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Hut 8 (HUT) Financials

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$85.97 +3.89 (+4.74%)
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Annual Income Statements for Hut 8

Annual Income Statements for Hut 8

This table shows Hut 8's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 22 332 -226
Consolidated Net Income / (Loss)		 22 331 -248
Net Income / (Loss) Continuing Operations		 22 338 -248
Total Pre-Tax Income 		22 452 -300
Total Operating Income		 9.40 461 -322
Total Gross Profit		 42 76 127
Total Revenue		 96 162 235
Operating Revenue		 96 162 235
Total Cost of Revenue		 54 87 108
Operating Cost of Revenue		 54 87 108
Total Operating Expenses		 35 -385 229
Selling, General & Admin Expense		 49 73 123
Depreciation Expense		 18 48 102
Impairment Charge		 1.43 4.47 0.00
Other Special Charges / (Income)		 -32 -510 4.59
Total Other Income / (Expense), net		 15 -8.63 -198
Interest Expense		 1.25 24 30
Interest & Investment Income		 13 10 8.73
Other Income / (Expense), net		 3.38 4.84 -177
Income Tax Expense		 0.19 113 -52
Net Income / (Loss) Discontinued Operations		 0.08 -7.04 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 -0.47 -22
Basic Earnings per Share		 $0.46 $3.71 ($2.14)
Weighted Average Basic Shares Outstanding		 47.08M 91.32M 105.33M
Diluted Earnings per Share		 $0.44 $3.40 ($2.14)
Weighted Average Diluted Shares Outstanding		 49.12M 101.05M 105.33M
Weighted Average Basic & Diluted Shares Outstanding		 - 103.86M 110.89M

Quarterly Income Statements for Hut 8

This table shows Hut 8's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 11 251 -72 0.65 152 -134 137 50 -280 -220 -150
Consolidated Net Income / (Loss)		 11 251 -72 0.91 152 -134 137 51 -302 -253 -177
Net Income / (Loss) Continuing Operations		 11 258 -70 0.91 150 -134 137 51 -302 -253 -177
Total Pre-Tax Income 		10 263 -72 1.36 260 -155 165 70 -380 -302 -209
Total Operating Income		 11 267 -87 -1.57 282 -148 188 73 -435 -370 -206
Total Gross Profit		 18 24 15 26 11 3.16 20 51 53 45 48
Total Revenue		 38 52 35 44 32 22 41 84 88 71 75
Operating Revenue		 38 52 35 44 32 22 41 84 88 71 75
Total Cost of Revenue		 20 28 21 18 20 19 22 32 35 26 27
Operating Cost of Revenue		 20 28 21 18 20 19 22 32 35 26 27
Total Operating Expenses		 7.09 -243 101 26 -545 38 -168 55 304 120 254
Selling, General & Admin Expense		 33 20 18 16 19 21 30 26 46 82 76
Depreciation Expense		 6.08 11 12 10 14 15 19 28 40 38 40
Other Special Charges / (Income)		 -32 -275 72 -0.44 -583 2.45 -218 1.47 219 0.00 139
Total Other Income / (Expense), net		 -0.88 -4.16 14 1.38 -296 -119 -23 74 -130 -227 -2.18
Interest Expense		 5.98 6.28 6.01 1.97 9.56 7.47 8.40 8.62 5.59 9.24 51
Interest & Investment Income		 4.10 4.52 2.44 1.50 1.90 1.37 1.06 2.19 4.11 6.43 33
Other Income / (Expense), net		 1.00 -2.40 18 1.86 -289 -113 -15 80 -128 -225 16
Income Tax Expense		 -0.48 4.40 -1.87 0.45 110 -20 28 19 -78 -49 -31
Net Income / (Loss) Attributable to Noncontrolling Interest		 - -0.17 -0.32 0.26 -0.24 -0.43 0.17 0.50 -22 -33 -27
Basic Earnings per Share		 $0.19 $2.90 ($0.78) $0.01 $1.58 ($1.30) $1.32 $0.48 ($2.64) ($1.98) ($1.27)
Weighted Average Basic Shares Outstanding		 47.08M 89.15M 90.19M 91.18M 91.32M 102.85M 104.25M 105.57M 105.33M 111.06M 118.48M
Diluted Earnings per Share		 $0.17 $2.76 ($0.78) $0.01 $1.41 ($1.30) $1.18 $0.43 ($2.45) ($1.98) ($1.27)
Weighted Average Diluted Shares Outstanding		 49.12M 93.70M 90.19M 96.41M 101.05M 102.85M 119.02M 121.76M 105.33M 111.06M 118.48M
Weighted Average Basic & Diluted Shares Outstanding		 0.00 90.39M 91.08M 93.58M 103.86M 104.22M 105.53M 108.04M 110.89M 112.59M 123.26M

