Hut 8 Corp. reported Q3 2025 revenue of $83.5 million, a 91% year‑over‑year increase that exceeded consensus estimates by nearly $20 million. Adjusted earnings per share were –$0.07, beating the consensus of –$0.16 by $0.09. The company’s net income rose to $50.6 million from $0.9 million in the same quarter a year earlier, while adjusted EBITDA climbed to $109 million from $5.6 million, underscoring a dramatic turnaround in profitability.
Revenue growth was driven primarily by the expansion of the company’s Bitcoin mining operations and the rapid uptake of its GPU‑as‑a‑Service offering. The Compute segment’s gross margin expanded to 68.6%, reflecting higher‑margin GPU contracts, while the overall gross margin for the quarter reached 85.77%, a lift that signals effective cost control amid a surge in high‑margin compute revenue.
The jump in net income and adjusted EBITDA can be attributed to a combination of higher revenue, disciplined operating costs, and the elimination of one‑time charges that weighed on prior periods. The company’s Bitcoin holdings grew to 13,696 BTC, valued at approximately $1.6 billion, providing a strong asset base that supports its mining operations and contributes to cash flow generation.
Management highlighted the company’s “power‑first innovation‑driven strategy” as it continues to build 1,530 megawatts of utility‑grade capacity under development and secure 325 megawatts of contracted capacity through managed‑services agreements. CEO Asher Genoot emphasized that the expansion could more than double the scale of Hut 8’s platform, while CFO Sean Glennan noted the shift from merchant exposure to long‑term contracted revenue streams.
Despite the robust financial performance, market participants reacted cautiously, citing concerns about the company’s ability to sustain growth amid competitive pressures and the need for further evidence of successful execution of its multi‑site expansion program. The company’s guidance signals confidence in continued expansion, but investors remain focused on the long‑term outlook for the crypto‑mining and AI data‑center markets.
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