$HUT

Hut 8 Corp.

CIK:0001964789|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 74,932	$ 41,299	$ 145,949	$ 63,114
Cost of revenue (exclusive of depreciation and amortization shown below):
Total cost of revenue	26,891	21,776	52,439	40,435
Operating expenses:
Depreciation and amortization	39,727	19,458	78,169	34,357
General and administrative expenses	76,080	30,158	157,820	51,217
Loss (gain) on digital assets	138,597	(217,640)	434,254	(105,246)
(Gain) loss on sale of property and equipment	(33)	(312)	(33)	2,142
Total operating expenses (income)	254,371	(168,336)	670,210	(17,530)
Operating (loss) income	(206,330)	187,859	(576,700)	40,209
Other (expense) income:
Foreign exchange (loss) gain	(3,219)	3,114	(5,939)	3,123
Interest expense	(51,160)	(8,396)	(60,403)	(15,865)
Interest income	27,085		27,085
Asset contribution costs				(22,780)
Gain (loss) on derivatives	18,315	(18,403)	59,132	2,459
(Loss) gain on other financial liability	(98)	(181)	(759)	958
Gain on warrant liability	22		91
Gain on sale of the Far North JV, net of transaction costs	1,110		34,711
Equity in earnings of unconsolidated joint venture	5,671	1,064	12,101	2,429
Total other (expense) income	(2,274)	(22,802)	66,019	(29,676)
Net (loss) income before income taxes	(208,604)	165,057	(510,681)	10,533
Income tax benefit (provision)	31,462	(27,574)	80,404	(7,369)
Net (loss) income	(177,142)	137,483	(430,277)	3,164
Less: Net loss (income) attributable to non-controlling interests	26,951	(171)	60,237	259
Net (loss) income attributable to Hut 8 Corp.	$ (150,191)	$ 137,312	$ (370,040)	$ 3,423
Net (loss) income per share of common stock:
Basic attributable to Hut 8 Corp. (in dollars per share)	$ (1.27)	$ 1.32	$ (3.22)	$ 0.04
Diluted attributable to Hut 8 Corp. (in dollars per share)	$ (1.27)	$ 1.18	$ (3.22)	$ 0.03
Weighted average number of shares of common stock outstanding:
Basic (in shares)	118,483,238	104,246,041	114,794,476	103,554,237
Diluted (in shares)	118,483,238	119,018,761	114,794,476	109,070,208
Net (loss) income	$ (177,142)	$ 137,483	$ (430,277)	$ 3,164
Other comprehensive (loss) income:
Foreign currency translation adjustments	(12,701)	39,892	(22,011)	41,079
Total comprehensive (loss) income	(189,843)	177,375	(452,288)	44,243
Less: Comprehensive loss (income) attributable to non-controlling interests	26,951	(227)	60,232	204
Comprehensive (loss) income attributable to Hut 8 Corp.	(162,892)	177,148	(392,056)	44,447
Power
Revenue:
Total revenue	1,176	5,492	4,916	9,872
Cost of revenue (exclusive of depreciation and amortization shown below):
Total cost of revenue	826	5,000	2,933	8,628
Digital Infrastructure
Revenue:
Total revenue	1,285	1,512	2,588	2,829
Cost of revenue (exclusive of depreciation and amortization shown below):
Total cost of revenue	1,374	2,120	2,920	3,679
Compute
Revenue:
Total revenue	72,471	34,295	138,445	50,413
Cost of revenue (exclusive of depreciation and amortization shown below):
Total cost of revenue	$ 24,691	$ 14,656	$ 46,586	$ 28,128

