← Filings of HUT
Tables in the 10-Q of Hut 8 Corp.
58 tables with numbers, filed Aug 7, 2025. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| | | Page |
| | | |
| Cautionary Statement Regarding Forward-Looking Statements | | 2 |
| | | |
| PART I – FINANCIAL INFORMATION | | 3 |
| Item 1. Financial Statements | | 3 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | | 41 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | | 58 |
First 8 of 20 rows. The CSV has all of them.
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| | | June 30, | | December 31, | | |
| | | 2025 | | 2024 | | |
| | | (Unaudited) | | (Audited) | | |
| Assets | | | | | | |
| Current assets | | | | | | |
| Cash | | $216,251 | | $85,044 | | |
| Restricted cash | | | 6,101 | | | 591 |
First 8 of 59 rows. The CSV has all of them.
Table 3 after “(Unaudited, in USD thousands, except share and per share data)”
Download CSV
| | | | | | | | | | | | | |
| | | Three Months Ended | | Six Months Ended | | | | | | | | |
| | | June 30, | | June 30, | | | | | | | | |
| | | | 2025 | | 2024 | | | 2025 | | 2024 | | |
| Revenue: | | | | | | | | | | | | |
| Power | | $5,492 | | $10,530 | | $9,872 | | $20,468 | | | | |
| Digital Infrastructure | | | 1,512 | | | 5,264 | | | 2,829 | | | 11,108 |
| Compute | | | 34,295 | | | 15,795 | | | 50,413 | | | 47,933 |
First 8 of 62 rows. The CSV has all of them.
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| | | | | | | | | | | (Accumulated | | | | | | | | | | |
| | | | | | | | Additional | | Deficit) | | | | | Accumulated Other | | Total | | | | |
| | | Common Stock | | Paid-in | | Retained | | Non-controlling | | Comprehensive | | Stockholders' | | | | | | | | |
| | | Shares | | Amount | | Capital | | Earnings | | Interests | | Income (Loss) | | Equity | | | | | | |
| Balance, December 31, 2023 | | 88,962,964 | | $889 | | $576,241 | | $(100,252) | | $— | | $10,761 | | $487,639 | | | | | | |
| Issuance of common stock – stock option exercises | | 341,013 | | | 3 | | | 129 | | | — | | | — | | | — | | | 132 |
| Issuance of common stock – restricted stock unit settlements | | 148,842 | | | 2 | | | (2) | | | — | | | — | | | — | | | — |
First 8 of 24 rows. The CSV has all of them.
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| | | | | | | | | Additional | | | | | | | Accumulated Other | | Total | | | | |
| | | | Common Stock | | Paid-in | | Retained | | Non-controlling | | Comprehensive | | Stockholders’ | | | | | | | | |
| | | | Shares | | Amount | | Capital | | Earnings | | Interests | | Loss | | Equity | | | | | | |
| Balance, December 31, 2024 | | | 99,478,012 | | $995 | | $789,597 | | $231,630 | | $3,910 | | $(45,553) | | $980,579 | | | | | | |
| Issuance of common stock – at-the-market offering, net of issuance costs | | | 4,205,019 | | | 42 | | | 111,969 | | | — | | | — | | | — | | | 112,011 |
| Issuance of common stock – stock option exercises | | | 327,204 | | | 3 | | | 124 | | | — | | | — | | | — | | | 127 |
| Issuance of common stock – restricted stock unit settlements | | | 140,275 | | | 2 | | | (2) | | | — | | | — | | | — | | | — |
First 8 of 25 rows. The CSV has all of them.
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| | | Six Months Ended | | | | |
| | | June 30, | | | | |
| | | 2025 | | 2024 | | |
| Operating activities | | | | | | |
| Net income | | $3,164 | | $178,517 | | |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | | | | | | |
| Depreciation and amortization | | | 34,357 | | | 23,003 |
First 8 of 64 rows. The CSV has all of them.
