Hut 8 Reports Fourth Quarter and Full Year 2025 Results

Rhea-AI Summary

Hut 8 (Nasdaq: HUT) reported Q4 and full-year 2025 results, highlighting a 15-year, 245 MW IT lease with Fluidstack worth $7.0 billion in base-term contract value and an 8,500 MW development pipeline as of December 31, 2025. Full-year revenue was $235.1 million with a net loss of $248.0 million and adjusted EBITDA of $(135.4) million. The company held approximately $1.4 billion of cash and Bitcoin reserves, completed the sale of a 310 MW power portfolio (closed Feb 2026), and established $400 million of revolving credit capacity at a weighted average cost of capital of 8.5%.

Positive

• $7.0B 15-year lease for 245 MW IT capacity
• Development pipeline totaling 8,500 MW
• Approximately $1.4B cash and Bitcoin reserves
• Launched Vega 205 MW Tier I data center with liquid cooling

Negative

• Full-year net loss of $248.0M
• Full-year adjusted EBITDA of $(135.4M)
• Primarily unrealized digital asset losses of $220.0M

News Market Reaction – GS

+2.12%

1 alert

+2.12% News Effect

On the day this news was published, GS gained 2.12%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

River Bend lease value: $7.0 billion Q4 2025 revenue: $88.5 million Full-year 2025 revenue: $235.1 million +5 more

8 metrics

River Bend lease value $7.0 billion 15-year IT capacity lease with Fluidstack at River Bend

Q4 2025 revenue $88.5 million Three months ended December 31, 2025

Full-year 2025 revenue $235.1 million Twelve months ended December 31, 2025 vs $162.4 million prior year

Full-year net loss 2025 $248.0 million Includes $220.0 million primarily unrealized losses on digital assets

Full-year Adjusted EBITDA 2025 $(135.4) million Twelve months ended December 31, 2025 vs $555.7 million prior year

Cash and Bitcoin reserves Approximately $1.4 billion As of December 31, 2025; $899.3M Hut 8, $472.6M American Bitcoin

Credit facilities capacity $400 million Revolving credit facilities with Two Prime and Coinbase

Development pipeline 8,500 MW Total energy capacity under diligence, exclusivity, development, and construction

Market Reality Check

Price: $921.38 Vol: Volume 1,968,617 is below...

normal vol

$921.38 Last Close

Volume Volume 1,968,617 is below the 20-day average of 2,388,300 ahead of this Hut 8 earnings release. normal

Technical Trading above the 200-day moving average of 777.74, with shares at 902.27 pre-news.

Peers on Argus

Key capital markets peers such as MS, SCHW, IBKR, HOOD, and LPLA show positive m...

2 Up

Key capital markets peers such as MS, SCHW, IBKR, HOOD, and LPLA show positive moves between 1.01% and 3.49%, while momentum scanner names FUTU and HOOD also trend up. With the scanner flagging false for a sector move and the target’s direction unspecified, current activity appears stock-specific rather than a coordinated sector rotation.

Historical Context

5 past events · Latest: Feb 12 (Neutral)

5 events

Date	Event	Sentiment	Move	Catalyst
Feb 12	Advisory board launch	Neutral	-4.2%	NYSE created a Texas Advisory Board including a Goldman Sachs representative.
Feb 10	Acquisition financing	Neutral	+0.6%	Goldman Sachs Alternatives co-led financing for Truelink Capital’s acquisition of SouthernCarlson.
Feb 04	Impact investment	Neutral	-2.7%	Goldman Sachs Alternatives invested in LearnWell to support expansion of student mental health services.
Jan 30	ETF strategy change	Neutral	+1.2%	Goldman Sachs announced changes to the ActiveBeta World ETF name, ticker, fee, and index.
Jan 29	Earnings scheduling	Neutral	-0.5%	Goldman Sachs BDC scheduled its Q4 and full-year 2025 earnings release and call.

