Hut 8 Reports First Quarter 2025 Results
Hut 8 Corp. (HUT) reported its Q1 2025 financial results, showing revenue of $21.8 million, a net loss of $134.3 million, and Adjusted EBITDA of ($117.7) million. The company completed a major ASIC fleet upgrade, increasing hashrate by 79% and improving fleet efficiency by 37% quarter-over-quarter. The company holds 10,264 Bitcoin in strategic reserve, valued at $847.2 million as of March 31, 2025.
Key operational highlights include a total energy capacity of 1,020 MW under management and a development pipeline of ~10,800 MW with ~2,600 MW under exclusivity. The company launched American Bitcoin, a majority-owned subsidiary focused on industrial-scale Bitcoin mining, following a strategic contribution of its ASIC miners to American Data Centers, Inc.
The cost to mine one Bitcoin increased significantly to $58,757 in Q1 2025, compared to $20,419 in Q1 2024, while mining only 167 Bitcoin compared to 716 in the previous year.Hut 8 Corp. (HUT) ha comunicato i risultati finanziari del primo trimestre 2025, registrando ricavi per 21,8 milioni di dollari, una perdita netta di 134,3 milioni di dollari e un EBITDA rettificato di (117,7) milioni di dollari. L'azienda ha completato un importante aggiornamento della flotta di ASIC, aumentando il tasso di hash del 79% e migliorando l'efficienza della flotta del 37% rispetto al trimestre precedente. La società detiene una riserva strategica di 10.264 Bitcoin, valutata 847,2 milioni di dollari al 31 marzo 2025.
Tra i principali risultati operativi, si evidenzia una capacità energetica totale di 1.020 MW gestita e un portafoglio di sviluppo di circa 10.800 MW, di cui circa 2.600 MW in esclusiva. La società ha lanciato American Bitcoin, una controllata a maggioranza focalizzata sull'estrazione di Bitcoin su scala industriale, a seguito di un contributo strategico dei suoi ASIC miner ad American Data Centers, Inc.
Il costo per estrarre un Bitcoin è aumentato significativamente a 58.757 dollari nel primo trimestre 2025, rispetto a 20.419 dollari nel primo trimestre 2024, mentre sono stati minati solo 167 Bitcoin contro 716 dell'anno precedente.
Hut 8 Corp. (HUT) reportó sus resultados financieros del primer trimestre de 2025, mostrando ingresos de 21,8 millones de dólares, una pérdida neta de 134,3 millones de dólares y un EBITDA ajustado de (117,7) millones de dólares. La compañía completó una importante actualización de su flota de ASIC, aumentando la tasa de hash en un 79% y mejorando la eficiencia de la flota en un 37% respecto al trimestre anterior. La empresa mantiene una reserva estratégica de 10.264 Bitcoin, valorada en 847,2 millones de dólares al 31 de marzo de 2025.
Entre los aspectos operativos clave, destaca una capacidad energética total bajo gestión de 1.020 MW y una cartera de desarrollo de aproximadamente 10.800 MW, con cerca de 2.600 MW bajo exclusividad. La compañía lanzó American Bitcoin, una subsidiaria mayoritaria enfocada en la minería de Bitcoin a escala industrial, tras una contribución estratégica de sus mineros ASIC a American Data Centers, Inc.
El costo para minar un Bitcoin aumentó significativamente a 58.757 dólares en el primer trimestre de 2025, en comparación con 20.419 dólares en el primer trimestre de 2024, mientras que se minaron solo 167 Bitcoin frente a 716 del año anterior.
Hut 8 Corp. (HUT)는 2025년 1분기 재무 실적을 발표했으며, 매출은 2,180만 달러, 순손실은 1억 3,430만 달러, 조정 EBITDA는 (1억 1,770만 달러)를 기록했습니다. 회사는 주요 ASIC 장비 업그레이드를 완료하여 해시레이트를 전분기 대비 79% 증가시키고 장비 효율성을 37% 향상시켰습니다. 2025년 3월 31일 기준으로 전략적 비축량으로 10,264 비트코인을 보유하고 있으며, 그 가치는 8억 4,720만 달러에 달합니다.
주요 운영 하이라이트로는 관리 중인 총 에너지 용량이 1,020 MW이며, 약 10,800 MW의 개발 파이프라인과 그 중 약 2,600 MW가 독점 계약 상태에 있습니다. 회사는 ASIC 채굴 장비를 American Data Centers, Inc.에 전략적으로 기여한 후, 산업 규모 비트코인 채굴에 중점을 둔 자회사 American Bitcoin을 출범시켰습니다.
