Hut 8 Corp. reported significant financial performance in its latest quarterly filing, with total revenue reaching $83.5 million for the three months ended September 30, 2025, compared to $43.7 million in the same period last year. The company's Compute segment, which includes Bitcoin mining, was the primary driver of this increase, generating $70.0 million in revenue, up from $13.7 million in the prior year. This surge was attributed to enhanced mining efficiencies and an increase in the average revenue per Bitcoin mined, which rose from approximately $61,100 to $114,121. However, Power segment revenue decreased to $8.4 million from $26.2 million, primarily due to the termination of a managed services agreement.
In terms of profitability, Hut 8 reported a net income of $50.6 million for the third quarter, a substantial increase from $0.9 million in the same quarter of 2024. The net income attributable to Hut 8 Corp. was $50.1 million, reflecting a significant turnaround from the previous year. The company also experienced a notable gain on digital assets of $76.6 million, compared to a loss of $1.6 million in the prior year, driven by the rising price of Bitcoin. The total comprehensive income for the quarter was $34.2 million, compared to $9.0 million in the same quarter last year.
Strategically, Hut 8 has made significant moves, including the merger of its subsidiary American Bitcoin Corp. with Gryphon Digital Mining, which was completed on September 3, 2025. This merger has positioned American Bitcoin as a key player in the market, allowing Hut 8 to maintain a majority stake and continue serving as its exclusive infrastructure partner. Additionally, the company established a $1.0 billion at-the-market equity program in August 2025, which replaced a previous $500 million program, allowing for further capital raising opportunities.
Operationally, Hut 8 has expanded its energy capacity under management to 1,020 megawatts across 15 sites in the U.S. and Canada, with an additional 1,530 megawatts under development. The company reported holding 13,696 Bitcoin in its strategic reserve as of September 30, 2025, an increase from 9,106 Bitcoin a year earlier. This increase reflects both additional Bitcoin mined and purchased, underscoring the company's commitment to leveraging its Bitcoin holdings for future growth.
Looking ahead, Hut 8's management expressed optimism about the company's growth trajectory, particularly in the AI infrastructure services sector and other energy-intensive applications. The company aims to capitalize on its existing expertise in energy management and digital infrastructure to drive future expansion. However, management also acknowledged the inherent risks associated with Bitcoin price volatility and the competitive landscape of the mining industry, which could impact future performance.
About Hut 8 Corp.
Hut 8 is an energy infrastructure platform specializing in power, digital infrastructure, and compute for energy-intensive applications like Bitcoin mining and high-performance computing. It develops, manages, and monetizes critical energy assets and purpose-built data centers, leveraging rapid deployment and innovative designs. Serving global markets, it focuses on optimizing power utilization, technological innovation, and strategic investments to generate long-term value in the digital asset and infrastructure sectors.
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