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HUTHut 8

Crypto · Financial Services · Nasdaq
HUT quote by TradingView
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FY2025 at a glance

Sales up 44.8%

XBRL, from each 10-K
RevenueStatements ↓
$235.1M
from $162.4M in FY2024
FY2022FY2025
Net incomeStatements ↓
-$226.1M
from $331.9M in FY2024
FY2022FY2025
EPS (diluted)Statements ↓
$-2.14
from $3.40 in FY2024
FY2022FY2025
Operating marginStatements ↓
-136.9%
from 283.6% in FY2024
FY2022FY2025
Price and key numbers

The latest figures

All key numbers (32, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)-4.66Sales (ttm)305.5MNet income (ttm)-518.6MSales growth+44.8%EPS growth-163%Sales Q/Q-14.9%
Free cash flow-Gross margin61.5%Oper. margin-226.9%Net margin-169.8%FCF margin-ROE-33.2%
ROA-5.0%R&D / sales-Dividend-Debt/Eq-Curr. ratio9.48Cash156.9M
Op. cash flow (ttm)-62.4MEBITDA-220.1MEBITDA margin-93.6%Quick ratio9.48Interest cover-10.71Stock pay / sales24.6%
Shares out.120.0MShares Y/Y+4.2%Book / share13.00Cash / share1.31Sales / share2.55Asset turnover0.03
Days sales out.48Sales 3Y CAGR+52.2%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth slowed to +44.8%+69.1% → +44.8% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to -136.9%283.6% → -136.9% · Operating income / revenue · 10-K ↗
  • Net income turned to a loss$331.9M → −$226.1M · Net income attributable to the company · 10-K ↗
What management wrote about it → · Every company →

HUT against Crypto peers

Ten years, side by side → · All 32 →
GrowthProfitBalanceCleanInsiders
HUTPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 32 companies, the better end on the right. Hover a dot for the company.

Sales growth
+44.8%12th of 27 · median +38.2%
Net margin
-169.8%10th of 19 · median -169.8%
Return on equity
-33.2%11th of 26 · median -57.4%
HUT and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
HUT Hut 8$305.5M +44.8%61.5%-169.8%-33.2%--
ABTC American Bitcoin$270.8M +159%49.1%-26.7%-9.1%-42.7%-
GEMI Gemini Space Station$206.7M +26.3%--250.1%-110.4%-148.6%-
WULF TeraWulf$190.8M +20.3%25.7%-410.9%-90.1%-3.56
CIFR Cipher Digital$146.1M +48.0%50.5%-742.3%-180.7%-9.26
BTBT Bit Digital$122.8M +5.1%--237.2%-73.7%-619.3%0.26
Where each dollar goes

From $96.0M of sales to $21.9M of profit

FY2023, from the 10-K income statement and revenue by product
Compute to Revenue: $64.9MPower to Revenue: $22.8MDigital Infrastructure to Revenue: $8.3MOther to Revenue: $110KRevenue 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 Compute: $64.9M · 68% Compute$64.9M68% Power: $22.8M · 24% Power$22.8M24% Digital Infrastructure: $8.3M · 9% Digital Infrastructure$8.3M9% Other: $110K · 0% Other$110K0% Revenue: $96.0M Revenue$96.0M +17% Y/Y Gross profit: $41.9M · 44% margin Gross profit$41.9M44% margin Cost of revenue: $54.2M · 56% of revenue Cost of revenue$54.2M56% of revenue Operating profit: $9.4M · 10% margin Operating profit$9.4M10% margin Other income: $12.6M · 13% of revenue Other income$12.6M13% of revenue Operating expenses: $32.5M · 34% of revenue Operating expenses$32.5M34% of revenue Net profit: $21.9M · 23% margin Net profit$21.9M23% margin Tax: $190K · 0% of revenue Tax$190K0% of revenue

Swipe sideways for the whole flow →

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. The full income statement →

Profitability

1 of 3
  • ✓
    Net margin above the peer median-169.8% vs -169.8%
  • !
    Return on equity below 15%-33.2%
  • !
    A profit in 2 of 5 years
Net margin, FY2022 to FY2025: -43.1% → -96.2%

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$625.0M of principal due, schedule of Sep 30, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2022 to FY2025

Revenue 235.1M Net income -226.1M
FY2022 revenue 73.7M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-25-001996 FY2022 net income -31.8M · NetIncomeLoss, 0001558370-25-001996 73.7M FY2022 FY2023 revenue 82.2M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-25-001996 FY2023 net income -65.6M · NetIncomeLoss, 0001558370-25-001996 82.2M FY2023 FY2023 revenue 96.0M · RevenueFromContractWithCustomerIncludingAssessedTax, 0001558370-25-001996 FY2023 net income 21.9M · NetIncomeLoss, 0001558370-25-001996 96.0M FY2023 FY2024 revenue 162.4M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-26-019392 FY2024 net income 331.9M · NetIncomeLoss, 0001104659-26-019392 162.4M FY2024 FY2025 revenue 235.1M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-26-019392 FY2025 net income -226.1M · NetIncomeLoss, 0001104659-26-019392 235.1M FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

