Hut 8 reports Q3 revenue of $43.7 million, net income of $0.9 million, and increased EBITDA.

From GlobeNewswire: 2024-11-13 06:30:00

Hut 8 Corp. announced its financial results for the three and nine months ended September 30, 2024. Highlights include revenue of $43.7 million, net income of $0.9 million, and Adjusted EBITDA of $5.6 million. The company mined 234 Bitcoin at a revenue per Bitcoin of $61,025 and holds 9,106 Bitcoin valued at $576.5 million as of September 30, 2024.

Strategic initiatives like a partnership with BITMAIN and the launch of GPU-as-a-Service aim to drive topline growth. The company’s long-term vision includes developing digital infrastructure for AI data centers. The recent ASIC fleet upgrade is expected to improve efficiency by 37% and increase self-mining hashrate by 66% in Q1 2025.

The Company’s recent developments include a partnership with BITMAIN to develop next-gen ASIC miners, an ASIC fleet upgrade in Q1 2025, and progress at the Vega site. The launch of their GPU-as-a-Service business and the conversion of a loan into common stock also mark significant milestones.

Financially, revenue for Q3 2024 was $43.7 million, with net income of $0.9 million. Adjusted EBITDA was $5.6 million. The Company’s Bitcoin reserve was 9,106 Bitcoin valued at $576.5 million, and total cash stood at $72.9 million as of September 30, 2024.

Adjusted EBITDA for Q3 2024 was $5.6 million, a decrease from $11.4 million in the prior year period. Key performance indicators include a decrease in energy cost per MWh and the cost to mine a Bitcoin. The Company continues to focus on efficiency and growth in the digital asset and data center business.



Read more at GlobeNewswire:: Hut 8 Reports Third Quarter 2024 Results