Hut 8 (HUT) financial statements
Hut 8 reported revenue of $235M in fiscal 2025, up 33.6% a year over 4 years.
Net income was -$226M and the operating margin -136.9%, against -26.9% in 2022.
The diluted share count rose 211% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Hut 8's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $74M | $82M | $96M | $162M | $235M |
| Cost of revenue | $26M | $43M | $54M | $87M | $108M |
| Gross profit | $48M | $39M | $42M | $76M | $127M |
| Selling, general and admin | $31M | $27M | $49M | $73M | $123M |
| Operating income | -$20M | -$69M | $9M | $461M | -$322M |
| Interest expense | $7M | $28M | $25M | $30M | $30M |
| Pre-tax income | -$27M | -$67M | $22M | $452M | -$300M |
| Income tax | $5M | -$1M | $190,000 | $113M | -$52M |
| Net income | -$32M | -$66M | $22M | $332M | -$226M |
| EPS (diluted) | -$0.94 | -$1.58 | $0.44 | $3.40 | -$2.14 |
| Diluted shares | 34M | 41M | 49M | 101M | 105M |
| Gross margin | 65.0% | 47.5% | 43.6% | 46.6% | 54.2% |
| Operating margin | -26.9% | -83.6% | 9.8% | 283.6% | -136.9% |
| Net margin | -43.1% | -79.9% | 22.7% | 204.4% | -96.2% |
Balance sheet
Fiscal years, from Hut 8's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $21M | $10M | $31M | $85M | $45M |
| Receivables | $1M | $636,000 | $3M | $7M | $31M |
| Total current assets | $37M | $19M | $62M | $257M | $408M |
| Property, plant and equipment | $117M | $71M | $118M | $222M | $643M |
| Goodwill | — | — | $58M | $53M | $210M |
| Total assets | $245M | $190M | $741M | $1.5B | $2.8B |
| Total current liabilities | $100M | $10M | $113M | $154M | $376M |
| Long-term debt | $51M | $150M | $123M | $236M | — |
| Total liabilities | $157M | $163M | $253M | $538M | $1.1B |
| Shareholders' equity | $88M | $27M | $488M | $977M | $1.4B |
| Net debt | $107M | $141M | $157M | $216M | -$45M |
Cash flow
Fiscal years, from Hut 8's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | -$43M | -$29M | -$22M | -$69M | -$139M |
| Stock-based compensation | $9M | $5M | $14M | $21M | $58M |
| Net borrowing | $121M | -$5M | -$40M | -$19M | $89M |
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What was Hut 8's revenue in 2025?
$235M in fiscal 2025, from its 10-K filing.
From Hut 8's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.