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| | | Six Months Ended | | | | |
| | | June 30, | | | | |
| | | 2025 | | 2024 | | |
| Supplemental cash flow information: | | | | | | |
| Cash paid for interest | | $3,768 | | $3,743 | | |
| Cash paid for income taxes | | $106 | | $1,235 | | |
| | | | | | | |
First 8 of 19 rows. The CSV has all of them.
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| | | Fair value measured at June 30, 2025 | | | | | | | | | | |
| | | Total carrying | | | | | Significant other | | Significant | | | |
| | | value at | | Quoted prices in | | observable | | unobservable | | | | |
| | | June 30, | | active markets | | inputs | | inputs | | | | |
| (in USD thousands) | | 2025 | | (Level 1) | | (Level 2) | | (Level 3) | | | | |
| Digital assets | | $1,143,179 | | $1,143,179 | | $— | | $— | | | | |
| Covered call options | | | (1,807) | | | — | | | (1,807) | | | — |
First 8 of 10 rows. The CSV has all of them.
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| | | Fair value measured at December 31, 2024 | | | | | | | | | | |
| | | Total carrying | | | | | Significant other | | Significant | | | |
| | | value at | | Quoted prices in | | observable | | unobservable | | | | |
| | | December 31, | | active markets | | inputs | | inputs | | | | |
| (in USD thousands) | | 2024 | | (Level 1) | | (Level 2) | | (Level 3) | | | | |
| Digital assets | | $949,500 | | $949,500 | | $— | | $— | | | | |
| Covered call options | | | (18,437) | | | — | | | (18,437) | | | — |
First 8 of 9 rows. The CSV has all of them.
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| | | Three Months Ended | | Six Months Ended | | | | | | | | |
| | | June 30, | | June 30, | | | | | | | | |
| (in USD thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | | | |
| Revenue: | | | | | | | | | | | | |
| Compute | | $— | | $2 | | $— | | $981 | | | | |
| | | | | | | | | | | | | |
| Cost of revenue (exclusive of depreciation and amortization shown below): | | | | | | | | | | | | |
First 8 of 21 rows. The CSV has all of them.
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| | | Six Months Ended | | | | |
| Cash flows from Discontinued Operations | | June 30, | | | | |
| (in USD thousands) | | 2025 | | 2024 | | |
| Operating cash flows used in discontinued operations | | $— | | $(3,243) | | |
| | | | | | | |
| Assets and Liabilities of Discontinued Operations | | June 30, | | December 31, | | |
| (in USD thousands) | | 2025 | | 2024 | | |
| Assets | | $199 | | $2,320 | | |
| Liabilities | | | 1,024 | | | 1,699 |
| | | | | | | | | | | | | |
| | | Three Months Ended | | Six Months Ended | | | | | | | | |
| | | June 30, | | June 30, | | | | | | | | |
| (in USD thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | | | |
| Reportable segment revenue: | | | | | | | | | | | | |
| Power | | $8,849 | | $10,530 | | $13,229 | | $20,468 | | | | |
| Digital Infrastructure | | | 15,819 | | | 5,264 | | | 17,136 | | | 11,108 |
| Compute | | | 34,295 | | | 15,795 | | | 50,413 | | | 47,933 |
First 8 of 41 rows. The CSV has all of them.
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| | | Three Months Ended | | Six Months Ended | | | | | | | | |
| | | June 30, | | June 30, | | | | | | | | |
| (in USD thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | | | |
| Revenue | | | | | | | | | | | | |
| United States | | $33,892 | | $23,095 | | $47,427 | | $60,026 | | | | |
| Canada | | | 7,407 | | | 12,120 | | | 15,687 | | | 26,930 |
| Total revenue | | $41,299 | | $35,215 | | $63,114 | | $86,956 | | | | |
| | | | | | | |
| | | June 30, | | December 31, | | |
| (in USD thousands) | | 2025 | | 2024 | | |
| United States | | $325,801 | | $156,843 | | |
| Canada | | | 55,911 | | | 64,838 |
| Total Long-Lived Assets | | $381,712 | | $221,681 | | |
| | | | |
| (in USD thousands) | | Amount | |
| Balance as of December 31, 2023 | | $388,510 | |
| Revenue recognized from Bitcoin mined | | | 31,336 |
| Hosting revenue received in Bitcoin | | | 1,814 |
| Mining revenue earned in prior period received in current period | | | 292 |
| Carrying value of Bitcoin sold | | | (37,929) |
| Change in fair value of Bitcoin | | | 274,540 |
First 8 of 42 rows. The CSV has all of them.
