TLDR
- Hut 8 drops 3.9% to $56.87 as crypto losses overshadow revenue surge.
- Earnings sting: big unrealized BTC losses hit Hut 8 despite strong growth.
- Hut 8 leans into AI + energy with a $7B Fluidstack lease backed by Google.
- Pipeline swells to 8,500MW as Hut 8 builds next-gen, high-density data centers.
- Asset sales and new credit lines lift flexibility, but mark-to-market losses bite.
Hut 8 Corp. (HUT) shares traded lower on Wednesday as the stock fell 3.92% to $56.87. The move followed the company’s latest earnings report, which detailed heavy digital asset losses despite strong revenue growth. The session also showed a steady intraday decline, although a small rebound attempt appeared late.
Revenue Rises but Losses Dominate Results
Hut 8 posted full-year revenue of $235.1 million, and the figure rose sharply from the prior year. The increase reflected gains across power generation, digital infrastructure, and compute operations, and it supported continued expansion. The company recorded a net loss of $248 million as unrealized digital asset losses offset the revenue jump.
The fourth quarter showed similar pressure as revenue reached $88.5 million and outpaced last year’s level. Yet the company reported a quarterly net loss of $301.8 million as bitcoin price swings hit results. In addition, unrealized digital asset losses totaled $401.9 million and created the largest drag.
Adjusted EBITDA also fell sharply and closed the year at negative $135.4 million. The measure reflected major mark-to-market movements linked to bitcoin and highlighted volatility. The shift contrasted with positive EBITDA in 2024.
AI and Energy Strategy Expands with Multi-Billion Deals
Hut 8 advanced its transition into AI and energy infrastructure and strengthened long-term commitments. The company signed a 15-year lease with Fluidstack for 245 megawatts of IT capacity worth $7 billion. The agreement is financially backstopped by Google and supports development at the River Bend campus.
The development pipeline reached 8,500 megawatts and included new construction and multiple early-stage sites. This expansion positioned the company to support future demand for data centers and high-density compute. It also broadened the company’s reach across several strategic energy markets.
Hut 8 also completed the public listing of American Bitcoin and expanded access to capital. The company closed new credit facilities and raised its total borrowing capacity to $400 million. These steps created additional flexibility as the firm builds new data center platforms.
Expanded Infrastructure and Capital Moves Define the Year
Hut 8 sold a 310-megawatt portfolio of natural gas-fired power plants to refine its asset structure. The transaction closed in February 2026 and supported a streamlined capital plan. The company plans to redeploy proceeds to support development across its pipeline.
The company energized its 205-megawatt Vega data center and deployed liquid-cooled ASIC racks. The system supports high-density compute and strengthens the company’s technology platform. It also marks a shift toward next-generation infrastructure design.
Hut 8 ended 2025 with $1.4 billion in cash and bitcoin reserves across its entities. The company raised new capital through an at-the-market program to support future growth. Moreover, it increased institutional alignment as ownership expanded sharply year over year.
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