Hut 8 Reports Fourth Quarter and Full Year 2024 Results
Hut 8 Corp. (HUT) reported strong financial results for Q4 and full year 2024, with annual revenue of $162.4 million and net income of $331.4 million. The company's Adjusted EBITDA reached $555.7 million.
Key operational highlights include a 30% decrease in energy costs to $31.63 per MWh in Q4, total energy capacity of 1,020 MW, and a strategic Bitcoin reserve of 10,171 BTC valued at $949.5 million. The company maintains a 12,300 MW development pipeline with 2,800 MW under exclusivity.
Revenue streams were diversified across three segments: Power ($56.6M), Digital Infrastructure ($17.5M), and Compute ($80.7M). Notable developments include securing the 205 MW Vega site in Texas, a major colocation contract with BITMAIN worth ~$125M annually, and the launch of Highrise AI subsidiary for GPU-as-a-Service.
Hut 8 Corp. (HUT) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024, con un fatturato annuale di 162,4 milioni di dollari e un utile netto di 331,4 milioni di dollari. L'EBITDA rettificato dell'azienda ha raggiunto 555,7 milioni di dollari.
I principali punti operativi includono una riduzione del 30% dei costi energetici a 31,63 dollari per MWh nel quarto trimestre, una capacità energetica totale di 1.020 MW e una riserva strategica di Bitcoin di 10.171 BTC, valutata 949,5 milioni di dollari. L'azienda mantiene un pipeline di sviluppo di 12.300 MW, con 2.800 MW sotto esclusiva.
Le fonti di reddito sono state diversificate in tre segmenti: Energia (56,6 milioni di dollari), Infrastruttura Digitale (17,5 milioni di dollari) e Computazione (80,7 milioni di dollari). Sviluppi notevoli includono l'acquisizione del sito Vega da 205 MW in Texas, un contratto di colocation significativo con BITMAIN del valore di circa 125 milioni di dollari all'anno e il lancio della sussidiaria Highrise AI per GPU-as-a-Service.
Hut 8 Corp. (HUT) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, con ingresos anuales de 162,4 millones de dólares y un ingreso neto de 331,4 millones de dólares. El EBITDA ajustado de la compañía alcanzó 555,7 millones de dólares.
Los aspectos operativos clave incluyen una disminución del 30% en los costos de energía a 31,63 dólares por MWh en el cuarto trimestre, una capacidad energética total de 1.020 MW y una reserva estratégica de Bitcoin de 10.171 BTC valorada en 949,5 millones de dólares. La empresa mantiene un pipeline de desarrollo de 12.300 MW, con 2.800 MW bajo exclusividad.
Las fuentes de ingresos se diversificaron en tres segmentos: Energía (56,6 millones de dólares), Infraestructura Digital (17,5 millones de dólares) y Computación (80,7 millones de dólares). Los desarrollos notables incluyen la obtención del sitio Vega de 205 MW en Texas, un contrato de colocation importante con BITMAIN por un valor de aproximadamente 125 millones de dólares anuales, y el lanzamiento de la subsidiaria Highrise AI para GPU-as-a-Service.
Hut 8 Corp. (HUT)는 2024년 4분기 및 전체 연도에 대해 강력한 재무 결과를 보고했으며, 연간 수익은 1억 6240만 달러, 순이익은 3억 3140만 달러입니다. 회사의 조정 EBITDA는 5억 5570만 달러에 도달했습니다.
주요 운영 하이라이트에는 4분기 전력 비용이 30% 감소하여 MWh당 31.63달러에 이르렀고, 총 에너지 용량이 1,020 MW이며, 10,171 BTC로 평가된 전략적 비트코인 비축이 9억 4950만 달러 있습니다. 회사는 12,300 MW의 개발 파이프라인을 유지하며, 그 중 2,800 MW는 독점 계약 중입니다.
수익원은 세 가지 부문으로 다양화되었습니다: 전력 (5,660만 달러), 디지털 인프라 (1,750만 달러), 컴퓨팅 (8,070만 달러). 주목할 만한 발전으로는 텍사스에서 205 MW의 베가 사이트 확보, 연간 약 1억 2500만 달러에 달하는 BITMAIN과의 주요 콜로케이션 계약, GPU-as-a-Service를 위한 Highrise AI 자회사의 출범이 있습니다.