2025년 1분기 비트코인 1개당 채굴 비용은 58,757 달러로 크게 상승했으며, 이는 2024년 1분기 20,419 달러와 비교됩니다. 채굴된 비트코인 수는 전년도의 716개에서 167개로 감소했습니다.
Hut 8 Corp. (HUT) a publié ses résultats financiers du premier trimestre 2025, affichant un chiffre d'affaires de 21,8 millions de dollars, une perte nette de 134,3 millions de dollars et un EBITDA ajusté de (117,7) millions de dollars. La société a achevé une mise à niveau majeure de sa flotte ASIC, augmentant le hashrate de 79 % et améliorant l'efficacité de la flotte de 37 % par rapport au trimestre précédent. La société détient une réserve stratégique de 10 264 Bitcoins, évaluée à 847,2 millions de dollars au 31 mars 2025.
Parmi les faits marquants opérationnels, on compte une capacité énergétique totale de 1 020 MW sous gestion et un pipeline de développement d'environ 10 800 MW, dont environ 2 600 MW en exclusivité. La société a lancé American Bitcoin, une filiale majoritaire axée sur l'extraction de Bitcoin à l'échelle industrielle, suite à une contribution stratégique de ses mineurs ASIC à American Data Centers, Inc.
Le coût pour miner un Bitcoin a fortement augmenté à 58 757 dollars au premier trimestre 2025, contre 20 419 dollars au premier trimestre 2024, tandis que seulement 167 Bitcoins ont été minés contre 716 l'année précédente.
Hut 8 Corp. (HUT) veröffentlichte seine Finanzergebnisse für das erste Quartal 2025 mit einem Umsatz von 21,8 Millionen US-Dollar, einem Nettoverlust von 134,3 Millionen US-Dollar und einem bereinigten EBITDA von (117,7) Millionen US-Dollar. Das Unternehmen schloss ein bedeutendes Upgrade seiner ASIC-Flotte ab, wodurch die Hashrate um 79 % und die Flotteneffizienz im Vergleich zum Vorquartal um 37 % gesteigert wurde. Das Unternehmen hält eine strategische Reserve von 10.264 Bitcoin, bewertet mit 847,2 Millionen US-Dollar zum 31. März 2025.
Wichtige operative Highlights umfassen eine verwaltete Gesamtkapazität von 1.020 MW und eine Entwicklungspipeline von etwa 10.800 MW, davon rund 2.600 MW exklusiv. Das Unternehmen gründete American Bitcoin, eine Mehrheitsbeteiligung, die sich auf industriellen Bitcoin-Mining konzentriert, nach einer strategischen Übertragung seiner ASIC-Miner an American Data Centers, Inc.
Die Kosten für das Mining eines Bitcoins stiegen im ersten Quartal 2025 deutlich auf 58.757 US-Dollar, verglichen mit 20.419 US-Dollar im ersten Quartal 2024, während nur 167 Bitcoin abgebaut wurden, gegenüber 716 im Vorjahr.
- Launch of American Bitcoin subsidiary streamlines capital allocation and preserves Bitcoin exposure
- Strategic Bitcoin reserve of 10,264 BTC valued at $847.2 million
- 79% increase in hashrate and 37% improvement in fleet efficiency after ASIC upgrade
- Large development pipeline of ~10,800 MW with ~2,600 MW under exclusivity
- Generated $275.5 million from ATM program at average price of $28.23 per share
- Significant net loss of $134.3 million in Q1 2025
- Revenue declined 58% to $21.8 million from $51.7 million year-over-year
- Cost to mine Bitcoin nearly tripled to $58,757 from $20,419 year-over-year
- Bitcoin production dropped 77% to 167 BTC from 716 BTC year-over-year
- Negative Adjusted EBITDA of $117.7 million
Insights
Hut 8 reports concerning Q1 results with substantial losses while pivoting business model during major operational transition.
Hut 8's Q1 2025 financial results reveal significant challenges as the company undergoes a strategic transformation. Revenue declined 58% year-over-year to
The financial deterioration stems partly from a
Revenue diversification efforts show minimal progress – of the
On the balance sheet side, Hut 8 maintains a strategic Bitcoin reserve of 10,264 BTC valued at
The launch of American Bitcoin (in partnership with Eric Trump and Donald Trump Jr.) represents a strategic pivot to segregate pure-play mining operations from the broader energy infrastructure business. While this could enable different capital allocation frameworks for each segment, the financial benefits remain speculative given current performance metrics.
