Hut 8 Corp.
Description
Hut 8 Corp. operates as a vertically integrated operator of energy infrastructure and Bitcoin miners in North America. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other. The company mines Bitcoin. It also offers managed services for energy infrastructure development, such as site design, procurement, and construction management; software automation, process design, personnel hiring, and team training; utilities contracts, hosting operations, and customer management; energy portfolio optimization and strategic initiatives; and finance, accounting, and safety services for digital asset mining site owners, governments, and data center developers. In addition, the company provides colocation, cloud, and connectivity services; hosting services, which include the provision of mining equipment and space, as well as monitors, troubleshoots, repairs, and maintains customer mining equipment; and equipment sales and repair services. Hut 8 Corp. was founded in 2017 and is based in Miami, Florida.
About
CEO
Mr. Asher Kevin Genoot
Employees
219
Instrument type
Common Stock
Sector
Financial Services
Industry
Capital Markets
MIC code
XNGS
Address
1101 Brickell Avenue, Miami, FL 33131, United States
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![Enlarged Chart]()
Oscillators
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Summary
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Moving Averages
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Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Nov 13, 2024 | -0.28 | -0.21 | 0.07 | -25.00% |
| May 15, 2024 | 0.48 | 3.76 | 3.28 | 683.33% |
| May 11, 2023 | — | 0.35 | — | — |
| Mar 9, 2023 | -0.14 | -0.90 | -0.76 | 542.86% |
| Nov 10, 2022 | -0.03 | -0.12 | -0.09 | 300.00% |
Earnings estimate
|
Next Quarter
(Mar 2025)
|
Next Year
(Dec 2025)
|
|||
|---|---|---|---|---|
| Number of analysts | — | 2 | — | 3 |
| Average estimate | — | -0.15 | — | 0.07 |
| Low estimate | — | -0.17 | — | -0.25 |
| High estimate | — | -0.12 | — | 0.65 |
| Last year EPS | — | 2.87 | — | — |
[stock_revenue_estimate]
Growth estimates
Current qtr
—
Next qtr. (Mar 2025)
-105.050%
Current year
—
Next year (Dec 2025)
—
Next 5 years (per annum)
—
Past 5 years (per annum)
—
Income statement
| 2023 | 2022 | |
|---|---|---|
| Fiscal date | 2023-06-30 | 2022-06-30 |
| Total reported revenue | 86.74M | 79.19M |
| Cost of revenue | 43.11M | 25.78M |
| Gross profit | 43.63M | 53.40M |
| Operating expense | ||
| Research & development | — | — |
| Selling general and admin | 27.34M | 31.33M |
| Other operating expenses | — | — |
| Operating income | -2.50M | 10.49M |
| Non operating interest income | ||
| Income | — | — |
| Expense | 27.94M | 6.92M |
| Other income expense | -36.38M | -30.30M |
| Pretax income | -66.81M | -26.73M |
| Tax provision | -1.20M | 5.07M |
| Net income | -65.61M | -31.80M |
| Basic EPS | -0.74 | -0.36 |
| Diluted EPS | -0.74 | -0.36 |
| Basic average shares | 88.55M | 88.55M |
| Diluted average shares | 88.55M | 88.55M |
| EBITDA | 22.71M | 22.48M |
| Net income from continuing op. | -65.61M | -31.80M |
| Minority interests | — | — |
| Preferred stock dividends | — | — |
Balance sheet
| 2023 | 2022 | 2021 | 2021 | 2020 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-06-30 | 2022-06-30 | 2021-12-31 | 2021-06-30 | 2020-12-31 |
| Total assets | 190.00M | 245.03M | 720.71M | 43.16M | 145.20M |
| Current assets | |||||
| Cash | 10.38M | 21.07M | 140.13M | 6.72M | 2.82M |
| Cash equivalents | — | — | — | — | — |
| Cash and cash equivalents | 10.38M | 21.07M | 140.13M | 6.72M | 2.82M |
| Other short term investments | 851,000 | 847,000 | — | 3.02M | — |
| Accounts receivable | 636,000 | 1.17M | 647,428 | — | 451,061 |
| Other receivables | — | 5.49M | — | — | — |
| Inventory | — | — | — | — | — |
| Prepaid assets | 7.50M | 8.51M | 3.36M | 47,000 | 92,014 |
