Hut 8 (HUT, HUT.TO) shares rose by more than 3% in early trading Thursday after the energy infrastructure company reported a Q1 net loss of $1.30 per diluted share, compared with a profit of $2.76 a diluted share a year earlier.

Analysts polled by FactSet expected a $0.11 loss.

Revenue for the quarter ended March 31 was $21.8 million, down from $51.7 million a year earlier.

Analysts expected $32.2 million.

Price: 13.22, Change: +0.56, Percent Change: +4.42