Hut 8 (HUT) Q2 2025 earnings summary

Executive summary

• Achieved $41.3 million in Q2 2025 revenue, $137.5 million net income, and $221.2 million Adjusted EBITDA, reflecting strong operational and financial performance year-over-year.

• Launched American Bitcoin as a majority-owned subsidiary, completed a $220 million private placement, and advanced toward a Nasdaq listing via merger with Gryphon Digital Mining.

• Advanced strategic shift to long-term, contracted energy capacity, with nearly 90% under agreements of one year or longer, up from less than 30% a year ago.

• Completed deployment of new-generation ASIC miners, increasing hashrate to 9.3 EH/s and improving fleet efficiency to 20 J/TH as of April 2025.

• Expanded institutional partnerships and completed key milestones, including the energization of the Vega data center and launch of GPU-as-a-Service.

Financial highlights

• Q2 2025 revenue was $41.3 million, up 17% year-over-year, with Compute segment contributing $34.3 million, Power $5.5 million, and Digital Infrastructure $1.5 million.

• Net income for Q2 2025 was $137.5 million, reversing a $72.2 million loss in the prior year, primarily due to $217.6 million in digital asset gains.

• Adjusted EBITDA reached $221.2 million, compared to a $57.5 million loss year-over-year, with non-recurring items including $3.5 million in transaction costs and $0.2 million in restructuring.

• As of June 30, 2025, held 10,667 Bitcoin in reserve, valued at $1.14 billion.

Outlook and guidance

• Five-year capacity contracts for 310 MW with Ontario IESO to commence May 2026, supporting long-term revenue visibility.

• Ongoing commercialization of AI data center opportunities, including the 205 MW Vega facility and 430 MW in development.

• Anticipates closing the merger of American Bitcoin and Gryphon, with the combined entity to trade on Nasdaq as "ABTC."

• Management expects continued revenue from long-term commercial agreements post-ABTC Merger.