Executive Summary

Q3 2025 delivered a revenue beat and strong profitability, driven by Bitcoin price gains and expanded mining capacity through American Bitcoin (ABTC). Revenue was $83.5M vs S&P Global consensus $65.6M; Adjusted EBITDA was $109.0M; diluted EPS from continuing ops was $0.43, while S&P “Primary EPS” printed -$0.046, indicating a beat on S&P EPS as the actual was less negative than expected . Values retrieved from S&P Global.*
Operating income rose to $72.7M and net income to $50.6M, supported by $76.6M gains on digital assets and a step-up in compute revenue as hashrate expanded to ~26.8 EH/s (ABTC ~25.0 EH/s at ~16.3 J/TH) .
Platform development advanced: 1,530 MW reclassified into “Energy Capacity Under Development” within an 8,650 MW pipeline; Energy Capacity Under Management was 1,020 MW; Bitcoin strategic reserve reached 13,696 BTC ($1.6B) .
Near-term catalysts: commercialization of Riverbend (LA) with expected 2026 RFS, continued ABTC scaling, and portfolio optimization including the announced sale of four Ontario natural gas plants (310 MW) to TransAlta to redeploy capital to higher-return digital infrastructure .

What Went Well and What Went Wrong

What Went Well

Revenue and EBITDA outperformance: Q3 revenue $83.5M vs $43.7M YoY; Adj. EBITDA $109.0M vs $5.6M YoY, reflecting expanded compute operations and digital asset gains .
Development pipeline momentum: Advanced 1,530 MW from exclusivity to development, introducing clearer late-stage visibility; CEO: “inflection point in the scale and maturity of our development flywheel” .
Balance sheet strategy: New $1B ATM and $200M revolver; strategic Bitcoin reserve to 13,696 BTC; CFO highlighted ~$986M incremental value and liquidity from reserve via price appreciation, credit facilities, and covered calls .

What Went Wrong

Power segment revenue declined YoY to $8.4M (from $26.2M) due to managed services wind-down with IONIQ, partially offset by stronger power generation; segment cost of revenue increased with higher output .
Consolidation eliminates intercompany revenue: Managed services and ASIC colocation with ABTC are eliminated in consolidation, obscuring underlying Power/Digital Infrastructure economics despite operational activity .
Continued dependence on digital asset gains: Net income and EBITDA materially influenced by $76.6M gains on digital assets this quarter, raising volatility concerns for normalized profitability .

Financial Results

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	$21.8	$41.3	$83.5
Net Income ($USD Millions)	($134.3)	$137.5	$50.6
Diluted EPS – Continuing Ops ($)	($1.30)	$1.18	$0.43
Operating Income (EBIT) ($USD Millions)	($147.7)	$187.9	$72.7
Adjusted EBITDA ($USD Millions)	($117.7)	$221.2	$109.0
Net Income Margin %	-616.0% (calc from )	332.8% (calc from )	60.6% (calc from )
Operating Margin % (EBIT)	-677.3% (calc from )	454.8% (calc from )	87.0% (calc from )
Adjusted EBITDA Margin %	-539.9% (calc from )	535.5% (calc from )	130.6% (calc from )

Segment revenue breakdown

Segment Revenue ($USD Millions)	Q1 2025	Q2 2025	Q3 2025
Power	$4.4	$5.5	$8.4
Digital Infrastructure	$1.3	$1.5	$5.1
Compute	$16.1	$34.3	$70.0
Other	$0.0	$0.0	$0.0

KPIs and operational metrics

KPI	Sep 30, 2024	Sep 30, 2025
Energy Capacity Under Diligence	5,553 MW	5,865 MW
Energy Capacity Under Exclusivity	1,458 MW	1,255 MW
Energy Capacity Under Development	205 MW	1,530 MW
Energy Capacity Under Management	1,117 MW	1,020 MW
Strategic Bitcoin Reserve	9,106 BTC	13,696 BTC
Total Hashrate	—	~26.8 EH/s; ABTC ~25.0 EH/s; fleet ~16.3 J/TH

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Financial guidance (Revenue, EPS, margins)	FY/Q4 2025	Not provided	Not provided	Maintained (no formal guidance)
Riverbend (LA) – Ready for Service (IT capacity ~216–224 MW of 300 MW utility)	2026	N/A	Expect 2026 delivery; civil work, switchyard/substation underway	New timeline clarity
Development Capex archetypes (Data center)	N/A	N/A	Powered shell ~$2M/MW; build-to-suit up to ~$6M/MW	New disclosure
Capital structure programs	N/A	Prior ATM program (40% unused)	New $1B ATM; new $200M revolver with Two Prime	Raised