Recent Company History

Recent news flow for GS has focused on capital markets products and strategic initiatives. In late January and February 2026, Goldman Sachs Alternatives participated in financings and impact investments, and Goldman Sachs Asset Management updated the ActiveBeta World ETF structure and index. Other items included an NYSE Texas Advisory Board launch and scheduling of earnings for Goldman Sachs BDC. Price reactions around these headlines have been mixed, showing no consistent pattern of response to similar strategic announcements.

Market Pulse Summary

This announcement details Hut 8’s transition toward a power‑first, AI‑aligned infrastructure model, ...

Analysis

This announcement details Hut 8’s transition toward a power‑first, AI‑aligned infrastructure model, highlighted by a $7.0 billion, 15‑year River Bend lease and a 8,500 MW development pipeline. At the same time, the company reported a full‑year net loss of $248.0 million and negative Adjusted EBITDA of $(135.4) million, influenced by unrealized digital asset losses. Investors may focus on contract execution, project‑level financing, and how revenue from AI and compute offsets volatility in digital asset exposures over time.

Key Terms

colocation, adjusted ebitda, at-the-market ("atm") program, loan-to-cost, +3 more

7 terms

colocation technical

"Generated $9.6 million in full-year revenue from Colocation services."

Colocation is the practice of placing a trader’s computer servers inside or next to an exchange’s data center so their orders travel the shortest possible distance to the exchange’s computers. For investors this matters because even tiny gains in speed can mean better trade prices or reduced slippage—like being first in line at a checkout—so firms that colocate can gain steady, measurable advantages or incur extra costs that affect returns.

adjusted ebitda financial

"Adjusted EBITDA for the three months ended December 31, 2025 was $(347.8) million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

at-the-market ("atm") program financial

"the launch of a $1.0 billion at-the-market ("ATM") program"

A at-the-market ("ATM") program lets a public company sell newly issued shares directly into the open market at current market prices over time through a broker, rather than in one large, fixed-price deal. It matters to investors because it gives the company flexible access to cash while gradually increasing the number of shares outstanding, which can put gentle downward pressure on the stock price—like adding small amounts of water to a full glass instead of dumping a bucket.

loan-to-cost financial

"up to 85% loan-to-cost in project-level financing for River Bend"

Loan-to-cost is the percentage of a project’s total development or acquisition cost that is being financed with borrowed money, calculated by dividing the loan amount by the full cost of the project. It matters to investors because it signals how much equity the sponsor has at stake—like how much of a house you own versus what’s mortgaged—and higher ratios mean more leverage, higher potential returns, but also greater risk if costs rise or revenue falls.

tier i data center technical

"Vega, a 205 MW Tier I data center featuring a proprietary"

A Tier I data center is the most basic level in a common reliability grading system for facilities that store and process digital information. It uses a single path for power and cooling with minimal or no backup systems, so like a single‑lane road, a problem can stop traffic and cause outages. Investors watch this because lower redundancy raises the risk of downtime, which can hurt revenue, customer trust, and operating or insurance costs.

direct-to-chip liquid cooling technical

"featuring a proprietary, rack-based, direct-to-chip liquid cooling system"

A cooling method that pumps liquid directly over the surface of a computer chip (processor or graphics unit) using a fitted plate, removing heat more efficiently than air or indirect systems. Think of it like a water jacket on an engine: keeping the hottest part cooler lets the equipment run faster, longer, and in a smaller space, which can lower energy and space costs and enable higher-performance products—factors that affect operating margins, capital needs, and adoption potential for companies and data centers.

right of first offer financial

"The agreement grants Fluidstack a Right of First Offer for up to an additional 1,000 MW"

A right of first offer is a contractual agreement that requires an owner to offer an asset or stake to a designated party before marketing it to others; the holder gets the first chance to negotiate terms directly with the seller. For investors, it matters because it can limit who can buy or set the sale price path—like getting the first invitation to buy a sought-after item before it goes on general sale, protecting potential access or controlling competition.

AI-generated analysis. Not financial advice.

