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Hut 8 Corp., together with its subsidiaries, operates as an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel energy-intensive use cases in the United States and Canada. It operates through Power, Digital Infrastructure, Compute, and Other segments. The company offers managed services for energy infrastructure development, such as site design, procurement, and construction management; software automation, process design, personnel hiring, and team training; utilities contracts, hosting operations, and customer management; energy portfolio optimization and strategic initiatives; and finance, accounting, and safety services. It also engages in the operation of compute infrastructure; and provision, hosting, monitoring, troubleshooting, repair, maintenance, and sale of mining equipment. In addition, the company offers Bitcoin mining; data center and cloud infrastructure services, including colocation services; and ASIC compute, traditional cloud, and AI cloud services. Hut 8 Corp. was founded in 2020 and is based in Miami, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $15M | $-165M | $-226M | $-787M | -13.4% | -97.8% | -168.1% |
| 2024 | $672M | $531M | $332M | $-333M | 33.8% | 674.4% | - |
| 2023 | $87M | $-20M | $-66M | $-32M | -239.7% | 9.5% | - |
| 2022 | $79M | $-8M | $-32M | $-80M | -36.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 79.19 | 86.74 | 671.72 | 15.08 |
| Cost Of Revenue | 25.78 | 43.11 | 86.66 | 107.77 |
| Gross Profit | 53.40 | 43.62 | 585.07 | -92.69 |
| Operating Expense | 42.92 | 46.12 | 120.69 | 224.71 |
| Operating Income | 10.49 | -2.50 | 464.38 | -317.40 |
| EBITDA | -7.82 | -19.80 | 531.11 | -165.25 |
| EBIT | -19.82 | -38.87 | 481.70 | -269.76 |
| Pretax Income | -26.73 | -66.81 | 451.91 | -299.83 |
| Tax Provision | 5.07 | -1.20 | 113.46 | -51.84 |
| Net Income | -31.80 | -65.61 | 331.88 | -226.15 |
| Net Income Common Stockholders | -31.80 | -65.61 | 331.88 | -226.15 |
| Total Expenses | 68.70 | 89.23 | 207.34 | 332.48 |
| Interest Expense | 6.92 | 27.93 | 29.79 | 30.07 |
| Selling General And Administration | 31.32 | 27.34 | 72.92 | 122.81 |
| Normalized EBITDA | 22.48 | 22.71 | 524.14 | -225.99 |
| Normalized Income | -7.14 | -23.87 | 333.65 | -276.38 |
| Basic EPS | -0.36 | -0.74 | 3.63 | -2.14 |
| Diluted EPS | -0.36 | -0.74 | 3.33 | -2.14 |
| Tax Effect Of Unusual Items | -5.64 | -0.76 | 1.69 | 10.51 |
| Tax Rate For Calcs | 0.19 | 0.02 | 0.24 | 0.17 |
| Total Unusual Items | -30.30 | -42.51 | 6.97 | 60.74 |
| Total Unusual Items Excluding Goodwill | -30.30 | -42.51 | 6.97 | 60.74 |
| Net Income From Continuing Operation Net Minority Interest | -31.80 | -65.61 | 338.93 | -226.15 |
| Reconciled Depreciation | 11.99 | 19.07 | 49.41 | 104.51 |
| Reconciled Cost Of Revenue | 25.38 | 42.82 | 85.02 | 105.16 |
| Net Interest Income | -6.92 | -27.93 | -29.79 | -30.07 |
| Net Income From Continuing And Discontinued Operation | -31.80 | -65.61 | 331.88 | -226.15 |
| Total Operating Income As Reported | -19.82 | -68.69 | 460.54 | -321.99 |
| Diluted Average Shares | 88.55 | 88.55 | 101.05 | 105.33 |
| Basic Average Shares | 88.55 | 88.55 | 91.32 | 105.33 |
| Diluted NI Availto Com Stockholders | -31.80 | -65.61 | 331.88 | -226.15 |
| Minority Interests | 0 | 0 | 0.47 | 21.85 |
| Net Income Including Noncontrolling Interests | -31.80 | -65.61 | 331.41 | -248 |
| Net Income Discontinuous Operations | 0 | 0 | -7.04 | 0 |
| Net Income Continuous Operations | -31.80 | -65.61 | 338.45 | -248 |
| Other Income Expense | -30.30 | -36.38 | 17.33 | 47.64 |
| Other Non Operating Income Expenses | 0 | 0 | 0 | -21.82 |
| Special Income Charges | -30.30 | -42.51 | 5.19 | -4.59 |
| Gain On Sale Of Ppe | 0 | -0.45 | 0.63 | -4.59 |
| Other Special Charges | 0 | -25.21 | -5.97 | 0 |
| Write Off | 30.30 | 3.70 | 4.47 | 0 |
| Impairment Of Capital Assets | 0 | 63.57 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0 | 0 | -3.06 | 0 |
| Earnings From Equity Interest | 0 | 6.13 | 10.36 | 8.73 |
| Gain On Sale Of Security | 5.46 | 4.58 | 1.78 | 65.33 |
| Net Non Operating Interest Income Expense | -6.92 | -27.93 | -29.79 | -30.07 |
| Interest Expense Non Operating | 6.92 | 27.93 | 29.79 | 30.07 |
| Depreciation Amortization Depletion Income Statement | 11.59 | 18.78 | 47.77 | 101.90 |
| Depreciation And Amortization In Income Statement | 11.59 | 18.78 | 47.77 | 101.90 |
| General And Administrative Expense | 31.32 | 27.34 | 72.92 | 122.81 |
| Other Gand A | 31.32 | 27.34 | 72.92 | 122.81 |
| Operating Revenue | 73.62 | 66.62 | 664.12 | 15.08 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Hut 8 Corp.this co. | HUT | $8.0B | - | 5.50 | -13.4% | -39.84 |
| TeraWulf Inc. | WULF | $9.9B | - | 59.94 | -470.9% | -128.87 |
| FirstCash Holdings, Inc. | FCFS | $9.5B | 27.03 | 4.11 | 14.5% | 16.32 |
| UMB Financial Corporation | UMBF | $9.4B | 10.87 | 1.28 | 9.1% | - |
| Old National Bancorp | ONB | $9.1B | 12.14 | 1.11 |
| 7.9% |
| - |
| Valley National Bancorp | VLY | $7.4B | 11.99 | 0.99 | 7.7% | - |
| Glacier Bancorp, Inc. | GBCI | $6.3B | 22.50 | 1.47 | 5.7% | - |
| Essent Group Ltd. | ESNT | $6.0B | 9.27 | 1.06 | 12.0% | 6.75 |
| United Bankshares, Inc. | UBSI | $6.0B | 12.14 | 1.10 | 8.5% | - |
| Peer Median | - | 12.14 | 1.19 | 8.2% | 6.75 | |