HUTHut 8
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
HUT and 9 peers, year by year
The 9 Crypto companies closest to HUT in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.
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| Company | Year | Revenue | Sales growth | Gross margin | Operating margin | Net margin | FCF margin | Return on equity | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|
| HUT Hut 8 | FY2025 | $235.1M | +44.8% | - | −136.9% | −96.2% | - | −15.9% | - |
| ABTC American Bitcoin | FY2025 | $185.2M | +159% | - | −123.1% | −82.7% | - | −23.0% | - |
| GEMI Gemini Space Station | FY2025 | $179.6M | +26.3% | - | −192.5% | −324.6% | −122.6% | −107.8% | - |
| WULF TeraWulf | FY2025 | $168.5M | +20.3% | 39.2% | −110.5% | −392.6% | −702.5% | n/m | n/m |
| CIFR Cipher Digital | FY2025 | $223.9M | +48.0% | - | −188.2% | −367.2% | −310.7% | −102.1% | 3.41 |
| BTBT Bit Digital | FY2025 | $113.6M | +5.1% | - | −80.9% | −70.7% | −506.2% | −11.1% | - |
| MSTR Strategy | FY2025 | $477.2M | +3.0% | 68.7% | n/m | −806.3% | −15.8% | −8.7% | 0.19 |
| EXOD Exodus Movement | FY2025 | $121.6M | +4.5% | - | - | −9.3% | −21.2% | −4.6% | - |
| BMNR Bitmine Immersion Technologies | FY2025 | $6.1M | +84.1% | - | n/m | n/m | −85.5% | 4.0% | - |
| FWDI Forward Industries | FY2025 | $18.2M | −9.0% | 28.5% | −46.1% | −918.1% | −24.9% | −11.4% | - |
Revenue, FY2022 to FY2025
Revenue as reported in the 10-K.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| HUT Dec | $73.7M | $96.0M | $162.4M | $235.1M |
| ABTC Dec | $10.5M | $65.0M | $71.5M | $185.2M |
| GEMI Dec | - | $98.1M | $142.2M | $179.6M |
| WULF Dec | $15.0M | $69.2M | $140.1M | $168.5M |
| CIFR Dec | $3.0M | $126.8M | $151.3M | $223.9M |
| BTBT Dec | $32.3M | $44.9M | $108.1M | $113.6M |
| MSTR Dec | $499.3M | $496.3M | $463.5M | $477.2M |
| EXOD Dec | - | $56.2M | $116.3M | $121.6M |
| BMNR Aug | $428K | $645K | $3.3M | $6.1M |
| FWDI Sep | $38.2M | $36.7M | $20.0M | $18.2M |
| Peer median | $15.0M | $65.0M | $116.3M | $168.5M |
Sales growth, FY2022 to FY2025
Revenue against the fiscal year before.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| HUT Dec | - | - | +69.1% | +44.8% |
| ABTC Dec | −22.6% | −34.6% | +10.1% | +159% |
| GEMI Dec | - | - | +44.9% | +26.3% |
| WULF Dec | - | +361% | +102% | +20.3% |
| CIFR Dec | - | n/m | +19.3% | +48.0% |
| BTBT Dec | −66.4% | +39.1% | +141% | +5.1% |
| MSTR Dec | −2.3% | −0.6% | −6.6% | +3.0% |
| EXOD Dec | - | - | +107% | +4.5% |
| BMNR Aug | - | +50.9% | +413% | +84.1% |
| FWDI Sep | +8.5% | −4.0% | −17.7% | −9.0% |
| Peer median | −12.4% | +19.2% | +44.9% | +20.3% |
Gross margin, FY2022 to FY2025
Gross profit / revenue.Operating margin, FY2022 to FY2025
Operating income / revenue.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| HUT Dec | −26.9% | 9.8% | 283.6% | −136.9% |
| ABTC Dec | −412.0% | 9.6% | 676.7% | −123.1% |
| GEMI Dec | - | −317.5% | −116.6% | −192.5% |
| WULF Dec | −291.0% | −42.5% | −54.4% | −110.5% |
| CIFR Dec | n/m | −15.9% | −28.9% | −188.2% |
| BTBT Dec | −331.8% | −37.0% | 25.5% | −80.9% |
| MSTR Dec | −255.5% | −23.2% | −399.8% | n/m |
| EXOD Dec | - | - | - | - |
| BMNR Aug | −400.8% | −374.0% | −73.9% | n/m |
| FWDI Sep | 1.5% | 0.4% | −10.8% | −46.1% |
| Peer median | −311.4% | −30.1% | −41.7% | −116.8% |
Net margin, FY2022 to FY2025
Net income / revenue.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| HUT Dec | −43.1% | 22.7% | 204.4% | −96.2% |