Power-first model delivers first AI infrastructure transaction and advances multi-gigawatt growth strategy

8,500 MW¹ development pipeline as of December 31, 2025 sets foundation for scalable, repeatable execution in 2026

Earnings Release Highlights

• Commercialized AI infrastructure at scale, signing a 15-year, 245 MW IT lease with Fluidstack at the River Bend campus, representing $7.0 billion in base-term contract value.
• Refined portfolio structure and streamlined capital allocation framework through the sale of a 310 MW portfolio of four natural gas-fired power plants, which closed in February 2026, and the launch and public listing of American Bitcoin Corp., a majority-owned Bitcoin accumulation subsidiary.
• Reduced cost of capital and strengthened financial flexibility through capital formation initiatives including (i) a new $200 million revolving credit facility with Two Prime and the upsizing of the Coinbase revolving credit facility to $200 million, bringing total credit capacity to $400 million at a weighted average cost of capital of 8.5% and (ii) up to 85% loan-to-cost in project-level financing for River Bend, expected to be funded by J.P. Morgan as lead left loan underwriter and loan structurer, and Goldman Sachs & Co. LLC, both of whom are expected to serve as loan underwriters².
• Designed and deployed next-generation data center architecture at Vega, a 205 MW Tier I data center featuring a proprietary, rack-based, direct-to-chip liquid cooling system that enables ASIC compute deployments at densities of up to 180 kilowatts per rack.

MIAMI, Feb. 25, 2026 /PRNewswire/ -- Hut 8 Corp. (Nasdaq, TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases, today reported its financial results for the fourth quarter and full year of 2025.

Asher Genoot, CEO of Hut 8, said: "Over the past two years, we have rebuilt Hut 8 around a power-first strategy centered on high-velocity origination, disciplined greenfield development, first-principles infrastructure design, and capital-efficient execution. In 2025, this work translated into tangible growth and commercial progress across our platform."

"River Bend demonstrates the strength of our model and our ability to execute with blue-chip counterparties. As AI continues to drive incremental power demand, our focus is on converting this early success into a repeatable development flywheel: advancing projects across our multi-gigawatt pipeline to deliver stable and predictable long-term cash flows supported by creditworthy counterparties."

"2026 is about execution. We aim to advance River Bend for delivery beginning in Q2 2027 while accelerating conversion across our broader pipeline. With enhanced capital allocation clarity following the carveout of our legacy ASIC compute business and the sale of our 310-megawatt portfolio of power generation assets, we believe we are positioned to scale with greater discipline, compound long-term value for shareholders, and build an enduring, generational business at the intersection of energy and technology."

2025 Highlights

Power

• Generated $23.2 million in full-year revenue from Power Generation and Managed Services.
• Entered into a definitive share purchase agreement to sell the Company's 310 MW portfolio of natural gas-fired power plants in Ontario (the "Portfolio") to TransAlta Corporation, concluding a multi-phase program through which Hut 8 stabilized and strengthened the Portfolio following its acquisition out of bankruptcy, including the securing of five-year capacity contracts with the Ontario Independent Electricity System Operator. The Company intends to redeploy capital from the transaction, which closed in February 2026, for general corporate purposes, including the execution of the Company's data center development pipeline.
• Announced plans to develop four new sites with more than 1,500 MW of total capacity across the United States, including 330 MW of utility capacity at the Company's River Bend campus in Louisiana. The expansion positions the Company to meet growing demand from energy-intensive use cases while scaling and diversifying its platform across strategic energy markets.

Digital Infrastructure 

• Generated $9.6 million in full-year revenue from Colocation services. An additional $57.3 million of Colocation revenue, including reimbursements, from the Company's share of the unconsolidated King Mountain Joint Venture is recognized in the "Equity in earnings of unconsolidated joint venture" line item.
• Launched a partnership with Anthropic and Fluidstack to accelerate the deployment of hyperscale AI infrastructure in the United States, under which Hut 8 will develop and deliver at least 245 MW and up to 2,295 MW of AI data center infrastructure.
• Signed a 15-year, $7.0 billion lease with Fluidstack for 245 MW of IT capacity at River Bend, with the lease payments and related pass-through obligations for the base term financially backstopped by Google. The agreement grants Fluidstack a Right of First Offer for up to an additional 1,000 MW of IT capacity at future expansion phases at River Bend, subject to the expansion of power at the site.
• Energized Vega, a 205 MW data center that commercializes a next-generation Tier 1 form factor for ASIC compute, featuring a proprietary, rack-based, direct-to-chip liquid cooling system designed by Hut 8 to support ASIC deployments at densities of up to 180 kilowatts ("kW") per rack.

