Hut 8 Corp. Reports $162.4 Million Revenue and $331.9 Million Net Income for 2024

Hut 8 Corp. reported total revenue of $162.4 million for the twelve months ended December 31, 2024, a significant increase from $96.0 million in the prior year. This rise was driven by increases across all segments: Power revenue increased by $33.8 million to $56.6 million, primarily due to a contract termination fee and increased electricity sales; Digital Infrastructure revenue rose by $9.2 million to $17.5 million, mainly from increased CPU colocation revenue; Compute revenue increased by $15.8 million to $80.7 million, largely due to higher average revenue per Bitcoin mined and the launch of a GPU-as-a-Service offering; and Other revenue increased by $7.5 million to $7.6 million, primarily from Equipment Sales. Net income attributable to Hut 8 Corp. for the twelve months ended December 31, 2024 was $331.9 million, compared to $21.8 million in the prior year.

The company's cost to mine a Bitcoin (excluding hosted facilities) increased to $27,959 for the twelve months ended December 31, 2024, from $13,198 in the prior year, primarily due to the Bitcoin network halving in April 2024 and increased network difficulty. However, the energy cost per megawatt-hour decreased to $32.52 from $40.80 during the same period. Significant changes in the company's operations during 2024 included the acquisition of four natural gas power plants in Ontario, Canada through a joint venture, the issuance of a $150 million convertible note, and the launch of its GPU-as-a-service business. The company also completed the construction of a new Bitcoin mining site in Texas and expanded its partnership with BITMAIN.

As of December 31, 2024, Hut 8 Corp. had 10,171 Bitcoin in its strategic reserve, with a market value of $949.5 million. The company's total energy capacity under management increased to 1,020 megawatts, reflecting the acquisitions and developments mentioned above. The company served over 250 customers through its five enterprise-grade data centers in Canada as of December 31, 2024. Hut 8 Corp. employed 222 full-time employees in the United States and Canada as of December 31, 2024.

The company's 10-K filing also highlighted several risk factors, including the volatility of Bitcoin prices, the need for significant electrical power, cybersecurity threats, and the evolving regulatory landscape for digital assets. The filing noted material weaknesses in internal control over financial reporting related to the calculation of the deferred tax provision and the review of a complex accounting transaction. Management is implementing measures to remediate these weaknesses.

Hut 8 Corp. does not anticipate paying dividends in the foreseeable future, intending to retain earnings to fund business development and growth initiatives. The company's outlook is tied to the continued growth and adoption of Bitcoin and other energy-intensive technologies, as well as its ability to secure and manage power resources effectively within a complex and evolving regulatory environment.