Annual Cash Flow Statements for Hut 8

This table details how cash moves in and out of Hut 8's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 24 55 -37
Net Cash From Operating Activities		 -22 -69 -139
Net Cash From Continuing Operating Activities		 -22 -69 -139
Net Income / (Loss) Continuing Operations		 22 331 -248
Consolidated Net Income / (Loss)		 22 331 -248
Depreciation Expense		 18 48 102
Amortization Expense		 6.98 5.81 3.12
Non-Cash Adjustments To Reconcile Net Income		 -74 -556 94
Changes in Operating Assets and Liabilities, net		 5.17 103 -91
Net Cash From Investing Activities		 87 -188 -754
Net Cash From Continuing Investing Activities		 87 -188 -754
Purchase of Property, Plant & Equipment		 -2.51 -164 -217
Acquisitions		 0.00 -0.29 -1.01
Purchase of Investments		 0.00 -6.38 0.00
Sale of Property, Plant & Equipment		 0.75 4.85 5.87
Divestitures		 23 3.18 1.01
Other Investing Activities, net		 66 -26 -543
Net Cash From Financing Activities		 -41 312 856
Net Cash From Continuing Financing Activities		 -41 312 856
Repayment of Debt		 -41 -35 -46
Issuance of Debt		 0.00 165 135
Issuance of Common Equity		 - 162 757
Other Financing Activities, net		 -0.04 20 9.37
Cash Interest Paid		 6.00 11 14
Cash Income Taxes Paid		 0.70 2.82 1.19

Quarterly Cash Flow Statements for Hut 8

This table details how cash moves in and out of Hut 8's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 18 -19 164 -103 13 23 113 -183 8.99 112 6,860
Net Cash From Operating Activities		 -22 -26 -16 -4.20 -22 -34 -49 0.77 -57 -27 -5.62
Net Cash From Continuing Operating Activities		 -22 -26 -16 -4.20 -22 -34 -49 0.77 -57 -27 -5.62
Net Income / (Loss) Continuing Operations		 11 251 -72 0.91 152 -134 137 51 -302 -253 -177
Consolidated Net Income / (Loss)		 11 251 -72 0.91 152 -134 137 51 -302 -253 -177
Depreciation Expense		 6.08 11 12 10 14 15 19 28 40 38 40
Amortization Expense		 2.01 1.83 1.55 1.67 0.77 0.75 0.73 0.95 0.69 0.85 1.82
Non-Cash Adjustments To Reconcile Net Income		 -43 -283 63 -30 -310 114 -242 -100 322 218 116
Changes in Operating Assets and Liabilities, net		 2.32 -7.84 -20 13 122 -29 35 22 -118 -31 14
Net Cash From Investing Activities		 49 23 12 -96 -128 -58 -43 -350 -302 -51 -584
Net Cash From Continuing Investing Activities		 49 23 12 -96 -128 -58 -43 -350 -302 -51 -584
Purchase of Property, Plant & Equipment		 -0.41 -13 -3.56 -110 -37 -63 -45 -39 -69 -37 -580
Sale of Property, Plant & Equipment		 0.67 4.21 - 0.64 - 2.56 1.82 0.84 0.65 0.00 0.05
Divestitures		 - - - - - 0.00 - - - 64 1.16
Other Investing Activities, net		 26 38 15 13 -92 3.43 0.30 -313 -234 -78 -5.61
Net Cash From Financing Activities		 -9.70 -15 168 -3.25 162 116 205 167 369 191 7,450
Net Cash From Continuing Financing Activities		 -9.70 -15 168 -3.25 162 116 205 167 369 191 7,450
Repayment of Debt		 -9.65 -29 -3.43 -2.06 - 0.00 - -37 -9.11 -8.00 7,406
Issuance of Common Equity		 - - - - - 112 205 131 309 231 34
Other Financing Activities, net		 -0.05 -0.08 21 -1.19 0.38 3.51 -0.03 7.58 -1.68 -22 10
Cash Interest Paid		 6.00 1.68 2.06 1.92 5.50 1.78 1.99 2.85 6.94 7.57 5.30
Cash Income Taxes Paid		 0.70 - - 0.20 1.38 0.00 - 1.56 -0.48 0.04 -0.40

Annual Balance Sheets for Hut 8

This table presents Hut 8's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets		 741 1,519 2,754
Total Current Assets		 62 257 408
Cash & Equivalents		 31 85 45
Restricted Cash		 0.45 0.59 2.37
Accounts Receivable		 3.34 6.99 31
Prepaid Expenses		 18 53 189
Other Current Assets		 8.87 110 140
Plant, Property, & Equipment, net		 0.00 0.00 0.00
Total Noncurrent Assets		 679 1,262 2,346
Long-Term Investments		 83 88 52
Goodwill		 58 53 210
Intangible Assets		 17 13 11
Other Noncurrent Operating Assets		 522 1,107 2,073
Total Liabilities & Shareholders' Equity		 741 1,519 2,754
Total Liabilities		 253 538 1,064
Total Current Liabilities		 113 154 376
Short-Term Debt		 64 65 200
Accounts Payable		 44 42 41
Current Deferred Revenue		 2.70 6.20 1.46
Current Deferred & Payable Income Tax Liabilities		 - 0.00 0.12
Other Current Liabilities		 1.97 41 104
Other Current Nonoperating Liabilities		 - 0.00 29
Total Noncurrent Liabilities		 141 384 689
Long-Term Debt		 123 236 210
Noncurrent Deferred & Payable Income Tax Liabilities		 0.61 111 130
Other Noncurrent Operating Liabilities		 17 38 349
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 488 981 1,689
Total Preferred & Common Equity		 488 977 1,422
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 488 977 1,422
Common Stock		 577 791 1,427
Retained Earnings		 -100 232 5.48
Accumulated Other Comprehensive Income / (Loss)		 11 -46 -10
Noncontrolling Interest		 0.00 3.91 268

