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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 | $235M | $-165M | $-226M | $-787M | -15.9% | 44.8% | -168.1% |
| 2024 | $162M | $531M | $332M | $-333M | 34.0% | 87.2% | -605.8% |
| 2023 | $87M | $-20M | $-66M | $-32M | -239.7% | 9.5% | 106.3% |
| 2022 | $79M | $-8M | $-32M | $-80M | -36.3% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 79.18 | 86.74 | 162.38 | 235.12 |
| Operating Revenue | - | 73.62 | 66.62 | 154.78 | 235.12 |
| Cost Of Revenue | - | 25.78 | 43.11 | 86.66 | 107.77 |
| Gross Profit | - | 53.40 | 43.62 | 75.73 | 127.34 |
| Operating Expense | - | 42.92 | 46.12 | 120.69 | 224.71 |
| Selling General And Administration | - | 31.32 | 27.34 | 72.92 | 122.81 |
| Total Expenses | - | 68.70 | 89.24 | 207.34 | 332.48 |
| Operating Income | - | 10.49 | -2.50 | -44.96 | -97.36 |
| Total Operating Income As Reported | - | -19.82 | -68.69 | 460.54 | -321.99 |
| EBITDA | - | -7.82 | -19.80 | 531.11 | -165.25 |
| Normalized EBITDA | - | 22.48 | 22.71 | 14.81 | -5.95 |
| EBIT | - | -19.82 | -38.87 | 481.70 | -269.76 |
| Interest Expense | - | 6.92 | 27.94 | 29.79 | 30.07 |
| Net Interest Income | - | -6.92 | -27.94 | -29.79 | -30.07 |
| Other Non Operating Income Expenses | - | - | - | - | -21.82 |
| Other Income Expense | - | -30.30 | -36.38 | 526.66 | -172.40 |
| Interest Expense Non Operating | - | 6.92 | 27.94 | 29.79 | 30.07 |
| Net Non Operating Interest Income Expense | - | -6.92 | -27.94 | -29.79 | -30.07 |
| Pretax Income | - | -26.73 | -66.81 | 451.91 | -299.83 |
| Tax Provision | - | 5.07 | -1.20 | 113.46 | -51.84 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -5.64 | -0.76 | 125.46 | -27.56 |
| Net Income Continuous Operations | - | -31.80 | -65.61 | 338.45 | -248 |
| Net Income From Continuing And Discontinued Operation | - | -31.80 | -65.61 | 331.88 | -226.15 |
| Net Income From Continuing Operation Net Minority Interest | - | -31.80 | -65.61 | 338.93 | -226.15 |
| Net Income | - | -31.80 | -65.61 | 331.88 | -226.15 |
| Net Income Common Stockholders | - | -31.80 | -65.61 | 331.88 | -226.15 |
| Net Income Including Noncontrolling Interests | - | -31.80 | -65.61 | 331.41 | -248 |
| Normalized Income | - | -7.14 | -23.87 | -51.92 | -94.41 |
| Diluted NI Availto Com Stockholders | - | -31.80 | -65.61 | 331.88 | -226.15 |
| Basic Average Shares | - | 88.55 | 88.55 | 91.32 | 105.33 |
| Diluted Average Shares | - | 88.55 | 88.55 | 101.05 | 105.33 |
| Reconciled Depreciation | - | 11.99 | 19.08 | 49.41 | 104.51 |
| Reconciled Cost Of Revenue | - | 25.38 | 42.82 | 85.02 | 105.16 |
| Total Unusual Items | - | -30.30 | -42.51 | 516.30 | -159.30 |
| Total Unusual Items Excluding Goodwill | - | -30.30 | -42.51 | 516.30 | -159.30 |
| Minority Interests | - | - | - | 0.47 | 21.85 |
| Net Income Discontinuous Operations | - | - | - | -7.04 | 0 |
| Special Income Charges | - | -30.30 | -42.51 | 514.52 | -224.63 |
| Other Special Charges | - | - | -25.21 | -5.97 | - |
| Write Off | - | 30.30 | 3.70 | 4.47 | 0 |
| Impairment Of Capital Assets | - | 0 | 63.57 | - | - |
| Restructuring And Mergern Acquisition | - | - | - | -3.06 | 0 |
| Gain On Sale Of Security | - | 5.46 | 4.58 | 1.78 | 65.33 |
| 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 |
| Gain On Sale Of Ppe | - | 0 | -0.44 | 509.97 | -224.63 |
| Earnings From Equity Interest | - | 0 | 6.13 | 10.36 | 8.73 |
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 | $14.4B | - | 10.12 | -15.9% | - |
| TeraWulf Inc. | WULF | $13.0B | -19.62 | 92.41 | -470.9% | -30.81 |
| Riot Platforms, Inc. | RIOT | $10.4B | -15.66 | 3.63 | -23.2% | -37.69 |
| UMB Financial Corporation | UMBF | $9.8B | 13.92 | 1.32 | 9.5% | - |
| FirstCash Holdings, Inc. | FCFS | $9.8B | 29.52 | 4.28 |
| - |
| - |
| - |
| - |
| 14.5% |
| 12.20 |
| Old National Bancorp | ONB | $9.3B | 13.84 | 1.12 | 8.1% | - |
| Valley National Bancorp | VLY | $7.6B | 12.78 | 1.03 | 8.0% | - |
| Glacier Bancorp, Inc. | GBCI | $6.1B | 25.69 | 1.46 | 5.7% | - |
| United Bankshares, Inc. | UBSI | $6.0B | 12.97 | 1.10 | 8.5% | - |
| Peer Median | - | 13.40 | 1.39 | 8.1% | -30.81 | |