From GlobeNewswire: 2024-05-16 19:38:00

Hut 8 Corp. reported a revenue of $51.7 million, attributing a net income of $250.9 million with an adjusted EBITDA of $297 million for the quarter ending on March 31, 2024. They mined 716 bitcoins during this period and had a self-mined bitcoin balance of 9,102, totaling to approximately $649 million. Hut 8 continues to focus on expanding their bitcoin mining operations. The company also signed new commercial contracts to generate revenue in the AI field.

The CEO of Hut 8 mentioned a comprehensive restructuring program in the first quarter aimed at operational excellence and profitability. Their revenue from digital assets mining was $30.4 million, managed services revenue reached $9.2 million, and high performance computing brought in $3.3 million. The company is forecasting an annual revenue of approximately $200 million starting in the second half of the year.

Key highlights from the financial and operational performance of Hut 8 in the first quarter of 2024 included a significant increase in revenue, particularly from digital assets mining. The cost of revenue for digital assets mining was $16.6 million, while managed services cost $2.8 million. General and administrative expenses increased to $19.9 million, mainly due to acquisitions and operational optimizations.

Adjusted EBITDA for Hut 8 during the quarter was $297 million, showing a substantial increase from the previous year. The company strategically evaluates its business based on Adjusted EBITDA, focusing on continuous growth and expansion in the digital assets and mining sector. Hut 8 has a strong outlook for the future, anticipating solid shareholder returns over the coming years based on disciplined capital allocation and operational focus.



Read more at GlobeNewswire:: ハット8 (Hut 8) が2024年第1四半期の決算を発表