Compute 

• Generated $202.3 million in full-year revenue from ASIC Compute, primarily through the Company's majority-owned subsidiary, American Bitcoin Corp. ("American Bitcoin"); AI Cloud through the Company's wholly owned Highrise AI subsidiary; and Traditional Cloud solutions delivered under the Hut 8 Canada brand.
• Launched and completed the public listing of American Bitcoin, creating a dedicated, majority-owned Bitcoin accumulation vehicle that can scale independently and provide Hut 8 stockholders with long-term exposure to potential Bitcoin upside.

Capital Strategy and Balance Sheet 

• Established a balance sheet and capital structure designed to support disciplined execution across the Company's development pipeline, providing the financial flexibility to advance projects while maintaining selectivity and capital efficiency. This foundation is supported by: (i) approximately $1.4 billion of cash and Bitcoin held in reserve as of December 31, 2025, including $899.3 million attributable to Hut 8 and $472.6 million attributable to American Bitcoin; (ii) the launch of a $1.0 billion at-the-market ("ATM") program; (iii) revolving credit facilities with Two Prime and Coinbase with up to $400 million of borrowing capacity at a weighted average cost of capital of 8.5%; and (iv) up to 85% loan-to-cost in project-level financing for River Bend, expected to be funded by J.P. Morgan (NYSE: JPM) as lead left loan underwriter and loan structurer, and Goldman Sachs & Co. LLC (NYSE: GS), both of whom are expected to serve as loan underwriters².
• Deepened institutional alignment, supporting growth in institutional ownership from approximately 55% at year-end 2024 to approximately 70% at year-end 2025.

Development Pipeline

• Development pipeline totaling 8,500 MW¹ as of December 31, 2025, including 5,185 MW of Energy Capacity Under Diligence, 1,755 MW¹ of Energy Capacity Under Exclusivity, 1,230 MW of Energy Capacity Under Development, and 330 MW of Energy Capacity Under Construction.

Energy Capacity Under Diligence: Sites identified for large-load use cases such as AI, HPC, ASIC compute, industrial applications such as next generation manufacturing, and other energy-intensive technologies. At this stage, Hut 8 assesses site potential by engaging with utilities, landowners, and other stakeholders to evaluate critical factors, including power availability, infrastructure readiness, fiber connectivity, and overall commercial viability.	5,185 MW
Energy Capacity Under Exclusivity: Sites where Hut 8 has secured a clear path to ownership through either: (i) an exclusivity agreement that prevents the sale of designated land and power capacity to another party or (ii) a tendered interconnection agreement, confirming a viable path to securing power and infrastructure for deployment.	1,755 MW1
Energy Capacity Under Development: Sites where Hut 8 is actively investing in development and commercialization by executing definitive land and/or power agreements, advancing site design and infrastructure buildout, and engaging with prospective customers.	1,230 MW
Energy Capacity Under Construction: Sites where Hut 8 has executed a definitive offtake agreement and commenced construction activities.	330 MW
Total: All sites under diligence, exclusivity, development, and construction.	8,500 MW1

 

Key Performance Indicators

As of

December 31,

2025

2024

Energy Capacity Under Diligence

5,185 MW

8,599 MW

Energy Capacity Under Exclusivity

1,755 MW1

2,768 MW

Energy Capacity Under Development

1,230 MW

— MW

Energy Capacity Under Construction

330 MW

205 MW

Energy Capacity Under Management(3)

1,020 MW

815 MW

1.	Excludes 1,000 MW of potential expansion capacity at River Bend (subject to the expansion of power at the site), for which Fluidstack holds a ROFO under the River Bend lease
2.	Subject to the negotiation and execution of definitive transaction agreements and customary closing conditions.
3.	Comprises all Power assets: Power Generation, Managed Services, Digital Infrastructure, ASIC Compute, Traditional Cloud, and non-operational sites

Select Fourth Quarter 2025 Financial Results

Revenue for the three months ended December 31, 2025 was $88.5 million, compared to $31.7 million in the prior year period, and consisted of $5.0 million in Power revenue, $1.6 million in Digital Infrastructure revenue, $81.9 million in Compute revenue, and nil in Other revenue. As American Bitcoin is a consolidated subsidiary, all revenue generated through our Managed Services agreement, ASIC Colocation agreement, and Shared Services agreement with American Bitcoin is eliminated in consolidation.

