TLDR
- Hut 8 reported a Q4 net loss of $301.8M, swinging from a $152M profit in Q4 2024, driven by $401.9M in unrealized losses on digital assets.
- Full-year 2025 revenue grew 45% year-over-year to $235.1M, with gross margins improving from 47% to 54%.
- Q4 revenue of $88.5M missed analyst expectations of $95.6M but grew from $83.5M in Q3.
- The company is pivoting toward AI infrastructure and energy, with a 9,520 MW development pipeline.
- HUT stock rose ~2.4% on the day of the announcement despite the mixed results.
Hut 8 posted a steep net loss in Q4 2025, dragged down by a massive write-down on its bitcoin holdings during a quarter when BTC fell roughly 25% in value.
$HUT (Hut 8) #earnings are out: pic.twitter.com/0iBXThNreg
— The Earnings Correspondent (@earnings_guy) February 25, 2026
Q4 net income came in at -$301.8M, a sharp reversal from the $50.1M profit in Q3 and the $152M profit in Q4 2024.
The main culprit was $401.9M in unrealized losses on digital assets. In the same quarter a year ago, the company had recorded $308.2M in unrealized gains — so the swing was dramatic.
Q4 revenue of $88.5M missed the $95.6M analyst consensus but still grew from $83.5M in Q3 and $31.7M in Q4 2024.
Despite the headline loss, HUT stock climbed 2.4% on Wednesday morning, suggesting investors were looking past the noise.
For the full year, Hut 8 grew revenue 45% to $235.1M from $162.4M in 2024. Gross margin also improved, rising from 47% to 54%.
The annual net loss was $248M, compared to net income of $331.4M in 2024. That full-year swing was largely tied to a $220M unrealized Bitcoin loss in 2025 versus a $509.3M unrealized gain the prior year.
Adjusted EBITDA for Q4 was -$347.8M, down from $109M in Q3 and $310.6M in Q4 2024.
Compute Leads Revenue Growth
The Compute segment was the standout performer, generating $202.3M in fiscal 2025 revenue. That included $81.8M in Q4 alone, up from $70M in Q3 and just $19.2M in Q4 2024.
Compute revenue covers Bitcoin mining, GPU-as-a-Service, and Data Center Cloud solutions — the mix the company is increasingly leaning into.
Power revenue fell to $4.97M in Q4, down from $8.37M in Q3. Digital Infrastructure revenue also dropped to $1.64M from $5.11M the prior quarter.
As of December 31, 2025, Hut 8 held approximately $1.4B in cash and bitcoin combined. That’s down from a market value of $1.6B as of September 30, when it held 13,696 BTC.
A 9,520 MW Development Pipeline
CEO Asher Genoot pointed to Hut 8’s pivot toward a “power-first” strategy as the defining theme of 2025. The company carved out its legacy ASIC compute business and sold a 310 MW portfolio of power generation assets.
The company now has a 9,520 MW energy development pipeline at various stages, including 330 MW under construction and 1,020 MW under management.
River Bend, a key facility in the pipeline, is expected to begin delivery in Q2 2027.
Hut 8’s stock has gained 298% over the past year and traded at a market cap of $6.4B, with a 52-week range of $14.28 to $89.34.
EPS came in at -$0.1101, beating analyst forecasts by 11.42%, even as revenue missed by 5.25%.
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