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Dec 31, 2025
Hut 8 Q4 2025 Earnings Report
Hut 8 reported fourth quarter 2025 results with strong revenue growth but a significant net loss driven primarily by unrealized digital asset losses.
Key Takeaways
Hut 8 generated Q4 2025 revenue of 88494000, up from 31694000 in the prior year period, but reported a net loss of 301774000 primarily due to 401878000 of unrealized losses on digital assets, resulting in a diluted EPS of -2.14.
Total revenue increased to 88494000 compared to 31694000 in the prior year quarter.
Net loss from continuing operations was 301774000, driven by 401878000 of digital asset losses.
Operating loss totaled 434858000 for the quarter.
Adjusted EBITDA was -347846000 for the quarter.
Revenue by Segment
Forward Guidance
Management emphasized execution in 2026, focusing on advancing River Bend development and accelerating conversion across its 8500 MW development pipeline supported by strengthened capital flexibility.
Positive Outlook
- 8500 MW total development pipeline as of December 31, 2025.
- 15-year 245 MW lease with Fluidstack representing 7000000000 base-term value.
- Approximately 1400000000 of cash and Bitcoin reserves.
- Up to 400000000 revolving credit capacity at 8.5% weighted average cost of capital.
- Up to 85% loan-to-cost project financing expected for River Bend.
Challenges Ahead
- Significant quarterly net loss of 301774000.
- High volatility from digital asset valuation changes.
- Large operating loss of 434858000.
- Revenue concentration in Compute segment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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