ASIC fleet upgrade drives 79% increase in hashrate and 37% improvement in fleet efficiency quarter-over-quarter
Launch of American Bitcoin accelerates Hut 8’s evolution as an integrated energy infrastructure platform
Earnings Release Highlights
- Revenue of $21.8 million, net loss of $134.3 million, and Adjusted EBITDA of ($117.7) million.
- Total energy capacity under management of 1,020 megawatts (“MW”) as of March 31, 2025.
- ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.
- Strategic Bitcoin reserve of 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.
MIAMI, May 08, 2025 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the first quarter of 2025.
“The first quarter of 2025 marked significant advances in Hut 8’s evolution as an integrated energy infrastructure platform,” said Asher Genoot, CEO of Hut 8. “As reflected in our results, the first quarter was a deliberate and necessary phase of investment. We believe the returns on this work will become increasingly visible in the quarters ahead.”
“Following a period of disciplined investment and execution, including a major upgrade of our ASIC fleet, we launched American Bitcoin, a majority-owned subsidiary of Hut 8 focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin accumulation. The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing. With approximately 10,800 megawatts of development capacity in our pipeline and 10,264 Bitcoin retained in reserve as of March 31, 2025, we believe we are well-positioned and capitalized for disciplined growth. And through our ownership in American Bitcoin, we have preserved exposure to Bitcoin while establishing a new vehicle purpose-built for shareholder value creation.”
“Building on this foundation, we continue to execute against our 2025 roadmap by advancing potential catalysts for topline growth, including the energization of Vega, the initial sitework at River Bend, and the development of our utility-scale power portfolio. We believe these initiatives will further accelerate our ability to generate resilient near-term cash flows while building toward enduring leadership across next-generation digital infrastructure markets.”
First Quarter 2025 Highlights
Power
- Generated $4.4 million in first quarter revenue from Power Generation and Managed Services.
- Secured and broke ground on 592 acres at our River Bend campus in Louisiana, where initial sitework is underway.
- ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.
Digital Infrastructure
- Generated $1.3 million in first quarter revenue from CPU Colocation.
- Continued construction at the 205 MW Vega site, which remains on track for energization in the second quarter of 2025, with more than 70% of budgeted capital expenditures incurred through March 31, 2025.
- Established operational infrastructure for the Vega data center, including the onboarding of site management and development of operating processes for the direct-to-chip liquid-cooled facility.
- Energized a direct-to-chip liquid-cooled test rack module at Salt Creek in preparation for the energization of Vega.
- Enhanced our operating software through the development of a new curtailment control solution in Reactor designed specifically to optimize energy consumption at Vega and a more robust feature set in Operator to help automate ASIC-level operations.
Compute
- Generated $16.1 million in first quarter revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
- Executed ASIC fleet upgrade, which was completed in the first week of April 2025, increasing deployed hashrate to 9.3 EH/s and improving average fleet efficiency to approximately 20 J/TH at the end of Q1 2025.
- Launched American Bitcoin, a pure-play Bitcoin miner, following the strategic contribution of substantially all of Hut 8’s ASIC miners to and in exchange for a majority interest in American Data Centers, Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr., which was subsequently renamed and relaunched as American Bitcoin in connection with the transaction.
Capital Strategy and Balance Sheet
- Expanded Bitcoin held in reserve to 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.
- Generated $275.5 million in net proceeds from the Company’s ATM program from inception to quarter-end, selling 9.8 million shares at a weighted average price of $28.23 per share.
Key Performance Indicators
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Cost to mine a Bitcoin (excluding hosted facilities)(1) | $ | 58,757 | $ | 20,419 | ||||
| Cost to mine a Bitcoin(2) | $ | 58,757 | $ | 24,594 | ||||
| Weighted average revenue per Bitcoin mined(3) | $ | 92,224 | $ | 51,769 | ||||
| Number of Bitcoin mined(4) | 167 | 716 | ||||||
| Energy cost per MWh | $ | 51.71 | $ | 40.06 | ||||
| Hosting cost per MWh | $ | — | $ | 68.72 | ||||
| Energy capacity under management (mining)(5) | 665 MW | 884 MW | ||||||
| Total energy capacity under management(6) | 1,020 MW | 1,239 MW | ||||||
| Number of Bitcoin in strategic reserve(7) | 10,264 | 9,102 | ||||||
| (1) | Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense (excluding hosted facilities) divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. |
| (2) | Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. |
| (3) | Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. For the quarter ended March 31, 2024 the weighted average revenue per Bitcoin mined includes one month of activity from discontinued operations at our Drumheller site. |
| (4) | Bitcoin mined includes our net share of the King Mountain JV and excludes discontinued operations from our Drumheller site. Bitcoin mined excluding our net share of the King Mountain JV was 135 and 592 for the three months ended March 31, 2025 and 2024, respectively. |
| (5) | Energy capacity under management (mining) represents the total power capacity related to Bitcoin Mining infrastructure, including self-mining sites, ASIC Colocation agreements, and Managed Services agreements. |
| (6) | Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including Power Generation, CPU Colocation infrastructure, and non-operational sites. |
| (7) | 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. |
Select First Quarter 2025 Financial Results
Revenue for the three months ended March 31, 2025 was $21.8 million compared to $51.7 million in the prior year period, and consisted of $4.4 million in Power revenue, $1.3 million in Digital Infrastructure revenue, and $16.1 million in Compute revenue, and nil in Other revenue.
Net (loss) income for the three months ended March 31, 2025 was ($134.3) million compared to $250.7 million for the prior year period. This included losses on digital assets of $112.4 million and gains on digital assets of $274.6 million for the three months ended March 31, 2025 and 2024, respectively.
Adjusted EBITDA for the three months ended March 31, 2025 was ($117.7) million compared to $297.0 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.
All financial results are reported in U.S. dollars.
Conference Call
The Hut 8 Corp. First Quarter 2025 Conference Call will commence today, Thursday, May 8, 2025, at 8:30 a.m. ET. Investors can join the live webcast here.
Supplemental Materials and Upcoming Communications
The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.
Analyst Coverage
A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.
About Hut 8
Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.