pp | -246.2%-762.0pp | 515.8%+487.3pp | 28.6% |
| Net Margin | 60.0%-272.5pp | 332.5%+946.2pp | -613.8%-1094.0pp | 480.3%+478.8pp | 1.5%+205.6pp | -204.1%-689.0pp | 484.9%+457.1pp | 27.7% |
| Return on Equity | 3.5%-6.4pp | 9.9% | N/A | 15.6%+15.5pp | 0.1% | N/A | 33.9%+31.7pp | 2.2% |
| Return on Assets | 1.9%-4.9pp | 6.8%+15.3pp | -8.5%-18.5pp | 10.0%+10.0pp | 0.1%+6.7pp | -6.6%-31.7pp | 25.1%+23.7pp | 1.4% |
| Current Ratio | 0.72-1.1 | 1.81+0.5 | 1.26-0.4 | 1.67+0.7 | 1.00-0.7 | 1.68+1.4 | 0.31-0.2 | 0.55 |
| Debt-to-Equity | 0.72+0.3 | 0.46-0.1 | 0.59+0.4 | 0.24-0.1 | 0.33-0.1 | 0.39+0.2 | 0.15-0.1 | 0.25 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks.
Bankruptcy risk indicator. Above 2.99 = safe, below 1.81 = distress.
Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.
Operating cash flow vs net income. Above 1.0x = cash-backed earnings.
Operating income vs interest expense. Above 5x = safe, below 2x = risky.
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Frequently Asked Questions
What is Hut 8 Mining's annual revenue?
Hut 8 Mining (HUT) reported $162.4M in total revenue for fiscal year 2024. This represents a 69.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Hut 8 Mining's revenue growing?
Hut 8 Mining (HUT) revenue grew by 69.1% year-over-year, from $96.0M to $162.4M in fiscal year 2024.
Is Hut 8 Mining profitable?
Yes, Hut 8 Mining (HUT) reported a net income of $331.9M in fiscal year 2024, with a net profit margin of 204.4%.
What is Hut 8 Mining's earnings per share (EPS)?
Hut 8 Mining (HUT) reported diluted earnings per share of $3.40 for fiscal year 2024. This represents a 672.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Hut 8 Mining's EBITDA?
Hut 8 Mining (HUT) had EBITDA of $508.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Hut 8 Mining have?
As of fiscal year 2024, Hut 8 Mining (HUT) had $85.0M in cash and equivalents against $235.6M in long-term debt.
What is Hut 8 Mining's gross margin?
Hut 8 Mining (HUT) had a gross margin of 46.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Hut 8 Mining's operating margin?
Hut 8 Mining (HUT) had an operating margin of 283.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Hut 8 Mining's net profit margin?
Hut 8 Mining (HUT) had a net profit margin of 204.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Hut 8 Mining's return on equity (ROE)?
Hut 8 Mining (HUT) has a return on equity of 34.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Hut 8 Mining's operating cash flow?
Hut 8 Mining (HUT) generated -$68.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Hut 8 Mining's total assets?
Hut 8 Mining (HUT) had $1.5B in total assets as of fiscal year 2024, including both current and long-term assets.
How many shares does Hut 8 Mining have outstanding?
Hut 8 Mining (HUT) had 99M shares outstanding as of fiscal year 2024.
What is Hut 8 Mining's current ratio?
Hut 8 Mining (HUT) had a current ratio of 1.67 as of fiscal year 2024, which is generally considered healthy.
What is Hut 8 Mining's debt-to-equity ratio?
Hut 8 Mining (HUT) had a debt-to-equity ratio of 0.24 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Hut 8 Mining's return on assets (ROA)?
Hut 8 Mining (HUT) had a return on assets of 21.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Hut 8 Mining's cash runway?
Based on fiscal year 2024 data, Hut 8 Mining (HUT) had $85.0M in cash against an annual operating cash burn of $68.5M. This gives an estimated cash runway of approximately 15 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Hut 8 Mining's Altman Z-Score?
Hut 8 Mining (HUT) has an Altman Z-Score of 7.54, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress.
What is Hut 8 Mining's Piotroski F-Score?
Hut 8 Mining (HUT) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.
Are Hut 8 Mining's earnings high quality?
Hut 8 Mining (HUT) has an earnings quality ratio of -0.21x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.
Can Hut 8 Mining cover its interest payments?
Hut 8 Mining (HUT) has an interest coverage ratio of 15.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.
How financially healthy is Hut 8 Mining?
Hut 8 Mining (HUT) scores 89 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.