Hut 8 (HUT) Company Report

Hut 8 reported full year 2025 revenue of $235.1 million, a 45% increase year-over-year, with gross margin expanding from 47% to 54%. However, the company posted a net loss of $248 million and an Adjusted EBITDA loss of $135.4 million, primarily due to a $220 million unrealized mark-to-market loss on its Bitcoin stack.
The company completed a significant strategic shift in 2025, including the carve-out of its legacy Bitcoin mining business (ABC) and the execution of its first AI data center transaction, moving towards contracted infrastructure-like cash flows.
Construction of the Riverbend AI data center project is tracking according to plan, with the first data center expected online in early Q2 2026 and subsequent data centers every 60 days. Project financing has been secured, with an improved 90% loan-to-cost ratio at SOFR plus 240, and the equity portion is fully funded, with an anticipated multi-hundred million dollar cash out upon closing.
Hut 8 plans to remove Bitcoin exposure from its balance sheet moving forward, with future exposure maintained through its equity ownership in American Bitcoin.
The company has over 1 gigawatt in capacity under development for AI utilization, with Bitcoin mining serving as an alternative use case to confidently develop sites.

2 days ago

Transcript

Hut 8 Reports Q4 2025 Results and Outlines 2026 Execution Strategy

HUT

Earnings

New Projects/Investments

Guidance Update

Hut 8 reported fiscal year 2025 revenue of $235.1 million, a 45% increase, with gross margin expanding from 47% to 54%. The company recorded a net loss of $248 million and an Adjusted EBITDA loss of $135.4 million, primarily due to a $220 million unrealized mark-to-market loss on its Bitcoin stack.
The Compute segment was a primary growth driver in fiscal year 2025, with revenue more than doubling to $202.3 million and segment margins expanding from 44% to 61%.
For 2026, the company's focus is on execution and delivery, particularly for the River Bend project, with the first data center expected online in early Q2 and subsequent data centers every 60 days. Project financing for River Bend has been improved to 90% Loan-to-Cost (LTC) at SOFR plus 240.
Hut 8 is strategically evolving its capital structure by shifting focus from its Bitcoin mining business to lower-cost, lower-risk infrastructure, and plans future growth in three phases, starting with securing deals and monetizing power capabilities in Phase 1 (1-2 years).

2 days ago

Transcript

Hut 8 Reports Q4 and Full-Year 2025 Financial Results and Strategic Progress

HUT

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Hut 8 reported full-year 2025 revenue of $235.1 million, a 45% increase year-over-year, primarily driven by its compute segment, with gross margin expanding from 47% to 54%.
The company posted a net loss of $248 million and an Adjusted EBITDA loss of $135.4 million in 2025, largely attributed to a $220 million unrealized mark-to-market loss on its Bitcoin stack.
Hut 8 completed the carve-out of its legacy Bitcoin mining business and executed its first AI data center transaction in 2025, signaling a strategic shift towards contracted infrastructure-like cash flows and focusing its 8.5 GW development pipeline on AI utilization.
Construction at the Riverbend AI data center is on schedule, with the first data center expected online in early Q2 2026, and project financing secured at 90% loan-to-cost (LTC) at SOFR plus 240.
General and administrative (G&A) expenses increased to $122.8 million in fiscal year 2025, up from $72.9 million, primarily due to a rise in stock-based compensation to $57.8 million for investment in engineering and infrastructure teams.

2 days ago

Transcript

Hut 8 Announces FY 2025 Results, Strategic AI Infrastructure Lease, and Portfolio Restructuring

HUT

Earnings

New Projects/Investments

M&A

Hut 8 reported a net loss of $247,998 thousand and an Adjusted EBITDA loss of $135,353 thousand for fiscal year 2025, despite an increase in total revenue to $235,118 thousand.
The company commercialized AI infrastructure by signing a 15-year, 245 MW IT lease with Fluidstack at the River Bend campus, representing $7.0 billion in base-term contract value.
Hut 8 refined its portfolio structure through the sale of a 310 MW portfolio of four natural gas-fired power plants in February 2026 and the launch and public listing of American Bitcoin, a majority-owned Bitcoin accumulation subsidiary.
Financial flexibility was strengthened by securing a new $200 million revolving credit facility and upsizing another to $200 million, bringing total credit capacity to $400 million at a weighted average cost of capital of 8.5%.

2 days ago

Presentation

Hut 8 Reports Full-Year 2025 Financial Results

HUT

Earnings

Revenue Acceleration/Inflection

Profit Warning

Hut 8 reported full-year 2025 revenue of $235.1 million, an increase from $162.4 million in full-year 2024.
The company's gross margin improved to 54% in full-year 2025 from 47% in full-year 2024.
Hut 8 recorded a net loss of $248.0 million in full-year 2025, which included an unrealized mark-to-market loss of $220.0 million, a significant change from the net income of $331.4 million in full-year 2024.
Adjusted EBITDA for full-year 2025 was a loss of $135.4 million, compared to a gain of $555.7 million in full-year 2024, with both figures impacted by unrealized mark-to-market gains or losses.
The Power segment generated $23.2 million in revenue for full-year 2025, experiencing a $40.8 million year-over-year decline in Managed Services revenue partially offset by a $7.4 million increase in Power Generation revenue.

