Overview
- Hut 8 reported a Q4 2025 net loss of $301.8 million after $401.9 million in unrealized losses on bitcoin, with quarterly revenue of $88.5 million missing a $95.6 million consensus.
- Full-year 2025 revenue rose 45% to $235.1 million as gross margin improved to 54%, while the company posted a $248 million annual net loss and negative adjusted EBITDA of $135.4 million.
- The company’s AI and compute push gathered pace, with the Compute segment generating $202.3 million for the year, including $81.8 million in Q4 from bitcoin mining, GPU services, and cloud offerings.
- Hut 8 advanced a multi‑gigawatt development pipeline and signed a 15‑year, 245 MW Fluidstack lease valued at $7 billion and financially backstopped by Google, with River Bend delivery expected to begin in Q2 2027.
- Restructuring moves included selling 310 MW of natural gas plants and expanding credit capacity to $400 million, while year‑end cash and bitcoin holdings totaled about $1.4 billion; trading reaction was mixed with reports of both gains and declines.