Hut 8

HUT · Nasdaq · Information Technology · Financials, fiscal 2022 to 2025

HUT · Last close · November 6, 2026

$52.65

Hut 8's revenue rose 44.8% to $235 million in fiscal 2025. Its operating margin was −136.9%, down from 283.6% a year earlier. The diluted share count rose 4.2%.

Hut 8 Corp. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001104659-26-019392 Updated November 6, 2026

Revenue

$235M

44.8%

Operating margin

−136.9%

420.6 pts

Net income

−$226M

$332M a year earlier

Free cash flow

—

Return on equity

−18.9%

85.0 pts

Market cap

$7.1B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Return on capital for fiscal 2025 is blank: the 10-K's structured data doesn't include current portion of long-term debt. Net debt to EBITDA for fiscal 2025 is blank: the 10-K's structured data doesn't include current portion of long-term debt. Piotroski F-score for fiscal 2025 is blank: the 10-K's structured data doesn't include current portion of long-term debt.

Charts show fiscal years, from the 10-K filings.

What Hut 8 does

Hut 8 describes itself as an energy infrastructure company. It builds its business in three layers: power, data centers and computing. It acquires and manages power assets such as powered land and electrical connections, builds and runs data centers on that power, and runs computing businesses that use specialized chips. Its main focus now is developing and running large data centers for artificial intelligence and other energy-heavy computing.

At the end of 2025 its power layer covered 1,020 megawatts of capacity across 15 sites in the United States and Canada, including about 310 megawatts tied to four power plants it sold in the first quarter of 2026. Its data centers include five used for Bitcoin-type computing, five traditional cloud and colocation sites, and one idle site. It is developing an AI data center in Louisiana.

Its computing layer has three brands. American Bitcoin, a majority-owned company listed on Nasdaq, accumulates Bitcoin and runs mining computers. Hut 8 Canada provides cloud and data center services in Canada. Highrise AI rents graphics-chip computing power for AI work. It also holds a joint venture, King Mountain.

Its biggest risks, as it describes them

Cost, delays and other problems in building or expanding data centers.
Needing more capital and being unable to raise it on good terms.
Risks from its joint venture and its majority-owned American Bitcoin company.
Dependence on large amounts of electricity whose price and availability can change.
Not attracting or keeping customers across its platform.

From Hut 8's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Hut 8 lost money in fiscal 2025: a net loss of $226 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25
Cash and short-term investments	21	10	85	45
Debt incl. finance leases	128	151	324	—
Net debt (negative means net cash)	107	141	239	—
Net debt to EBITDA	—	—	0.5x	—
Debt to equity	1.5x	5.5x	0.3x	—
Interest coverage	−2.9x	−2.5x	15.5x	−10.7x
Current ratio	0.4x	1.9x	1.7x	1.1x
Quick ratio	0.4x	1.9x	1.7x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Hut 8's filings doesn't give both for any year, so free cash flow is left out.

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Hut 8's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Hut 8's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Hut 8 shares on the open market, and 6 insiders sold $15.2 million, $8.3 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 24, 2026	Mayo A Shattuck IIIDirector	Sold plan	20,000	$100.00	$2.0 million	Form 4
Aug 24, 2026	Sean Joseph GlennanChief Financial Officer	Sold plan	6,445	$78.76	$507,623	Form 4
Jun 17, 2026	Victor SemahChief Legal Officer	Sold	10,000	$125.00	$1.2 million	Form 4
Jun 12, 2026	Joseph FlinnDirector	Sold plan	7,719	$117.91	$910,162	Form 4
Jun 11, 2026	Joseph FlinnDirector	Sold plan	30,500	$116.21	$3.5 million	Form 4
May 21, 2026	Amy Marie WilkinsonDirector	Sold	20,000	$100.78	$2.0 million	Form 4
May 13, 2026	Rick RickertsenDirector	Sold	17,491	$110.00	$1.9 million	Form 4
May 11, 2026	Rick RickertsenDirector	Sold	16,496	$105.00	$1.7 million	Form 4
May 4, 2026	Victor SemahChief Legal Officer	Sold plan	10,518	$76.83	$808,098	Form 4
Mar 10, 2026	Victor SemahChief Legal Officer	Sold plan	5,498	$49.05	$269,677	Form 4
Mar 10, 2026	Sean Joseph GlennanChief Financial Officer	Sold plan	4,625	$49.05	$226,856	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	4 of 9	—
Rule of 40	—	—	—
Altman Z''	−3.77	4.89	0.97
Accruals ratio	−16.7%	46.9%	−4.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	—	Pass	Fail
Cash from operations exceeds net income	Pass	Fail	Pass
Debt fell relative to assets	—	Pass	—
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	—	Pass	Fail
F-score	—	4 of 9	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Hut 8 side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Hut 8	FY25	44.8%	−136.9%	—	—	—	—
Keel Infrastructure	FY25	72.0%	−65.2%	−142.6%	−20.5%	—	2	Compare
Cipher Digital	FY25	48.0%	−188.2%	−310.7%	−18.2%	—	3	Compare
Core Scientific	FY25	−37.5%	−77.0%	−141.3%	—	—	—	Compare
TeraWulf	FY25	20.3%	−110.5%	−702.5%	—	—	1	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

4 years of figures

Fiscal year	FY22	FY23	FY24	FY25
Income statement
Revenue	74	82	162	235
Revenue growth	—	11.4%	97.6%	44.8%
Gross profit	48	39	76	127
Research and development	—	—	—	—
Operating income	−20	−69	460	−322
Net income	−32	−66	332	−226
Diluted EPS (US$)	−0.94	−1.58	3.40	−2.14
Diluted shares (millions)	34	42	101	105
Cash flow
Cash from operations	−43	−29	−68	−139
Capital expenditure	—	—	—	—
Free cash flow	—	—	—	—
Dividends paid	0	0	0	0
Share buybacks	0	0	0	0
Acquisitions	0	0	0	0
Stock-based compensation	9	5	21	58
Balance sheet at fiscal year end
Cash and short-term investments	21	10	85	45
Debt incl. finance leases	128	151	324	—
Total assets	245	190	1,519	2,754
Total liabilities	157	163	538	1,064
Shareholders' equity	88	27	977	1,422
Margins and ratios
Gross margin	65.0%	47.5%	46.6%	54.2%
Operating margin	−26.9%	−83.6%	283.6%	−136.9%
Net margin	−43.1%	−79.9%	204.4%	−96.2%
Free cash flow margin	—	—	—	—
Rule of 40 (growth + FCF margin)	—	—	—	—
Return on capital	—	−29.9%	49.7%	—
Return on equity	—	−114.1%	66.1%	−18.9%
Return on assets	—	−30.2%	38.8%	−10.6%
Net debt to EBITDA	—	—	0.5x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Hut 8's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Hut 8.