Hut 8 (HUT) Company Report

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

Hut 8 announces AI infrastructure partnership with Anthropic and Fluidstack

HUT

New Projects/Investments

Partnerships / Collaborations

Hut 8 has formed an AI infrastructure partnership with Anthropic and Fluidstack.
The partnership aims for Hut 8 to deliver and deploy at least 245 MW and up to 2,295 MW of AI data center infrastructure for Anthropic.
The initial deployment (Tranche 1) will be 245 MW of IT capacity at Hut 8's River Bend Campus in Louisiana, supported by 330 MW of utility capacity.
The partnership also includes a Right of First Offer for up to 1,000 MW of additional IT capacity at River Bend and the potential to jointly develop up to 1,050 MW across multiple sites in the United States.
Anthropic anticipates bringing additional capacity online by early 2027.

Dec 17, 2025, 5:00 PM

Presentation

Hut 8 Secures Major AI Data Center Lease and Strategic Pivot

HUT

New Projects/Investments

Revenue Acceleration/Inflection

Hut 8 has signed a 15-year, triple-net lease with Fluidstack for 245 MW of AI data center IT capacity at its River Bend campus in Louisiana, valued at approximately $7 billion for the base term and potentially up to $17.7 billion with renewal options.
The agreement, which will host high-performance compute clusters for Anthropic, is financially backstopped by Google for base term lease payments, with J.P. Morgan and Goldman Sachs expected to underwrite project financing.
Hut 8 anticipates first commissioning in early/Q2 2027 and projects cumulative net operating income of roughly $6.9 billion from the lease, signaling a strategic pivot from bitcoin mining to power-first AI infrastructure.

Dec 17, 2025, 12:04 PM

WSJ

Hut 8 Signs AI Data Center Lease

HUT

New Projects/Investments

Guidance Update

Debt Issuance

Hut 8 has signed a 15-year, $7.0 billion lease with Fluidstack for 245 megawatts (MW) of IT capacity at its River Bend data center campus in Louisiana.
The lease includes a 3.0% annual base rent escalator and has a potential contract value of approximately $17.7 billion if all renewal options are exercised.
Google is providing a financial backstop covering the lease payments and related pass-through obligations.
The transaction is expected to contribute $6.9 billion in cumulative Net Operating Income (NOI) over the base lease term, translating to an average annual NOI contribution of $454 million.
The initial data hall at River Bend is scheduled for completion and commissioning in Q2 2027.

Dec 17, 2025, 11:15 AM

Press Release

Hut 8 Announces AI Infrastructure Partnership

HUT

New Projects/Investments

Hut 8 Corp. has announced a partnership with Anthropic and Fluidstack to accelerate the deployment of hyperscale AI infrastructure in the United States.
This collaboration involves Hut 8 developing and delivering at least 245 megawatts (MW) and up to 2,295 MW of AI data center infrastructure for Anthropic, structured across multiple tranches.
The initial phase will establish 245 MW of IT capacity at Hut 8's River Bend campus in Louisiana, with additional capacity expected online by early 2027.

Dec 17, 2025, 11:00 AM

Press Release

Hut 8 Corp. announces sale of 310 MW power portfolio to TransAlta

HUT

M&A

New Projects/Investments

Hut 8 Corp. entered into a definitive share purchase agreement with TransAlta Corporation for the sale of its 310-megawatt portfolio of four natural gas-fired power plants in Ontario.
The transaction, announced on November 17, 2025, follows a program where Hut 8 stabilized and strengthened the portfolio, securing five-year capacity contracts through the Ontario IESO Medium-Term 2 (MT2) auction.
Hut 8 plans to prioritize capital allocation toward large-scale digital infrastructure development opportunities, as the power plants are not core to its current strategy or capital plan.

Nov 17, 2025, 11:48 AM

8-K

Hut 8 Announces Sale of 310 MW Power Portfolio to TransAlta

HUT

M&A

New Projects/Investments

Hut 8 Corp. (HUT) has entered into a definitive agreement to sell its 310-megawatt portfolio of four natural gas-fired power plants in Ontario to TransAlta Corporation (TAC).
The transaction concludes a multi-phase program by Hut 8 to stabilize and strengthen the Portfolio, which included securing five-year capacity contracts across all four sites through the Ontario IESO Medium-Term 2 auction.
Hut 8 intends to prioritize capital allocation from this sale towards large-scale digital infrastructure development opportunities, as these facilities are not core to its current strategy or capital plan.

Nov 17, 2025, 11:30 AM

Press Release

Hut 8 Reports Strong Q3 2025 Financial Results and Major Expansion Initiative

HUT

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Hut 8 reported significant financial growth in Q3 2025, with revenue of $83.5 million, a 91% year-over-year increase, and adjusted EBITDA of $109 million, up from $5.6 million in the prior year period. This growth was primarily driven by the expansion of Bitcoin mining revenue through its consolidated subsidiary, American Bitcoin.
The company achieved a net income of $50.6 million in Q3 2025, compared to $900,000 in the prior year, benefiting from a $76.6 million gain on digital assets.
Strategically, Hut 8 launched its largest expansion initiative to date, adding 1,530 megawatts of utility capacity across four U.S. locations, which could more than double its platform scale. The company also increased its total hash rate to approximately 26.8 exahash, with American Bitcoin contributing about 25 exahash.
At quarter-end, Hut 8 held 13,696 Bitcoin in reserve, with a market value of approximately $1.6 billion, and strengthened its capital position with a new $200 million revolving credit facility and a $1 billion at-the-market equity program.

Nov 4, 2025, 1:30 PM

Transcript

Hut 8 Reports Strong Q3 2025 Financial Results and Major Expansion Initiatives

HUT

Earnings

New Projects/Investments

Debt Issuance

Hut 8 reported significant financial growth in Q3 2025, with revenue of $83.5 million, a 91% year-over-year increase, and Adjusted EBITDA of $109 million.
Net income reached $50.6 million, primarily due to a $76.6 million gain on Digital Assets.
The company's total hash rate expanded to approximately 26.8 exahash, largely driven by American Bitcoin, and it maintained a strategic Bitcoin reserve of 13,696 Bitcoin, valued at approximately $1.6 billion at quarter end.
Hut 8 initiated a major expansion with 1,530 MW of new utility capacity across four U.S. locations and enhanced its capital structure with a new $1 billion at-the-market equity program and a $200 million revolving credit facility.

Nov 4, 2025, 1:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Hut 8.

Q3 2025

Nov 4, 2025

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Q2 2025

Aug 7, 2025

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Q1 2025

May 8, 2025

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Hut 8 (HUT)

Analyst Earnings Quarterly Reports

Q3 2025

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Michael Ho

Sean Glennan

Victor Semah

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Carl J. (Rick) Rickertsen

E. Stanley O’Neal

Joseph Flinn

Mayo A. Shattuck III

William Tai

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Brian Vieten

Darren Aftahi

Gregory Lewis

Matthew Galinko

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