Hut 8 Corp. (NASDAQ | TSX:HUT) reported a net loss of $134.3 million for the first quarter of 2025. Quarterly revenue fell from $51.7 million to $21.8 million from the previous year, but the adjusted EBITDA was reported to be ($117.7).
Still, Hut 8 highlighted the strategic growth moves it believes will pay off in the near future. CEO Asher Genoot called the quarter a “intentional and necessary investment phase,” adding, “I believe the return of this work will become more and more noticeable in the last quarter.”
A key development was the launch of American Bitcoin, a majority-owned subsidiary that focuses solely on industrial-scale Bitcoin mining. The move follows a widespread ASIC fleet upgrade, which increased the company’s hashrate from 79% to 9.3 eh/s, and improved fleet efficiency by 37% to about 20 j/th.
“Following a period of disciplined investment and execution… the streamlined capital allocation framework enabled by the launch of US Bitcoin will strengthen our ability to expand a typical company,” explained Genoot.
As of March 31, 2025, HUT 8 had stored 10,264 Bitcoins for approximately $847.2 million, whilst managing energy capacity of 1,020 megawatts (MW) across 15 sites. The company also reports a development pipeline of ~10,800 MW, with exclusivity of around 2,600 MW.
Hut 8’s energy and digital infrastructure segments generated moderate revenues of $4.4 million and $1.3 million, respectively. However, the computing segment, which includes Bitcoin mining, won the quarter with revenue of $106.1 million.
Also progress has been made in expanding the infrastructure with the 205 MW VEGA site on track due to the energy and early foundations for the second quarter launched at Riverbend campus in Louisiana. The company has also introduced new software tools such as reactors and operators to activate Salt Creek’s Testrac and optimize ASIC-level operations and energy consumption.
Despite economic losses, Hat8 is confident. “We continue to oppose the 2025 roadmap,” Genoot said, pointing to future catalysts such as utility scale power development and expanding US operations.
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