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| | | Amount | | Number of digital assets | | | | | | |
| (in USD thousands) | | June 30, 2025 | | December 31, 2024 | | June 30, 2025 | | December 31, 2024 | | |
| Current | | | | | | | | | | |
| Bitcoin pledged for miner purchase | | | 103,744 | | | 92,389 | | 968 | | 968 |
| Total current digital assets – pledged for miner purchase | | | 103,744 | | | 92,389 | | 968 | | 968 |
| | | | | | | | | | | |
| Non-current | | | | | | | | | | |
First 8 of 16 rows. The CSV has all of them.
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| (in USD thousands) | | June 30, 2025 | | December 31, 2024 | | |
| Mining infrastructure | | $143,535 | | $41,308 | | |
| Miners and mining equipment | | | 164,999 | | | 77,486 |
| Data center infrastructure | | | 16,648 | | | 11,058 |
| Computer and network equipment | | | 9,115 | | | 8,025 |
| Right-of-use assets - Finance lease | | | 27,799 | | | 26,412 |
| Leasehold improvements | | | 1,963 | | | 680 |
First 8 of 15 rows. The CSV has all of them.
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| (in USD thousands) | | June 30, 2025 | | December 31, 2024 | | |
| Current | | | | | | |
| Miner purchase option | | | 45,964 | | | 31,951 |
| Prepaid insurance | | | 2,143 | | | 4,359 |
| Prepaid electricity | | | 10,323 | | | 3,885 |
| Deposits for infrastructure purchases | | | 7,473 | | | 7,660 |
| Other deposits | | | 5,239 | | | 4,824 |
First 8 of 17 rows. The CSV has all of them.
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| Condensed Consolidated Income Statements | | | | | | | | | | | | |
| | | Three Months Ended | | Six Months Ended | | | | | | | | |
| | | June 30, | | June 30, | | | | | | | | |
| (in USD thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | | | |
| Total revenue, net | | $30,532 | | $33,046 | | $64,445 | | $74,240 | | | | |
| Gross profit | | | 14,472 | | | 17,726 | | | 29,305 | | | 39,321 |
| Net (loss) income | | | (1,358) | | | 1,394 | | | (2,114) | | | 6,952 |
First 8 of 9 rows. The CSV has all of them.
Table 21 after “A summarized consolidated balance sheet for TZRC as of June 30, 2025 and December 31, 2024 follows:”
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| | | | | | | |
| Condensed Consolidated Balance Sheets | | | | | | |
| | | June 30, | | December 31, | | |
| (in USD thousands) | | 2025 | | 2024 | | |
| Cash | | $107,096 | | $87,497 | | |
| Total current assets | | | 115,784 | | | 94,802 |
| Property and equipment, net | | | 68,529 | | | 97,519 |
| Total other assets | | | 34,391 | | | 34,489 |
First 8 of 11 rows. The CSV has all of them.
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| (in USD thousands) | | | | | | June 30, | | December 31, | | |
| Issuance Date | | Maturity Date | | Interest Rate | | 2025 | | 2024 | | |
| TZRC Secured Promissory Note | | | | | | | | | | |
| December 6, 2022 | | April 8, 2027 | | 15.25% | | $90,784 | | $84,211 | | |
| | | | | | | | | | | |
| Coinbase Credit Facility | | | | | | | | | | |
| June 26, 2023 | | June 16, 2026 | | 9.00(1)% | | | 65,000 | | | 65,000 |
First 8 of 19 rows. The CSV has all of them.