Hut 8's mining economics severely deteriorated with 139% higher production costs and 77% fewer Bitcoin mined year-over-year.
Hut 8's Bitcoin mining metrics reveal serious operational challenges despite recent fleet upgrades. The company's cost to mine each Bitcoin skyrocketed to
Production volume collapsed by
The company completed an ASIC miner fleet upgrade that increased hashrate to 9.3 EH/s and improved average fleet efficiency to approximately 20 J/TH. While this represents a
Energy metrics show concerning trends – energy costs increased to
The formation of American Bitcoin subsidiary signals a potential strategic shift toward more focused mining operations, but the mining efficiency metrics must improve dramatically for this venture to succeed in the current environment.
ASIC fleet upgrade drives
Launch of American Bitcoin accelerates Hut 8’s evolution as an integrated energy infrastructure platform
Earnings Release Highlights
- Revenue of
$21.8 million , net loss of$134.3 million , and Adjusted EBITDA of ($117.7) million . - Total energy capacity under management of 1,020 megawatts (“MW”) as of March 31, 2025.
- ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.
- Strategic Bitcoin reserve of 10,264 Bitcoin with a market value of
$847.2 million as of March 31, 2025.
MIAMI, May 08, 2025 (GLOBE NEWSWIRE) -- 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 such as Bitcoin mining and high-performance computing, today announced its financial results for the first quarter of 2025.
“The first quarter of 2025 marked significant advances in Hut 8’s evolution as an integrated energy infrastructure platform,” said Asher Genoot, CEO of Hut 8. “As reflected in our results, the first quarter was a deliberate and necessary phase of investment. We believe the returns on this work will become increasingly visible in the quarters ahead.”
“Following a period of disciplined investment and execution, including a major upgrade of our ASIC fleet, we launched American Bitcoin, a majority-owned subsidiary of Hut 8 focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin accumulation. The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing. With approximately 10,800 megawatts of development capacity in our pipeline and 10,264 Bitcoin retained in reserve as of March 31, 2025, we believe we are well-positioned and capitalized for disciplined growth. And through our ownership in American Bitcoin, we have preserved exposure to Bitcoin while establishing a new vehicle purpose-built for shareholder value creation.”
“Building on this foundation, we continue to execute against our 2025 roadmap by advancing potential catalysts for topline growth, including the energization of Vega, the initial sitework at River Bend, and the development of our utility-scale power portfolio. We believe these initiatives will further accelerate our ability to generate resilient near-term cash flows while building toward enduring leadership across next-generation digital infrastructure markets.”
First Quarter 2025 Highlights
Power
- Generated
$4.4 million in first quarter revenue from Power Generation and Managed Services. - Secured and broke ground on 592 acres at our River Bend campus in Louisiana, where initial sitework is underway.
- ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.
Digital Infrastructure
- Generated
$1.3 million in first quarter revenue from CPU Colocation. - Continued construction at the 205 MW Vega site, which remains on track for energization in the second quarter of 2025, with more than
70% of budgeted capital expenditures incurred through March 31, 2025. - Established operational infrastructure for the Vega data center, including the onboarding of site management and development of operating processes for the direct-to-chip liquid-cooled facility.
- Energized a direct-to-chip liquid-cooled test rack module at Salt Creek in preparation for the energization of Vega.
- Enhanced our operating software through the development of a new curtailment control solution in Reactor designed specifically to optimize energy consumption at Vega and a more robust feature set in Operator to help automate ASIC-level operations.
Compute
- Generated
$16.1 million in first quarter revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations. - Executed ASIC fleet upgrade, which was completed in the first week of April 2025, increasing deployed hashrate to 9.3 EH/s and improving average fleet efficiency to approximately 20 J/TH at the end of Q1 2025.
- Launched American Bitcoin, a pure-play Bitcoin miner, following the strategic contribution of substantially all of Hut 8’s ASIC miners to and in exchange for a majority interest in American Data Centers, Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr., which was subsequently renamed and relaunched as American Bitcoin in connection with the transaction.
