Hut 8 Corp. (NASDAQ: HUT) reported a fourth‑quarter 2025 loss of $0.11 per share, a miss against the consensus estimate of a $-0.12 to $-0.16 loss. The company’s revenue rose to $88.5 million, up 180 % from $31.7 million in Q4 2024, driven largely by growth in its Compute segment, which includes Bitcoin mining, GPU‑as‑a‑Service, and data‑center cloud operations.
The quarter’s net loss of $301.8 million was largely driven by a $401.9 million unrealized loss on digital assets and other one‑time charges, offsetting a $152 million operating profit. The loss per share reflects the impact of these non‑cash items, which are a normal feature of the company’s asset‑heavy, energy‑intensive business model. The company’s gross margin expanded from 47 % to 54 % year‑over‑year, indicating operational improvements even as the balance sheet was hit by asset‑valuation swings.
Management highlighted the company’s “power‑first” strategy, noting that it has rebuilt Hut 8 around high‑velocity origination, disciplined greenfield development, first‑principles infrastructure design, and capital‑efficient execution. CEO Asher Genoot said the firm is building an 8,500 MW development pipeline as of December 31 2025 and is expanding into AI infrastructure, including a $7 billion, 15‑year lease with Fluidstack for an AI data center in Louisiana.
Investors reacted with mixed sentiment. Some analysts praised the strategic pivot toward AI infrastructure and the growing development pipeline, while others remained cautious about the large net loss driven by digital‑asset volatility. The company’s guidance for the next quarter was not disclosed, but the management’s emphasis on the AI and power‑first strategy suggests confidence in long‑term growth prospects.
The earnings miss on EPS, while modest, underscores the volatility inherent in the company’s digital‑asset holdings and the impact of one‑time charges. The revenue beat, driven by Compute, signals continued demand for the company’s high‑margin services, but the net loss highlights the need for continued cost discipline and asset‑valuation management as the firm scales its operations.
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