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Screener / SEC EDGAR /CIK 0001964789 /10-K filed Feb 25, 2026, compared with Mar 3, 2025 /Numbers from the XBRL of the 10-Ks
Crypto peers:
ABTCBTBTCIFRBMNRHUTWULF
Nasdaq Crypto · Financial Services

Hut 8 HUT

HUT quote by TradingView

Hut 8 is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. 10-K, Item 1

Headquarters
Miami, FL
Next results
around Feb 24, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2023

Revenue of $96.0M through the costs to a net profit of $21.9M · income statement of the 10-K

10% operating margin
Revenue to Gross profit: $41.9MRevenue to Cost of revenue: $54.2MGross profit to Operating profit: $9.4MGross profit to Operating expenses: $32.5MOperating profit to Net profit: $9.2MOperating profit to Tax: $190KOther income to Net profit: $12.6M Revenue: $96.0M REVENUE $96.0M +17% Y/Y Gross profit: $41.9M · 44% margin GROSS PROFIT $41.9M 44% margin Cost of revenue: $54.2M · 56% of revenue COST OF REVENUE $54.2M 56% of revenue Operating profit: $9.4M · 10% margin OPERATING PROFIT $9.4M 10% margin Other income: $12.6M · 13% of revenue OTHER INCOME $12.6M 13% of revenue Operating expenses: $32.5M · 34% of revenue OPERATING EXPENSES $32.5M 34% of revenue Net profit: $21.9M · 23% margin NET PROFIT $21.9M 23% margin Tax: $190K · 0% of revenue TAX $190K 0% of revenue
Gross profit $41.9M 44% margin
Operating profit $9.4M 10% margin
Net profit $21.9M 23% margin
The full income statement, year by year

HUT among Crypto peers

Six ratios from the latest 10-K. Each corner is the share of 25 peers the company is above, not a score.

Compare
Revenue growth: 44.8%, above 60% of 25 peers (their median 26.3%) REVENUE GROWTH 44.8% · above 60% Gross margin: 61.5%, above 60% of 15 peers (their median 54.5%) GROSS MARGIN 61.5% · above 60% Operating margin: -226.9%, above 31% of 16 peers (their median -163.4%) OPERATING MARGIN -226.9% · above 31% Net margin: -169.8%, above 47% of 17 peers (their median -146.9%) NET MARGIN -169.8% · above 47%
HUT Peer median Below the median

What changed

33 new risk paragraphs and 3 accounting facts worth reading about. 10-K filed Feb 25, 2026 against Mar 3, 2025.

Risk factors
33 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +345.3% vs revenue +44.8% (+300.5 pts)
10-K · XBRL
Auditor change
8-K item 4.01 (change in certifying accountant) filed Mar 31, 2025
10-K · XBRL
Critical audit matters changed
New this year: Evaluation of audit evidence pertaining to the existence of and rights to digital assets (“As discussed in Notes 2 and 8 to the consolidated financial statements, the Company’s digital assets are either held in segregated custody accounts for the benefit of the Company, held in segregated custody accounts under the Company’s ownership and pledged as collateral under a borrowing arrangemen”); Evaluation of the sufficiency of audit evidence over Bitcoin mining revenue (“As discussed in Notes 2 and 8 to the consolidated financial statements, the Company recorded $186.9 million of Bitcoin mining revenue for the year ended December 31, 2025. The Company has entered into arrangements with mining pool operators to perform hash computations for the mining pools. In excha”)
10-K · XBRL
Accounting checks
6 other checks clear, 3 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

9 checks on the latest 10-K. Checks, not verdicts.

How it works

3facts worth reading about the other 6 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +345.3% vs revenue +44.8% (+300.5 pts)
  • Auditor change
    8-K item 4.01 (change in certifying accountant) filed Mar 31, 2025
  • Critical audit matters changed
    New this year: Evaluation of audit evidence pertaining to the existence of and rights to digital assets (“As discussed in Notes 2 and 8 to the consolidated financial statements, the Company’s digital assets are either held in segregated custody accounts for the benefit of the Company, held in segregated custody accounts under the Company’s ownership and pledged as collateral under a borrowing arrangemen”); Evaluation of the sufficiency of audit evidence over Bitcoin mining revenue (“As discussed in Notes 2 and 8 to the consolidated financial statements, the Company recorded $186.9 million of Bitcoin mining revenue for the year ended December 31, 2025. The Company has entered into arrangements with mining pool operators to perform hash computations for the mining pools. In excha”)
  • No statement of substantial doubt about going concern
5 more checks with nothing to note
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

33 paragraphs in Risk Factors that were not in the 10-K filed Mar 3, 2025. Quoted as filed.

All 33 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Mar 3, 2025 10-K, ITEM 1A
    Such financing may be secured by certain assets or cash flows, involve certain step-in, cure rights, or other remedies, impose certain financial maintenance covenants, operating covenants, or other limitations, or require certain guarantees or other credit enhancements, which may increase our overall risk exposure. Furthermore, we may…
  2. Item 1A · new paragraph · not in the 10-K filed Mar 3, 2025 10-K, ITEM 1A
    In addition, although we consolidate American Bitcoin’s results of operations in our financial statements, the presence of minority shareholders, separate management teams, contractual arrangements, fiduciary responsibilities, and regulatory constraints, among other things, limits our control over its operations, governance, and…
  3. Item 1A · new paragraph · not in the 10-K filed Mar 3, 2025 10-K, ITEM 1A
    Such factors and the associated fluctuations in power availability and prices could affect the cost, reliability, and availability of power supply for our operations. As part of our growth strategy, we pursue a “power first” approach to site development, under which we prioritize identifying and securing access to sufficient and…
  4. Item 1A · new paragraph · not in the 10-K filed Mar 3, 2025 10-K, ITEM 1A
    For example, our customer lease agreements for data centers typically include specific power delivery requirements and lease commencement conditions. If sufficient power is not available at or prior to lease commencement, we may be unable to satisfy such conditions, which could delay the commencement of leases, defer or eliminate…

New risk paragraphs, against peers

Latest 10-K of each, Crypto companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2023FY2023FY2024FY2025
Revenue$82.2M$96.0M$162.4M$235.1M
Net income−$65.6M$21.9M$331.9M−$226.1M
Operating cash flow−$29.3M−$22.2M−$68.5M−$139.2M

Revenue, FY2022 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$235.1M ▲ 44.8% in FY2025

FY2022FY2023FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Hut 8, Miami, FL · from the 10-K filed Feb 25, 2026

Hut 8 is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform consists of three layers: Power, Digital Infrastructure, and Compute. Together, these layers form a vertically integrated foundation for next-generation, energy-intensive technology applications.

Headquarters
Miami, FL
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Nov 4, 2026
Incorporated in
DE

Email alerts

Sources

The 10-K filed Feb 25, 2026 (open at SEC), compared with the 10-K filed Mar 3, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/HUT/export.csv") into a cell.