Hut 8 Q1 net income $250.9M on fair-value gain; launches AI vertical with $20M annual forecast

Hut 8 Corp.

2024-Q1 EPS reported $2.76 vs consensus $0.35 ▲ beat (+679.4%)

Revenue $51.7M, up 231% YoY; net income $250.9M vs $17.3M, driven by $274.6M fair-value gain on Bitcoin under ASU 2023-08.
Adjusted EBITDA $297.0M vs $11.1M; cost to mine Bitcoin $20,419 (owned) and $24,594 (including hosted), up from $9,072 and $12,348.
716 Bitcoin mined in Q1; balance sheet holds 9,102 Bitcoin (market value $648.9M), with 7,230 unencumbered.
Shut down Drumheller site; signed 4-year managed-services deal with Ionic Digital for West Texas facilities.
New AI GPU-as-a-service vertical with customer agreement providing fixed infrastructure plus revenue sharing; expects $20M annual run-rate in H2 2024.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Hut 8 Corp. reported the three months ended March 31, 2024 results: revenue $51.7 million, net income $250.9 million.

Period: the three months ended March 31, 2024
Revenue: $51.7 million
Net income: $250.9 million
Result: reported results

Exact text from the filing

in such filing, except as expressly set forth by specific reference in such filing. --- EX-99.1 (EX-99.1) --- Hut 8 Reports First Quarter 2024 Results Revenue of $51.7 million, Net Income attributable to Hut 8 Corp. of $250.9 million, and Adjusted EBITDA of $297.0 million 9,102 self-mined Bitcoin on balance sheet as of March 31, 2024 MIAMI, FL, May

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Source: SEC EDGAR

accession 0001558370-24-008204

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