HUT 8 CORP. (NASDAQ | TSX: HUT) Reported a Net loss of Q1 2025 of $ 134.3 million, marking a turbulent start of the year as the company performs a bold strategy to become a fully integrated energy infrastructure platform. Quarterly revenue came at $ 21.8 million, down from $ 51.7 million years to years, while reported EBITDA adjusted to ($ 117.7) million.
Still emphasized HUT 8 strategic growth movements that it thinks will pay off in the near future. CEO Asher Genoot called the quarter “a conscious and necessary investment phase”, and added, “We believe the return on this work is becoming more and more visible in the quarters ahead.”
A key development was the launch of American Bitcoin, a majority-owned subsidiary that focused exclusively on industrial Bitcoin mining. The move followed a sweeping ASIC fleet upgrade, which increased the company’s hash rate by 79% to 9.3 EH/S and improved fleet efficiency by 37% to approx. 20 J/Th.
“After a period of disciplined investments and execution … the streamlined capital allocation framework made possible by US Bitcoin launch strengthens our ability to scale lower cost-of-cost companies,” Genoot explained.
Per. March 31, 2025, HUT 8 10,264 Bitcoin held in reserve – appreciated at approximately $ 847.2 million – while administering 1,020 megawatts (MW) energy capacity across 15 places. The company also reported a ~ 10,800 MW development pipeline with ~ 2,600 MW under exclusivity.
HUT 8’s energy and digital infrastructure segments generated modest revenue of $ 4.4 million and $ 1.3 million respectively. However, it was the calculation segment – including Bitcoin Mining – the quarter of $ 16.1 million in revenue.
Progress of infrastructure extension was also made, with the 205 MW Vega site on the field for 2nd quarter energy and initial basic work began at the river bending campus in Louisiana. The company also energyed a test rack at Salt Creek and introduced new software tools such as Reactor and Operator to optimize ASIC operations and energy consumption.
Despite the financial loss, Hut 8 is still confident. “We continue to perform against our roadmap in 2025,” Genoot said, pointing to future catalysts such as Utility-Scale Power Development and Expanding US Operations.