Hut 8 Reports Second Quarter 2025 Results

Decisive step forward in 2025 strategy with measurable returns on first-quarter investments, structural evolution in asset commercialization profile, and significant near-term growth potential unlocked

Earnings Release Highlights

• Revenue of $41.3 million, net income of $137.5 million, and Adjusted EBITDA of $221.2 million.
• Total energy capacity under management of 1,020 megawatts (“MW”) as of June 30, 2025.
• ~10,800 MW development pipeline with ~3,100 MW of capacity under exclusivity1 as of June 30, 2025.
• Strategic Bitcoin reserve of 10,667 Bitcoin with a market value of $1.1 billion as of June 30, 2025.

MIAMI, Aug. 07, 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 second quarter of 2025.
        
“In the second quarter, we delivered strong revenue and margin performance while advancing a fundamental shift in our asset commercialization profile,” said Asher Genoot, CEO of Hut 8. “Strategic wins across our Power and Digital Infrastructure segments increased the share of energy capacity under management commercialized under executed agreements with terms of one year or longer to nearly 90% at quarter-end, up from less than 30% a year ago, driving a meaningful shift from merchant exposure to long-term, contracted fees.”

“These milestones build on the restructuring of our mining business with the launch of American Bitcoin. In addition to completing an oversubscribed private placement and advancing toward a Nasdaq listing, American Bitcoin is now a dedicated anchor tenant for our Power and Digital Infrastructure segments. More broadly, this shift reflects the growing depth of our institutional partnerships, with marquee counterparties such as BITMAIN, Macquarie, Coinbase, and Anchorage each playing a central role in our execution this quarter.”

“As we work to commercialize AI data center opportunities, we continue to apply the power-first, innovation-driven approach that has long defined our strategy and enabled us to build such partnerships. Initially energized during the quarter, Vega is a clear expression of that strategy: designed in-house and increasingly viewed by prospective partners as a prototype for next-generation AI infrastructure. We believe this level of innovation and execution, grounded in first principles, speed, and capital discipline, not only differentiates us but positions us to be a category-defining leader as the sector continues to evolve.”

Second Quarter 2025 Highlights

Power

• Generated $5.5 million in second quarter revenue from Power Generation and Managed Services. As American Bitcoin Corp. (“American Bitcoin”) is a consolidated subsidiary, all revenue generated through its Managed Services agreement with Hut 8 are eliminated in consolidation.
• ~10,800 MW development pipeline with ~3,100 MW of capacity under exclusivity1 as of June 30, 2025.
• Secured five-year capacity contracts with the Ontario Independent Electricity System Operator (“IESO”) for 310 MW of Power Generation assets owned and operated by Far North Power Corp. (“Far North”), an entity formed by Hut 8 and Macquarie Equipment Finance Ltd. (“Macquarie”), a subsidiary of Macquarie Group Limited, a global financial services group. The contracts will commence on May 1, 2026.
• Commenced Managed Services of 130+ MW of capacity under management for American Bitcoin.
• Advanced AI data center development opportunities comprising 430 MW of total capacity, including River Bend, a 592-acre campus in Louisiana where sitework continues.
   

Digital Infrastructure

• Generated $1.5 million in second quarter revenue from ASIC Colocation and CPU Colocation services. As American Bitcoin is a consolidated subsidiary, all revenue generated through its ASIC Colocation agreement with Hut 8 are eliminated in consolidation.
• Completed the initial energization of Vega at quarter-end. The 205 MW facility features a new Tier I data center form factor that narrows the gap between legacy air-cooled ASIC infrastructure and liquid-cooled GPU infrastructure with a proprietary, rack-based, direct-to-chip liquid cooling system designed in-house by Hut 8.
• Commercialized Vega, where upon full ramp we expect to provide up to 205 megawatts of ASIC Colocation capacity to BITMAIN, and through the execution of our purchase option, American Bitcoin.
• Commenced ASIC Colocation services with American Bitcoin for 130+ MW of capacity.

Compute

• Generated $34.3 million in second quarter revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
• Announced a go-public transaction for American Bitcoin pursuant to which Gryphon Digital Mining, Inc. (Nasdaq: GRYP) will acquire American Bitcoin in a stock-for-stock merger transaction. Upon closing, the combined company is expected to operate under the American Bitcoin brand and trade on Nasdaq under the ticker symbol “ABTC.” Following quarter-end, American Bitcoin’s registration statement on Form S-4 was declared effective.
• Completed an oversubscribed private placement for American Bitcoin, generating aggregate gross proceeds in cash and Bitcoin of approximately $220 million.
   

Capital Strategy and Balance Sheet

• Expanded strategic Bitcoin reserve to 10,667 Bitcoin held in reserve with a market value of $1.1 billion as of June 30, 2025.
• Amended the Company’s Bitcoin-backed credit facility with Coinbase, expanding the facility from $65 million to up to $130 million, extending the maturity date to June 16, 2026, and transitioning from a floating-rate structure to a fixed interest rate of 9.0%, compared to a stated interest rate ranging from 10.5% to 11.5% between the quarter ended December 31, 2023 and the quarter ended March 31, 2025.

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

Key Performance Indicators

1. Energy capacity under management includes all Power assets: Power Generation, Managed Services, ASIC Colocation, CPU Colocation, Bitcoin Mining, Data Center Cloud, and non-operational sites.
2. 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 Second Quarter 2025 Financial Results
Revenue for the three months ended June 30, 2025 was $41.3 million compared to $35.2 million in the prior year period, and consisted of $5.5 million in Power revenue, $1.5 million in Digital Infrastructure revenue, and $34.3 million in Compute revenue, and nil in Other revenue.

Net income (loss) for the three months ended June 30, 2025 was $137.5 million compared to a loss of ($72.2) million for the prior year period. This included gains on digital assets of $217.6 million and losses on digital assets of $71.8 million for the three months ended June 30, 2025 and 2024, respectively.

Adjusted EBITDA for the three months ended June 30, 2025 was $221.2 million compared to ($57.5) 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. Second Quarter 2025 Conference Call will commence today, Thursday, August 7, 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 hut8.com/investors/stock-info/.

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.