secwatch.observer — SEC 8-K summary
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Issuer:     Hut 8 Corp. (HUT)
CIK:        0001964789
Form:       8-K
Filed at:   2024-05-15T23:59:59+00:00
Accession:  0001558370-24-008204
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1964789/000155837024008204/0001558370-24-008204-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1964789/000155837024008204/hut-20240515x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-008204

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