Hut 8 Corp.
HUT Nasdaq Finance Services Financials FY2021–FY2025
Revenue
Total sales reported in the income statement.
$235M
44.8%
vs prior year
Operating margin
Operating income as a share of revenue.
−137.0%
420.6 pts
Net income
Profit after all expenses, interest and tax.
−$226M
168.1%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$5.27 EPS (TTM)
What Hut 8 Corp. does
No business description yet.
- Legal name
- Hut 8 Corp.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001104659-26-019392
0001964789
Revenue and margins
Hut 8 Corp. had $235M of revenue in fiscal 2025, up 44.8% on the year before.
FY21
Revenue $73.7M
FY23
Revenue $82.2M
FY24
Revenue $162M
FY25
Revenue $235M
Q3 '23
Revenue $15.6M
Q4 '23
Revenue $21.7M
Q1 '24
Revenue $51.7M
Q2 '24
Revenue $35.2M
Q3 '24
Revenue $43.7M
Q4 '24
Revenue $31.7M
Q1 '25
Revenue $21.8M
Q2 '25
Revenue $41.3M
Q3 '25
Revenue $83.5M
Q4 '25
Revenue $88.5M
Q1 '26
Revenue $71.0M
Q2 '26
Revenue $74.9M
FY21
Gross 65.0%
Operating −26.9%
Net −43.1%
FCF —
FY23
Gross 47.5%
Operating −83.6%
Net −79.9%
FCF —
FY24
Gross 46.6%
Operating 283.6%
Net 204.4%
FCF —
FY25
Gross 54.2%
Operating −137.0%
Net −96.2%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross 45.6%
Operating −11.3%
Net 110.7%
FCF —
Q4 '23
Gross 37.7%
Operating −3.1%
Net −20.2%
FCF —
Q1 '24
Gross 45.6%
Operating 515.8%
Net 484.9%
FCF —
Q2 '24
Gross 41.4%
Operating −246.2%
Net −204.1%
FCF —
Q3 '24
Gross 59.9%
Operating −3.6%
Net 1.5%
FCF —
Q4 '24
Gross 35.9%
Operating 889.5%
Net 480.3%
FCF —
Q1 '25
Gross 14.5%
Operating −676.8%
Net −613.7%
FCF —
Q2 '25
Gross 47.3%
Operating 454.9%
Net 332.5%
FCF —
Q3 '25
Gross 61.3%
Operating 87.0%
Net 60.0%
FCF —
Q4 '25
Gross 60.4%
Operating −491.4%
Net −316.0%
FCF —
Q1 '26
Gross 64.0%
Operating −521.5%
Net −309.6%
FCF —
Q2 '26
Gross 64.1%
Operating −275.4%
Net −200.4%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income −$31.8M
FY23
Net income −$65.6M
FY24
Net income $332M
FY25
Net income −$226M
Q3 '23
Net income $17.3M
Q4 '23
Net income −$4.4M
Q1 '24
Net income $251M
Q2 '24
Net income −$71.9M
Q3 '24
Net income $0.6M
Q4 '24
Net income $152M
Q1 '25
Net income −$134M
Q2 '25
Net income $137M
Q3 '25
Net income $50.1M
Q4 '25
Net income −$280M
Q1 '26
Net income −$220M
Q2 '26
Net income −$150M
FY21
Diluted EPS −$0.94
FY23
Diluted EPS −$1.58
FY24
Diluted EPS $3.40
FY25
Diluted EPS −$2.14
Q3 '23
Diluted EPS $0.41
Q4 '23
Diluted EPS −$0.10
Q1 '24
Diluted EPS $2.76
Q2 '24
Diluted EPS −$0.78
Q3 '24
Diluted EPS $0.01
Q4 '24
Diluted EPS $1.41
Q1 '25
Diluted EPS −$1.30
Q2 '25
Diluted EPS $1.18
Q3 '25
Diluted EPS $0.43
Q4 '25
Diluted EPS −$2.45
Q1 '26
Diluted EPS −$1.98
Q2 '26
Diluted EPS −$1.27
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital −8.0%
Return on equity −36.3%
Return on assets −13.0%
FY23
Return on capital −8.4%
Return on equity −13.5%
Return on assets −8.9%
FY24
Return on capital 28.9%
Return on equity 45.3%
Return on assets 29.4%
FY25
Return on capital —
Return on equity −18.9%
Return on assets −10.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY21
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY21
Cash from operations −$42.9M
Capital spending —
FY23
Cash from operations −$29.3M
Capital spending —
FY24
Cash from operations −$68.5M
Capital spending —
FY25
Cash from operations −$139M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $1.5M
Capital spending —
Q4 '23
Cash from operations $2.2M
Capital spending —
Q1 '24
Cash from operations −$26.3M
Capital spending —
Q2 '24
Cash from operations −$16.4M
Capital spending —
Q3 '24
Cash from operations −$4.2M
Capital spending —
Q4 '24
Cash from operations −$21.6M
Capital spending —
Q1 '25
Cash from operations −$33.8M
Capital spending —
Q2 '25
Cash from operations −$48.8M
Capital spending —
Q3 '25
Cash from operations $0.8M
Capital spending —
Q4 '25
Cash from operations −$57.4M
Capital spending —
Q1 '26
Cash from operations −$27.2M
Capital spending —
Q2 '26
Cash from operations −$5.6M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Hut 8 Corp. returned — to shareholders in fiscal 2025. The diluted share count rose 4.2%.
