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Dec 31, 2024
Hut 8 Q4 2024 Earnings Report
Hut 8 reported a strong Q4 2024 with significant net income growth and a fortified balance sheet.
Key Takeaways
Hut 8 reported Q4 2024 revenue of $31.7 million and net income of $152.0 million. The company continued optimizing costs, with a 30% YoY reduction in energy costs per MWh. Strategic Bitcoin reserves increased, and key investments in AI and infrastructure were made to position for future growth.
Revenue for Q4 2024 was $31.7 million, down from $38.9 million in Q4 2023.
Net income surged to $152.0 million, driven by a significant gain on digital assets.
Energy cost per MWh decreased to $31.63, a 30% reduction YoY.
Expanded Bitcoin reserves to 10,171 BTC, valued at $949.5 million.
Hut 8
Hut 8
Hut 8 Revenue by Segment
Revenue by Segment
Power Revenue
CapyFin.comDigital Infrastructure Revenue
CapyFin.comCompute Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Hut 8 is focused on infrastructure expansion, AI-driven initiatives, and energy cost optimization to drive future growth.
Positive Outlook
- Plans to energize a 205 MW site in Texas in Q2 2025.
- Advancing three large-scale AI data center projects with over 430 MW capacity.
- Strengthened capital structure through strategic investments and stock repurchase programs.
- Secured a colocation contract with BITMAIN expected to generate $125 million in annualized revenue.
- Expanding into AI and high-performance computing markets for diversification.
Challenges Ahead
- Declining revenue in Q4 YoY due to lower Compute and Digital Infrastructure revenue.
- Reduced Bitcoin mining output compared to Q4 2023.
- Exposure to volatility in Bitcoin prices impacting financial results.
- Higher costs to mine a Bitcoin compared to the previous year.
- Potential risks associated with scaling AI infrastructure and energy-intensive projects.
Revenue & Expenses
Visualization of income flow from segment revenue to net income