Hut 8 Corp., a North American energy infrastructure operator and Bitcoin miner, reported a comprehensive financial and operational performance for the quarter ended September 30, 2024. Financially, the company saw a decrease in Digital Asset Mining revenue from $15.6 million to $11.6 million year-over-year, attributed to a reduction in Bitcoin mined due to network difficulty and the Bitcoin Halving event. Managed Services revenue increased significantly to $20.8 million, bolstered by management fees and a $13.5 million termination fee. High Performance Computing (HPC) contributed $3.4 million in revenue, and Other revenue streams brought in $7.9 million. The company's operating loss was $1.6 million, with a net income from continuing operations of $908,000 after accounting for other income and expenses. Adjusted EBITDA was $5.6 million, a decrease from the previous year...Show More

Hut 8 Corp., a North American energy infrastructure operator and Bitcoin miner, reported a comprehensive financial and operational performance for the quarter ended September 30, 2024. Financially, the company saw a decrease in Digital Asset Mining revenue from $15.6 million to $11.6 million year-over-year, attributed to a reduction in Bitcoin mined due to network difficulty and the Bitcoin Halving event. Managed Services revenue increased significantly to $20.8 million, bolstered by management fees and a $13.5 million termination fee. High Performance Computing (HPC) contributed $3.4 million in revenue, and Other revenue streams brought in $7.9 million. The company's operating loss was $1.6 million, with a net income from continuing operations of $908,000 after accounting for other income and expenses. Adjusted EBITDA was $5.6 million, a decrease from the previous year's $11.5 million. In terms of business development, Hut 8 has expanded its operations with the acquisition of 31,145 BITMAIN Antminer S21+ ASIC miners, with deliveries expected in Q1 2025. The company also engaged in a call option trade on Bitcoin, generating $2.9 million in proceeds. A significant business combination was completed on November 30, 2023, with Hut 8 Corp. beginning trading on the Nasdaq on December 4, 2023. The company's total energy capacity under management was 1,322 MW across twenty sites, including Bitcoin mining, natural gas power generation, and cloud and colocation data centers. Looking ahead, Hut 8 plans to continue its growth strategy by leveraging its vertically integrated model and operating scale. The company aims to build a scaled portfolio of energy infrastructure assets to maintain a competitive advantage and capture future demand driven by technological advancements and increased compute capacity needs. Strategic initiatives include the deployment of new miners at the Vega site and the potential purchase of hosted machines from Bitmain, with a focus on efficiency and energy management across its business lines.