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Hut 8 Corp. (Nasdaq | TSX: HUT) declared a net deficit of $134.3 million for Q1 2025, indicating a challenging beginning to the year as the organization implements an ambitious approach aimed at transforming into a fully integrated energy infrastructure platform. Quarterly earnings totaled $21.8 million, a decrease from $51.7 million year-over-year, while Adjusted EBITDA was noted at ($117.7) million.
Nonetheless, Hut 8 highlighted strategic growth initiatives that it anticipates will yield returns in the near term. CEO Asher Genoot referred to the quarter as “a purposeful and essential stage of investment,” adding, “We believe the dividends from this work will become more evident in the coming quarters.”
A significant advancement was the establishment of American Bitcoin, a majority-owned subsidiary dedicated entirely to industrial-scale Bitcoin mining. This decision followed a comprehensive upgrade of the ASIC fleet, which enhanced the company’s hashrate by 79% to 9.3 EH/s and boosted fleet efficacy by 37% to around 20 J/TH.
“After a phase of disciplined investment and execution… the streamlined capital allocation framework enabled by the launch of American Bitcoin strengthens our capability to scale lower-cost-of-capital businesses,” Genoot clarified.
As of March 31, 2025, Hut 8 possessed 10,264 Bitcoin in reserve—valued at roughly $847.2 million—while managing 1,020 megawatts (MW) of energy capacity across 15 locations. The company also reported a ~10,800 MW development pipeline, with ~2,600 MW under exclusivity.
Hut 8’s energy and digital infrastructure divisions yielded modest revenues of $4.4 million and $1.3 million respectively. However, its compute segment—including Bitcoin mining—dominated the quarter with $16.1 million in revenue.
Advancements were also made in expanding infrastructure, with the 205 MW Vega site on track for energization in Q2 and initial groundwork commenced at the River Bend campus in Louisiana. The company further energized a test rack at Salt Creek and introduced innovative software tools like Reactor and Operator to optimize ASIC-level operations and energy usage.
Despite the financial setback, Hut 8 remains optimistic. “We continue to progress on our 2025 roadmap,” Genoot stated, highlighting future catalysts such as utility-scale power development and the expansion of U.S. operations.
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