Hut 8 Reports Third Quarter 2025 Results

As of

September 30,

2025

2024

Energy Capacity Under Diligence⁽²⁾

5,865 MW

5,553 MW

Energy Capacity Under Exclusivity⁽³⁾

1,255 MW

1,458 MW

Energy Capacity Under Development⁽⁴⁾

1,530 MW

205 MW

Energy Capacity Under Management⁽¹⁾

1,020 MW

1,117 MW

Number of Bitcoin in Strategic Reserve⁽⁵⁾⁽⁶⁾

13,696

9,106

1. Comprises all Power assets: Power Generation, Managed Services, ASIC Colocation, CPU Colocation, Bitcoin Mining, Data Center Cloud, and non-operational sites.

2. Sites identified for large-load use cases such as high-performance computing and Bitcoin mining, industrial applications such as next-generation manufacturing, and other energy-intensive technologies. At this stage, Hut 8 assesses site potential by engaging with utilities, landowners, and other stakeholders to evaluate critical factors, including power availability, infrastructure readiness, fiber connectivity, and overall commercial viability.

 3. Sites where Hut 8 has secured a clear path to ownership through either: (1) an exclusivity agreement that prevents the sale of designated power and/or land capacity to another party or (2) a tendered interconnection agreement, confirming a viable path to securing power and infrastructure for deployment.

4. Sites where Hut 8 is actively investing in development and commercialization by executing definitive land and/or power agreements, advancing site design and infrastructure buildout, and engaging with prospective customers.

5. Number of Bitcoin in Strategic Reserve includes Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase under an agreement with Bitmain.

6. As of September 30, 2025, of the 13,696 Bitcoin in Strategic Reserve, 10,278 Bitcoin were held by Hut 8, and 3,418 Bitcoin were held by American Bitcoin. As of September 30, 2024, all 9,106 Bitcoin in Strategic Reserve were held by Hut 8 as American Bitcoin had not yet been launched.

7. Starting April, 1, 2025, the Company's Bitcoin mining operations are generally conducted through the American Bitcoin majority-owned subsidiary. As of September 30, 2025, ~25.0 EH/s of the Company's total hashrate of ~26.8 EH/s was owned by American Bitcoin. Of the total hashrate, ~23.7 EH/s was operational as of September 30, 2025, including ~1.8 EH/s held by Hut 8 through its ownership stake in the King Mountain Joint Venture in which the Company has a 50% membership interest and a Fortune 200 renewable energy producer has the remaining 50% membership interest.

Hut 8 Corp. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited, in USD thousands, except share and per share data)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2025

2024

2025

2024

Revenue:

Power

$

8,367

$

26,185

$

18,239

$

46,653

Digital Infrastructure

5,107

3,854

7,936

14,962

Compute

70,036

13,696

120,449

61,542

Other

—

—

—

7,534

Total revenue

83,510

43,735

146,624

130,691

Cost of revenue (exclusive of depreciation and amortization shown below):

Cost of revenue – Power

6,494

4,991

15,122

14,073

Cost of revenue – Digital Infrastructure

3,804

3,667

7,483

12,627

Cost of revenue – Compute

22,032

8,901

50,160

35,196

Cost of revenue – Other

—

—

—

4,446

Total cost of revenue

32,330

17,559

72,765

66,342

Operating (income) expenses:

Depreciation and amortization

27,795

10,462

62,152

33,465

General and administrative expenses

25,858

16,175

77,075

54,073

(Gains) losses on digital assets

(76,595)

1,552

(181,841)

(201,180)

Loss (gain) on sale of property and equipment

1,467

(444)

3,609

(634)

Total operating (income) expenses

(21,475)

27,745

(39,005)

(114,276)

Operating income (loss)

72,655

(1,569)

112,864

178,625

Other income (expense):

Foreign exchange (loss) gain

(1,530)

703

1,593

(976)

Interest expense

(8,616)

(7,938)

(24,481)

(20,231)

Asset contribution costs

—

—

(22,780)

—

Gain on debt extinguishment

—

5,966

—

5,966

Gain on derivatives

5,141

2,704

7,600

19,923

(Loss) gain on other financial liability

(237)

—

721

—

Gain on warrant liability

26

—

26

—

Equity in earnings of unconsolidated joint venture

2,192

1,495

4,621

8,457

Total other (expense) income

(3,024)

2,930

(32,700)

13,139

Income from continuing operations before taxes

69,631

1,361

80,164

191,764

Income tax provision

(19,019)

(453)

(26,388)

(2,975)

Net income from continuing operations

$

50,612

$

908

$

53,776

$

188,789

Loss from discontinued operations (net of income tax benefit of nil, nil, nil and nil, respectively)

—

—

—

(9,364)

Net income

50,612

908

53,776

179,425

Less: Net (income) loss attributable to non-controlling interests

(503)

(261)

(244)

232

Net income attributable to Hut 8 Corp.

$

50,109

$

647

$

53,532

$

179,657

Net income per share of common stock:

Basic from continuing operations attributable to Hut 8 Corp.

$

0.48

$

0.01

$

0.52

$

2.10

Diluted from continuing operations attributable to Hut 8 Corp.

$

0.43

$

0.01

$

0.49

$

1.95

Weighted average number of shares of common stock outstanding:

Basic

105,565,856

91,182,107

104,232,145

90,178,607

Diluted

121,761,796

96,407,378

110,073,146

97,984,059

Net income

$

50,612

$

908

$

53,776

$

179,425

Other comprehensive income:

Foreign currency translation adjustments

(16,442)

8,057

24,637

(10,379)

Total comprehensive income

34,170

8,965

78,413

169,046

Less: Comprehensive (income) loss attributable to non-controlling interest

(494)

(395)

(290)

162

Comprehensive income attributable to Hut 8 Corp.

$

33,676

$

8,570

$

78,123

$

169,208

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Three Months Ended

September 30

Increase

(in USD thousands)

2025

2024

(Decrease)

Net income

$

50,612

$

908

$

49,704

Interest expense

8,616

7,938

678

Income tax provision

19,019

453

18,566

Depreciation and amortization

27,795

10,462

17,333

Gain on debt extinguishment

—

(5,966)

5,966

Share of unconsolidated joint venture depreciation, amortization, net of basis adjustments ⁽¹⁾

4,454

5,486

(1,032)

Foreign exchange loss (gain)

1,530

(703)

2,233

Loss (gain) on sale of property and equipment

1,467

(444)

1,911

Gain on derivatives

(5,141)

(2,704)

(2,437)

Loss on other financial liability

237

—

237

Gain on warrant liability

(26)

—

(26)

Non-recurring transactions ⁽²⁾

2,896

(14,530)

17,426

(Income) attributable to non-controlling interests

(8,793)

(261)

(8,532)

Stock-based compensation expense

6,318

4,957

1,361

Adjusted EBITDA

$

108,984

$

5,596

$

103,388

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 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income in accordance with 

ASC 323. See Note 10. Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements

for further detail.

2. Non-recurring transactions for the three months ended September 30, 2025 primarily represent approximately $2.9 million of

American Bitcoin related transaction costs. Non-recurring transactions for the three months ended September 30, 2024 represent a

$13.5 million contract termination fee received from MARA Holdings and a release of relocation fees that were over-accrued in the

prior period.