[8-K] Nuvalent, Inc. Reports Material Event

Rhea-AI Filing Summary

Hut 8 Corp. (HUT) Q2 2025 10-Q highlights

• Revenue: $41.3 m, up 17% YoY; driven primarily by Compute ($34.3 m) while Power revenue fell 48%.
• Profitability: Operating income swung to $187.9 m from a $86.7 m loss, propelled by a $217.6 m non-cash gain on digital assets. Net income reached $137.5 m versus a $72.2 m loss; diluted EPS $1.18 vs. $(0.78).
• Six-month view: Revenue fell 27% to $63.1 m and net income dropped to $3.2 m (EPS $0.03) as Q1 was weak; illustrates earnings volatility tied to Bitcoin price movements.
• Balance sheet (6/30/25): Cash rose to $216 m (from $85 m); digital assets (held & pledged) grew to $1.04 bn; total assets $2.0 bn (+33%). Debt and other liabilities increased to $633 m (+18%), but equity strengthened to $1.39 bn (+42%).
• Liquidity & cash flow: Operating cash outflow of $82.6 m and capex of $108.7 m were funded by $320.8 m of financing, including $112.0 m ATM share sales and $215.3 m Class A issuance at American Bitcoin Corp.
• Strategic moves: Contributed ASIC fleet to create 80%-owned American Bitcoin subsidiary (raises non-controlling interest to $121.6 m); closed loss-making Drumheller site, now shown as discontinued ops.

Key takeaways: Q2 delivered a sharp earnings rebound and stronger balance sheet, but cash burn, dilution and heavy reliance on Bitcoin-related gains remain material investor considerations.

Insights

Equity Research Analyst

TL;DR – Q2 profit surge aided by crypto gains; cash burn and dilution temper outlook.

Quarterly fundamentals look strong: revenue +17% and a $218 m mark-to-market gain flipped operating results to black. Cash more than doubled and equity capital raises lowered leverage ratios. However, six-month figures reveal underlying weakness—core revenue down, G&A up 68%, and operating cash flow negative. Profitability is still highly correlated to Bitcoin prices, not operating efficiency. Ongoing ATM issuance and American Bitcoin minority sales dilute shareholders. Net, update skews modestly positive but risk profile remains elevated.

Credit Risk Analyst

TL;DR – Leverage manageable after equity raises, but volatile cash generation persists.

Total debt/asset is 31%; strong equity infusion raises cash to $216 m, giving near-term liquidity. Yet operating outflows and $109 m capex consumed over $180 m in six months, and miner purchase liability ballooned to $101 m. Fair-value derivatives add earnings noise and could reverse. While no immediate solvency issues, credit quality hinges on sustained Bitcoin pricing and successful ramp-up of new mining assets.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2025

NUVALENT, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-40671		81-5112298
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

Nuvalent, Inc.

One Broadway, 14th Floor, Cambridge, Massachusetts 02142

(Address of principal executive offices, including zip code)

(857) 357-7000

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trade Symbol(s)		Name of each exchange on which registered
Class A Common Stock, $0.0001 par value per share		NUVL		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 7, 2025, Nuvalent, Inc. announced its financial results for the quarter ended June 30, 2025, and other corporate updates. A copy of the press release issued in connection with the announcement is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) is intended to be furnished 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 in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibit relating to Item 2.02 of this Form 8-K shall be deemed to be furnished and not filed:

Exhibit No.		Description
99.1		Press Release issued by Nuvalent, Inc. on August 7, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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.

			Nuvalent, Inc.
Date:	August 7, 2025	By:	/s/ James R. Porter, Ph.D.
			James R. Porter, Ph.D. President and Chief Executive Officer

FAQ

How much revenue did Hut 8 (HUT) report for Q2 2025?

Total Q2 2025 revenue was $41.3 million, up 17% year-over-year.

What was Hut 8's Q2 2025 diluted EPS?

Diluted earnings per share from continuing operations were $1.18, versus $(0.78) in Q2 2024.

How large is Hut 8’s cash position as of June 30 2025?

Cash and cash equivalents totaled $216 million, up from $85 million at year-end 2024.

Why did net income improve so sharply in Q2 2025?

A $217.6 million non-cash gain on digital assets and lower cost of revenue drove the swing to profitability.

What impact did the American Bitcoin Corp. transaction have?

Hut 8 contributed miners for an 80% stake; subsequent equity sales raised $215 million and increased non-controlling interest to $121.6 million.

Is Hut 8 generating positive operating cash flow?

No. For the first six months of 2025 the firm used $82.6 million in operating activities.