| ABTC Dec | −755.9% | 61.0% | 599.6% | −82.7% |
| GEMI Dec | - | −325.7% | −111.5% | −324.6% |
| WULF Dec | −603.9% | −106.1% | −51.7% | −392.6% |
| CIFR Dec | n/m | −20.3% | −29.5% | −367.2% |
| BTBT Dec | −326.0% | −30.9% | 26.2% | −70.7% |
| MSTR Dec | −294.4% | 86.5% | −251.7% | −806.3% |
| EXOD Dec | - | 22.8% | 97.1% | −9.3% |
| BMNR Aug | −468.9% | −382.0% | −99.5% | n/m |
| FWDI Sep | −3.6% | −10.2% | −9.8% | −918.1% |
| Peer median | −397.5% | −20.3% | −29.5% | −345.9% |
Free cash flow, FY2022 to FY2025
Cash from operations minus capital spending.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| HUT Dec | - | - | - | - |
| ABTC Dec | −$10.9M | −$57.9M | −$60.6M | - |
| GEMI Dec | - | −$208.0M | −$110.2M | −$220.1M |
| WULF Dec | −$95.2M | −$70.9M | −$292.4M | −$1.2B |
| CIFR Dec | −$60.1M | −$114.7M | −$227.0M | −$695.9M |
| BTBT Dec | −$27.8M | −$65.6M | −$107.0M | −$574.9M |
| MSTR Dec | $725K | $9.8M | −$56.0M | −$75.5M |
| EXOD Dec | - | $625K | −$12.3M | −$25.8M |
| BMNR Aug | −$4.4M | −$1.4M | −$106K | −$5.2M |
| FWDI Sep | $1.4M | $905K | $455K | −$4.5M |
| Peer median | −$10.9M | −$57.9M | −$60.6M | −$147.8M |
FCF margin, FY2022 to FY2025
Free cash flow / revenue.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| HUT Dec | - | - | - | - |
| ABTC Dec | −104.5% | −89.0% | −84.8% | - |
| GEMI Dec | - | −212.0% | −77.5% | −122.6% |
| WULF Dec | −633.2% | −102.4% | −208.8% | −702.5% |
| CIFR Dec | n/m | −90.4% | −150.1% | −310.7% |
| BTBT Dec | −86.2% | −145.9% | −99.0% | −506.2% |
| MSTR Dec | 0.1% | 2.0% | −12.1% | −15.8% |
| EXOD Dec | - | 1.1% | −10.6% | −21.2% |
| BMNR Aug | n/m | −220.4% | −3.2% | −85.5% |
| FWDI Sep | 3.6% | 2.5% | 2.3% | −24.9% |
| Peer median | −86.2% | −90.4% | −77.5% | −104.1% |
Return on equity, FY2022 to FY2025
Net income / shareholders' equity at the year end.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| HUT Dec | −36.3% | 4.5% | 34.0% | −15.9% |
| ABTC Dec | n/m | 8.4% | 42.3% | −23.0% |
| GEMI Dec | - | n/m | n/m | −107.8% |
| WULF Dec | −77.1% | −33.0% | −29.6% | n/m |
| CIFR Dec | −11.4% | −5.2% | −6.5% | −102.1% |
| BTBT Dec | −117.1% | −9.1% | 6.1% | −11.1% |
| MSTR Dec | n/m | 19.8% | −3.8% | −8.7% |
| EXOD Dec | - | 12.3% | 43.9% | −4.6% |
| BMNR Aug | −27.1% | −39.4% | −80.6% | 4.0% |
| FWDI Sep | −22.0% | −142.8% | −65.7% | −11.4% |
| Peer median | −27.1% | −7.2% | −5.2% | −11.2% |
Debt / equity, FY2022 to FY2025
Total debt / shareholders' equity at the year end.EPS (diluted), FY2022 to FY2025
Diluted earnings per share, on today's share count after splits.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| HUT Dec | −$0.94 | $0.44 | $3.40 | −$2.14 |
| ABTC Dec | −$546.56 | $0.04 | $0.49 | −$0.17 |
| GEMI Dec | - | −$66.25 | −$32.24 | −$15.52 |
| WULF Dec | −$0.82 | −$0.35 | −$0.21 | −$1.66 |
| CIFR Dec | −$0.16 | −$0.10 | −$0.14 | −$2.15 |
| BTBT Dec | −$1.34 | −$0.16 | $0.19 | −$0.31 |
| MSTR Dec | −$12.98 | $2.64 | −$6.06 | −$15.23 |
| EXOD Dec | - | - | - | - |
| BMNR Aug | −$1.00 | −$1.00 | −$1.32 | $13.39 |
| FWDI Sep | −$1.40 | −$3.39 | −$1.77 | −$24.59 |
| Peer median | −$1.34 | −$0.26 | −$0.77 | −$1.90 |
Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out HUT and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →
Work on HUT in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/HUT/export.csv") into a cell.