| | | | |
| (in USD thousands) | | | |
| Year ending December 31, | | | |
| 2025 (excluding the six months ended June 30, 2025) | | $— | |
| 2026 | | | 65,000 |
| 2027 | | | 90,784 |
| 2028 | | | — |
| 2029 | | | 159,287 |
First 8 of 10 rows. The CSV has all of them.
| | | | | | | |
| | | Three Months Ended | | Six Months Ended | | |
| (in USD thousands) | | June 30, 2025 | | June 30, 2025 | | |
| Balance, beginning of period | | $2,361 | | $— | | |
| Additions | | | — | | | 3,500 |
| Change in fair value | | | 181 | | | (958) |
| Balance, end of period | | $2,542 | | $2,542 | | |
| | | | | | | | | | | | | | |
| (in USD thousands) | | | June 30, 2025 | | December 31, 2024 | | | | | | | | |
| Derivative | Balance Sheet Line | | Asset | | Liability | | Asset | | Liability | | | | |
| Derivatives not designated as hedging instruments: | | | | | | | | | | | | | |
| Bitcoin redemption option | Derivative asset | | $3,096 | | $— | | $18,076 | | $— | | | | |
| Covered call options | Derivative liability | | | — | | | 1,807 | | | — | | | 18,437 |
| Total derivatives | | | $3,096 | | $1,807 | | $18,076 | | $18,437 | | | | |
| | | | | | | | | | | | | | |
| (in USD thousands) | | | Three Months Ended | | Six Months Ended | | | | | | | | |
| Derivative | Statement of Operations Line | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | | | | |
| Derivatives not designated as hedging instruments: | | | | | | | | | | | | | |
| Bitcoin redemption option | (Loss) gain on derivatives | | $(18,301) | | $— | | $(14,980) | | $— | | | | |
| Covered call options | (Loss) gain on derivatives | | | (102) | | | 17,219 | | | 17,439 | | | 17,219 |
| Total derivatives | | | $(18,403) | | $17,219 | | $2,459 | | $17,219 | | | | |
| | | | | | | |
| | | Three Months Ended | | Six Months Ended | | |
| (in USD thousands) | | June 30, 2025 | | June 30, 2025 | | |
| Balance, beginning of period | | $— | | $18,076 | | |
| Transfer out of Level 3 (1) | | | — | | | (18,076) |
| Balance, end of period | | $— | | $— | | |
| | | | |
| | | June 30, 2025 | |
| Dividend yield | | —% | |
| Implied volatility | | 80.80% | |
| Risk-free interest rate | | 3.90% | |
| Credit spread | | 18.70% | |
| | | | | | | |
| (in USD thousands) | | June 30, 2025 | | December 31, 2024 | | |
| Right-of-use assets: | | | | | | |
| Operating leases | | $20,057 | | $20,593 | | |
| Finance leases | | | 19,456 | | | 19,770 |
| Total right-of-use assets | | $39,513 | | $40,363 | | |
| | | | | | | |
| Lease liabilities: | | | | | | |
First 8 of 11 rows. The CSV has all of them.
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| | | Three Months Ended | | Six Months Ended | | | | | | | | |
| (in USD thousands) | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | | | | |
| Operating leases | | | | | | | | | | | | |
| Operating lease cost | | $1,275 | | $586 | | $2,478 | | $1,253 | | | | |
| Variable lease cost | | | 242 | | | 255 | | | 479 | | | 517 |
| Operating lease expense | | | 1,517 | | | 841 | | | 2,957 | | | 1,770 |
| Short-term lease expense | | | 200 | | | 69 | | | 283 | | | 95 |
First 8 of 14 rows. The CSV has all of them.
