Hut 8 Corp. (Nasdaq | TSX: HUT) reports a Q1 2025 net loss of $134.3 million

Today we announced our results for Q1 2025, a period of deliberate investment designed to unlock the potential of our development flywheel.

Hut 8 Corp (Nasdaq: HUT) (TSX: HUT) reported a Q1 2025 net loss of $134.3 million, starting the year with turbulent financials as it pivots to become a fully integrated energy infrastructure platform.

While revenue slid year-over-year to $21.8 million from $51.7 million and Adjusted EBITDA came in at ($117.7) million, the company highlighted strategic growth moves that it believes will pay off in the near future.

“We announced our results for Q1 2025, a period of deliberate investment designed to unlock the potential of our development flywheel. We deployed our upgraded ASIC fleet to end the quarter with 9.3 EH/s at approximately 20 J/TH and launched American Bitcoin, a majority-owned subsidiary focused on industrial-scale Bitcoin mining. Following a period of disciplined investment and execution, we are pleased with the progress. The streamlined capital allocation framework made possible by the American Bitcoin launch further reinforces our ability to scale lower-cost-of-capital businesses. We believe the returns on this work will become increasingly visible in the quarters ahead,” said Asher Genoot, CEO of Hut 8.

A key development was the launch of American Bitcoin, a majority-owned subsidiary that will house and operate a portfolio of lower-cost-of-capital Bitcoin mining entities. This move streamlined Hut 8’s capital structure and capital employed, enabling the company to concentrate on maximizing the return on invested capital within its core competency.

This launch followed a sweeping ASIC fleet upgrade, which boosted the company’s hashrate by 79% to 9.3 EH/s and improved fleet efficiency by 37% to approximately 20 J/TH.

“We continue to execute on our strategy to build a leading U.S. energy infrastructure platform with a focus on lower-cost capital and maximum returns for our shareholders. We are making significant progress on multiple fronts. We are on track to energize the 205 MW Vega site in Q2 and have also begun initial groundwork at the River Bend campus in Louisiana. We also completed the energization of a test rack at Salt Creek and introduced new software tools like Reactor and Operator to optimize ASIC-level operations and energy consumption. Overall, we are pleased with the progress we are making and remain confident in our ability to achieve our goals for the year,” Genoot concluded.

As of March 31, 2025, Hut 8 held 10,264 Bitcoin in reserve—valued at approximately $847.2 million—while managing 1,020 megawatts (MW) of energy capacity across 15 sites. The company also reported a ~10,800 MW development pipeline, with ~2,600 MW under exclusivity.

Hut 8’s energy and digital infrastructure segments generated modest revenues of $4.4 million and $1.3 million respectively. However, its compute segment—including Bitcoin mining—led the quarter with $16.1 million.

Progress was also made on infrastructure expansion, with the 205 MW Vega site on track for Q2 energization and initial groundwork being laid at the River Bend campus in Louisiana. The company also completed the energization of a test rack at Salt Creek and introduced new software tools like Reactor and Operator to optimize ASIC-level operations and energy consumption.