Hut 8 Corp. Reports 17.3% Revenue Growth and $137.3 Million Net Income in Q2 2025

Hut 8 Corp. reported its financial results for the second quarter of 2025, revealing total revenue of $41.3 million, a 17.3% increase from $35.2 million in the same period last year. The company's Compute segment, which includes Bitcoin mining operations, saw significant growth, generating $34.3 million in revenue compared to $15.8 million in Q2 2024. This increase was attributed to enhanced mining efficiencies following a fleet upgrade and a rise in the average revenue per Bitcoin mined, which increased from $65,731 to $98,425. However, revenue from the Power and Digital Infrastructure segments declined, with Power revenue dropping to $5.5 million from $10.5 million, primarily due to the termination of a managed services agreement.

In terms of profitability, Hut 8 reported a net income of $137.3 million for the quarter, a substantial turnaround from a net loss of $71.9 million in Q2 2024. This improvement was largely driven by a gain of $217.6 million on digital assets, reflecting the increase in Bitcoin prices during the quarter. The company’s operating income also improved significantly, reaching $187.9 million compared to an operating loss of $86.7 million in the prior year. The total comprehensive income for the quarter was $177.1 million, compared to a loss of $79.1 million in the same period last year.

Hut 8's operational metrics showed a total energy capacity under management of 1,020 MW as of June 30, 2025, a decrease from 1,117 MW a year earlier, primarily due to the loss of a managed services contract. The company also reported holding 10,667 Bitcoin in its strategic reserve, an increase from 9,102 Bitcoin in the previous year. The firm’s cash position improved significantly, with cash and restricted cash totaling $222.4 million, up from $176.1 million at the end of June 2024.

Strategically, Hut 8 has made significant moves, including the completion of a merger agreement for its subsidiary, American Bitcoin Corp., with Gryphon Digital Mining, which is expected to enhance its market position. Additionally, the company amended its credit agreement with Coinbase, expanding its Bitcoin-backed credit facility from $65 million to $130 million and extending the maturity date to June 2026. The company also raised approximately $215.3 million through a private placement of American Bitcoin shares, which will be used to further expand its Bitcoin reserves.

Looking ahead, Hut 8 remains focused on optimizing its operations and expanding its infrastructure to support future growth. The company plans to leverage its strategic Bitcoin reserve and continue enhancing its energy infrastructure to maintain competitive advantages in the rapidly evolving digital asset landscape. However, the company acknowledges that its performance is closely tied to the volatile price of Bitcoin and the competitive dynamics of the mining industry.