Hut 8 (HUT) revenue rises in 2025 but swings to large net loss
Rhea-AI Filing Summary
Hut 8 Corp. reported sharply higher revenue but swung to large losses in 2025, driven mainly by volatility in digital asset values. Revenue for Q4 2025 rose to $88.5 million from $31.7 million, while full-year revenue increased to $235.1 million from $162.4 million, led by strong growth in Compute revenue.
Despite this, Q4 net loss was $301.8 million versus net income of $152.0 million a year earlier, including $401.9 million of primarily unrealized losses on digital assets. For 2025, net loss was $248.0 million versus net income of $331.4 million in 2024. Adjusted EBITDA turned negative at $(135.4) million for the year, down from $555.7 million. Management highlighted a power‑first strategy, an 8,500 MW development pipeline as of December 31, 2025, and the River Bend AI infrastructure project as key pillars for future growth.
Positive
- None.
Negative
- Profitability reversal driven by digital asset losses: Net results deteriorated from net income of $331.4 million in 2024 to a net loss of $248.0 million in 2025, and Adjusted EBITDA declined from $555.7 million to $(135.4) million, largely due to substantial primarily unrealized losses on digital assets.
Insights
Revenue grew strongly in 2025, but earnings and cash-like metrics deteriorated sharply.
Hut 8 delivered substantial top-line expansion, with full-year revenue rising to $235.1 million from $162.4 million, largely from Compute revenue scaling to $202.3 million. This reflects successful commercialization of its power-first, compute-focused infrastructure platform.
However, profitability reversed meaningfully. Full-year net loss was $248.0 million versus net income of $331.4 million in 2024, and Adjusted EBITDA fell to $(135.4) million from $555.7 million. The filing attributes much of this swing to primarily unrealized losses on digital assets of $220.0 million, compared with large unrealized gains in the prior year.
Management emphasizes a multi-gigawatt development pipeline of 8,500 MW as of December 31, 2025 and the River Bend AI infrastructure project, with a delivery goal beginning in Q2 2027. Actual financial impact will depend on execution of this pipeline, the digital asset environment, and securing expected project-level financing described in the forward-looking statements.
8-K Event Classification
FAQ
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AI-generated analysis. How Rhea-AI works. Not financial advice.
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Item 2.02 Results of Operations and Financial Condition.
On February 25, 2026, Hut 8 Corp. issued a press release announcing its financial results for the year ended December 31, 2025. A copy of such press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 2.02 and Exhibit 99.1 attached hereto is being furnished to the U.S. Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. | Description |
| |
99.1 | Press Release, dated February 25, 2026 |
| |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HUT 8 CORP. | |||
(Registrant) | |||
Date: February 25, 2026 | |||
By: | /s/ Sean Glennan | ||
Name: | Sean Glennan | ||
Title: | Chief Financial Officer | ||
3
Exhibit 99.1
Hut 8 Reports Fourth Quarter and Full Year 2025 Results
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, FL, February 25, 2026 – 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. |
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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