Net loss for the three months ended December 31, 2025 was $301.8 million, compared to net income of $152.0 million in the prior year period. Net loss for the period included $401.9 million of primarily unrealized losses on digital assets, compared to $308.2 million of primarily unrealized gains on digital assets in the prior year period.

Adjusted EBITDA for the three months ended December 31, 2025 was $(347.8) million, compared to $310.6 million in the prior year period. Adjusted EBITDA for each period includes the impact of the gains and losses on digital assets described above. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income, and an explanation of this measure has been provided in the table included below in this press release.

Select Full Year 2025 Financial Results

Revenue for the twelve months ended December 31, 2025 was $235.1 million, compared to $162.4 million in the prior year period, and consisted of $23.2 million in Power revenue, $9.6 million in Digital Infrastructure revenue, $202.3 million in Compute revenue, and nil in Other revenue. As American Bitcoin is a consolidated subsidiary, all revenue generated through our Managed Services agreement, ASIC Colocation agreement, and Shared Services agreement with American Bitcoin is eliminated in consolidation.

Net loss for the twelve months ended December 31, 2025 was $248.0 million, compared to net income of $331.4 million in the prior year period. Net loss for the period included $220.0 million of primarily unrealized losses on digital assets, compared to $509.3 million of primarily unrealized gains on digital assets in the prior year period.

Adjusted EBITDA for the twelve months ended December 31, 2025 was $(135.4) million, compared to $555.7 million in the prior year period. Adjusted EBITDA for each period includes the impact of the primarily unrealized gains and losses on digital assets described above. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income, and an explanation of this measure has been provided in the table included below in this press release.

All financial results are reported in U.S. dollars.

Conference Call

The Company will host a conference call and webcast to review the results today at 8:30 a.m. ET. To register for the webcast, use the following link: https://app.webinar.net/DlYvdNZd4aN.

Supplemental Materials and Upcoming Communications

The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

Analyst Coverage

A full list of Hut 8 Corp. analyst coverage can be found at hut8.com/investors/stock-info/. 

About Hut 8

Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 710 megawatts of energy capacity under management, 330 megawatts of energy capacity under construction, and 1,230 megawatts of energy capacity under development across 15 sites in the United States and Canada: five ASIC compute, hosting, and Managed Services sites in Alberta, New York, and Texas; five cloud and colocation data centers in British Columbia and Ontario; one non-operational site in Alberta; one site under construction in Louisiana; and three sites under development across Texas and Illinois. For more information, visit hut8.com and follow us on X at @Hut8Corp.

Cautionary Note Regarding Forward-Looking Information

This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company's multi-gigawatt growth strategy, ability to achieve scalable and repeatable execution in 2026, advancement of construction of its River Bend site under its lease with Fluidstack including advancement of development at the campus for delivery beginning in Q2 2027, acceleration of conversion across its broader pipeline, ability to scale, ability to compound long-term value for shareholders, ability to build an enduring, generation business at the intersection of energy and technology, plans for the use of proceeds from the sale of the Portfolio, anticipated benefits from its simplified capital allocation framework, expected project-level financing for the River Bend campus led by J.P. Morgan and Goldman Sachs & Co. LLC, 1,000 MW of potential expansion capacity at the Company's River Bend campus, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "allow", "believe", "estimate", "expect", "predict", "can", "might", "potential", "predict", "is designed to", "likely," or similar expressions.

Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

Adjusted EBITDA

In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net loss or income, adjusted for impacts of interest expense, income tax benefit or provision, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, net of basis adjustments, foreign exchange gain or loss, loss or gain on sale of property and equipment, gain on debt extinguishment, gain or loss on derivatives, gain on other financial liability, gain on warrant liability, gain on bargain purchase, the removal of non-recurring transactions, asset contribution costs, impairment charges, income or loss from discontinued operations, net of taxes, loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons our Board and management team consider them appropriate for supplemental analysis.

Our board of directors and management team use Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period.

Net (loss) income is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in such presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

Hut 8 Corp. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited, in USD thousands, except share and per share data)
		Three Months Ended										Twelve Months Ended
		December 31,										December 31,
(in USD thousands)		2025					2024					2025					2024
Revenue:
Power		$		4,973			$		9,949			$		23,212			$		56,602
Digital Infrastructure				1,641					2,520					9,577					17,482
Compute				81,880					19,225					202,329					80,701
Other				—					—					—					7,600
Total revenue				88,494					31,694					235,118					162,385
Cost of revenue (exclusive of depreciation and amortization shown below):
Cost of revenue – Power				5,387					7,465					20,509					21,538
Cost of revenue – Digital Infrastructure				1,408					2,929					8,891					15,556
Cost of revenue – Compute				28,214					9,919					78,374					44,977
Cost of revenue – Other				—					—					—					4,584
Total cost of revenue				35,009					20,313					107,774					86,655
Operating expenses (income):
Depreciation and amortization				39,749					14,308					101,901					47,773
General and administrative expenses				45,732					18,844					122,807					72,917
Loss (gain) on digital assets				401,878					(308,157)					220,037					(509,337)
Loss (gain) on sale of property and equipment				984					—					4,593					(634)
Impairment – other				—					4,472					—					4,472
Total operating expenses (income)				488,343					(270,533)					449,338					(384,809)
Operating (loss) income				(434,858)					281,914					(321,994)					460,539
Other income (expense):
Foreign exchange gain (loss)				1,803					(4,024)					3,396					(5,000)
Interest expense				(5,592)					(9,563)					(30,073)					(29,794)
Asset contribution costs				—					—					(22,780)					—
Gain on debt extinguishment				—					—					—					5,966
Gain (loss) on derivatives				53,950					(13,143)					61,550					6,780
Gain on other financial liability				235					—					956					—
Gain on warrant liability				358					—					384					—
Gain on bargain purchase				—					3,060					—					3,060
Equity in earnings of unconsolidated joint venture				4,106					1,902					8,727					10,359
Total other income (expense)				54,860					(21,768)					22,160					(8,629)
(Loss) income from continuing operations before taxes				(379,998)					260,146					(299,834)					451,910
Income tax benefit (provision)				78,224					(110,482)					51,836					(113,457)
Net (loss) income from continuing operations		$		(301,774)			$		149,664			$		(247,998)			$		338,453
Income (loss) from discontinued operations				—					2,320					—					(7,044)
Net (loss) income				(301,774)					151,984					(247,998)					331,409
Less: Net loss attributable to non-controlling interests				22,093					241					21,849					473
Net (loss) income attributable to Hut 8 Corp.		$		(279,681)			$		152,225			$		(226,149)			$		331,882
Net (loss) income		$		(301,774)			$		151,984			$		(247,998)			$		331,409
Other comprehensive (loss) income :
Foreign currency translation adjustments				10,536					(46,011)					35,173					(56,390)
Total comprehensive (loss) income				(291,238)					105,973					(212,825)					275,019
Less: Comprehensive loss attributable to non- controlling interest				22,087					387					21,797					549
Comprehensive (loss) income attributable to Hut 8 Corp.		$		(269,151)			$		106,360			$		(191,028)			$		275,568

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

 

