---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-24-008204"
form_type: "8-K"
ticker: "HUT"
cik: "0001964789"
company_name: "Hut 8 Corp."
filed_at: "2024-05-15T23:59:59+00:00"
generated_at: "2026-06-01T23:43:35.266884+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001558370-24-008204
- form_type: 8-K
- ticker: HUT
- cik: 0001964789
- company_name: Hut 8 Corp.
- filed_at: 2024-05-15T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1964789/000155837024008204/0001558370-24-008204-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1964789/000155837024008204/hut-20240515x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-24-008204
- JSON: https://secwatch.observer/filing/0001558370-24-008204.json
- Plain text: https://secwatch.observer/filing/0001558370-24-008204.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1964789/000155837024008204/0001558370-24-008204-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.