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Mar 31
Hut 8 Q1 2025 Earnings Report
Hut 8 reported a significant net loss in Q1 2025 amid declining revenue and heavy investment in infrastructure.
Key Takeaways
Hut 8 posted a $134.3M net loss in Q1 2025 as revenue dropped year-over-year. The company completed a major ASIC fleet upgrade and launched a new subsidiary focused on Bitcoin mining.
Revenue decreased to $21.8M from $51.7M YoY.
Net loss totaled $134.3M due to losses on digital assets and restructuring costs.
Launched American Bitcoin to focus on industrial-scale mining.
Hashrate improved 79% following ASIC fleet upgrade.
Hut 8
Hut 8
Hut 8 Revenue by Segment
Revenue by Segment
Power Revenue
CapyFin.comDigital Infrastructure Revenue
CapyFin.comCompute Revenue
CapyFin.com Forward Guidance
Hut 8 aims to drive topline growth through strategic energy infrastructure developments and the ramp-up of its new Vega site.
Positive Outlook
- Vega site construction on track for Q2 2025 energization.
- Energized test rack with liquid cooling at Salt Creek.
- River Bend campus sitework underway on 592 acres.
- Development pipeline totals 10,800 MW with 2,600 MW under exclusivity.
- Software enhancements for energy optimization and ASIC operations automation.
Challenges Ahead
- Q1 results marked by large net and operating losses.
- High cost to mine a Bitcoin compared to last year.
- Significant loss on digital assets ($112.4M).
- Compute revenue nearly halved YoY.
- Adjusted EBITDA negative at $117.7M.
Revenue & Expenses
Visualization of income flow from segment revenue to net income