HUT's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue235.1M
FY2022: 73.7MFY2023: 82.2MFY2023: 96.0MFY2024: 162.4MFY2025: 235.1M FY2022FY2023FY2023FY2024FY2025
Net income-226.1M
FY2022: -31.8MFY2023: -65.6MFY2023: 21.9MFY2024: 331.9MFY2025: -226.1M FY2022FY2023FY2023FY2024FY2025
EPS (diluted)-2.14
FY2022: -0.94FY2023: -1.58FY2023: 0.44FY2024: 3.40FY2025: -2.14 FY2022FY2023FY2023FY2024FY2025
Diluted shares105.3M
FY2022: 33.9MFY2023: 41.5MFY2023: 49.1MFY2024: 101.0MFY2025: 105.3M FY2022FY2023FY2023FY2024FY2025

The segments changed

10-K filed 2026-02-25

Compared with the 10-K of Mar 3, 2025: no longer reported: All Other Segments.

Accordingly, all financial results included in this Annual Report have been restated to align with our new reporting segments: Power, Digital Infrastructure, Compute, and Other. 10-K

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
High Performance Computing Colocation And Cloud 202.4M86.1% +151%
Digital Infrastructure 86.2M36.7% +238%
Power 41.9M17.8% -26.0%

10-K 0001104659-26-019392, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Compute 202.3M86.1% +151%
Power 23.2M9.9% -59.0%
Digital Infrastructure 9.6M4.1% -45.2%

10-K 0001104659-26-019392, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
US 202.6M86.2% +82.6%
Canada 32.5M13.8% -36.8%

10-K 0001104659-26-019392, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2022FY2023FY2023FY2024FY2025
Revenue73.7M82.2M96.0M162.4M235.1M
Cost of revenue25.8M43.1M54.2M86.7M107.8M
SG&A31.3M27.3M49.1M72.9M122.8M
Operating income-19.8M-68.7M9.4M460.5M-322.0M
Interest expense6.9M27.9M24.9M29.8M30.1M
Pretax income-26.7M-66.8M22.0M451.9M-299.8M
Income tax5.1M-1.2M190K113.5M-51.8M
Net income-31.8M-65.6M21.9M331.9M-226.1M
EPS (diluted)-0.94-1.580.443.40-2.14
Diluted shares33.9M41.5M49.1M101.0M105.3M
Depreciation & amortization11.6M18.8M17.5M47.8M101.9M
EBITDA-8.2M-49.9M26.9M508.3M-220.1M
Operating margin-26.9%-83.6%9.8%283.6%-136.9%
Net margin-43.1%-79.9%22.7%204.4%-96.2%
Revenue growth-+11.4%-+69.1%+44.8%
EPS growth---+673%-163%

Balance sheet

From EDGAR
FY2022FY2023FY2023FY2024FY2025
Cash21.1M10.4M30.5M85.0M44.9M
Receivables1.2M636K3.3M7.0M31.1M
Current assets37.1M19.4M61.6M256.8M408.2M
Property & equipment-70.7M---
Goodwill--57.6M53.1M210.1M
Total assets245.0M190.0M740.8M1.5B2.8B
Accounts payable6.3M3.6M15.0M11.3M15.8M
Current liabilities100.2M10.3M112.6M154.0M375.6M
Total debt128.3M151.2M187.4M300.6M-
Total liabilities157.4M162.6M253.2M538.3M1.1B
Shareholders' equity87.6M27.4M487.6M976.7M1.4B
Retained earnings-40.9M-106.5M-100.3M231.6M5.5M

Cash flow

From EDGAR
FY2022FY2023FY2023FY2024FY2025
Operating cash flow-42.9M-29.3M-22.2M-68.5M-139.2M
Stock-based pay (added back)9.2M4.6M13.6M20.8M57.8M
Debt raised130.7M14.2M-14.8M135.0M
Debt repaid9.3M19.6M39.6M34.0M45.6M
Investing cash flow-134.4M25.2M87.0M-188.5M-754.2M
Financing cash flow191.6M-6.6M-40.9M311.9M856.1M

Stock-based pay and leases

From EDGAR
FY2022FY2023FY2023FY2024FY2025
Stock-based pay (expense)9.2M4.6M13.6M20.8M57.8M
Stock-based pay / revenue12.4%5.6%14.1%12.8%24.6%
Operating lease cost554K443K-3.4M5.0M
Operating lease cash paid519K499K-3.6M5.1M
Finance lease principal paid0060K2.7M4.0M
Right-of-use assets2.4M536K14.5M20.6M18.5M
Operating lease liabilities2.4M1.3M15.0M21.4M19.2M
Finance lease liabilities--1.4M23.7M0

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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