Hut 8 Corp. announced its financial results for the third quarter ended September 30, 2024, reporting a total revenue of $43.7 million, a significant increase from $21.7 million in the prior year period. The company achieved a net income of $0.9 million, a turnaround from a net loss of $4.4 million in the same period last year, and an Adjusted EBITDA of $5.6 million.
Revenue composition included $11.6 million from Digital Asset Mining, $20.8 million from Managed Services, $3.4 million from High Performance Computing – Colocation and Cloud, and $7.9 million from Other revenue. The company also recognized a $6.0 million gain on debt extinguishment related to the conversion of its Anchorage Loan into common stock.
As of September 30, 2024, Hut 8 held 9,106 Bitcoin in reserve, valued at approximately $576.5 million, and maintained $72.9 million in cash. The company's development pipeline now exceeds 5 gigawatts, with over 1.5 gigawatts under exclusivity, including three promising AI data center projects representing over 430 megawatts of capacity expected to have power delivery before the end of 2025.
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