Capital Strategy and Balance Sheet
- Expanded Bitcoin held in reserve to 10,264 Bitcoin with a market value of
$847.2 million as of March 31, 2025. - Generated
$275.5 million in net proceeds from the Company’s ATM program from inception to quarter-end, selling 9.8 million shares at a weighted average price of$28.23 per share.
Key Performance Indicators
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Cost to mine a Bitcoin (excluding hosted facilities)(1) | $ | 58,757 | $ | 20,419 | ||||
| Cost to mine a Bitcoin(2) | $ | 58,757 | $ | 24,594 | ||||
| Weighted average revenue per Bitcoin mined(3) | $ | 92,224 | $ | 51,769 | ||||
| Number of Bitcoin mined(4) | 167 | 716 | ||||||
| Energy cost per MWh | $ | 51.71 | $ | 40.06 | ||||
| Hosting cost per MWh | $ | — | $ | 68.72 | ||||
| Energy capacity under management (mining)(5) | 665 MW | 884 MW | ||||||
| Total energy capacity under management(6) | 1,020 MW | 1,239 MW | ||||||
| Number of Bitcoin in strategic reserve(7) | 10,264 | 9,102 | ||||||
| (1) | Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense (excluding hosted facilities) divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. |
| (2) | Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. |
| (3) | Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. For the quarter ended March 31, 2024 the weighted average revenue per Bitcoin mined includes one month of activity from discontinued operations at our Drumheller site. |
| (4) | Bitcoin mined includes our net share of the King Mountain JV and excludes discontinued operations from our Drumheller site. Bitcoin mined excluding our net share of the King Mountain JV was 135 and 592 for the three months ended March 31, 2025 and 2024, respectively. |
| (5) | Energy capacity under management (mining) represents the total power capacity related to Bitcoin Mining infrastructure, including self-mining sites, ASIC Colocation agreements, and Managed Services agreements. |
| (6) | Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including Power Generation, CPU Colocation infrastructure, and non-operational sites. |
| (7) | Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase under an agreement with BITMAIN. |
Select First Quarter 2025 Financial Results
Revenue for the three months ended March 31, 2025 was
Net (loss) income for the three months ended March 31, 2025 was (
Adjusted EBITDA for the three months ended March 31, 2025 was (
All financial results are reported in U.S. dollars.
Conference Call
The Hut 8 Corp. First Quarter 2025 Conference Call will commence today, Thursday, May 8, 2025, at 8:30 a.m. ET. Investors can join the live webcast here.
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, https://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 https://hut8.com/investors/analyst-coverage/.
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 such as Bitcoin mining and high-potential computing. 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 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.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 including statements relating to the Company’s evolution as an integrated energy infrastructure platform, the impact of the Company’s investments in 2024 and Q1 2025, the impact of American Bitcoin, the Company’s ability to execute on its 2025 roadmap and initiatives, the timing for energizing the Vega site, 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 results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net (loss) income, adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on sale of property and equipment, the removal of non-recurring transactions, asset contribution costs, gain on derivatives, gain on other financial liability, loss from discontinued operations, net loss attributable to non-controlling interests before taxes, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.
The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of 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 income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company 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 results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s 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 (Loss) Income | ||||||||
| (Unaudited in USD thousands, except share and per share data) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue: | ||||||||
| Power | $ | 4,380 | $ | 9,938 | ||||
| Digital Infrastructure | 1,317 | 5,844 | ||||||
| Compute | 16,118 | 32,138 | ||||||
| Other | — | 3,821 | ||||||
