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Hut 8 Reports Fourth Quarter and Full Year 2024 Results
HUTHut 8 Mining p(HUT) GlobeNewswire· Globenewswire·2025-03-03 11:30

Core Insights - Hut 8 Corp. reported a strong financial performance for the fourth quarter and full year of 2024, with a focus on operational excellence and disciplined growth initiatives [2][3] - The company has a robust development pipeline of 12,300 MW, with 2,800 MW under exclusivity as of December 31, 2024, positioning it well for future growth [3][6] - Strategic initiatives include converting a loan to equity, launching stock repurchase programs, and expanding its Bitcoin reserve to 10,171 Bitcoin valued at approximately 949.5million[3][6][12]FinancialPerformance−Fullyear2024revenuereached949.5 million [3][6][12] Financial Performance - Full year 2024 revenue reached 162.4 million, a significant increase from 96.0millionintheprioryear,withnetincomeof96.0 million in the prior year, with net income of 331.4 million compared to 21.9millionin2023[6][20][18]−AdjustedEBITDAfor2024was21.9 million in 2023 [6][20][18] - Adjusted EBITDA for 2024 was 555.7 million, up from 85.7millioninthepreviousyear,indicatingstrongoperationalperformance[21][16]−InQ42024,revenuewas85.7 million in the previous year, indicating strong operational performance [21][16] - In Q4 2024, revenue was 31.7 million, down from 38.9millioninthesameperiodlastyear,withanetincomeof38.9 million in the same period last year, with a net income of 152.0 million compared to 10.6millioninQ42023[14][15]OperationalHighlights−Thecompanyachieveda3010.6 million in Q4 2023 [14][15] Operational Highlights - The company achieved a 30% reduction in energy costs per megawatt-hour (MWh) in Q4 2024, with energy costs at 31.63 per MWh compared to 45.47inQ42023[10][6]−Totalenergycapacityundermanagementwas1,020MWasofDecember31,2024,withafocusonoptimizingreturnsandmitigatingsector−specificvolatility[6][10]−Hut8advancedthreelarge−scaleAIdatacenterprojects,potentiallyaddingover430MWofcapacity,andsecureda205MWsiteinTexasexpectedtobeenergizedinQ22025[7][3]StrategicInitiatives−Thecompanyhasrealigneditsoperatingsegmentsintothreelayers:Power,DigitalInfrastructure,andCompute,tobetterreflectitsplatformmodel[3]−Acomprehensiverestructuringprogramwasexecutedtostrengthenbottom−lineeconomics,resultinginanapproximatelyeight−pointincreaseingrossmarginperBitcoinminedfromQ42023toQ42024[11][3]−Hut8partneredwithBITMAINforamajorcolocationcontractexpectedtogeneratearound45.47 in Q4 2023 [10][6] - Total energy capacity under management was 1,020 MW as of December 31, 2024, with a focus on optimizing returns and mitigating sector-specific volatility [6][10] - Hut 8 advanced three large-scale AI data center projects, potentially adding over 430 MW of capacity, and secured a 205 MW site in Texas expected to be energized in Q2 2025 [7][3] Strategic Initiatives - The company has realigned its operating segments into three layers: Power, Digital Infrastructure, and Compute, to better reflect its platform model [3] - A comprehensive restructuring program was executed to strengthen bottom-line economics, resulting in an approximately eight-point increase in gross margin per Bitcoin mined from Q4 2023 to Q4 2024 [11][3] - Hut 8 partnered with BITMAIN for a major colocation contract expected to generate around 125 million in annualized revenue, enhancing its operational capabilities [11][3]