Hut 8 Reports Fourth Quarter and Full Year 2025 Results

Executive Summary

• Hut 8 reported a full‑year 2025 net loss of $248.0 M (adjusted EBITDA $(135.4) M), driven by large unrealized digital‑asset losses and higher operating expenses versus the prior year.
• The company completed the sale of its 310 MW natural‑gas power portfolio to TransAlta (closed Feb 2026) and launched a public listing for its majority‑owned subsidiary American Bitcoin Corp.
• Signed a 15‑year, $7.0 B lease with Fluidstack for 245 MW of AI‑focused IT capacity at River Bend (backed by Google), and announced up to 2,295 MW of future AI data‑center infrastructure under the Anthropic/Fluidstack partnership.

Key Details

• Financial Highlights – Full Year 2025
• Revenue: $235.1 M (Power $23.2 M, Digital Infrastructure $9.6 M, Compute $202.3 M) vs. $162.4 M in 2024.
• Net loss: $(248.0) M vs. net income $331.4 M in 2024; includes $220.0 M unrealized digital‑asset losses.

• Adjusted EBITDA: $(135.4) M vs. $555.7 M in 2024.

• Quarterly Highlights – Q4 2025

• Revenue: $88.5 M (Power $5.0 M, Digital Infrastructure $1.6 M, Compute $81.9 M).

• Net loss: $(301.8) M; Adjusted EBITDA: $(347.8) M.

• Portfolio Sale

• Definitive share purchase agreement to sell a 310 MW natural‑gas power plant portfolio in Ontario to TransAlta Corp.; transaction closed Feb 2026.

• Proceeds earmarked for general corporate purposes and data‑center pipeline execution.

• AI Infrastructure Lease & Partnerships

• 15‑year lease with Fluidstack for 245 MW at River Bend, valued at $7.0 B base‑term; Google backstops lease payments.
• Right of First Offer (ROFO) for an additional up to 1,000 MW in future expansion phases.

• Partnership with Anthropic and Fluidstack to develop ≥245 MW and up to 2,295 MW of AI data‑center capacity in the U.S.

• Data Center Development

• Vega data center (205 MW Tier I) now operational, featuring proprietary rack‑based direct‑to‑chip liquid cooling supporting ASIC densities up to 180 kW per rack.

• Capital Structure & Liquidity

• Cash & Bitcoin reserves: ~$1.4 B (Hut 8 $899.3 M; American Bitcoin $472.6 M) as of Dec 31 2025.
• New $200 M revolving credit facility with Two Prime; Coinbase facility upsized to $200 M – total borrowing capacity $400 M at 8.5% WACC.

• Project‑level financing for River Bend up to 85% loan‑to‑cost, led by J.P. Morgan (lead left loan underwriter/structurer) and Goldman Sachs & Co. LLC (co‑underwriters).

• Development Pipeline

• Total pipeline: 8,500 MW as of Dec 31 2025

  • Under Diligence: 5,185 MW
  • Under Exclusivity: 1,755 MW
  • Under Development: 1,230 MW
  • Under Construction: 330 MW (including River Bend)

• Institutional Ownership

• Increased from ~55% (end‑2024) to ~70% (end‑2025).

• Conference Call

• Hosted on Feb 25 2026 at 8:30 a.m. ET; webcast link provided.

Notable Quotes

“Over the past two years, we have rebuilt Hut 8 around a power‑first strategy… In 2025, this work translated into tangible growth and commercial progress across our platform.” – Asher Genoot, CEO

“River Bend demonstrates the strength of our model… We aim to advance River Bend for delivery beginning in Q2 2027 while accelerating conversion across our broader pipeline.” – Asher Genoot, CEO