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| | | Six Months Ended | | | | | | |
| (in USD thousands) | | June 30, 2025 | | | June 30, 2024 | | | |
| Operating cash outflows – operating leases | | $2,512 | | | $1,400 | | | |
| Operating cash outflows – finance leases | | $425 | | | $42 | | | |
| Financing cash outflows – finance leases | | $970 | | | $359 | | | |
| | | | | | | | | |
| Right-of-use assets obtained in exchange for operating lease liabilities | | $197 | | | $— | | | |
First 8 of 16 rows. The CSV has all of them.
| | | | |
| | | Operating | |
| (in USD thousands) | | Leases | |
| Remainder of 2025 | | $2,623 | |
| 2026 | | | 5,071 |
| 2027 | | | 4,799 |
| 2028 | | | 4,444 |
| 2029 | | | 3,380 |
First 8 of 12 rows. The CSV has all of them.
| | | | |
| | | Finance | |
| (in USD thousands) | | Leases | |
| Remainder of 2025 | | $4,217 | |
| 2026 | | | 9,188 |
| 2027 | | | 6,891 |
| 2028 | | | 6,891 |
| 2029 | | | 2,767 |
First 8 of 12 rows. The CSV has all of them.
Table 34 after “Transactions involving the Company’s equity-classified warrants are summarized as follows:”
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| | | | | | | | | |
| | | | | Weighted average | | Weighted average | | |
| | | Number of | | exercise price | | remaining contractual | | |
| (in thousands, except share and per share amounts) | | shares | | (per share) | | life (in years) | | |
| Outstanding as of December 31, 2024 | | 1,895 | | $53.45 | | | 1.70 | |
| Outstanding as of June 30, 2025 | | 1,895 | | $53.45 | | | 1.20 | |
Table 35 after “Transactions involving the Company’s equity-classified subsidiary Penny Warrants are summarized as follows:”
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| | | | | | | | | | | | |
| | | Number of | | Weighted average | | Aggregate | | Weighted average | | | |
| | | shares of | | exercise price | | intrinsic | | remaining contractual | | | |
| (in USD thousands, except share and per share amounts) | | Far North JV | | (per share) | | value | | life (in years) | | | |
| Outstanding as of December 31, 2024 | | — | | $— | | $— | | | — | | |
| Issued | | 2,000,000 | | | (1) | | | | | | |
| Outstanding as of June 30, 2025 | | 2,000,000 | | $(1) | | $1,935 | | | 2.6 | | |
| | | | | | | | | | |
| | | December 31, | | Net | | June 30, | | | |
| (in USD thousands) | | 2024 | | Change | | 2025 | | | |
| Foreign currency translation adjustment gain (loss) | | $(45,553) | | $41,024 | | $(4,529) | | | |
| Total | | $(45,553) | | $41,024 | | $(4,529) | | | |
| | | | | | | | | | | | | |
| | | Three Months Ended | | Six Months Ended | | | | | | | | |
| | | June 30, | | June 30, | | | | | | | | |
| (in USD thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | | | |
| Stock options | | $3,063 | | $676 | | $3,243 | | $1,625 | | | | |
| Restricted stock units | | | 2,072 | | | 4,171 | | | 3,365 | | | 7,569 |
| Performance stock units | | | 2,505 | | | 2,163 | | | 4,825 | | | 2,290 |
| Total stock-based compensation | | $7,640 | | $7,010 | | $11,433 | | $11,484 | | | | |
| | | | |
| | | Six Months Ended | |
| | | June 30, | |
| | | 2025 | |
| Dividend yield | | —% | |
| Expected price volatility | | 120.00% | |
| Risk-free interest rate | | 4.05% | |
| Expected term (in years) | | 6.0 | |
Table 39 after “A summary of stock options for the six months ended June 30, 2025 and June 30, 2024 is as follows:”
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| | | | | | | | | | | |
| | | | | | | | | Weighted | | |
| | | | | Weighted average | | | | | average remaining | |
| | | Number of | | exercise price | | Aggregate | | contractual life | | |
| (in USD thousands, except share and per share amounts) | | shares | | (per share) | | intrinsic value | | (in years) | | |
| Outstanding as of December 31, 2024 | | 2,961,929 | | $0.53 | | $59,120 | | 7.7 | | |
| Granted | | 1,000,000 | | | 15.00 | | | | | |
| Exercised | | (355,363) | | | 0.39 | | | 4,622 | | |
First 8 of 11 rows. The CSV has all of them.