| Total revenue | 21,815 | 51,741 | ||||||
| Cost of revenue (exclusive of depreciation and amortization shown below): | ||||||||
| Cost of revenue – Power | 3,628 | 3,633 | ||||||
| Cost of revenue – Digital Infrastructure | 1,559 | 4,629 | ||||||
| Cost of revenue – Compute | 13,472 | 17,686 | ||||||
| Cost of revenue – Other | — | 2,199 | ||||||
| Total cost of revenue | 18,659 | 28,147 | ||||||
| Operating expenses (income): | ||||||||
| Depreciation and amortization | 14,899 | 11,472 | ||||||
| General and administrative expenses | 21,059 | 19,999 | ||||||
| Losses (gains) on digital assets | 112,394 | (274,574 | ) | |||||
| Loss (gain) on sale of property and equipment | 2,454 | (190 | ) | |||||
| Total operating expenses (income) | 150,806 | (243,293 | ) | |||||
| Operating (loss) income | (147,650 | ) | 266,887 | |||||
| Other income (expense): | ||||||||
| Foreign exchange gain (loss) | 9 | (2,399 | ) | |||||
| Interest expense | (7,469 | ) | (6,281 | ) | ||||
| Asset contribution costs | (22,780 | ) | — | |||||
| Gain on derivatives | 20,862 | — | ||||||
| Gain on other financial liability | 1,139 | — | ||||||
| Equity in earnings of unconsolidated joint venture | 1,365 | 4,522 | ||||||
| Total other expense | (6,874 | ) | (4,158 | ) | ||||
| (Loss) income from continuing operations before taxes | (154,524 | ) | 262,729 | |||||
| Income tax benefit (provision) | 20,205 | (4,396 | ) | |||||
| Net (loss) income from continuing operations | $ | (134,319 | ) | $ | 258,333 | |||
| Loss from discontinued operations (net of income tax benefit of nil and nil, respectively) | — | (7,626 | ) | |||||
| Net (loss) income | (134,319 | ) | 250,707 | |||||
| Less: Net loss attributable to non-controlling interests | 430 | 169 | ||||||
| Net (loss) income attributable to Hut 8 Corp. | $ | (133,889 | ) | $ | 250,876 | |||
| Net (loss) income per share of common stock: | ||||||||
| Basic from continuing operations attributable to Hut 8 Corp. | $ | (1.30 | ) | $ | 2.90 | |||
| Diluted from continuing operations attributable to Hut 8 Corp. | $ | (1.30 | ) | $ | 2.76 | |||
| Weighted average number of shares of common stock outstanding: | ||||||||
| Basic | 102,854,747 | 89,149,845 | ||||||
| Diluted | 102,854,747 | 93,696,683 | ||||||
| Net (loss) income | $ | (134,319 | ) | $ | 250,707 | |||
| Other comprehensive (loss) income: | ||||||||
| Foreign currency translation adjustments | 1,187 | (11,074 | ) | |||||
| Total comprehensive (loss) income | (133,132 | ) | 239,633 | |||||
| Less: Comprehensive loss attributable to non-controlling interest | 431 | 134 | ||||||
| Comprehensive loss (income) attributable to Hut 8 Corp. | $ | (132,701 | ) | $ | 239,767 | |||
Adjusted EBITDA Reconciliation
| Three Months Ended | ||||||||
| March 31, | ||||||||
| (in USD thousands) | 2025 | 2024 | ||||||
| Net (loss) income | $ | (134,319 | ) | $ | 250,707 | |||
| Interest expense | 7,469 | 6,281 | ||||||
| Income tax (benefit) provision | (20,205 | ) | 4,396 | |||||
| Depreciation and amortization | 14,899 | 11,472 | ||||||
| Share of unconsolidated joint venture depreciation and amortization(1) | 5,485 | 5,349 | ||||||
| Foreign exchange (gain) loss | (9 | ) | 2,399 | |||||
| Losses (gains) on sale of property and equipment | 2,454 | (190 | ) | |||||
| Gain on derivatives | (20,862 | ) | — | |||||
| Gain on other financial liability | (1,139 | ) | — | |||||
| Non-recurring transactions(2) | 1,485 | 4,300 | ||||||
| Asset contribution costs | 22,780 | — | ||||||
| Loss from discontinued operations (net of income tax of nil and nil, respectively) | — | 7,626 | ||||||
| Net loss attributable to non-controlling interests before taxes | 473 | 169 | ||||||
| Stock-based compensation expense | 3,793 | 4,474 | ||||||
| Adjusted EBITDA | $ | (117,696 | ) | $ | 296,983 | |||
| (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 Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in accordance with ASC 323. See Note 9. Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail. |
| (2) | Non-recurring transactions for the three months ended March 31, 2025 represent approximately |
Contacts
Hut 8 Investor Relations
Sue Ennis
ir@hut8.com
Hut 8 Corp. Public Relations
Gautier Lemyze-Young
media@hut8.com
FAQ
What were Hut 8's (HUT) key financial results for Q1 2025?
How many Bitcoin does Hut 8 (HUT) hold in its strategic reserve as of March 2025?
What is American Bitcoin and how does it relate to Hut 8 (HUT)?
How much did it cost Hut 8 (HUT) to mine one Bitcoin in Q1 2025?
What is Hut 8's (HUT) total energy capacity and development pipeline?