Adjusted EBITDA Reconciliation

		Three Months Ended										Twelve Months Ended
		December 31,					December 31,					December 31,					December 31,
(in USD thousands)		2025					2024					2025					2024
Net (loss) income		$		(301,774)			$		151,984			$		(247,998)			$		331,409
Interest expense				5,592					9,563					30,073					29,794
Income tax (benefit) provision				(78,224)					110,482					(51,836)					113,457
Depreciation and amortization				39,749					14,308					101,901					47,773
Share of unconsolidated joint venture depreciation and amortization (1)				2,159					3,120					17,641					21,792
Foreign exchange (gain) loss				(1,803)					4,024					(3,396)					5,000
Loss (gain) on sale of property and equipment				984					—					4,593					(634)
Gain on debt extinguishment				—					—					—					(5,966)
(Gain) loss on derivatives				(53,950)					13,143					(61,550)					(6,780)
Gain on other financial liability				(235)					—					(956)					—
Gain on warrant liability				(358)					—					(384)					—
Gain on bargain purchase				—					(3,060)					—					(3,060)
Non-recurring transactions (2)				(15,552)					327					(7,432)					(9,882)
Asset contribution costs				—					—					22,780					—
Impairment – other				—					4,472					—					4,472
(Income) loss from discontinued operations (net of taxes)				—					(2,320)					—					7,044
Loss attributable to non-controlling interest				15,516					241					3,410					473
Stock-based compensation expense				40,050					4,342					57,801					20,783
Adjusted EBITDA		$		(347,846)			$		310,626			$		(135,353)			$		555,675

1.	Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 11. Investment in unconsolidated joint venture of the consolidated financial statements included in the Annual Report in Form 10-K for further detail.
2.	Non-recurring transactions for the three months ended December 31, 2025 represent a $17.6 million sales tax refund, partially offset by $1.1 million of American Bitcoin-related transaction costs and approximately $1.0 million of Far North transaction costs. Non-recurring transactions for the three months ended December 31, 2024 represent approximately $0.2M of restructuring costs, and $0.1M of Far North related costs. Non-recurring transactions for the twelve months ended December 31, 2025 represent approximately $8.7 million of American Bitcoin-related transaction costs, approximately $1.1 million of Far North transaction costs, and approximately $0.4 million of restructuring costs, offset by a $17.6 million sales tax refund. Non-recurring transactions for the twelve months ended December 31, 2024 represent approximately $4.0 million of restructuring costs and $1.9 million related to the Far North transaction costs, offset by a $13.5 million contract termination fee received from MARA, and a $2.2 million tax refund.

 

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SOURCE Hut 8 Corp.

FAQ

What is the Fluidstack 15-year lease announced by Hut 8 (HUT) on Feb 25, 2026?

It is a 15-year IT lease for 245 MW at River Bend with $7.0 billion base-term value. According to the company, the lease payments and pass-through obligations for the base term are financially backstopped by Google, and Fluidstack holds certain expansion ROFO rights.

What were Hut 8 (HUT) full-year 2025 revenue and profitability results reported Feb 25, 2026?

Full-year 2025 revenue was $235.1 million with a net loss of $248.0 million. According to the company, adjusted EBITDA was $(135.4) million, and results included primarily unrealized digital asset losses totaling $220.0 million.

How large is Hut 8's development pipeline as of Dec 31, 2025 and what does it include?

Hut 8 reported a development pipeline of 8,500 MW across diligence, exclusivity, development, and construction stages. According to the company, that total includes 330 MW under construction and excludes a potential 1,000 MW River Bend expansion subject to power availability.

What capital and liquidity resources did Hut 8 (HUT) report on Feb 25, 2026?

Hut 8 reported approximately $1.4 billion of cash and Bitcoin reserves and $400 million of revolving credit capacity at a weighted average cost of capital of 8.5%. According to the company, project-level financing for River Bend may support up to 85% loan-to-cost.

What was the significance of the February 2026 sale of Hut 8's 310 MW power portfolio?

The company closed the sale of a 310 MW natural gas-fired portfolio to TransAlta in Feb 2026 and intends to redeploy proceeds for general corporate purposes. According to the company, proceeds are expected to support execution of its data center development pipeline.

What is Vega and how does it affect Hut 8's compute capability (HUT)?

Vega is a 205 MW Tier I data center featuring a proprietary rack-based direct-to-chip liquid cooling system supporting up to 180 kW per rack. According to the company, Vega commercializes a next-generation form factor for high-density ASIC compute deployments.