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| | | | | | | | | Weighted | | |
| | | | | Weighted average | | | | | average remaining | |
| | | Number of | | exercise price | | Aggregate | | contractual life | | |
| (in USD thousands, except share and per share amounts) | | shares | | (per share) | | intrinsic value | | (in years) | | |
| Outstanding as of December 31, 2023 | | 4,513,375 | | $0.48 | | $58,150 | | 8.8 | | |
| Granted | | — | | | — | | | | | |
| Exercised | | (1,063,417) | | | 0.39 | | | 8,957 | | |
First 8 of 11 rows. The CSV has all of them.
| | | | | | | | | |
| | | | | Weighted average | | | | |
| | | Number of | | grant-date | | Aggregate | | |
| (in USD thousands, except share and per share amounts) | | units | | fair value | | intrinsic value | | |
| Unvested as of December 31, 2024 | | 1,141,453 | | $10.62 | | $23,388 | | |
| Granted | | 495,540 | | | 12.64 | | | |
| Vested | | (379,733) | | | 9.91 | | | 5,873 |
| Forfeited | | (154,934) | | | 13.04 | | | |
First 8 of 9 rows. The CSV has all of them.
| | | | | | | | | |
| | | | | Weighted average | | | | |
| | | Number of | | grant-date | | Aggregate | | |
| (in USD thousands, except share and per share amounts) | | units | | fair value | | intrinsic value | | |
| Unvested as of December 31, 2023 | | 1,554,347 | | $10.36 | | $20,735 | | |
| Granted | | 660,991 | | | 8.35 | | | |
| Vested | | (905,221) | | | 9.60 | | | 8,205 |
| Forfeited | | (59,428) | | | 12.05 | | | |
First 8 of 9 rows. The CSV has all of them.
| | | | | | | | | |
| | | | | Weighted average | | | | |
| | | Number of | | grant-date | | Aggregate | | |
| (in USD thousands, except share and per share amounts) | | units | | fair value | | intrinsic value | | |
| Vested and outstanding as of December 31, 2024 | | 73,954 | | $9.72 | | $1,515 | | |
| Vested and outstanding as of June 30, 2025 | | 73,954 | | $9.72 | | $1,376 | | |
| | | | | | | | | |
| | | | | Weighted average | | | | |
| | | Number of | | grant-date | | Aggregate | | |
| (in USD thousands, except share and per share amounts) | | units | | fair value | | intrinsic value | | |
| Vested and outstanding as of December 31, 2023 | | 91,804 | | $9.73 | | $1,225 | | |
| Redeemed | | (17,850) | | | 9.78 | | | 224 |
| Vested and outstanding as of June 30, 2024 | | 73,954 | | $9.72 | | $1,109 | | |
| | | | |
| | | Six Months Ended | |
| | | June 30, | |
| | | 2024 | |
| Dividend yield | | —% | |
| Expected price volatility | | 115% | |
| Risk-free interest rate | | 4.38 – 4.84% | |
| Expected term (in years) | | 2.9 – 3.0 | |
| | | | | | | | | |
| | | | | Weighted average | | | | |
| | | Number of | | grant-date | | Aggregate | | |
| (in USD thousands, except share and per share amounts) | | units | | fair value | | intrinsic value | | |
| Unvested as of December 31, 2024 | | 1,602,609 | | $17.56 | | $65,675 | | |
| Granted | | 1,114,060 | | | 17.69 | | | |
| Forfeited | | (48,517) | | | 12.37 | | | |
| Unvested as of June 30, 2025 | | 2,668,152 | | $17.71 | | $75,086 | | |
| | | | | | | | | |
| | | | | Weighted average | | | | |
| | | Number of | | grant-date | | Aggregate | | |
| (in USD thousands, except share and per share amounts) | | units | | fair value | | intrinsic value | | |
| Unvested as of December 31, 2023 | | — | | $— | | $— | | |
| Granted | | 1,552,432 | | | 17.24 | | | |
| Unvested as of June 30, 2024 | | 1,552,432 | | $17.24 | | $46,542 | | |
| | | | | | | | | |
| | | Three Months Ended | | Six Months Ended | | | | |
| | | June 30, | | June 30, | | | | |
| | | 2025 | | 2024 | | 2025 | | 2024 |
| Stock options (1) | | 1,000,000 | | 3,390,914 | | 1,000,000 | | 23,000 |
| Restricted stock units | | 43,077 | | 1,250,689 | | 95,473 | | 144,200 |
| Deferred stock units | | — | | 73,954 | | — | | — |
| Performance stock units (2) | | 1,096,707 | | 1,552,432 | | 1,096,707 | | 1,552,432 |
First 8 of 11 rows. The CSV has all of them.