Quarterly Balance Sheets for Hut 8

This table presents Hut 8's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 999 1,087 1,099 1,572 2,021 2,688 2,610 9,975
Total Current Assets		 34 196 110 269 411 223 217 7,085
Cash & Equivalents		 12 175 72 108 216 33 160 234
Restricted Cash		 0.63 0.62 0.63 0.59 6.10 6.14 0.61 6,787
Accounts Receivable		 7.74 5.86 6.07 4.46 8.50 6.67 7.19 12
Prepaid Expenses		 11 11 28 54 71 40 48 47
Other Current Assets		 3.11 1.09 1.31 101 107 134 0.65 5.58
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 965 891 989 1,303 1,610 2,465 2,393 2,890
Long-Term Investments		 76 79 90 90 91 57 50 46
Goodwill		 56 56 56 53 56 207 209 208
Intangible Assets		 16 15 15 13 13 12 10 9.20
Other Noncurrent Operating Assets		 817 742 828 1,146 1,451 2,190 2,124 2,627
Total Liabilities & Shareholders' Equity		 999 1,087 1,099 1,572 2,021 2,688 2,610 9,975
Total Liabilities		 258 419 387 584 633 1,035 920 8,221
Total Current Liabilities		 108 117 110 213 227 310 252 366
Short-Term Debt		 67 65 65 65 65 130 200 235
Accounts Payable		 32 41 31 32 44 62 44 70
Current Deferred Revenue		 1.14 0.55 5.64 4.56 6.15 1.96 1.97 3.04
Current Deferred & Payable Income Tax Liabilities		 2.17 - - - - - 3.71 5.64
Other Current Liabilities		 5.81 10 8.57 111 113 116 2.85 4.55
Other Current Nonoperating Liabilities		 - - - - - - 0.00 49
Total Noncurrent Liabilities		 150 302 276 371 406 725 667 7,855
Long-Term Debt		 111 264 232 244 251 217 205 7,404
Noncurrent Deferred & Payable Income Tax Liabilities		 2.88 2.66 3.15 91 118 188 86 54
Other Noncurrent Operating Liabilities		 37 35 41 36 36 319 376 398
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 741 668 712 988 1,388 1,654 1,690 1,754
Total Preferred & Common Equity		 732 660 704 960 1,267 1,442 1,380 1,443
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 732 660 704 960 1,267 1,442 1,380 1,443
Common Stock		 582 589 624 907 1,036 1,178 1,614 1,840
Retained Earnings		 151 79 79 98 235 285 -214 -365
Accumulated Other Comprehensive Income / (Loss)		 -0.35 -7.61 0.31 -44 -4.53 -21 -20 -32
Noncontrolling Interest		 8.61 8.19 8.58 28 122 212 310 311

