Hut 8 Mining Financials
Hut 8 Mining (HUT) reported $235.1M in revenue for fiscal year 2025, up 44.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
Externally financed expansion is dominating Hut 8, with a much larger asset base still failing to convert into operating cash.
Between FY2024 and FY2025, assets jumped from$1.52B to$2.75B while operating cash flow stayed negative at-$68.5M and then-$139.2M ; the business expanded through capital raised, not through cash generated by operations. That mismatch is clearest in FY2024, when net income was$331.4M but cash from operations was still negative, so reported profit was not funding the build-out.
The balance sheet looks larger and better capitalized than in FY2023, with equity reaching
The gross-level economics improved—gross margin moved from
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Hut 8 Mining's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Hut 8 Mining, and counted as zero in the overall score.
Not available for Hut 8 Mining, and counted as zero in the overall score.
Hut 8 Mining passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Hut 8 Mining reported a net loss of $248.0M while operations used $139.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Hut 8 Mining reported an operating loss of $322.0M against $30.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Hut 8 Mining generated $235.1M in revenue in fiscal year 2025. This represents an increase of 44.8% from the prior year.
Hut 8 Mining's EBITDA was -$220.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 143.3% from the prior year.
Hut 8 Mining reported -$248.0M in net income in fiscal year 2025. This represents a decrease of 174.8% from the prior year.
Hut 8 Mining earned -$2.14 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 162.9% from the prior year.
Cash & Balance Sheet
Hut 8 Mining held $44.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Hut 8 Mining's gross margin was 54.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.5 percentage points from the prior year.
Hut 8 Mining's ROE was -17.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 51.4 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
HUT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue | $318.0M | $235.1M+44.8% | $162.4M+97.6% | $82.2M+11.4% | $73.7M |
| Cost of Revenue | $119.8M | $107.8M+24.4% | $86.7M+59.9% | $54.2M+110.2% | $25.8M |
| Gross Profit | $198.2M | $127.3M+68.2% | $75.7M+170.8% | $28.0M-41.7% | $47.9M |
| SG&A Expenses | $229.4M | $122.8M+68.4% | $72.9M+48.4% | $49.1M+56.8% | $31.3M |
| Operating Income | -$938.9M | -$322.0M-169.9% | $460.5M+4801.4% | $9.4M+147.4% | -$19.8M |
| Interest Expense | $74.6M | $30.1M+0.9% | $29.8M+6.7% | $27.9M+303.7% | $6.9M |
| Income Tax | -$139.6M | -$51.8M-145.7% | $113.5M+59614.2% | $190K-96.3% | $5.1M |
| Net Income | -$621.5M | -$248.0M-174.8% | $331.4M+1413.2% | $21.9M+168.9% | -$31.8M |
| EPS (Diluted) | — | -$2.14-162.9% | $3.40 | $0.44+146.8% | -$0.94 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
HUT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Assets | $2.8B+81.3% | $1.5B+699.4% | $190.0M-22.5% | $245.0M |
| Current Assets | $408.2M+58.9% | $256.8M+1226.0% | $19.4M-47.8% | $37.1M |
| Cash & Equivalents | $44.9M-47.2% | $85.0M+719.4% | $10.4M-50.7% | $21.1M |
| Accounts Receivable | $31.1M+345.3% | $7.0M+998.9% | $636K-45.5% | $1.2M |
| Goodwill | $210.1M+295.8% | $53.1M | N/A | N/A |
| Total Liabilities | $1.1B+97.7% | $538.3M+231.0% | $162.6M+3.3% | $157.4M |
| Current Liabilities | $375.6M+144.0% | $154.0M+1389.5% | $10.3M-89.7% | $100.2M |
| Long-Term Debt | N/A | $235.6M+57.2% | $149.9M+193.6% | $51.1M |
| Total Equity | $1.4B+45.6% | $976.7M+3468.0% | $27.4M-68.8% | $87.6M |
| Retained Earnings | $5.5M-97.6% | $231.6M+317.5% | -$106.5M-160.5% | -$40.9M |
Not reported in any period shown, so not listed: Inventory.
HUT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$89.4M | -$139.2M-103.1% | -$68.5M-209.3% | -$22.2M+48.4% | -$42.9M |
| Investing Cash Flow | -$1.3B | -$754.2M-300.2% | -$188.5M-316.7% | $87.0M+164.7% | -$134.4M |
| Financing Cash Flow | $8.2B | $856.1M+174.4% | $311.9M+862.5% | -$40.9M-121.3% | $191.6M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
HUT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Gross Margin | 54.2%+7.5pp | 46.6%+12.6pp | 34.0%-31.0pp | 65.0% |
| Operating Margin | -136.9% | 283.6% | 11.4%+38.3pp | -26.9% |
| Net Margin | -105.5% | 204.1% | 26.7%+69.8pp | -43.1% |
| Return on Equity | -17.4%-51.4pp | 33.9%-46.1pp | 80.0%+116.3pp | -36.3% |
| Return on Assets | -9.0%-30.8pp | 21.8%+10.3pp | 11.5%+24.5pp | -13.0% |
| Current Ratio | 1.09-0.6x | 1.67-0.2x | 1.87+1.5x | 0.37 |
| Debt-to-Equity | 0.75+0.5x | 0.24-5.2x | 5.48+4.9x | 0.58 |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
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Where Hut 8 Mining Ranks
Frequently Asked Questions
What is Hut 8 Mining's annual revenue?
Hut 8 Mining (HUT) reported $235.1M in total revenue for fiscal year 2025. This represents a 44.8% 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 44.8% year-over-year, from $162.4M to $235.1M in fiscal year 2025.
Is Hut 8 Mining profitable?
No, Hut 8 Mining (HUT) reported a net income of -$248.0M in fiscal year 2025.
What is Hut 8 Mining's EBITDA?
Hut 8 Mining (HUT) had EBITDA of -$220.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Hut 8 Mining's gross margin?
Hut 8 Mining (HUT) had a gross margin of 54.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Hut 8 Mining's return on equity (ROE)?
Hut 8 Mining (HUT) has a return on equity of -17.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Hut 8 Mining's operating cash flow?
Hut 8 Mining (HUT) recorded an outflow of $139.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Hut 8 Mining's total assets?
Hut 8 Mining (HUT) had $2.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Hut 8 Mining's current ratio?
Hut 8 Mining (HUT) had a current ratio of 1.09 as of fiscal year 2025, which is considered adequate.
What is Hut 8 Mining's debt-to-equity ratio?
Hut 8 Mining (HUT) had a debt-to-equity ratio of 0.75 as of fiscal year 2025, 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 -9.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Hut 8 Mining's cash runway?
Based on fiscal year 2025 data, Hut 8 Mining (HUT) had $44.9M in cash against an annual operating cash burn of $139.2M. This gives an estimated cash runway of approximately 4 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 Piotroski F-Score?
Hut 8 Mining (HUT) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Hut 8 Mining's earnings high quality?
Hut 8 Mining (HUT) reported a net loss of $248.0M while operations used $139.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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. Learn more in our complete guide to financial health indicators.
Can Hut 8 Mining cover its interest payments?
Hut 8 Mining (HUT) reported an operating loss of $322.0M against $30.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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. Learn more in our complete guide to financial health indicators.
How financially healthy is Hut 8 Mining?
Hut 8 Mining (HUT) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.