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Hut 8 Corp.

Hut 8 Corp.

NASDAQ•HUT
CEO: Mr. Asher Kevin Genoot
Sector: Financial Services
Industry: Financial - Capital Markets
Listing Date: 2018-03-08
Hut 8 Corp. operates as a vertically integrated operator of energy infrastructure and Bitcoin miners in North America. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing – Colocation and Cloud, and Other. The company mines Bitcoin. It also 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 for digital asset mining site owners, governments, and data center developers. In addition, the company provides colocation, cloud, and connectivity services; hosting services, which include the provision of mining equipment and space, as well as monitors, troubleshoots, repairs, and maintains customer mining equipment; and equipment sales and repair services. Hut 8 Corp. was founded in 2017 and is based in Miami, Florida.
Contact Information
1101 Brickell Avenue, Suite 1500, Miami, FL, 33131, United States
305-224-6427
hut8.com
Market Cap
$5.80B
P/E (TTM)
-71.3
53.1
Dividend Yield
--
52W High
$57.29
52W Low
$10.04
52W Range
95%
2.1
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.1 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q2 2025 Data

Revenue

$41.30M+17.28%
4-Quarter Trend

EPS

$1.32-269.23%
4-Quarter Trend

FCF

-$94.15M+243.04%
4-Quarter Trend

2025 Q2 Earnings Highlights

Key Highlights

Net Income Swing Massive Net income attributable to Hut 8 Corp. reached $137.31M, a significant swing from ($71.87M) loss in Q2 2024 results.
Digital Asset Gains Boost Profit Recognized $217.64M gain on digital assets in Q2 2025, contrasting sharply with $71.84M loss recognized in Q2 2024.
Total Revenue Increased Modestly Total revenue for the quarter was $41.30M, showing growth of $6.08M compared to Q2 2024 reported figures.
Miner Fleet Upgrade Complete Completed ASIC miner fleet upgrade on April 4, 2025, achieving 9.3 EH/s deployed hashrate with 20 J/TH efficiency.

Risk Factors

Energy Costs Per MWh Rising Energy cost per MWh increased to $39.82 in Q2 2025 from $31.71 in Q2 2024 due to higher emission credits.
Internal Control Weaknesses Remain Material weaknesses in internal control over deferred tax provision and BITMAIN transaction review are still open.
Capacity Under Management Decreased Energy capacity under management fell to 1,020 MW from 1,117 MW due to loss of Ionic Managed Services contract.
Bitcoin Price Volatility Exposure Fair value of $1.14B Bitcoin holdings is subject to market fluctuations, potentially impacting short-term liquidity negatively.

Outlook

American Bitcoin Go-Public Plan American Bitcoin entered merger agreement to go public on Nasdaq, expected to result in 80% voting control for Hut 8.
Expanded Bitcoin Credit Facility Expanded Coinbase Credit Facility up to $130.0M, extending maturity date to June 16, 2026, with fixed 9.0% rate.
New Power Contracts Secured Four Ontario Power Plants secured five-year capacity contracts with IESO commencing May 1, 2026, totaling 310 MW.
Strategic Bitcoin Reserve Growth Strategic Bitcoin reserve grew to 10,667 Bitcoin as of June 30, 2025, leveraging asset for future growth initiatives.

Peer Comparison

Revenue (TTM)

StoneX Group Inc.SNEX
$130.79B
+53.2%
Raymond James Financial, Inc.RJF
$15.81B
+6.8%
Virtu Financial, Inc.VIRT
$3.50B
+35.6%

Gross Margin (Latest Quarter)

Raymond James Financial, Inc.RJF
98.6%
+12.8 pp
BGC Group, Inc.BGC
93.2%
+49.0 pp
MarketAxess Holdings Inc.MKTX
80.8%
+11.6 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
RJF$31.68B14.823.5%0.0%
WULF$6.30B-47.3-54.8%57.6%
MKTX$5.95B26.616.2%3.5%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-1.9%
Flat Growth
4Q Net Income CAGR
+496.5%
Profitability Improved
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Reports
All Years
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 7, 2025|
    Revenue: $41.30M+17.3%
    |
    EPS: $1.32-269.2%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 8, 2025|
    Revenue: $21.82M-57.8%
    |
    EPS: $-1.30-134.2%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 3, 2025|
    Revenue: $162.39M+98.5%
    |
    EPS: $3.71+1059.4%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 13, 2024|
    Revenue: $43.74M+101.5%
    |
    EPS: $0.01-110.0%
    Meet
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 13, 2024|
    Revenue: $35.22M+71.5%
    |
    EPS: $-0.78+1850.0%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 15, 2024|
    Revenue: $51.74M+230.7%
    |
    EPS: $3.80+826.8%
    Meet
  • Form 10-Q - Q3 2023

    Period End: Sep 30, 2023|Filed: Dec 19, 2023|
    Revenue: $21.70M-31.5%
    |
    EPS: $-0.10+402.5%
    Meet