Annual Metrics And Ratios for Hut 8

This table displays calculated financial ratios and metrics derived from Hut 8's official financial filings.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - -
Revenue Growth		 0.00% 69.07% 44.79%
EBITDA Growth		 0.00% 1,291.70% -175.82%
EBIT Growth		 0.00% 3,543.17% -207.12%
NOPAT Growth		 0.00% 3,602.91% -165.35%
Net Income Growth		 0.00% 1,416.75% -174.83%
EPS Growth		 0.00% 672.73% -162.94%
Operating Cash Flow Growth		 0.00% -209.27% -103.15%
Free Cash Flow Firm Growth		 0.00% 0.00% -470.28%
Invested Capital Growth		 0.00% 97.18% 83.05%
Revenue Q/Q Growth		 0.00% 0.00% 31.85%
EBITDA Q/Q Growth		 0.00% 0.00% -195.18%
EBIT Q/Q Growth		 0.00% 0.00% -249.36%
NOPAT Q/Q Growth		 0.00% 0.00% -195.51%
Net Income Q/Q Growth		 0.00% 0.00% -220.53%
EPS Q/Q Growth		 0.00% 0.00% -224.42%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -34.51%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -39.25%
Invested Capital Q/Q Growth		 0.00% 30.74% 6.38%
Profitability Metrics		 - - -
Gross Margin		 43.58% 46.64% 54.16%
EBITDA Margin		 38.83% 319.59% -167.36%
Operating Margin		 9.78% 283.61% -136.95%
EBIT Margin		 13.30% 286.59% -212.03%
Profit (Net Income) Margin		 22.75% 204.09% -105.48%
Tax Burden Percent		 99.49% 73.34% 82.71%
Interest Burden Percent		 171.94% 97.11% 60.14%
Effective Tax Rate		 0.87% 25.11% 0.00%
Return on Invested Capital (ROIC)		 1.66% 41.34% -14.39%
ROIC Less NNEP Spread (ROIC-NNEP)		 18.64% 27.86% -24.13%
Return on Net Nonoperating Assets (RNNOA)		 2.82% 3.80% -4.19%
Return on Equity (ROE)		 4.48% 45.14% -18.58%
Cash Return on Invested Capital (CROIC)		 0.00% -24.06% -73.07%
Operating Return on Assets (OROA)		 1.72% 41.19% -23.34%
Return on Assets (ROA)		 2.95% 29.33% -11.61%
Return on Common Equity (ROCE)		 4.48% 45.02% -16.69%
Return on Equity Simple (ROE_SIMPLE)		 4.48% 33.93% 0.00%
Net Operating Profit after Tax (NOPAT)		 9.31 345 -225
NOPAT Margin		 9.70% 212.41% -95.87%
Net Nonoperating Expense Percent (NNEP)		 -16.98% 13.48% 9.75%
Return On Investment Capital (ROIC_SIMPLE)		 1.38% 26.92% -10.74%
Cost of Revenue to Revenue		 56.43% 53.36% 45.84%
SG&A Expenses to Revenue		 51.16% 44.90% 52.23%
R&D to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 36.27% -236.97% 97.53%
Earnings before Interest and Taxes (EBIT)		 13 465 -499
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 37 519 -394
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.00 1.96 3.49
Price to Tangible Book Value (P/TBV)		 0.00 2.11 4.13
Price to Revenue (P/Rev)		 0.00 11.81 21.11
Price to Earnings (P/E)		 0.00 5.78 0.00
Dividend Yield		 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 17.31% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 1.85 2.73
Enterprise Value to Revenue (EV/Rev)		 0.00 12.61 23.57
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 3.95 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 4.40 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 5.94 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 0.38 0.31 0.24
Long-Term Debt to Equity		 0.25 0.24 0.12
Financial Leverage		 0.15 0.14 0.17
Leverage Ratio		 1.52 1.54 1.60
Compound Leverage Factor		 2.61 1.49 0.96
Debt to Total Capital		 27.77% 23.46% 19.53%
Short-Term Debt to Total Capital		 9.50% 5.07% 9.52%
Long-Term Debt to Total Capital		 18.27% 18.39% 10.01%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.31% 12.74%
Common Equity to Total Capital		 72.23% 76.23% 67.72%
Debt to EBITDA		 5.03 0.58 -1.04
Net Debt to EBITDA		 1.98 0.24 -0.79
Long-Term Debt to EBITDA		 3.31 0.45 -0.53
Debt to NOPAT		 20.12 0.87 -1.82
Net Debt to NOPAT		 7.93 0.37 -1.38
Long-Term Debt to NOPAT		 13.24 0.68 -0.93
Altman Z-Score		 0.00 3.55 2.30
Noncontrolling Interest Sharing Ratio		 0.00% 0.27% 10.17%
Liquidity Ratios		 - - -
Current Ratio		 0.55 1.67 1.09
Quick Ratio		 0.30 0.60 0.20
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 0.00 -201 -1,145
Operating Cash Flow to CapEx		 -1,261.24% -43.17% -65.97%
Free Cash Flow to Firm to Interest Expense		 0.00 -8.42 -38.07
Operating Cash Flow to Interest Expense		 -17.73 -2.88 -4.63
Operating Cash Flow Less CapEx to Interest Expense		 -19.13 -9.54 -11.65
Efficiency Ratios		 - - -
Asset Turnover		 0.13 0.14 0.11
Accounts Receivable Turnover		 28.79 31.45 12.34
Inventory Turnover		 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00
Accounts Payable Turnover		 1.24 1.72 2.50
Days Sales Outstanding (DSO)		 12.68 11.60 29.58
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 294.71 211.95 146.15
Cash Conversion Cycle (CCC)		 -282.03 -200.35 -116.56
Capital & Investment Metrics		 - - -
Invested Capital		 561 1,107 2,027
Invested Capital Turnover		 0.17 0.19 0.15
Increase / (Decrease) in Invested Capital		 0.00 546 919
Enterprise Value (EV)		 0.00 2,048 5,542
Market Capitalization		 0.00 1,917 4,963
Book Value per Share		 $10.36 $10.44 $13.16
Tangible Book Value per Share		 $8.77 $9.73 $11.11
Total Capital		 675 1,281 2,100
Total Debt		 187 301 410
Total Long-Term Debt		 123 236 210
Net Debt		 74 127 311
Capital Expenditures (CapEx)		 1.76 159 211
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -18 82 185
Debt-free Net Working Capital (DFNWC)		 13 168 233
Net Working Capital (NWC)		 -51 103 33
Net Nonoperating Expense (NNE)		 -13 14 23
Net Nonoperating Obligations (NNO)		 74 127 337
Total Depreciation and Amortization (D&A)		 25 54 105
Debt-free, Cash-free Net Working Capital to Revenue		 -18.50% 50.63% 78.79%
Debt-free Net Working Capital to Revenue		 13.73% 103.37% 98.90%
Net Working Capital to Revenue		 -53.04% 63.36% 13.87%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.00 $3.71 ($2.14)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 91.32M 105.33M
Adjusted Diluted Earnings per Share		 $0.00 $3.40 ($2.14)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 101.05M 105.33M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 103.86M 110.89M
Normalized Net Operating Profit after Tax (NOPAT)		 -21 -34 -222
Normalized NOPAT Margin		 -21.58% -20.74% -94.50%
Pre Tax Income Margin		 22.87% 278.30% -127.52%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 10.22 19.53 -16.58
NOPAT to Interest Expense		 7.45 14.48 -7.50
EBIT Less CapEx to Interest Expense		 8.81 12.87 -23.60
NOPAT Less CapEx to Interest Expense		 6.05 7.81 -14.51
Payout Ratios		 - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Hut 8

