Hut 8 Corp. HUT
Hut 8 is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. 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 consists of three layers: Power, Digital Infrastructure, and Compute. Together, these layers form a vertically integrated foundation for next-generation, energy-intensive technology applications. This structure enables us to participate selectively across the infrastructure value chain, including securing power and interconnections, developing and operating digital infrastructure assets that leverage that power, and deploying compute capacity on or alongside that infrastructure. Today, our core focus is on commercializing this platform primarily through the development and operation of data centers at scale, supporting AI, high-performance computing ("HPC"), ASIC compute, and other energy-intensive technology applications.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $235.1M | $162.4M | $82.2M | $73.7M | — | — |
| Cost of revenue | $107.8M | $86.7M | $43.1M | $25.8M | — | — |
| Gross profit | $127.3M | $75.7M | $39.0M | $47.9M | — | — |
| SG&A | $122.8M | $72.9M | $27.3M | $31.3M | — | — |
| Total operating expenses | — | — | $107.7M | $67.8M | — | — |
| Operating income | -$322.0M | $460.5M | -$68.7M | -$19.8M | — | — |
| Interest expense | $30.1M | $29.8M | $27.9M | $6.9M | — | — |
| Pre-tax income | -$299.8M | $451.9M | -$66.8M | -$26.7M | — | — |
| Income tax | $51.8M | $113.5M | $1.2M | $5.1M | — | — |
| Net income | -$248.0M | $331.4M | $21.9M | -$31.8M | — | — |
| EPS, basic | -2.14 | 3.71 | -1.58 | -0.94 | — | — |
| EPS, diluted | -2.14 | 3.40 | -1.58 | -0.94 | — | — |
| Shares, diluted (wtd. avg.) | $105.3M | $101.0M | $41.5M | $33.9M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $44.9M | $85.0M | $30.5M | $21.1M | $6.7M | $0 |
| Receivables | $31.1M | $7.0M | $3.3M | $1.2M | — | — |
| Total current assets | $408.2M | $256.8M | $61.6M | $37.1M | — | — |
| Goodwill | $210.1M | $53.1M | $57.6M | — | — | — |
| Other intangibles | $11.1M | $13.3M | $17.3M | $4.4M | — | — |
| Total assets | $2.75B | $1.52B | $740.8M | $245.0M | — | — |
| Accounts payable | $15.8M | $11.3M | $15.0M | $6.3M | — | — |
| Short-term debt | — | $65.0M | $64.1M | $77.2M | — | — |
| Total current liabilities | $375.6M | $154.0M | $112.6M | $100.2M | — | — |
| Long-term debt | — | $235.6M | $123.3M | $51.1M | — | — |
| Total liabilities | $1.06B | $538.3M | $253.2M | $157.4M | — | — |
| Retained earnings | $5.5M | $231.6M | -$100.3M | -$40.9M | — | — |
| Total equity | $1.42B | $976.7M | $27.4M | $87.6M | $35.9M | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$139.2M | -$68.5M | -$29.3M | -$42.9M | — | — |
| Stock-based compensation | $57.8M | $20.8M | $4.6M | $9.2M | — | — |
| Investing cash flow | -$754.2M | -$188.5M | $25.2M | -$134.4M | — | — |
| Financing cash flow | $856.1M | $311.9M | -$6.6M | $191.6M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-049711.
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