Hut 8 (HUT) Investor presentation summary

Strategic platform and business model

• Operates as an integrated energy infrastructure platform, combining power, digital infrastructure, and compute to support energy-intensive technologies at scale.

• Follows a power-first, innovation-driven approach, focusing on acquiring, developing, and managing critical energy assets and data centers.

• Monetizes megawatts by targeting the highest-return use cases, with flexibility to transition assets to evolving applications such as AI and high-performance computing.

• Employs a structured development flywheel: originate, invest, commercialize, and optimize assets for maximum yield.

• Maintains a development pipeline of 8,500 MW and 1,020 MW under management as of December 31, 2025.

Financial performance and structure

• FY 2025 revenue reached $235.1 million, with a cost of revenue of $107.8 million.

• Reported a net loss of $248.0 million and an adjusted EBITDA of negative $135.4 million for FY 2025.

• Portfolio restructuring included the sale of a 310 MW natural gas power plant portfolio and the public listing of American Bitcoin, a majority-owned subsidiary.

• Secured $400 million in total credit capacity at a weighted average cost of capital of 8.5%.

• Commercial agreements with American Bitcoin are eliminated in consolidation, with Hut 8 targeting infrastructure-like returns and recurring fixed fees.

Operational highlights and asset base

• Commercialized a 15-year, 245 MW AI infrastructure lease at River Bend, valued at $7.0 billion.

• Built and deployed next-generation data center architecture, including the 205 MW Vega facility with proprietary liquid cooling.

• Power and digital infrastructure assets span North America, with 1,020 MW of revenue-generating capacity across multiple sites and joint ventures.

• ASIC compute operations are primarily conducted through American Bitcoin, enabling rapid monetization of low-cost or stranded power.

• Demonstrated ability to energize sites within three months at a development cost of ~$250,000 per MW.