This table displays calculated financial ratios and metrics derived from Hut 8's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 110,887,284.00 112,594,112.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 110,887,284.00 112,594,112.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -1.98 -1.33
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 230.68% 71.53% 101.52% -16.96% -57.84% 17.28% 90.95% 179.21% 225.54% 81.44%
EBITDA Growth		 0.00% 14,520.41% -809.43% 146.53% -58.43% -188.26% 446.22% 1,360.58% -283.69% -126.64% -177.07%
EBIT Growth		 0.00% 133,862.28% -3,645.85% 376.39% -156.85% -198.61% 351.00% 53,274.13% -308.99% -128.10% -210.16%
NOPAT Growth		 0.00% 15,130.88% -9,371.98% -124.87% 1,319.55% -139.39% 357.85% 5,145.05% -287.68% -150.84% -192.30%
Net Income Growth		 0.00% 1,346.83% -4,181.73% 120.76% 1,336.25% -153.58% 290.45% 5,474.01% -298.56% -88.46% -228.85%
EPS Growth		 0.00% 573.17% -1,850.00% 110.00% 729.41% -147.10% 251.28% 4,200.00% -273.76% -52.31% -207.63%
Operating Cash Flow Growth		 0.00% -1,900.62% -308.55% -291.35% 0.81% -28.49% -198.39% 118.32% -165.06% 19.58% 88.47%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 34.47% 38.69% -18.57% -219.14% -181.11% -128.98%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 97.18% 32.35% 87.40% 124.96% 83.05% 71.57% 70.66%
Revenue Q/Q Growth		 75.86% 0.00% -31.94% 24.19% -27.53% -31.17% 89.31% 102.21% 5.97% -19.75% 5.51%
EBITDA Q/Q Growth		 252.87% 0.00% -110.08% 125.09% -40.51% -3,049.49% 178.63% -5.90% -388.05% -6.34% 73.26%
EBIT Q/Q Growth		 1,889.92% 0.00% -112.75% 102.67% -468.17% -3,754.20% 166.17% -11.54% -468.77% -5.68% 68.05%
NOPAT Q/Q Growth		 2,554.40% 0.00% -123.13% 98.28% 15,594.09% -163.73% 251.40% -66.25% -676.41% 14.83% 44.29%
Net Income Q/Q Growth		 341.93% 0.00% -128.79% 101.26% 16,638.33% -188.38% 202.36% -63.19% -696.25% 16.12% 30.02%
EPS Q/Q Growth		 270.00% 0.00% -128.26% 101.28% 14,000.00% -192.20% 190.77% -63.56% -669.77% 19.18% 35.86%
Operating Cash Flow Q/Q Growth		 -1,093.49% 0.00% 37.93% 74.30% -414.99% -56.42% -44.13% 101.58% -7,549.35% 52.54% 79.34%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -41.54% -5.57% 54.77% 3.04% -32.43% -104.17% -21.73% 14.59% -7.87%
Invested Capital Q/Q Growth		 0.00% 0.00% -10.53% 14.06% 30.74% -0.80% 26.68% 36.92% 6.38% -7.02% 26.01%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 47.14% 45.60% 41.40% 59.85% 35.91% 14.47% 47.27% 61.29% 60.44% 64.03% 64.11%
EBITDA Margin		 52.39% 1,067.55% -158.10% 31.94% 26.23% -1,123.82% 466.75% 217.21% -590.43% -782.39% -198.26%
Operating Margin		 28.56% 515.81% -246.18% -3.59% 889.49% -676.83% 454.88% 87.00% -491.40% -521.52% -275.36%
EBIT Margin		 31.19% 1,041.85% -195.24% 4.20% -21.35% -1,195.57% 417.86% 182.79% -636.12% -837.72% -253.70%
Profit (Net Income) Margin		 27.73% 484.54% -205.00% 2.08% 479.54% -615.72% 332.90% 60.61% -341.01% -356.44% -236.40%
Tax Burden Percent		 105.58% 95.42% 99.81% 66.72% 58.42% 86.92% 83.29% 72.69% 79.41% 83.80% 84.92%
Interest Burden Percent		 84.21% 48.74% 105.20% 74.05% -3,844.33% 59.25% 95.65% 45.61% 67.50% 50.78% 109.73%
Effective Tax Rate		 -4.81% 1.67% 0.00% 33.28% 42.47% 0.00% 16.71% 27.31% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 5.12% 0.00% 0.00% 0.00% 99.60% -65.09% 49.20% 8.20% -51.62% -69.60% -32.55%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.98% 0.00% 0.00% 0.00% 89.42% -96.08% -0.10% 7.06% -50.48% -65.58% -43.05%
Return on Net Nonoperating Assets (RNNOA)		 0.60% 0.00% 0.00% 0.00% 12.20% -11.11% 0.00% 1.15% -8.77% -7.46% -8.54%
Return on Equity (ROE)		 5.72% 0.00% 0.00% 0.00% 111.80% -76.21% 49.20% 9.35% -60.38% -77.06% -41.09%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% -24.06% -35.31% -43.84% -59.75% -73.07% -78.27% -87.12%
Operating Return on Assets (OROA)		 4.04% 0.00% 0.00% 0.00% -3.07% -123.20% 37.25% 17.21% -70.01% -113.92% -13.45%
Return on Assets (ROA)		 3.59% 0.00% 0.00% 0.00% 68.92% -63.45% 29.68% 5.71% -37.53% -48.47% -12.53%
Return on Common Equity (ROCE)		 5.72% 0.00% 0.00% 0.00% 111.51% -74.60% 46.09% 8.48% -54.24% -67.34% -35.43%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% -5.59% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 11 262 -61 -1.05 162 -103 156 53 -304 -259 -144