| | | | | | | | | | | | | |
| | | Three Months Ended | | Six Months Ended | | | | | | | | |
| | | June 30, | | June 30, | | | | | | | | |
| (in USD thousands, except share and per share amounts) | | 2025 | | 2024 | | 2025 | | 2024 | | | | |
| Numerator: | | | | | | | | | | | | |
| Net income (loss) attributable to Hut 8 Corp. | | $137,312 | | $(71,866) | | $3,423 | | $179,010 | | | | |
| Less: loss from discontinued operations (net of income tax benefit of nil, nil, nil, and nil, respectively) | | | — | | | 1,738 | | | — | | | 9,364 |
| Subsidiary Penny Warrant adjustment to net income from continuing operations attributable to Hut 8 Corp. – basic (1) | | | 195 | | | — | | | 285 | | | — |
First 8 of 24 rows. The CSV has all of them.
Table 50 after “The following table presents our key performance indicators for the three and six months ended June 30, 2025 and 2024.”
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| | | | | | | | | | | | | |
| | | Three Months Ended | | Six Months Ended | | | | | | | | |
| | | June 30, | | June 30, | | | | | | | | |
| | | 2025 | | 2024 | | 2025 | | 2024 | | | | |
| Energy capacity under management(1) | | | 1,020 MW | | | 1,117 MW | | | 1,020 MW | | | 1,117 MW |
| Energy cost per MWh | | $39.82 | | $31.71 | | $44.39 | | $35.40 | | | | |
| Number of Bitcoin in strategic reserve(2) | | | 10,667 | | | 9,102 | | | 10,667 | | | 9,102 |
Table 51 after “Three Months Ended June 30, 2025 and 2024”
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| | | | | | | | | | |
| | | Three Months Ended | | | | | | | |
| | | June 30, | | | Increase | | | | |
| (in USD thousands) | | 2025 | | 2024 | | | (Decrease) | | |
| Revenue: | | | | | | | | | |
| Power | | $5,492 | | $10,530 | | $(5,038) | | | |
| Digital Infrastructure | | | 1,512 | | | 5,264 | | | (3,752) |
| Compute | | | 34,295 | | | 15,795 | | | 18,500 |
First 8 of 53 rows. The CSV has all of them.
Table 52 after “Adjusted EBITDA reconciliation:”
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| | | | | | | | | | |
| | | Three Months Ended | | | | | | | |
| | | June 30 | | Increase | | | | | |
| (in USD thousands) | | 2025 | | 2024 | | (Decrease) | | | |
| Net income (loss) | | $137,483 | | $(72,190) | | $209,673 | | | |
| Interest expense | | | 8,396 | | | 6,012 | | | 2,384 |
| Income tax provision (benefit) | | | 27,574 | | | (1,874) | | | 29,448 |
| Depreciation and amortization | | | 19,458 | | | 11,531 | | | 7,927 |
First 8 of 18 rows. The CSV has all of them.