Hut 8 Corp. (HUT) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année entière 2024, avec un chiffre d'affaires annuel de 162,4 millions de dollars et un bénéfice net de 331,4 millions de dollars. L'EBITDA ajusté de l'entreprise a atteint 555,7 millions de dollars.
Les points forts opérationnels incluent une réduction de 30 % des coûts énergétiques à 31,63 dollars par MWh au quatrième trimestre, une capacité énergétique totale de 1 020 MW et une réserve stratégique de Bitcoin de 10 171 BTC d'une valeur de 949,5 millions de dollars. L'entreprise maintient un pipeline de développement de 12 300 MW, dont 2 800 MW sous exclusivité.
Les sources de revenus ont été diversifiées en trois segments : Énergie (56,6 millions de dollars), Infrastructure Numérique (17,5 millions de dollars) et Calcul (80,7 millions de dollars). Parmi les développements notables, on trouve l'acquisition du site Vega de 205 MW au Texas, un contrat de colocation majeur avec BITMAIN d'une valeur d'environ 125 millions de dollars par an, et le lancement de la filiale Highrise AI pour GPU-as-a-Service.
Hut 8 Corp. (HUT) hat starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, mit einem Jahresumsatz von 162,4 Millionen Dollar und einem Nettogewinn von 331,4 Millionen Dollar. Das bereinigte EBITDA des Unternehmens erreichte 555,7 Millionen Dollar.
Wichtige betriebliche Höhepunkte umfassen einen Rückgang der Energiekosten um 30% auf 31,63 Dollar pro MWh im vierten Quartal, eine Gesamtkapazität von 1.020 MW und eine strategische Bitcoin-Reserve von 10.171 BTC, die mit 949,5 Millionen Dollar bewertet wird. Das Unternehmen verfügt über eine Entwicklungs-Pipeline von 12.300 MW, von denen 2.800 MW exklusiv sind.
Die Einnahmequellen wurden auf drei Segmente diversifiziert: Energie (56,6 Millionen Dollar), digitale Infrastruktur (17,5 Millionen Dollar) und Berechnung (80,7 Millionen Dollar). Bemerkenswerte Entwicklungen umfassen die Sicherung des 205 MW Vega-Standorts in Texas, einen bedeutenden Colocation-Vertrag mit BITMAIN im Wert von etwa 125 Millionen Dollar jährlich und die Gründung der Tochtergesellschaft Highrise AI für GPU-as-a-Service.
- Net income surge to $331.4M in 2024
- Strong Adjusted EBITDA of $555.7M
- 30% reduction in energy costs
- Strategic Bitcoin reserve of 10,171 BTC ($949.5M)
- Secured $125M annual revenue BITMAIN contract
- Significant 12,300 MW development pipeline
- Diversified revenue streams across three segments
- Q4 2024 revenue declined to $31.7M from $38.9M YoY
Insights
Hut 8's Q4 and full-year 2024 results demonstrate significant financial improvement with $162.4 million in annual revenue and $331.4 million in net income. However, the substantial $509.3 million gain on digital assets significantly inflated profitability, masking the underlying operational performance. The company's $555.7 million Adjusted EBITDA represents a substantial increase from $85.7 million in 2023.
The strategic pivot to a three-segment business model (Power, Digital Infrastructure, and Compute) highlights Hut 8's evolution beyond pure Bitcoin mining. The Compute segment generated the highest revenue at $80.7 million, followed by Power at $56.6 million and Digital Infrastructure at $17.5 million. This diversification reduces exposure to Bitcoin price volatility while capitalizing on adjacent high-growth markets.
Hut 8's balance sheet strengthening through the $150 million Coatue investment and the strategic conversion of $37.9 million loan to equity demonstrates improved financial positioning. The Bitcoin reserve of 10,171 BTC valued at $949.5 million represents a substantial portion of the company's value proposition, essentially functioning as a leveraged Bitcoin holding vehicle with operational businesses attached.