NOPAT Margin		 29.94% 507.18% -172.33% -2.39% 511.73% -473.78% 378.89% 63.24% -343.98% -365.07% -192.75%
Net Nonoperating Expense Percent (NNEP)		 1.14% 26.25% 31.05% -2.91% 10.18% 30.98% 49.31% 1.14% -1.13% -4.02% 10.50%
Return On Investment Capital (ROIC_SIMPLE)		 1.69% - - - 12.66% -7.97% 9.18% 2.64% -14.50% -12.38% -1.54%
Cost of Revenue to Revenue		 52.86% 54.40% 58.60% 40.15% 64.09% 85.53% 52.73% 38.71% 39.56% 35.97% 35.89%
SG&A Expenses to Revenue		 87.45% 38.65% 50.83% 36.98% 59.46% 96.53% 73.02% 30.96% 51.68% 115.10% 101.53%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 18.58% 60.46% 287.58% 63.44% -1,719.91% 176.08% -407.60% 66.00% 343.64% 169.23% 339.47%
Earnings before Interest and Taxes (EBIT)		 12 539 -69 1.84 -6.77 -261 173 153 -563 -595 -190
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 20 552 -56 14 8.31 -245 193 181 -522 -556 -149
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 2.05 1.59 1.96 1.26 1.53 2.55 3.49 3.77 9.01
Price to Tangible Book Value (P/TBV)		 0.00 0.00 2.30 1.76 2.11 1.35 1.62 3.00 4.13 4.48 10.61
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 11.81 9.11 13.99 20.60 21.11 18.30 40.88
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 5.78 0.00 12.40 17.85 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 17.31% 0.00% 8.06% 5.60% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 1.94 1.49 1.85 1.22 1.48 2.17 2.73 3.03 5.85
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 12.61 10.16 14.89 23.20 23.57 20.07 43.66
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 3.95 0.00 8.44 10.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 4.40 0.00 11.37 12.39 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 5.94 0.00 11.39 17.53 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.38 0.24 0.49 0.42 0.31 0.31 0.23 0.21 0.24 0.24 4.35
Long-Term Debt to Equity		 0.25 0.15 0.39 0.33 0.24 0.25 0.18 0.13 0.12 0.12 4.22
Financial Leverage		 0.15 0.12 0.11 0.19 0.14 0.12 0.04 0.16 0.17 0.11 0.20
Leverage Ratio		 1.52 1.35 1.63 1.54 1.54 1.49 1.51 1.60 1.60 1.56 3.82
Compound Leverage Factor		 1.28 0.66 1.71 1.14 -59.17 0.88 1.45 0.73 1.08 0.79 4.19
Debt to Total Capital		 27.77% 19.34% 32.98% 29.44% 23.46% 23.85% 18.55% 17.36% 19.53% 19.32% 81.33%
Short-Term Debt to Total Capital		 9.50% 7.30% 6.51% 6.43% 5.07% 5.01% 3.81% 6.50% 9.52% 9.55% 2.50%
Long-Term Debt to Total Capital		 18.27% 12.05% 26.46% 23.01% 18.39% 18.84% 14.74% 10.86% 10.01% 9.78% 78.83%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.94% 0.82% 0.85% 0.31% 2.14% 7.13% 10.57% 12.74% 14.81% 3.32%
Common Equity to Total Capital		 72.23% 79.72% 66.20% 69.71% 76.23% 74.01% 74.32% 72.06% 67.72% 65.87% 15.36%
Debt to EBITDA		 5.03 0.00 0.00 0.00 0.58 -77.71 1.29 0.84 -1.04 -0.58 -7.31
Net Debt to EBITDA		 1.98 0.00 0.00 0.00 0.24 -27.79 0.01 0.61 -0.79 -0.28 -0.55
Long-Term Debt to EBITDA		 3.31 0.00 0.00 0.00 0.45 -61.39 1.03 0.53 -0.53 -0.29 -7.08
Debt to NOPAT		 20.12 0.00 0.00 0.00 0.87 -4.30 1.75 1.47 -1.82 -1.06 -11.62
Net Debt to NOPAT		 7.93 0.00 0.00 0.00 0.37 -1.54 0.02 1.06 -1.38 -0.51 -0.87
Long-Term Debt to NOPAT		 13.24 0.00 0.00 0.00 0.68 -3.40 1.39 0.92 -0.93 -0.54 -11.27
Altman Z-Score		 0.00 0.00 1.92 1.84 2.52 0.91 2.46 2.49 2.23 2.62 1.67
Noncontrolling Interest Sharing Ratio		 0.00% 1.16% 1.22% 1.20% 0.27% 2.10% 6.31% 9.30% 10.17% 12.62% 13.78%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.55 0.31 1.68 1.00 1.67 1.26 1.81 0.72 1.09 0.86 19.35
Quick Ratio		 0.30 0.18 1.55 0.71 0.60 0.53 0.99 0.13 0.20 0.66 0.67
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -567 -803 -848 -383 -372 -492 -1,005 -1,224 -1,045 -1,128
Operating Cash Flow to CapEx		 0.00% -284.45% -459.40% -3.86% -58.51% -55.70% -112.04% 2.01% -83.89% -74.34% -0.97%
Free Cash Flow to Firm to Interest Expense		 0.00 -90.34 -133.58 -429.95 -40.10 -49.78 -58.65 -116.68 -218.85 -113.09 -22.04
Operating Cash Flow to Interest Expense		 -3.65 -4.19 -2.72 -2.13 -2.26 -4.53 -5.81 0.09 -10.26 -2.95 -0.11
Operating Cash Flow Less CapEx to Interest Expense		 -3.61 -5.67 -3.31 -57.38 -6.13 -12.67 -11.00 -4.36 -22.49 -6.91 -11.44
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.13 0.00 0.00 0.00 0.14 0.10 0.09 0.09 0.11 0.14 0.05
Accounts Receivable Turnover		 28.79 0.00 0.00 0.00 31.45 21.71 19.29 27.99 12.34 48.81 31.12
