Hut 8 Corp. Q3 2024 Revenue Doubles

By Bobby Samwell • Wednesday, November 13 10:26 • Permanent Link

Hut 8 Corp. has reported its financial results for the third quarter of 2024, showcasing strong performance driven by strategic initiatives in AI computing and bitcoin mining. The company's revenue for the quarter stood at $43.7 million, reflecting a significant increase from the $21.7 million reported in the same period the previous year.

The company's net income for the quarter was $0.9 million, a notable improvement from a net loss of $4.4 million in the prior year period. Adjusted EBITDA for the quarter was reported at $5.6 million, down from $11.4 million in the prior year period.

Hut 8 also highlighted a decrease in its energy cost per MWh, which dropped by 33% from $42.73 to $28.83 compared to the prior year period. The company mined 234 bitcoins during the quarter with a weighted average revenue of $61,025 per bitcoin, compared to a cost to mine of $31,482.

As of September 30, 2024, the company held 9,106 bitcoins with a market value of approximately $576.5 million and total cash of $72.9 million. These figures indicate a strong financial position for the company.

The strategic initiatives executed by Hut 8, including a colocation partnership with Bitmain and the launch of its GPU-as-a-service vertical, are expected to generate significant new annualized revenue and reduce interest expenses by more than $17 million over three years.

The company also provided insights into its future prospects, with a development pipeline exceeding 5 gigawatts and plans to explore commercial structures for large-scale AI data center projects. Additionally, an ASIC fleet upgrade is projected to improve the company's average fleet efficiency by 37% and increase its self-mining hashrate by 66% in the first quarter of 2025.

Hut 8's performance in the third quarter of 2024 demonstrates its commitment to driving growth and innovation in the AI computing and bitcoin mining sectors, setting the stage for further advancements in the coming quarters. Today the company's shares have moved 15.4% to a price of $27.53. For more information, read the company's full 8-K submission here.

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