Hut 8 (NASDAQ: HUT) recorded a 45% increase in revenue for 2025, reaching $235.1 million as it eyes its expansion into AI/HPC services, according to the company’s 2025 earnings call.
In the fourth quarter alone, Hut 8 generated $88.5 million in revenue alongside a net loss of $301.8 million. Hut 8’s computing services generated the bulk of the annual intake at $202.3 million, while power generation added $23.2 million and colocation services brought in $9.6 million.
The company posted a net loss of $248.0 million for the year, compared to a net income of $331.4 million in 2024, driven primarily by a $220 million unrealized loss on its bitcoin holdings.
Hut 8’s adjusted EBITDA for the twelve months ended in December was negative $135.4 million.
Hut 8 Chief Executive Officer Asher Genoot highlighted Hut 8’s operational shift to AI and HPC services.
“Over the past two years, we have rebuilt Hut 8 around a power-first strategy centered on high-velocity origination, disciplined greenfield development, first-principles infrastructure design, and capital-efficient execution,” Genoot noted in a press release.
Last December, Hut 8 signed a landmark AI deal with a 15-year, $7 billion lease with Fluidstack at its River Bend campus for 245 megawatts of capacity. Google has backstopped the deal, and the agreement grants the tenant a right of first refusal to expand the site by another 1,000 megawatts.
Hut 8 anticipates that it will draw project-level financing for its River Bend campus. J.P. Morgan and Goldman Sachs will serve as loan underwriters for up to 85% loan-to-cost funding.
Looking further on the financing side, Hut 8 secured up to $400 million in borrowing capacity through revolving loans with Two Prime and Coinbase in August. These loans carry an 8.5% weighted average cost of capital. The company has also opened a $1 billion at-the-market equity program to help fund its multi-gigawatt pipeline.
Hut 8 maintained approximately $1.4 billion of cash and Bitcoin in reserve at the end of December. This balance is split between Hut 8 and its publicly traded subsidiary, American Bitcoin (NASDAQ: ABTC), with Hut 8 holding $899.3 million directly and American Bitcoin claiming the remaining $472.6 million.
Hut 8 management noted in its earnings that it has carved out its legacy bitcoin mining business, which American Bitcoin now operates, to streamline capital allocation. Hut 8 also sold a 310-megawatt portfolio of four natural gas power plants to TransAlta last year to consolidate its efforts on AI and HPC buildouts.Hut 8’s broader, aspirational development pipeline stands at 8,500 megawatts per the earnings filing.
Hut 8 is currently seeking local zoning approval for a proposed 500-megawatt data center in Logan County, Illinois. Executives project the Illinois build-out will cost between $4 billion and $5 billion.
