Hut 8 reported a significant shift in its business model, focusing on AI infrastructure and a power-first strategy. While revenue saw substantial year-over-year growth driven by the Compute segment, the company incurred a large net loss due to unrealized losses on digital assets and significant operating expenses. Strategic divestitures and new financing initiatives aim to strengthen the balance sheet and support future development.
Total revenue increased to $88.5 million in Q4 2025 from $31.7 million in the prior year period, a 179% YoY increase.
positiveFull-year revenue grew to $235.1 million in 2025, up from $162.4 million in 2024, a 45% YoY increase.
positiveSigned a 15-year, $7.0 billion lease with Fluidstack for 245 MW of IT capacity at River Bend, financially backstopped by Google.
positiveEstablished a new $200 million revolving credit facility with Two Prime and upsized the Coinbase facility to $200 million, totaling $400 million in borrowing capacity at a weighted average cost of capital of 8.5%.
positiveAnnounced plans to develop four new sites with over 1,500 MW of total capacity, including 330 MW at the River Bend campus.
positiveNet loss for Q4 2025 was $301.8 million, compared to a net income of $152.0 million in the prior year period, largely due to $401.9 million in unrealized losses on digital assets.
negativeAdjusted EBITDA for Q4 2025 was $(347.8) million, a significant decrease from $310.6 million in the prior year period.
negativeFull-year net loss for 2025 was $248.0 million, compared to a net income of $331.4 million in 2024, impacted by $220.0 million in unrealized losses on digital assets.
negativeFull-year Adjusted EBITDA for 2025 was $(135.4) million, a substantial decline from $555.7 million in 2024.
negativeOperating loss for Q4 2025 was $434.9 million, compared to an operating income of $281.9 million in the prior year period.
negativeTotal operating expenses in Q4 2025 were $488.3 million, significantly higher than the $270.5 million in operating income (negative expenses) in the prior year period, driven by a large loss on digital assets.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Power | N/A | — | — | — |
Digital Infrastructure | N/A | — | — | — |
Compute | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Over the past two years, we have rebuilt Hut 8 around a power-first strategy centered on high-velocity origination, disciplined greenfield development, first-principles infrastructure design, and capital-efficient execution.
River Bend demonstrates the strength of our model and our ability to execute with blue-chip counterparties. As AI continues to drive incremental power demand, our focus is on converting this early success into a repeatable development flywheel: advancing projects across our multi-gigawatt pipeline to deliver stable and predictable long-term cash flows supported by creditworthy counterparties.
2026 is about execution. We aim to advance River Bend for delivery beginning in Q2 2027 while accelerating conversion across our broader pipeline.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.