| Restricted cash | 851,000 | 847,000 | — | — | 26.46M |
| Assets held for sale | — | — | — | — | — |
| Hedging assets | — | — | — | — | — |
| Other current assets | — | — | 323.95M | — | 75.51M |
| Non current assets | |||||
| Properties | 536,000 | 2.35M | 220.90M | 490,000 | 133.50M |
| Land and improvements | — | 1.74M | — | — | — |
| Machinery furniture equipment | 74.43M | 95.23M | — | 7.32M | — |
| Construction in progress | 10.93M | 32.18M | 110.76M | — | 1.21M |
| Leases | 59,000 | 59,000 | — | — | — |
| Accumulated depreciation | -14.70M | -11.95M | -124.77M | -391,000 | -101.38M |
| Goodwill | 5.54M | — | — | — | 604,468 |
| Investment properties | — | — | — | — | — |
| Financial assets | — | — | — | — | — |
| Intangible assets | 5.54M | — | — | — | 604,468 |
| Investments and advances | 93.58M | — | — | — | — |
| Other non current assets | — | — | — | 2.10M | — |
| Total liabilities | 162.62M | 157.42M | 154.74M | 6.44M | 29.65M |
| Current liabilities | |||||
| Accounts payable | 3.61M | 6.27M | 7.07M | 1.46M | 3.73M |
| Accrued expenses | 3.89M | 1.10M | 2.50M | 378,000 | 164,203 |
| Short term debt | 1.69M | 77.71M | 16.49M | 4.29M | 25.76M |
| Deferred revenue | 1.03M | 14.84M | — | — | — |
| Tax payable | — | — | — | — | — |
| Pensions | 117,000 | 236,000 | — | — | — |
| Other current liabilities | 591,000 | 478,000 | — | — | — |
| Non current liabilities | |||||
| Long term debt | 150.83M | 52.97M | 24.20M | 307,000 | — |
| Provision for risks and charges | — | — | — | — | — |
| Deferred liabilities | 1.45M | 2.97M | 5.46M | — | — |
| Derivative product liabilities | — | — | 99.02M | — | — |
| Other non current liabilities | — | 1.32M | — | — | — |
| Shareholders equity | |||||
| Common stock | 432,000 | 415,000 | 636.60M | — | 178.23M |
| Retained earnings | -106.50M | -40.89M | -188.26M | -9.08M | -115.55M |
| Other shareholders equity | — | — | 103.54M | — | 45.68M |
| Total shareholders equity | 27.37M | 87.60M | 565.97M | 36.73M | 115.55M |
| Additional paid in capital | 133.44M | 128.08M | 11.93M | 20.31M | 4.23M |
| Treasury stock | — | — | — | — | — |
| Minority interest | — | — | — | — | — |
Cash flow statement
| 2023 | 2022 | |
|---|---|---|
| Operating Activities | ||
| Net Income | -65.61M | -31.80M |
| Depreciation | 19.08M | 11.99M |
| Deferred Taxes | -1.52M | 5.07M |
| Stock-Based Compensation | 4.61M | 9.18M |
| Other Non-Cash Items | -25.81M | -67.44M |
| Accounts Receivable | 532,000 | -155,000 |
| Accounts Payable | -308,000 | -538,000 |
| Other Assets & Liabilities | -15.67M | 15.64M |
| Operating Cash Flow | -84.70M | -58.05M |
| Investing Activities | ||
| Capital Expenditures | -2.88M | -37.27M |
| Net Intangibles | — | — |
| Net Acquisitions | -10.00M | — |
| Purchase of Investments | — | — |
| Sale of Investments | 50.03M | 44.35M |
| Investing Cash Flow | 25.25M | -134.37M |
| Financing Activities | ||
| Long-Term Debt Issuance | 14.24M | 130.71M |
| Long-Term Debt Payments | -19.61M | -10.53M |
| Other Financing Charges | -1.23M | -2.34M |
| Financing Cash Flow | -6.60M | 191.63M |
| Other Cash Details | ||
| End Cash Position | 10.38M | 21.07M |
| Income Tax Paid | — | — |
| Interest Paid | 5.54M | 6.84M |
| Free Cash Flow | -32.48M | -80.19M |
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Article
Hut 8 Operations Update for January 2025
Infrastructure upgrades near completion in advance of expected miner deliveries 205 MW Vega project advancing on track for Q2 2025 energization MIAMI, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America's largest Bitcoin miners, today released its operations update for January 2025. “With infrastructure upgrades for our initial fleet upgrade near completion, we believe we are well-positioned to energize new miners upon expected delivery in the coming weeks,” said Asher Genoot, CEO of Hut 8.
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