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HUT

Hut 8 Corp.

HUT

Hut 8 Corp. • NASDAQ
$45.00 ▲ 6.21% (+2.63)
Market Cap $4.86 B
52w High $57.29
52w Low $10.04
Dividend Yield 0%
P/E 23.2
Volume 2.20M
Outstanding Shares 108.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $83.51M ▲ $-21.475M ▲ $50.612M ▼ 60.606% ▼ $0.48 ▼ $100.45M ▼
Q2-2025 $41.299M ▲ $-168.336M ▼ $137.312M ▲ 332.483% ▲ $1.32 ▲ $193.98M ▲
Q1-2025 $21.815M ▼ $150.806M ▲ $-133.889M ▼ -613.747% ▼ $-1.3 ▼ $-131.52M ▼
Q4-2024 $339.851M ▲ $37.624M ▲ $152.225M ▲ 44.792% ▲ $0.68 ▲ $284.657M ▲
Q3-2024 $43.735M $27.745M $647K 1.479% $0.01 $20.217M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $46.604M ▼ $3.741B ▲ $1.44B ▲ $2.007B ▲
Q2-2025 $216.251M ▲ $2.021B ▲ $632.998M ▲ $1.267B ▲
Q1-2025 $108.382M ▲ $1.572B ▲ $584.188M ▲ $959.994M ▼
Q4-2024 $85.044M ▲ $1.519B ▲ $538.281M ▲ $976.669M ▲
Q3-2024 $72.282M $1.099B $386.727M $703.915M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $50.612M ▼ $0 ▲ $0 ▲ $0 ▼ $-182.723M ▼ $0 ▲
Q2-2025 $137.483M ▲ $-48.787M ▼ $-43.244M ▲ $205.245M ▲ $113.378M ▲ $-94.15M ▲
Q1-2025 $-134.319M ▼ $-33.849M ▼ $-58.236M ▲ $115.519M ▼ $23.339M ▲ $-98.081M ▲
Q4-2024 $151.984M ▲ $-21.64M ▼ $-183.692M ▼ $162.334M ▲ $-72.911M ▲ $-208.163M ▼
Q3-2024 $874.944K $-4.202M $-95.695M $-3.25M $-103.186M $-65.246M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Digital Infrastructure
Digital Infrastructure
 $0 ▲$0 ▲$0 ▲$0 ▲
High Performance Computing Colocation And Cloud
High Performance Computing Colocation And Cloud
 $0 ▲$0 ▲$20.00M ▲$10.00M ▼
Power
Power
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Service Other
Service Other
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Management Service
Management Service
 $20.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Hut 8’s income statement shows a company that has swung from losses to a very strong reported profit recently, but in a way that likely reflects one‑off or non‑operating gains as much as day‑to‑day business strength. Revenue has been relatively modest and uneven over the last few years, while profitability has moved sharply between loss and profit, which is typical for a crypto‑exposed business. The latest year shows unusually high operating and net income compared with past years and with the size of revenue, suggesting special items, revaluations, or deal‑related accounting effects are playing a big role. That makes the headline earnings figures harder to treat as “normal” or repeatable. Overall, the income statement signals improving results on paper, but with high volatility and significant uncertainty about how durable those profits are.

Balance Sheet

Balance Sheet The balance sheet has grown meaningfully in recent years, with total assets and shareholder equity both trending upward, which points to a larger and more capital‑intensive platform. Cash has increased but still represents only a small slice of the asset base, so liquidity is something to watch, especially in a volatile sector. Debt has risen along with assets, which introduces more financial risk but also suggests the company is willing to use leverage to scale its infrastructure and energy footprint. The growing equity base provides a cushion, yet the quality and valuation of assets—especially crypto and specialized infrastructure—will be key to how strong this balance sheet really is in a downturn. In short, Hut 8 looks better capitalized than a few years ago, but also more exposed to asset value swings and funding conditions.

Cash Flow

Cash Flow Cash flow is the weakest part of the story. Over the last several years, operating cash flow has been consistently negative, meaning that day‑to‑day activities have not been generating cash in aggregate. Free cash flow has also been clearly negative, largely because the company is spending heavily on capital investments to build out power and data center infrastructure. This pattern is typical of a company in an aggressive build‑out phase, but it also means Hut 8 is dependent on outside funding, asset sales, or crypto reserves to support its growth. Until operating cash flow turns sustainably positive, there is a gap between the accounting profits and the underlying cash economics of the business.

Competitive Edge

Competitive Edge Hut 8’s competitive position rests on being more than just a Bitcoin miner. It is trying to own the full stack from power generation to digital infrastructure to compute services, which can provide cost advantages and more control over its destiny. Proprietary software for energy curtailment and miner optimization, plus specialized liquid‑cooled data center designs, give it an operational edge in both Bitcoin mining and high‑performance computing. The move into AI‑focused infrastructure and GPU cloud services, supported by multiple data centers and power assets, helps diversify away from pure crypto cycles and makes the business more comparable to an energy‑backed infrastructure provider. However, competition is intense both in crypto mining and AI data centers, and execution risk is high as the company scales into areas crowded with much larger technology and infrastructure players.

Innovation and R&D

Innovation and R&D Innovation is a clear focus for Hut 8. The company has developed its own tools to optimize power usage and mining operations, aiming to squeeze more profit out of every unit of energy and hardware. Its push into advanced liquid cooling and next‑generation data center design shows a willingness to invest in custom engineering rather than off‑the‑shelf solutions, which can be a meaningful differentiator for dense Bitcoin and AI workloads. On top of that, the Highrise AI platform and GPU‑as‑a‑Service offering are attempts to move up the value chain from raw infrastructure to higher‑margin compute services. The main risks are the heavy capital needs, rapid technology change, and the challenge of competing with specialized AI cloud and data center providers who also innovate quickly.

Summary

Hut 8 is evolving from a volatile, Bitcoin‑centric miner into a broader energy‑and‑compute infrastructure business, with a strategy centered on controlling power, data centers, and compute on one integrated platform. Financially, recent reported profits look much stronger than in past years but appear highly volatile and potentially influenced by one‑time factors, while cash flows remain firmly negative as the company invests heavily in growth. The balance sheet has expanded and carries more debt, reflecting an infrastructure build‑out that could offer scale benefits but also raises sensitivity to market and funding conditions. Strategically, the company is leaning into innovation—especially in energy management, cooling, and AI/HPC infrastructure—to build a differentiated position, though it operates in markets with intense competition and significant regulatory and technological uncertainty. Overall, Hut 8 is a high‑risk, high‑optionality story: its long‑term value will depend on how well it converts its ambitious infrastructure and AI plans into stable, cash‑generating operations rather than relying on crypto cycles and accounting gains.

NEWS

November 5, 2025 · 6:36 AM UTC

Eric Trump to Speak at Blockchain Futurist Conference Florida 2025

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November 4, 2025 · 6:30 AM UTC

Hut 8 Reports Third Quarter 2025 Results

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October 29, 2025 · 2:54 PM UTC

PIZZA HUT CELEBRATES "HALLO-WINGS" BY SCARING THE COMPETITION

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October 16, 2025 · 5:15 PM UTC

Hut 8 Schedules Third Quarter 2025 Earnings Release and Conference Call

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October 15, 2025 · 7:00 AM UTC

PIZZA HUT® REVAMPS WING WEDNESDAY® WITH NEW LIL' WINGS DEAL

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