2 days ago

Presentation

Hut 8 Reports FY 2025 Financials and Outlines 2026 Strategic Priorities

HUT

Earnings

New Projects/Investments

M&A

Hut 8 reported total revenue of $235,118 thousand for FY 2025, an increase from $162,385 thousand in FY 2024.
The company experienced a net loss of $247,998 thousand in FY 2025, a shift from a net income of $331,409 thousand in FY 2024. Similarly, Adjusted EBITDA moved from a gain of $555,675 thousand in FY 2024 to a loss of $135,353 thousand in FY 2025.
In 2026, Hut 8 commercialized AI infrastructure by signing a 15-year, 245 MW IT lease with Fluidstack at its River Bend campus, representing $7.0 billion in base-term contract value.
The company refined its portfolio structure in early 2026 through the sale of a 310 MW portfolio of four natural gas-fired power plants and the public listing of American Bitcoin, a majority-owned Bitcoin accumulation subsidiary.
Hut 8 strengthened its financial flexibility by securing a new $200 million revolving credit facility and upsizing another to $200 million, bringing total credit capacity to $400 million at a weighted average cost of capital of 8.5%.

3 days ago

Presentation

Hut 8 Reports Q4 and Full Year 2025 Results and Strategic Developments

HUT

Earnings

New Projects/Investments

M&A

Hut 8 Corp. reported a net loss of $301.8 million for the three months ended December 31, 2025, and a net loss of $248.0 million for the full year 2025, primarily driven by unrealized losses on digital assets.
The company commercialized AI infrastructure by signing a 15-year, 245 MW IT lease with Fluidstack at the River Bend campus, representing $7.0 billion in base-term contract value.
Hut 8 enhanced its financial flexibility with a total credit capacity of $400 million from revolving credit facilities and held approximately $1.4 billion of cash and Bitcoin in reserve as of December 31, 2025.
The company also refined its portfolio structure through the sale of a 310 MW portfolio of natural gas-fired power plants and the launch and public listing of American Bitcoin Corp., a majority-owned Bitcoin accumulation subsidiary.

3 days ago

8-K

Hut 8 Reports Q4 and Full Year 2025 Results

HUT

Earnings

New Projects/Investments

M&A

Hut 8 reported full-year 2025 revenue of $235.1 million and a net loss of $248.0 million, with Adjusted EBITDA of $(135.4) million.
The company commercialized AI infrastructure by signing a 15-year, 245 MW IT lease with Fluidstack at the River Bend campus, representing $7.0 billion in base-term contract value.
Strategic actions included the sale of a 310 MW portfolio of 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.
Hut 8 strengthened its financial flexibility with $400 million in total credit capacity and reported a development pipeline totaling 8,500 MW as of December 31, 2025.

3 days ago

Press Release

Hut 8 Mining Corp. Amends Credit Agreement

HUT

Debt Issuance

New Projects/Investments

Hut 8 Mining Corp., a wholly owned subsidiary of Hut 8 Corp., entered into a Fourth Amended and Restated Credit Agreement with Coinbase Credit, Inc. on December 22, 2025.
This agreement increased the principal amount by up to $70,000,000 of additional borrowings, resulting in a total principal amount of up to $200,000,000.
The additional funds were borrowed in full on December 22, 2025, and are expected to be used for general corporate purposes.
The Borrower's obligations under the agreement are secured by Bitcoin held in the custody of Coinbase Custody Trust Company, LLC, with Coinbase's recourse limited to this collateral.
The Applicable Margin for the loan is 6.0% per annum.

Dec 31, 2025, 9:15 PM

8-K

Hut 8 Corp. Announces $7.0 Billion AI Data Center Lease with Google Backstop

HUT

New Projects/Investments

Debt Issuance

Revenue Acceleration/Inflection

Hut 8 Corp. has secured a 15-year, $7.0 billion lease agreement with Fluidstack for 245 megawatts (MW) of IT capacity at its River Bend data center campus in Louisiana, with Google providing a financial backstop for lease payments and related obligations.
This lease is projected to generate a cumulative $6.9 billion in Net Operating Income (NOI) over the base term, averaging $454 million annually.
The initial data hall at River Bend is scheduled for completion and commissioning in Q2 2027, with project-level financing of up to 85% loan-to-cost (LTC) expected from J.P. Morgan and Goldman Sachs.
The River Bend project advances 330 MW of utility capacity to Hut 8's "Energy Capacity Under Construction" category, contributing to a total energy capacity of 9,520 MW across all stages as of December 17, 2025.

Dec 17, 2025, 9:15 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Hut 8.

Q4 2025

Feb 25, 2026

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Q3 2025

Nov 4, 2025

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Q2 2025

Aug 7, 2025

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Hut 8 (HUT)

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