FY21
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY21
Diluted shares 0.03B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.10B
FY25
Diluted shares 0.11B
Balance sheet
Cash, debt and the ratios that show how comfortably Hut 8 Corp. can carry it.
FY21
Cash $21.1M
Debt $128M
FY23
Cash $30.5M
Debt $189M
FY24
Cash $85.0M
Debt $324M
FY25
Cash $44.9M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $21.1M | $30.5M | $85.0M | $44.9M |
| Debt incl. finance leases | $128M | $189M | $324M | — |
| Net debt / EBITDA | — | — | 0.5x | — |
| Debt / equity | 1.5x | 0.4x | 0.3x | — |
| Interest coverage | −2.9x | −2.5x | 15.5x | −10.7x |
| Current ratio | 0.4x | 0.5x | 1.7x | 1.1x |
| Quick ratio | 0.4x | 0.5x | 1.7x | 1.1x |
| Total assets | $245M | $741M | $1.5B | $2.8B |
| Total liabilities | $157M | $253M | $538M | $1.1B |
| Shareholders' equity | $87.6M | $488M | $977M | $1.4B |
| Net debt (− = net cash) | $107M | $158M | $239M | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✕ | ✓ |
| Debt fell relative to assets | — | — | ✓ | — |
| Current ratio rose | — | — | ✓ | ✕ |
| Share count didn't rise | — | — | ✕ | ✕ |
| Gross margin rose | — | — | ✕ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✕ |
| F-score | — / 3 | — / 3 | 4 / 9 | 2 / 8 |
| Accruals ratio | 4.5% | −4.9% | 35.4% | −4.1% |
| Altman Z'' | −2.19 | 0.51 | 4.88 | 0.70 |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $73.7M | $82.2M | $162M | $235M |
| Gross profit | $47.9M | $39.0M | $75.7M | $127M |
| Operating income | −$19.8M | −$68.7M | $461M | −$322M |
| Interest expense | $6.9M | $27.9M | $29.8M | $30.1M |
| Pretax income | −$26.7M | −$66.8M | $452M | −$300M |
| Income tax | $5.1M | −$1.2M | $113M | −$51.8M |
| Net income | −$31.8M | −$65.6M | $332M | −$226M |
| Net income to common | −$31.8M | −$65.6M | — | — |
| Diluted EPS | −$0.94 | −$1.58 | $3.40 | −$2.14 |
| Diluted shares | 0.03B | 0.04B | 0.10B | 0.11B |
| Cash flow | ||||
| Cash from operations | −$42.9M | −$29.3M | −$68.5M | −$139M |
| Depreciation and amortization | $11.6M | $18.8M | $47.8M | $102M |
| Stock-based compensation | $9.2M | $4.6M | $20.8M | $57.8M |
| Balance sheet | ||||
| Cash and short-term investments | $21.1M | $30.5M | $85.0M | $44.9M |
| Total debt | $128M | $187M | $301M | — |
| Finance lease liabilities | — | $1.4M | $23.7M | $0.0M |
| Current assets | $37.1M | $61.6M | $257M | $408M |
| Current liabilities | $100M | $113M | $154M | $376M |
| Goodwill | — | $57.6M | $53.1M | $210M |
| Intangible assets | $0.0M | $17.3M | $13.3M | $11.1M |
| Total assets | $245M | $741M | $1.5B | $2.8B |
| Total liabilities | $157M | $253M | $538M | $1.1B |
| Shareholders' equity | $87.6M | $488M | $977M | $1.4B |
| Margins | ||||
| Gross margin | 65.0% | 47.5% | 46.6% | 54.2% |
| Operating margin | −26.9% | −83.6% | 283.6% | −137.0% |
| EBITDA margin | −11.2% | −60.7% | 313.0% | −93.6% |
| Net margin | −43.1% | −79.9% | 204.4% | −96.2% |
| Returns | ||||
| Return on capital | −8.0% | −8.4% | 28.9% | — |
| Return on capital employed | −13.7% | −10.9% | 33.7% | −13.5% |
| Return on equity | −36.3% | −13.5% | 45.3% | −18.9% |
| Return on assets | −13.0% | −8.9% | 29.4% | −10.6% |
| Return on tangible equity | −36.3% | −15.9% | 36.5% | −18.8% |
| Growth | ||||
| Revenue growth | — | — | 97.6% | 44.8% |
| Net income growth | — | — | — | −168.1% |
| EPS growth | — | — | — | −162.9% |
| Share count change | — | — | 143.7% | 4.2% |
| Financial health | ||||
| Net debt / EBITDA | — | — | 0.5x | — |
| Debt / equity | 1.5x | 0.4x | 0.3x | — |
| Interest coverage | −2.9x | −2.5x | 15.5x | −10.7x |
| Current ratio | 0.4x | 0.5x | 1.7x | 1.1x |
| Quick ratio | 0.4x | 0.5x | 1.7x | 1.1x |
| Capital allocation | ||||
| Stock comp / revenue | 12.4% | 5.6% | 12.8% | 24.6% |
| Quality scores | ||||
| Piotroski F-score | — | — | 4.0 | 2.0 |
| Altman Z'' | −2.2 | 0.5 | 4.9 | 0.7 |
| Accruals ratio | 4.5% | −4.9% | 35.4% | −4.1% |
Source: SEC EDGAR XBRL filings (CIK 0001964789). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.