Hut 8 Corp Reports Revenue Surge and Net Income Turnaround

By Bobby Samwell • Thursday, March 28 10:16 • Permanent Link

Hut 8 Corp. has reported its operating and financial results for the six months ended December 31, 2023, with some notable changes since the previous period.

The company's revenue increased by $14.6 million to reach $60.6 million, which included $12.6 million from managed services. This marks a 32% increase from the $46.0 million revenue in the prior period.

Net income improved significantly to $6.2 million, compared to a net loss of $81.3 million in the six months ended December 31, 2022. This positive swing reflects a substantial turnaround for the company.

Adjusted EBITDA also saw a substantial increase, reaching $62.3 million, which is a significant jump from the $12.8 million reported in the prior period.

During the six months ended December 31, 2023, Hut 8 Corp. mined 1,244 bitcoin, resulting in a total self-mined bitcoin balance of 9,195, equivalent to a market value of approximately $388.1 million. As of February 29, 2024, the total self-mined bitcoin balance stood at 9,110, with a market value of approximately $557.3 million.

The cost to mine a bitcoin for owned facilities, including the company’s net share of the king mountain joint venture, was reported at $16,353, compared to $16,447 for the six months ended December 31, 2022. The cost to mine including hosted miners was $18,815, compared to $16,305 in the prior period.

The company's operating portfolio totaled 839 megawatts across 11 sites in North America, comprising six digital asset mining sites and five cloud and colocation data centers as of December 31, 2023. Additionally, the self-mining hashrate totaled approximately 6.3 exahash per second, including the company’s net share of the king mountain joint venture.

Hut 8 Corp. also reported a change of year-end for the accounting acquirer, resulting in a six-month set of financials, including audited financials for the six months ended December 31, 2023, and unaudited financials for the six months ended December 31, 2022.

Following these announcements, the company's shares moved 16.7%, and are now trading at a price of $11.51. If you want to know more, read the company's complete 8-K report here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.