The 30% reduction in energy costs per MWh signals operational optimization important for mining profitability, especially with the recent Bitcoin halving. The development pipeline of 12,300 MW with 2,800 MW under exclusivity positions the company for significant expansion, though capital requirements for this growth remain unspecified.
Hut 8's vertical integration strategy across power generation, digital infrastructure, and compute applications represents a significant competitive advantage in the rapidly evolving digital infrastructure space. Their development of custom liquid cooling technology enabling 180 kilowatts per rack density bridges traditional data center and high-performance computing architectures, positioning them well for both cryptocurrency and AI workloads.
The BITMAIN partnership delivers dual benefits: a substantial colocation contract generating approximately $125 million in annualized revenue and collaboration on next-generation S21+ miners improving fleet efficiency to 20.5 J/TH. This technological edge is critical as mining economics tighten post-halving.
The rapid development capabilities demonstrated at Salt Creek (63 MW facility completed in just over three months) and Vega (205 MW site expected online within a year of acquisition) showcase exceptional execution speed compared to industry averages. At approximately $240,000 per MW development cost, their infrastructure deployment appears highly capital-efficient.
Their expansion into AI infrastructure through Highrise AI and three large-scale (430+ MW) AI data center projects marks a logical evolution leveraging existing competencies. The application-agnostic infrastructure approach provides flexibility to allocate capacity to highest-return opportunities while maintaining optionality across volatile cryptocurrency and AI markets.
The 12,300 MW development pipeline represents extraordinary scale—potentially positioning Hut 8 among major digital infrastructure providers if fully realized. However, development timelines, capital requirements, and projected returns on these investments remain critical unanswered questions for investors evaluating long-term growth prospects.
Fortified balance sheet, optimized operations, disciplined growth initiatives, and strategic hires set foundation for 2025
12,300 MW development pipeline with 2,800 MW under exclusivity as of December 31, 2024
Earnings Release Highlights
- Full year 2024 revenue of
$162.4 million , net income of$331.4 million , and Adjusted EBITDA of$555.7 million . - Fourth quarter 2024 energy cost per megawatt-hour (“MWh”) of
$31.63 , a30% decrease from the fourth quarter of 2023. - Total energy capacity under management of 1,020 megawatts (“MW”) as of December 31, 2024.
- 12,300 MW development pipeline with 2,800 MW of capacity under exclusivity as of December 31, 2024.
- Strategic Bitcoin reserve of 10,171 Bitcoin with a market value of
$949.5 million as of December 31, 2024.
MIAMI, March 03, 2025 (GLOBE NEWSWIRE) -- 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 such as Bitcoin mining and high-performance computing, today announced its financial results for the fourth quarter and full year of 2024.
“In 2024, we delivered on our commitment to operational excellence and bottom-line economics, setting the foundation for disciplined growth in 2025,” said Asher Genoot, CEO of Hut 8. “In the fourth quarter, we fortified our capital strategy and balance sheet—converting our Anchorage loan to equity, launching ATM and stock repurchase programs, and expanding our strategic Bitcoin reserve. Today, we operate from a position of strength as we focus on advancing our 12.3-gigawatt development pipeline.”
“We believe our platform model will enable us to strategically allocate capital as we aim to optimize returns, mitigate sector-specific volatility, accelerate speed to market, and deliver innovation at every stage of the development value chain. To align our reporting structure with this model as we enter this next phase of growth, we have realigned our operating segments around the three layers of our platform: Power, Digital Infrastructure, and Compute, as reflected in our results.”
“Looking ahead, we believe our application-agnostic approach to digital infrastructure development and experience in greenfield development will reinforce a structural advantage over peers reliant on single-market exposure or more complex commercialization models. Together with our robust development pipeline and strengthened team, we believe we are well-positioned to meet the continued and rising demand for energy capacity from applications like AI while building a platform positioned to fuel the world’s most transformative technologies for decades to come.”