Condensed Consolidated Statements of Cash Flows $ in Thousands, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Operating activities
Net (loss) income	$ (177,142)	$ (430,277)	$ 3,164
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	39,727	78,169	34,357
Amortization of operating right-of-use assets		1,567	1,261
Non-cash lease expense		1,144	1,226
Stock-based compensation		102,113	11,433
Equity in earnings of unconsolidated joint venture	(5,671)	(12,101)	(2,429)
Distributions of earnings from unconsolidated joint venture		17,700
ASIC compute revenue		(129,355)	(42,656)
Loss (gain) on digital assets		434,254	(105,246)
Deferred tax assets and liabilities		(85,392)	7,086
Foreign exchange loss (gain)		5,939	(3,123)
Amortization of debt discounts and issuance costs		1,098	225
(Gain) loss on sale of property and equipment	(33)	(33)	2,142
Gain on derivatives		(59,132)	(2,459)
Loss (gain) on other financial liability	98	759	(958)
Gain on warrant liability	(22)	(91)
Gain on sale of the Far North JV, net of transaction costs	(1,110)	(34,711)
Paid-in-kind interest expense		3,215	13,613
Asset contribution costs			22,780
Changes in assets and liabilities:
Accounts receivable, net		18,484	(1,169)
Deposits and prepaid expenses		3,980	(19,580)
Income taxes receivable		341	(1,354)
Income taxes payable		5,520
Accounts payable and accrued expenses		(592)	1,454
Interest payable		45,549	158
Deferred revenue		1,580	(52)
Operating lease liabilities		(2,573)	(2,509)
Net cash used in operating activities		(32,845)	(82,636)
Investing activities
Proceeds from sale of digital assets			3,732
Bitcoin purchased		(65,317)
Deposits for future sites		(18,445)
Purchases of property and equipment		(616,182)	(108,699)
Proceeds from sale of property and equipment		49	4,383
Net proceeds from sale of the Far North JV, net of cash divested		64,765
Additions to intangible assets			(896)
Net cash used in investing activities		(635,130)	(101,480)
Financing activities
Proceeds from loans and notes payable		7,700,000
Net proceeds from covered call options premium			810
Repayments of loans and notes payable		(217,700)
Debt issuance costs paid		(84,508)
Principal payments on finance lease		(957)	(970)
Settlement of finance lease obligation in connection with sale of the Far North JV		(20,756)
Cash paid to buyout non-controlling interest of the Far North JV		(9,960)
Proceeds from the issuance of common stock - stock option exercises		10,332	138
Proceeds from the issuance of common stock - at-the-market offering, net of issuance costs		120,120	112,011
Proceeds from the issuance of American Bitcoin Corp. Class A common stock - at-the-market offering, net of issuance costs		144,088
Proceeds from the issuance of American Bitcoin Corp. Class A common stock - non-at-the-market offering, net of issuance costs			205,275
Proceeds from other financial liability			3,500
Net cash provided by financing activities		7,640,659	320,764
Effect of exchange rate changes on cash, restricted cash, and cash equivalents		(572)	69
Net increase (decrease) in cash, restricted cash, and cash equivalents		6,972,112	136,717
Cash, restricted cash, and cash equivalents, beginning of period		48,614	85,635
Cash, restricted cash, and cash equivalents, end of period	7,020,726	7,020,726	222,352
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized		12,865	3,768
Cash (refund) paid for income taxes, net of refunds (payments)		(355)	106
Non-cash transactions
Reclassification of deposits and prepaid expenses to property and equipment		156,853
Right-of-use assets obtained in exchange for operating lease liabilities		13,131	197
Compute revenue in accounts receivable, net		581
Property and equipment acquired under miner purchase liability		16,306	85,814
Property and equipment acquired under accounts payable and accrued expenses		11,245
Property and equipment acquired through exchange of right-of-use asset - Far North JV		16,944
Bitcoin redemption and put options acquired under miner purchase liability		23,227
Net income (loss) attributable to non-controlling interests	(26,951)	(60,237)	(259)
Issuance of common stock - restricted stock unit settlements		4	4
Issuance of warrants by subsidiary as finance lease payments			1,803
Stock-based compensation capitalized in property and equipment, net		615
Subsidiary warrants exercised		283
Digital assets received for the issuance of Class A common stock by American Bitcoin Corp.			10,000
Issuance of common stock - convertible note conversion		158,642
Debt issuance costs included in accounts payable and accrued expenses		15,943
Reconciliation of cash, restricted cash, and cash equivalents to the Unaudited Condensed Consolidated Balance Sheets:
Cash	233,579	233,579	216,251
Restricted cash and cash equivalents	6,787,147	6,787,147	6,101
Total cash, restricted cash, and cash equivalents	$ 7,020,726	$ 7,020,726	$ 222,352

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash	$ 233,579	$ 44,914
Restricted cash and cash equivalents	6,787,147	2,373
Accounts receivable, net	11,934	31,122
Deposits and prepaid expenses	47,016	189,332
Derivative assets	4,994	16,223
Digital assets - pledged for miner purchase		84,688
Digital assets receivable	581	812
Assets held for sale		38,719
Total current assets	7,085,251	408,183
Non-current assets
Derivative assets	175,019	101,179
Digital assets - held in custody	567,287	661,979
Digital assets - pledged for miner purchase	184,942	242,937
Digital assets - pledged as collateral	290,277	396,624
Property and equipment, net	1,372,028	643,244
Operating lease right-of-use asset	29,548	18,496
Deposits and prepaid expenses	7,591	8,314
Investment in unconsolidated joint venture	39,559	45,158
Other investments	6,378	6,378
Intangible assets, net	9,195	11,141
Goodwill	208,032	210,087
Total non-current assets	2,889,856	2,345,537
Total assets	9,975,107	2,753,720
Current liabilities
Accounts payable and accrued expenses	69,711	41,491
Interest payable	48,577	3,028
Miner purchase liability, current portion		100,910
Deferred revenue	3,038	1,458
Operating lease liability, current portion	4,548	2,891
Loans, notes payable, and other financial liabilities, current portion	234,705	199,926
Income taxes payable	5,635	115
Liabilities held for sale		25,764
Total current liabilities	366,214	375,583
Non-current liabilities
Miner purchase liability, less current portion	371,687	332,153
Operating lease liability, less current portion	25,854	16,279
Loans, notes payable, and other financial liabilities, less current portion	7,403,736	210,235
Deferred tax liabilities	53,528	129,854
Warrant liability	55	146
Total non-current liabilities	7,854,860	688,667
Total liabilities	8,221,074	1,064,250
Commitments and contingencies
Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 123,190,559 and 110,091,358 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1,232	1,101
Additional paid-in capital	1,838,331	1,425,775
(Accumulated deficit) retained earnings	(364,559)	5,481
Accumulated other comprehensive loss	(32,381)	(10,432)
Total Hut 8 Corp. stockholders' equity	1,442,623	1,421,925
Non-controlling interests	311,410	267,545
Total equity	1,754,033	1,689,470
Total liabilities and equity	$ 9,975,107	$ 2,753,720