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 1.24 0.00 0.00 0.00 1.72 2.41 1.84 1.99 2.50 3.01 2.11
Days Sales Outstanding (DSO)		 12.68 0.00 0.00 0.00 11.60 16.81 18.92 13.04 29.58 7.48 11.73
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 294.71 0.00 0.00 0.00 211.95 151.68 198.12 182.98 146.15 121.27 172.87
Cash Conversion Cycle (CCC)		 -282.03 0.00 0.00 0.00 -200.35 -134.87 -179.20 -169.94 -116.56 -113.79 -161.14
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 561 830 742 847 1,107 1,098 1,391 1,905 2,027 1,884 2,374
Invested Capital Turnover		 0.17 0.00 0.00 0.00 0.19 0.14 0.13 0.13 0.15 0.19 0.17
Increase / (Decrease) in Invested Capital		 0.00 830 742 847 546 268 649 1,058 919 786 983
Enterprise Value (EV)		 0.00 0.00 1,437 1,260 2,048 1,345 2,063 4,136 5,542 5,706 13,882
Market Capitalization		 0.00 0.00 1,355 1,117 1,917 1,207 1,938 3,673 4,963 5,202 12,998
Book Value per Share		 $10.36 $8.21 $7.30 $7.73 $10.44 $9.24 $12.16 $13.67 $13.16 $12.44 $12.81
Tangible Book Value per Share		 $8.77 $7.40 $6.52 $6.95 $9.73 $8.60 $11.50 $11.59 $11.11 $10.47 $10.88
Total Capital		 675 918 997 1,010 1,281 1,297 1,704 2,001 2,100 2,095 9,392
Total Debt		 187 178 329 297 301 309 316 347 410 405 7,638
Total Long-Term Debt		 123 111 264 232 236 244 251 217 210 205 7,404
Net Debt		 74 89 74 134 127 111 2.94 251 311 194 572
Capital Expenditures (CapEx)		 -0.27 9.26 3.56 109 37 61 44 38 68 37 580
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -18 -20 -32 -8.18 82 12 26 3.86 185 3.49 -67
Debt-free Net Working Capital (DFNWC)		 13 -7.44 144 65 168 121 249 43 233 164 6,954
Net Working Capital (NWC)		 -51 -74 79 -0.23 103 56 184 -87 33 -36 6,719
Net Nonoperating Expense (NNE)		 0.84 12 12 -1.95 10 31 19 2.20 -2.63 -6.12 33
Net Nonoperating Obligations (NNO)		 74 89 74 134 127 111 2.94 251 337 194 620
Total Depreciation and Amortization (D&A)		 8.09 13 13 12 15 16 20 29 40 39 42
Debt-free, Cash-free Net Working Capital to Revenue		 -18.50% 0.00% 0.00% 0.00% 50.63% 9.00% 19.11% 2.17% 78.79% 1.23% -21.07%
Debt-free Net Working Capital to Revenue		 13.73% 0.00% 0.00% 0.00% 103.37% 91.27% 179.60% 24.39% 98.90% 57.72% 2,187.03%
Net Working Capital to Revenue		 -53.04% 0.00% 0.00% 0.00% 63.36% 42.21% 132.73% -48.56% 13.87% -12.61% 2,113.22%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.19 $2.90 ($0.78) $0.01 $1.58 ($1.30) $1.32 $0.48 ($2.64) ($1.98) ($1.27)
Adjusted Weighted Average Basic Shares Outstanding		 47.08M 89.15M 90.19M 91.18M 91.32M 102.85M 104.25M 105.57M 105.33M 111.06M 118.48M
Adjusted Diluted Earnings per Share		 $0.17 $2.76 ($0.78) $0.01 $1.41 ($1.30) $1.18 $0.43 ($2.45) ($1.98) ($1.27)
Adjusted Weighted Average Diluted Shares Outstanding		 49.12M 93.70M 90.19M 96.41M 101.05M 102.85M 119.02M 121.76M 105.33M 111.06M 118.48M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 90.39M 91.08M 93.58M 103.86M 104.22M 105.53M 108.04M 110.89M 112.59M 123.26M
Normalized Net Operating Profit after Tax (NOPAT)		 -15 262 -10 -0.31 -170 -102 -25 54 -151 -259 -47
Normalized NOPAT Margin		 -39.37% 506.82% -29.52% -0.70% -537.92% -465.91% -60.69% 64.51% -171.04% -365.07% -63.31%
Pre Tax Income Margin		 26.26% 507.78% -205.38% 3.11% 820.81% -708.34% 399.66% 83.38% -429.41% -425.36% -278.39%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.99 85.82 -11.44 0.93 -0.71 -34.92 20.55 17.72 -100.67 -64.36 -3.72
NOPAT to Interest Expense		 1.91 41.78 -10.09 -0.53 16.96 -13.84 18.64 6.13 -54.44 -28.05 -2.82
EBIT Less CapEx to Interest Expense		 2.04 84.35 -12.03 -54.31 -4.58 -43.06 15.37 13.26 -112.89 -68.33 -15.04
NOPAT Less CapEx to Interest Expense		 1.96 40.31 -10.69 -55.78 13.09 -21.97 13.45 1.68 -66.66 -32.01 -14.15
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Hut 8’s latest quarter shows a much weaker operating picture, but the balance sheet still carries significant liquidity and a large capital cushion from equity. In Q1 2026, revenue rose to $71.0 million from $22.5 million a year earlier in Q1 2025, but the company still posted a sizable net loss of $219.8 million. The results look especially messy because Hut 8 also carries large non-operating items, acquisition-related assets, and a capital structure that has been heavily affected by equity issuance and debt activity.