2024 Highlights
Power
- Generated
$56.6 million in full-year revenue, consisting of revenue from Power Generation and Managed Services. - Secured Vega, a 205 MW behind-the-meter site in Texas, which is expected to be energized in Q2 2025, less than one year after acquisition, through the Company’s greenfield development capabilities, which enables rapid deployment low-cost Bitcoin mining infrastructure.
- Advanced three large-scale AI data center development projects, which, if secured, would collectively add over 430 MW of capacity. After the quarter, Hut 8 secured 592 acres of land for its River Bend campus, a project from this subset of its development pipeline.
Digital Infrastructure
- Generated
$17.5 million in full-year revenue, consisting of revenue from CPU Colocation and ASIC Colocation services. - Completed the greenfield development and energization of Salt Creek, a 63 MW Bitcoin mining facility, just over three months after breaking ground for an all-in cost of approximately
$240,000 per MW. - Developed custom data center architecture for Bitcoin mining ASIC compute. Set for deployment at Vega, the architecture enables rack-based ASIC compute utilizing a custom-designed direct-to-chip (“DTC”) liquid cooling system at densities of up to 180 kilowatts per rack, helping bridge the gap to traditional HPC architecture.
- Secured a major colocation contract with BITMAIN Technologies Ltd. (“BITMAIN”), the world’s leading manufacturer of digital currency mining servers. The ASIC colocation contract is expected to generate ~
$125 million in annualized revenue upon full ramp and includes a purchase option at Hut 8’s discretion for the full ~15 exahash-per-second (“EH/s”) deployment.
Compute
- Generated
$80.7 million in full-year revenue, consisting of revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations. - Partnered with BITMAIN to develop and launch a next-generation ASIC miner. The U3S21EXPH will be the first model mass-commercialized by BITMAIN with DTC cooling within a U form factor.
- Launched Highrise AI, Inc. (“Highrise”), a wholly-owned subsidiary providing GPU-as-a-Service through an initial five-year customer agreement with an AI cloud services provider. Hut 8 intends to leverage operational data and insights from Highrise to optimize the design, development, and operations of its digital infrastructure as it expands into AI data center development.
- Executed a purchase agreement for BITMAIN Antminer S21+ miners for the Company’s initial ASIC fleet upgrade, which is expected to increase self-mining hashrate to ~10.3 EH/s while driving average fleet efficiency down to 20.5 joules per terahash (“J/TH”). If the Company were to execute its purchase option under the aforementioned BITMAIN colocation agreement, it anticipates total self-mining hashrate of ~25.1 EH/s with average fleet efficiency of 16.0 J/TH.
Operations
- Appointed Asher Genoot as CEO on February 7, 2024.
- Executed a comprehensive restructuring program to strengthen bottom-line economics, delivering a ~
30% reduction in energy cost per MWh and an approximately eight-point increase in gross margin per Bitcoin mined from Q4 2023 to Q4 2024. - Expanded team with strategic hires, including Sean Glennan as CFO and Victor Semah as CLO.
Capital Strategy and Balance Sheet
- Closed a
$150 million strategic investment from Coatue to partner in building AI infrastructure. - Converted our
$37.9 million Anchorage Digital loan balance to shares of our common stock at a51% premium to the 20-Day VWAP through the day prior to the signing of the Debt Repayment Agreement. - Launched a
$500 million ATM program and a$250 million stock repurchase program. - Surpassed 10,000 Bitcoin held in reserve with the purchase of approximately 990 Bitcoin, of which 968 were pledged as collateral to BITMAIN as part of an innovative financing model for the purchase of Antminer S21+ miners for our initial fleet upgrade.