Earnings Call Themes & Trends

Topic	Q1 2025 (prior-2)	Q2 2025 (prior-1)	Q3 2025 (current)	Trend
AI/data center development	Vega energized in Q2 target; Riverbend sitework initiated	Vega initial energization; 430 MW AI pipeline; Riverbend commercialization push	1.5 GW moved to Development; focus on monetizing late-stage projects; 2026 RFS for Riverbend	Accelerating scale and visibility
Power-first strategy & pipeline	~10.8 GW pipeline; ~2.6 GW exclusivity	~10.8 GW pipeline; ~3.1 GW exclusivity	8.65 GW pipeline resegmented; 1.53 GW Development stage	Refining reporting; deepening late-stage
ABTC carve-out & consolidation	Launch and ASIC fleet upgrade	S-4 effective; oversubscribed placement; consolidation mechanics explained	ABTC trading on Nasdaq (ticker “ABTC”); ~4,000 BTC treasury; ~25 EH/s	Execution and scaling
Financing capacity	Coinbase facility to $130M, fixed 9%	Project finance healthy; pursuit of non-recourse structures	New $200M revolver; ATM $1B; strong project finance environment	Strengthening
Supply chain/long lead items	Building operational processes (cooling, curtailment control)	Modular, first-principles design focus	Building breakers reserve, common equipment across sites to mitigate supply risk	Proactive risk management

Management Commentary

CEO Asher Genoot: “We reached an inflection point in the scale and maturity of our development flywheel… Subject to commercialization, this portfolio has the potential to expand our Energy Capacity Under Management to more than 2.5 gigawatts” .
CFO Sean Glennan: “Three key pillars… strategic bitcoin reserve… disciplined access to capital markets… responsible leverage… we added a $200M revolver and launched a new $1B ATM” .
CEO on AI scope: “AI is only the first chapter… power infrastructure will form the backbone for a broader class of next generation technology” .

Q&A Highlights

HPC tenant traction and valuation disconnect: Management emphasized execution to close the gap in perceived pipeline value; faster-moving customer conversations amid strong demand .
Development progress: All four 1.5 GW sites have land control and utility agreements; active procurement of long-lead items with commonality across sites to reduce risk .
Riverbend timeline: Expect 2026 RFS; active civil, switchyard, and substation work; engagement with Entergy to scale toward 1 GW over time .
ABTC ownership and consolidation: Hut 8 to maintain voting control even if economic ownership dips; ABTC treasury ~4,000 BTC; ~25 EH/s; aim to grow Bitcoin per share .
Project financing: Market “extremely healthy”; pursuing non-recourse project-level financing to insulate parent from subsidiary debt risks .

Estimates Context

Revenue and EPS vs S&P Global consensus

Quarter	Revenue Consensus ($M)*	Revenue Actual ($M)	Surprise	Primary EPS Consensus ($)*	Primary EPS Actual ($)*	Surprise
Q1 2025	$30.0	$21.8	Miss	($0.864)	($1.230)	Miss
Q2 2025	$49.8	$41.3	Miss	($0.149)	$1.339	Beat
Q3 2025	$65.6	$83.5	Bold Beat	($0.078)	($0.046)	Bold Beat

Values retrieved from S&P Global.* Note: Company-reported diluted EPS from continuing operations for Q3 was $0.43, which differs from S&P “Primary EPS” framework; differences reflect methodology and normalization conventions .

Key Takeaways for Investors

Q3 beat on revenue and S&P EPS driven by ABTC scale-up and digital asset gains; headline margins strong, but normalized earnings remain sensitive to Bitcoin mark-to-market .
Development flywheel entered late-stage execution with 1.53 GW under Development; watch for definitive tenant agreements at Riverbend and other sites as catalysts .
Consolidation with ABTC obscures underlying Power/Digital Infrastructure revenue; consider sum-of-the-parts framing with ABTC market value and contracted infrastructure economics .
Capital capacity increased (ATM $1B, revolver $200M); management favors non-recourse project financing—reduces enterprise risk while funding scale .
Operational risk mitigated via supply-chain planning (common gear reserve) and modular designs; supports aggressive timelines under industry-wide power constraints .
Strategic reserve (13,696 BTC) enhances liquidity and optionality; covered calls and credit lines add right-way risk and flexible funding .
Portfolio optimization underway (sale of Ontario plants to TransAlta) to redeploy toward higher-return data center opportunities—expect capital allocation discipline to remain a core theme .

Hut 8 Corp. (HUT)·Q3 2025 Earnings Summary