Hut 8 Reports Q1 2025 Results: Strategic Pivot to Infrastructure Weighs on Short-Term Profitability

Hut 8 Corp. reported a significant first-quarter net loss of $134.3 million for 2025, a reversal from a net profit of $250.7 million in Q1 2024. Revenue dropped 58% year-over-year to $21.8 million, as the company continued its strategic pivot from a pure-play Bitcoin miner to an integrated energy and compute infrastructure platform.

Key Developments and Performance Metrics:
• Revenue Breakdown:
o Bitcoin mining and compute: $16.1 million
o Power generation and managed services: $4.4 million
o Digital infrastructure: $1.3 million
• Adjusted EBITDA: Loss of $117.7 million vs. gain of $297.0 million a year ago
• Bitcoin mined: 167 vs. 716 in Q1 2024
• Cost to mine 1 BTC: Rose sharply to $58,757 (from $24,594)
• Average BTC revenue: $92,224 per Bitcoin
• Bitcoin in reserve: 10,264 BTC valued at $847.2 million
• Energy under management: 1,020 MW, with 2,600 MW under exclusivity in a 10,800 MW development pipeline

Strategic Initiatives:
• Completed a major upgrade of its ASIC fleet, boosting hashrate to 9.3 EH/s and improving efficiency to 20 J/TH.
• Launched American Bitcoin, a new majority-owned entity focused solely on industrial-scale mining. The venture included asset contributions from Hut 8 and backing from investors including Eric and Donald Trump Jr.
• Continued infrastructure investments with construction progressing at its 205 MW Vega site and sitework initiated at the 592-acre River Bend campus in Louisiana.

Outlook:
CEO Asher Genoot emphasized that Q1 was a deliberate investment period. Management expects growth catalysts—like the energization of the Vega site and expanding power and compute assets—to generate cash flow and reinforce its position in high-performance infrastructure and digital asset markets over time.

Hut 8 Corp. has reported its financial results for the fourth quarter and full year of 2024, highlighting a strong balance sheet, optimized operations, and disciplined growth initiatives. The company posted $162.4 million in full-year revenue, $331.4 million in net income, and $555.7 million in Adjusted EBITDA.

Key operational highlights include a 12,300 MW development pipeline, with 2,800 MW under exclusivity, and a strategic Bitcoin reserve of 10,171 BTC valued at $949.5 million. The company also advanced major AI data center development projects and secured a significant colocation contract with BITMAIN.

Hut 8 emphasized its three-segment operating model: Power, Digital Infrastructure, and Compute, positioning itself for long-term energy-intensive computing applications such as AI and Bitcoin mining.

CEO Asher Genoot expressed confidence in strategic capital allocation and infrastructure expansion, positioning Hut 8 as a leader in digital infrastructure and energy capacity for next-generation technologies.

For more details, investors can visit Hut 8’s Investor Relations page at https://hut8.com/investors/.