Key Performance Indicators
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Cost to mine a Bitcoin (excluding hosted facilities)(1) | $ | 37,958 | $ | 17,171 | $ | 27,959 | $ | 13,198 | |||
| Cost to mine a Bitcoin(2) | $ | 37,958 | $ | 20,051 | $ | 28,161 | $ | 16,570 | |||
| Weighted average revenue per Bitcoin mined(3) | $ | 82,412 | $ | 37,313 | $ | 60,834 | $ | 29,913 | |||
| Bitcoin mined(4) | 236 | 852 | 1,466 | 2,789 | |||||||
| Energy cost per MWh | $ | 31.63 | $ | 45.47 | $ | 32.52 | $ | 40.80 | |||
| Hosting cost per MWh | $ | N/A | $ | 65.84 | $ | 68.72 | $ | 62.57 | |||
| Energy capacity under management (mining)(5) | 665 MW | 839 MW | 665 MW | 839 MW | |||||||
| Total energy capacity under management(6) | 1,020 MW | 842 MW | 1,020 MW | 842 MW | |||||||
| Number of Bitcoin in strategic reserve(7) | 10,171 | 9,195 | 10,171 | 9,195 | |||||||
| (1) | Cost to mine a Bitcoin (excluding hosted facilities) is equivalent to the all-in electricity cost to mine a Bitcoin at owned facilities and includes our net share of the King Mountain JV. |
| (2) | Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. |
| (3) | Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. |
| (4) | Bitcoin mined includes our net share of the King Mountain JV. Bitcoin mined excluding our net share of the King Mountain JV was 190 and 690 for the three months ended December 31, 2024 and 2023, respectively. Bitcoin mined excluding our net share of the King Mountain JV was 1,184 and 2,138 for the twelve months ended December 31, 2024 and 2023, respectively. |
| (5) | Energy capacity under management (mining) represents the total power capacity related to Bitcoin mining infrastructure, including self-mining sites, colocation agreements, and managed services agreements. |
| (6) | Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including power generation, non-operational sites, and traditional data centers. |
| (7) | Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, and pledged for a miner purchase under an agreement with BITMAIN. |
Select Fourth Quarter 2024 Financial Results
U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) and Hut 8 Mining Corp. completed an all-stock merger of equals (the “Business Combination”) on November 30, 2023. USBTC was deemed the accounting acquirer in the transaction and, as a result, the historical figures in the Company’s income statement for the three months ended December 31, 2023 reflect two months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the three months ended December 31, 2024 reflect the performance of the combined company. All financial results are reported in US dollars.
Revenue for the three months ended December 31, 2024 was
Net income for the three months ended December 31, 2024 was
Adjusted EBITDA for the three months ended December 31, 2024 was
Select Full Year 2024 Financial Results
As a result of the Business Combination, the historical figures in the Company’s income statement for the twelve months ended December 31, 2023 reflect eleven months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the twelve months ended December 31, 2024 reflect the performance of the combined company. With respect to the balance sheet, the ending balance for year-end 2024 is being compared to year-end 2023, both of which reflect the combined company’s performance.
Revenue for the twelve months ended December 31, 2024 was
Net income for the twelve months ended December 31, 2024 was
Adjusted EBITDA for the twelve months ended December 31, 2024 was
Conference Call
The Hut 8 Corp. Full-Year 2024 Conference Call will commence today, Monday, March 5, 2025, at 8:30 a.m. ET today. Investors can join the live webcast here.
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, https://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 https://hut8.com/investors/analyst-coverage/.
Upcoming Conferences & Events
- March 11–12, 2025: Cantor Crypto, Digital Assets & AI Infrastructure Conference, Miami
- March 16–18, 2025: 37th Annual ROTH Conference, Dana Point
- March 25–27, 2025: Mining Disrupt, Fort Lauderdale
- April 7–8, 2025: Jones Healthcare and Technology Innovation Conference, Las Vegas
- May 13–15, 2025: J.P. Morgan Global Technology, Media and Communications Conference, Boston
- May 19–20, 2025: Barclays 15th Annual Emerging Payments and FinTech Forum, New York
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 such as Bitcoin mining and high-potential computing. 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 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) 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 foundation for disciplined growth; its position of strength; its development pipeline, including the three large-scale AI data center development projects and the expected capacity assuming these projects are secured; its platform model; its ability to strategically allocate capital; its goal of optimizing returns, mitigating sector volatility, accelerating speed to market, and delivering innovation across the development value chain; its next phase of growth; its structural advantage over peers; its ability to meet demand for energy capacity; its expected energization of Vega, including the expected timing and site capabilities; its colocation contract with BITMAIN, including the anticipated revenue and expected hashrate and average fleet efficiency improvements if the Company executes its purchase option under the agreement; the commercialization of the U3S21EXPH miner from BITMAIN, including the expected timing and miner capabilities; the initial Highrise customer agreement; the operational data and insights derived from Highrise for the Company’s planned expansion into AI data center development; its expected ASIC fleet upgrade, including the expected timing and anticipated hashrate and average fleet efficiency improvements; 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 results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss), adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, gain on debt extinguishment, gain on derivatives, gain on bargain purchase, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gains or losses, the removal of non-recurring transactions, impairment on assets, gain or loss on sale of property and equipment, loss from discontinued operations, net 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 the Company’s board of directors and management team consider them appropriate for supplemental analysis.