Profitability trends are mixed at best. Hut 8’s gross profit improved materially year over year in Q1 2026, but operating expenses and especially other expenses overwhelmed that progress. Operating loss was $370.4 million in the quarter, compared with a loss of $147.7 million in Q1 2025. That suggests the business is still struggling to convert revenue growth into bottom-line profitability.

Revenue momentum improved sharply versus last year. Q1 2026 revenue of $71.0 million was more than triple the $21.8 million posted in Q1 2025. Still, quarterly performance has been volatile, and the company had posted much stronger profitability in Q3 2025 and Q2 2025 before results swung lower again.

Cash flow remains a concern. Hut 8 reported negative operating cash flow of $27.2 million in Q1 2026, after negative operating cash flow of $57.4 million in Q4 2025 and $48.8 million in Q2 2025. The company is still burning cash from core operations, even though non-cash items help bridge some of the gap.

The balance sheet is sizable, but not low-risk. As of March 31, 2026, Hut 8 held $160.0 million in cash and equivalents and $216.6 million in current assets, while total assets were $2.61 billion. However, liabilities were also large at $919.6 million, including $204.8 million of long-term debt and $200.0 million of short-term debt.

Equity and noncontrolling interests dominate the capital structure. Total equity and noncontrolling interests stood at $1.69 billion, which gives the balance sheet some cushion. But that figure is heavily influenced by accounting entries, acquisition-related assets, and prior financing activity rather than by consistent operating profitability.

  • Revenue growth was strong year over year, with Q1 2026 revenue of $71.0 million versus $21.8 million in Q1 2025.
  • Cash on hand improved sharply to $160.0 million from $33.5 million in the prior quarter.
  • Total current assets of $216.6 million provide near-term liquidity.
  • Noncontrolling interests and equity remain large, supporting the balance sheet numerically.
  • Q1 2026 gross profit was $45.5 million, showing the core business can still generate positive gross margin.
  • Hut 8 continues to carry major acquisition-related assets, including goodwill, intangibles, and other noncurrent operating assets.
  • Share count has risen over time, which can dilute per-share results.
  • Operating loss widened to $370.4 million in Q1 2026.
  • Net loss of $219.8 million shows the company is still far from sustainable profitability.
  • Operating cash flow was negative $27.2 million, and the business remains cash-consuming at the operating level.

Longer-term trend: Hut 8’s financials show a business that has moved from occasional profitable quarters in 2024-2025 to a more volatile, highly capital-intensive model. Revenue has grown, but earnings and cash flow have not been stable enough to support the growth without outside financing. For retail investors, the key question is whether Hut 8 can translate that top-line expansion into durable operating leverage before the balance sheet becomes more constrained.

08/20/26 11:55 AM ETAI Generated. May Contain Errors.

Hut 8 Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Hut 8's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Hut 8's net income appears to be on a downward trend, with a most recent value of -$248.00 million in 2025, falling from $21.85 million in 2023. The previous period was $331.41 million in 2024. View Hut 8's forecast to see where analysts expect Hut 8 to go next.

Hut 8's total operating income in 2025 was -$321.99 million, based on the following breakdown:
  • Total Gross Profit: $127.34 million
  • Total Operating Expenses: $229.30 million

Over the last 2 years, Hut 8's total revenue changed from $96.05 million in 2023 to $235.12 million in 2025, a change of 144.8%.

Hut 8's total liabilities were at $1.06 billion at the end of 2025, a 97.7% increase from 2024, and a 320.3% increase since 2023.

In the past 2 years, Hut 8's cash and equivalents has ranged from $30.50 million in 2023 to $85.04 million in 2024, and is currently $44.91 million as of their latest financial filing in 2025.

Over the last 2 years, Hut 8's book value per share changed from 10.36 in 2023 to 13.16 in 2025, a change of 27.1%.


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Financial statements for NASDAQ:HUT last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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