Table 53 after “Six Months Ended June 30, 2025 and 2024”
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| | | | | | | | | | |
| | | Six Months Ended | | | | | | | |
| | | June 30, | | | Increase | | | | |
| (in USD thousands) | | 2025 | | 2024 | | | (Decrease) | | |
| Revenue: | | | | | | | | | |
| Power | | $9,872 | | $20,468 | | $(10,596) | | | |
| Digital Infrastructure | | | 2,829 | | | 11,108 | | | (8,279) |
| Compute | | | 50,413 | | | 47,933 | | | 2,480 |
First 8 of 54 rows. The CSV has all of them.
| | | | | | | | | | |
| | | Six Months Ended | | | | | | | |
| | | June 30, | | Increase | | | | | |
| (in USD thousands) | | 2025 | | 2024 | | (Decrease) | | | |
| Net income | | $3,164 | | $178,517 | | $(175,353) | | | |
| Interest expense | | | 15,865 | | | 12,293 | | | 3,572 |
| Income tax provision | | | 7,369 | | | 2,522 | | | 4,847 |
| Depreciation and amortization | | | 34,357 | | | 23,003 | | | 11,354 |
First 8 of 19 rows. The CSV has all of them.
Table 55 after “Below are the condensed consolidated income statements for the King Mountain JV for the three and six months ended June 30, 2025 and 2024:”
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| | | | | | | | | | | | | |
| Condensed Consolidated Income Statement | | | | | | | | | | | | |
| | | Three Months Ended | | Six Months Ended | | | | | | | | |
| | | June 30, | | June 30, | | | | | | | | |
| (in USD thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | | | |
| Total revenue, net | | $30,532 | | $33,046 | | $64,445 | | $74,240 | | | | |
| Gross profit | | | 14,472 | | | 17,726 | | | 29,305 | | | 39,321 |
| Net (loss) income | | | (1,358) | | | 1,394 | | | (2,114) | | | 6,952 |
First 8 of 9 rows. The CSV has all of them.
Table 56 after “Net (loss) income is the GAAP measure most directly comparable to Adjusted EBITDA. This non-GAAP financial measure should not be considered ”
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| | | | | | | | | | | | |
| | Three Months Ended | | Six Months Ended | | | | | | | | |
| | June 30, | | June 30, | | | | | | | | |
| (in USD thousands) | 2025 | | 2024 | | 2025 | | 2024 | | | | |
| Net (loss) income | $(1,358) | | $1,394 | | $(2,114) | | $6,952 | | | | |
| Depreciation and amortization | | 15,823 | | | 15,674 | | | 31,528 | | | 31,107 |
| Interest income | | (1,102) | | | (440) | | | (2,077) | | | (915) |
| Adjusted EBITDA | $13,363 | | $16,628 | | $27,337 | | $37,144 | | | | |
Table 57 after “The following table summarizes our cash flows for the periods indicated:”
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| | | | | | | |
| | | Six Months Ended | | | | |
| | | June 30, | | | | |
| (in USD thousands) | | 2025 | | 2024 | | |
| Cash flows used in operating activities | | $(82,636) | | $(42,693) | | |
| Cash flows (used in) provided by investing activities | | $(101,480) | | $34,992 | | |
| Cash flows provided by financing activities | | $320,764 | | $152,862 | | |
| | | | | | | | | |
| Exhibit | | | | Incorporated by Reference | | | | |
| Number | | Description | | Form | | Exhibit | | Filing Date |
| 3.1 | | Amended and Restated Certificate of Incorporation of Hut 8 Corp. | | 8-K | | 3.1 | | 12/01/2023 |
| 3.2 | | Amended and Restated Bylaws of Hut 8 Corp. | | 8-K | | 3.2 | | 12/01/2023 |
| 10.1* | | Third Amended and Restated Credit Agreement, dated as of June 16, 2025, between Hut 8 Mining Corp. and Coinbase Credit, Inc. | | 8-K | | 10.1 | | 06/23/2025 |
| 31.1 | | Certification of Principal Executive Officer of Hut 8 Corp. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | | | | | |
| 31.2 | | Certification of Principal Financial and Accounting Officer of Hut 8 Corp. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | | | | | |
First 8 of 11 rows. The CSV has all of them.