HUT 8 CORP. (Nasdaq | TSX: HUT) reported A net loss of the first quarter of $ 134.3 million, which marks a turbulent start of the year as the company executes a bold strategy to become a fully integrated energy infrastructure platform. Quarterly revenues reached $ 21.8 million, below $ 51.7 million year after year, while adjusted Ebitda was reported ($ 117.7) million.
Even so, Hut 8 emphasized the strategic growth movements that he thinks will bear fruit in the near future. CEO Asher enjoyed Called the quarter “a deliberate and necessary investment phase,” and added: “We believe that the yields of this work will be increasingly visible in the living rooms.”
A key development was the launch of American Bitcoin, a majority property subsidiary focused solely on Bitcoin mining at an industrial scale. The measure followed a wide Asic fleet update, which increased the company’s hashrate by 79% to 9.3 EH/Sy improved fleet efficiency by 37% to approximately 20 j/th.
“After a disciplined investment and execution period … the simplified capital allocation framework that Bitcoin’s American launch reinforces our ability to climb the companies with the lowest capital cost,” Genot explained.
As of March 31, 2025, Hut 8 had 10,264 bitcoin in reserve, valued at approximately $ 847.2 million, while administered 1,020 megawatts (MW) of energy capacity in 15 sites. The company also reported a development pipe of ~ 10,800 MW, with ~ 2,600 MW under exclusivity.
The Hut 8 Energy Infrastructure and Digital Infrastructure segments generated modest income of $ 4.4 million and $ 1.3 million respectively. However, its computing segment, including Bitcoin mining, led the quarter with $ 16.1 million in revenues.
Progress was also made in the expansion of the infrastructure, with the Vega site of 205 MW on the way to the Energization Q2 and the initial bases started on the River Bend campus in Louisiana. The company also energized a test shelf in Salt Creek and introduced new software tools as a reactor and operator to optimize ASIC level operations and energy consumption.
Despite the financial loss, Hut 8 continues to trust. “We continue to execute ourselves against our 2025 route,” said Genoot, pointing to future catalysts such as the development of energy at the level of public services and the expansion of US operations.