The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of 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 income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company 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 results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s 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 | |||||||||||||||
| Consolidated Statements of Operations and Comprehensive Income (Loss) | |||||||||||||||
| (Unaudited, in USD thousands, except share and per share data) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| December 31, | 2023 | December 31, | 2023 | ||||||||||||
| (in USD thousands) | 2024 | (Unaudited) | 2024 | (Unaudited) | |||||||||||
| Revenue: | |||||||||||||||
| Power | $ | 9,949 | $ | 7,818 | $ | 56,602 | $ | 22,794 | |||||||
| Digital Infrastructure | 2,520 | 4,455 | 17,482 | 8,291 | |||||||||||
| Compute | 19,159 | 26,519 | 80,701 | 64,851 | |||||||||||
| Other | 66 | 110 | 7,600 | 110 | |||||||||||
| Total revenue | 31,694 | 38,902 | 162,385 | 96,046 | |||||||||||
| Cost of revenue (exclusive of depreciation and amortization shown below): | |||||||||||||||
| Cost of revenue - Power | 7,465 | 1,944 | 21,538 | 7,263 | |||||||||||
| Cost of revenue - Digital Infrastructure | 2,929 | 3,048 | 15,556 | 4,321 | |||||||||||
| Cost of revenue - Compute | 9,781 | 15,764 | 44,977 | 42,592 | |||||||||||
| Cost of revenue - Other | 138 | 20 | 4,584 | 18 | |||||||||||
| Total cost of revenue | 20,313 | 20,776 | 86,655 | 54,194 | |||||||||||
| Operating (income) expenses: | |||||||||||||||
| Depreciation and amortization | 14,308 | 6,134 | 47,773 | 17,537 | |||||||||||
| General and administrative expenses | 18,844 | 33,380 | 72,917 | 49,133 | |||||||||||
| Gains on digital assets | (308,157 | ) | (32,811 | ) | (509,337 | ) | (32,626 | ) | |||||||
| Loss (gain) on sale of property and equipment | — | 443 | (634 | ) | 888 | ||||||||||
| Realized gain on sale of digital assets | — | — | — | (2,376 | ) | ||||||||||
| Impairment of digital assets | — | — | — | 1,431 | |||||||||||
| Impairment - other | 4,472 | — | 4,472 | — | |||||||||||
| Legal settlement | — | — | — | (1,531 | ) | ||||||||||
| Total operating (income) expenses | (270,533 | ) | 7,146 | (384,809 | ) | 32,456 | |||||||||
| Operating income (loss) | 281,914 | 10,980 | 460,539 | 9,396 | |||||||||||
| Other (expense) income: | |||||||||||||||
| Foreign exchange (loss) gain | (4,042 | ) | 1,002 | (5,000 | ) | 1,002 | |||||||||
| Interest expense | (9,563 | ) | (5,980 | ) | (29,794 | ) | (24,933 | ) | |||||||
| Gain on debt extinguishment | — | — | 5,966 | 23,683 | |||||||||||
| (Loss) gain on derivatives | (13,143 | ) | — | 6,780 | — | ||||||||||
| Gain on bargain purchase | 3,060 | — | 3,060 | — | |||||||||||
| Equity in earnings of unconsolidated joint venture | 1,902 | 4,098 | 10,359 | 12,815 | |||||||||||
| Total other (expense) income | (21,768 | ) | (880 | ) | (8,629 | ) | 12,567 | ||||||||
| Income from continuing operations before taxes | 260,146 | 10,100 | 451,910 | 21,963 | |||||||||||
| Income tax (provision) benefit | (110,482 | ) | 482 | (113,457 | ) | (190 | ) | ||||||||
