Hut 8 (HUT) Q1 2025 earnings summary

Executive summary

• Entered a strategic investment phase, launching American Bitcoin as a majority-owned mining subsidiary, completing a major ASIC fleet upgrade, and advancing the Vega and Riverbend campus developments to support growth in power, digital infrastructure, and compute.

• Managed 1,020 MW of power with a development pipeline of approximately 10,800 MW and 2,600 MW under exclusivity as of March 31, 2025.

• Strategic focus on maximizing returns by allocating resources across power, digital infrastructure, and compute, with flexibility to transition assets to higher-value use cases such as AI and high-performance computing.

• Expanded AI data center pipeline, including acquisition of 592 acres in Louisiana for a 300 MW campus and progress on two additional projects totaling 230 MW IT load.

• Bitcoin reserves increased to 10,264 BTC, valued at $847.2 million at quarter-end.

Financial highlights

• Q1 2025 revenue was $21.8 million, down from $51.7 million year-over-year, with $4.4 million from Power, $1.3 million from Digital Infrastructure, and $16.1 million from Compute.

• Net loss for Q1 2025 was $134.3 million, compared to net income of $250.7 million in Q1 2024, driven by $112.4 million in digital asset losses and higher energy costs per MWh ($51.71 vs. $40.06 year-over-year).

• Adjusted EBITDA was ($117.7) million, down from $297.0 million in Q1 2024.

• Cost to mine a Bitcoin (excluding hosted facilities) rose to $58,757, with 167 Bitcoin mined in Q1 2025 versus 716 in Q1 2024.

• Weighted average revenue per Bitcoin mined was $92,224 in Q1 2025.

Outlook and guidance

• Management expects improved mining economics and margins in Q2 as the new ASIC fleet is fully deployed and the Vega site is energized.

• Riverbend campus progressing with initial site work and customer discussions; two large-scale AI data center projects could add over 230 MW of IT load.

• Strategic priorities include fortifying risk management, expanding market access and liquidity, and maximizing portfolio yield by transitioning assets to higher-return use cases.