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Sep 30, 2025
Hut 8 Q3 2025 Earnings Report
Hut 8 reported strong Q3 2025 results with significant revenue growth and a surge in net income.
Key Takeaways
Hut 8 delivered robust Q3 2025 results, driven by Bitcoin mining and compute services. Net income jumped to over $50 million, supported by gains on digital assets and operational efficiency.
Generated $83.5 million in total revenue, led by $70 million from compute-related services.
Net income surged to $50.6 million, driven by $76.6 million in gains on digital assets.
Energy capacity under development rose to 1,530 MW from 205 MW year-over-year.
Strategic Bitcoin reserve increased to 13,696 BTC valued at $1.6 billion.
Revenue by Segment
Forward Guidance
Hut 8 plans to continue scaling operations with a strong focus on commercializing its energy capacity development pipeline and leveraging its Bitcoin holdings for capital strategy.
Positive Outlook
- 1.5 GW of new sites in development could expand capacity beyond 2.5 GW
- Strong balance sheet with $1.6 billion Bitcoin reserve
- Operational hashrate expanded to 26.8 EH/s including American Bitcoin
- New $1 billion ATM equity program launched
- Disciplined equity issuance with high average share price
Challenges Ahead
- Energy capacity under management declined YoY
- High depreciation and amortization expenses ($27.8M in Q3)
- Rising interest expenses ($8.6M)
- Exposure to Bitcoin price volatility
Historical Earnings Impact
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Avg. Return Before/After Earnings
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