| Net income from continuing operations | $ | 149,664 | $ | 10,582 | $ | 338,453 | $ | 21,773 | |||||||
| Income (Loss) from discontinued operations | 2,320 | (7,044 | ) | 77 | |||||||||||
| Net income | 151,984 | 10,582 | 331,409 | 21,850 | |||||||||||
| Less: Net loss attributable to non-controlling interests | 241 | — | 473 | — | |||||||||||
| Net income attributable to Hut 8 Corp. | $ | 152,225 | $ | 10,582 | $ | 331,882 | $ | 21,850 | |||||||
| Net income | $ | 151,984 | $ | 10,582 | $ | 331,409 | $ | 21,850 | |||||||
| Other comprehensive loss: | |||||||||||||||
| Foreign currency translation adjustments | (46,011 | ) | 10,761 | (56,390 | ) | 10,761 | |||||||||
| Total comprehensive income | 105,973 | 21,343 | 275,019 | 32,611 | |||||||||||
| Less: Comprehensive loss attributable to non-controlling interest | 387 | — | 549 | — | |||||||||||
| Comprehensive income attributable to Hut 8 Corp. | $ | 106,360 | $ | 21,343 | $ | 275,568 | $ | 32,611 | |||||||
Adjusted EBITDA Reconciliation
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||||||
| (in USD thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net income | $ | 151,984 | $ | 10,582 | $ | 331,409 | $ | 21,850 | |||||||
| Interest expense | 9,563 | 5,980 | 29,794 | 24,933 | |||||||||||
| Income tax provision (benefit) | 110,482 | (482 | ) | 113,457 | 190 | ||||||||||
| Depreciation and amortization | 14,308 | 6,134 | 47,773 | 17,537 | |||||||||||
| Gain on debt extinguishment | — | — | (5,966 | ) | (23,683 | ) | |||||||||
| Loss (gain) on derivatives | 13,143 | — | (6,780 | ) | — | ||||||||||
| Gain on bargain purchase | (3,060 | ) | — | (3,060 | ) | — | |||||||||
| Share of unconsolidated joint venture depreciation and amortization (1) | 3,120 | 2,887 | 21,792 | 21,016 | |||||||||||
| Foreign exchange loss (gain) | 4,024 | (1,002 | ) | 5,000 | (1,002 | ) | |||||||||
| Loss (gain) on sale of property and equipment | — | 443 | (634 | ) | 888 | ||||||||||
| Non-recurring transactions (2) | 327 | 12,044 | (9,882 | ) | 10,513 | ||||||||||
| Impairment - other | 4,472 | — | 4,472 | — | |||||||||||
| (Income) loss from discontinued operations | (2,320 | ) | 77 | 7,044 | (77 | ) | |||||||||
| Net loss attributable to non-controlling interests | 241 | — | 473 | — | |||||||||||
| Stock-based compensation expense | 4,342 | 11,912 | 20,783 | 13,563 | |||||||||||
| Adjusted EBITDA | $ | 310,626 | $ | 48,575 | $ | 555,675 | $ | 85,728 | |||||||
| (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 10. Investment in unconsolidated joint venture of the Consolidated Financial Statements for further detail. |
| (2) | Non-recurring transactions for the three months ended December 31, 2024 represent approximately |
Contacts
Hut 8 Investor Relations
Sue Ennis
ir@hut8.com
Hut 8 Media Relations
media@hut8.com
FAQ
What was Hut 8's total revenue and net income for full year 2024?
How many Bitcoin does Hut 8 hold in its strategic reserve as of December 2024?
What is the size of Hut 8's development pipeline and secured capacity?
How much revenue is the BITMAIN colocation contract expected to generate for Hut 8?
What was Hut 8's energy cost improvement in Q4 2024?
