Hut 8’s Q3 earnings are out, and the data center infrastructure provider reported $83.5 million in revenue and emphasized that shovels are in the ground for a 1.5 GW expansion.
Hut 8’s (NASDAQ: HUT) revenue for the quarter is up nearly double from Q3 2024’s $43.7 million, $70 million of which came from its compute business line which consists of its hosting revenue from subsidiary American Bitcoin (NASDAQ: ABTC) and its high-performance compute segment. Hut 8 generated the remainder of its Q3 revenue from its power generation and managed services business ($8.4 million) and digital infrastructure business ($5.1) for its other hosting clients.
Additionally, Hut 8’s Q3 earnings reported a net income of $50.6 million (up from $0.9 million in Q3 2024) and adjusted EBITDA of $109 million (up from $6 million in Q3 2024), with 1.02 GW of total capacity under management at the end of the quarter.
For forward looking updates, Hut 8’s management highlighted that it is currently developing four data center sites across three states to increase its capacity from 1.02 GW to over 2.5 GW in the coming years.
Originally announced in August, these sites include Hut 8’s 300 MW River Bend, Louisiana site, as well as an undisclosed 40 MW site in Illinois, a 1 GW undisclosed site in Texas, and a 180 MW undisclosed site in Texas.
To bolster its near-term cash position for these buildouts, Hut 8 has opened a $1 billion at-the-market offering and opened a $200 million revolving credit facility with Two Prime. Hut 8 also holds 13,696 bitcoin on its balance sheet
“In the third quarter, we reached an inflection point in the scale and maturity of our development flywheel,” Hut 8 CEO Asher Genoot stated in Hut 8’s Q3 earnings release.
“We advanced 1,530 megawatts of capacity from exclusivity into development, underscoring both the depth of our pipeline and the scalability of our platform. Subject to commercialization, this portfolio has the potential to expand our Energy Capacity Under Management to more than 2.5 gigawatts, which would mark a step change in the scale and earnings power of our platform.”
Earlier this year, Hut 8 split off its bitcoin mining business into American Bitcoin, its wholly owned subsidiary, which went public in September after its reverse-merger with Gryphon Digital. As of Q3’s end, American Bitcoin operated ~25 EH/s worth of bitcoin miners at Hut 8 facilities and it currently holds 3,865 bitcoin in its treasury.
At the time of publication, Hut 8 is down 11.15% on the day.
