1.5 GW+ expansion program accelerates development flywheel, underscores commercial velocity, and supports long runway for growth

Earnings Release Highlights

   -- Revenue of $83.5 million, net income of $50.6 million, and Adjusted 
      EBITDA of $109.0 million. 
 
   -- Total Energy Capacity Under Management1 of 1,020 megawatts (MW) as of 
      September 30, 2025. 
 
   -- Development pipeline of 8,650 MW as of September 30, 2025, comprising: 
 
          -- 5,865 MW of Energy Capacity Under Diligence2, 
 
          -- 1,255 MW of Energy Capacity Under Exclusivity3, and 
 
          -- 1,530 MW Energy Capacity Under Development4. 
 
   -- Strategic Bitcoin reserve of 13,696 Bitcoin5,6 with a market value of 
      $1.6 billion as of September 30, 2025. 

MIAMI, Nov. 4, 2025 /PRNewswire/ -- Hut 8 Corp. (Nasdaq, TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today reported its financial results for the third quarter of 2025.

"In the third quarter, we reached an inflection point in the scale and maturity of our development flywheel," said Asher Genoot, CEO of Hut 8. "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."

"The newest stage of our development pipeline, Energy Capacity Under Development, is designed to bridge origination and monetization, creating greater visibility into late-stage projects that have advanced beyond exclusivity. This designation applies to sites where we are executing critical development activities, including the execution of land and power agreements, site design and infrastructure buildout, and engagement with prospective customers. Energy Capacity Under Development converts to Energy Capacity Under Management as it is commercialized."

"As we build on this momentum, our focus remains on monetizing our Energy Capacity Under Development, which together with our broader pipeline, collectively exceed eight gigawatts of capacity as of quarter-end. Supported by a fortress balance sheet, disciplined capital framework, and diversified platform spanning Power, Digital Infrastructure, and Compute, we are executing from a position of strength. Together, we believe these developments reflect a business with structural advantage, proven commercial velocity, and a long runway for continued growth and value creation at the intersection of energy and technology."

Third Quarter 2025 Highlights

Power

   -- Generated $8.4 million in third quarter revenue from Power Generation and 
      Managed Services. 
 
   -- Announced plans to develop four new sites with more than 1.5 GW of total 
      capacity. Subject to commercialization, the platform has the potential to 
      exceed 2.5 GW of Energy Capacity Under Management1 across 19 sites. In 
      connection with the expansion, the Company reclassified 1,530 MW of 
      capacity related to these sites from Energy Capacity Under 
      Exclusivity3 into a new category: Energy Capacity Under Development4. 
 
   -- 8,650 MW development pipeline comprising 5,865 MW of Energy Capacity 
      Under Diligence2, 1,255 MW of Energy Capacity Under Exclusivity3, and 
      1,530 MW of Energy Capacity Under Development4 as of September 30, 2025. 

Digital Infrastructure

   -- Generated $5.1 million in third quarter revenue from Colocation services. 
      In addition, $31.2 million of Colocation revenue from the Company's 
      unconsolidated King Mountain Joint Venture is recognized in the "Equity 
      in earnings of unconsolidated joint venture" line item. 

Compute

   -- Generated $70.0 million in third quarter revenue from Bitcoin Mining 
      (primarily through the Company's majority-owned subsidiary, American 
      Bitcoin Corp. ("American Bitcoin")), GPU-as-a-Service (through the 
      Company's wholly owned Highrise AI subsidiary), and Data Center Cloud 
      solutions (delivered under the High Performance Computing brand). 
 
   -- Completed the go-public transaction for American Bitcoin, which began 
      trading on Nasdaq under the ticker symbol "ABTC" following the completion 
      of its stock-for-stock merger with Gryphon Digital Mining, Inc. 
 
   -- Expanded Bitcoin mining operations by 14.8 exahash-per-second (EH/s), 
      bringing the Company's total hashrate from 12.0 EH/s to 26.8 EH/s7, 
      including American Bitcoin's mining operations, which totaled 25.0 EH/s 
      with an average fleet efficiency of 16.3 joules per terahash (J/TH) as 
      of September 30, 2025. 

Capital Strategy and Balance Sheet

   -- Launched a new $1 billion at-the-market (ATM) equity program and a new 
      $200 million revolver with Two Prime. The Company's prior ATM program was 
      terminated with approximately 40% of capacity unutilized, with shares 
      issued at an average price approximately 50% higher than the average 
      share price during the program, reflecting a disciplined approach to 
      equity issuance. 
 
   -- Expanded strategic Bitcoin reserve to 13,696 Bitcoin5,6 held in reserve 
      with a market value of $1.6 billion as of September 30, 2025. 
 
   -- Since the appointment of new management in February 2024, Hut 8 
      has benefitted from approximately $986 million in incremental market 
      value and liquidity from its Bitcoin holdings. This includes 
      contributions from Bitcoin price appreciation of $689.2 million, $265 
      million in new Bitcoin-backed debt capacity at a weighted average cost of 
      capital of 8.2% through credit facilities with Coinbase and Two Prime, 
      and $31.7 million in premiums realized through covered call option 
      strategies; additionally, this excludes additional value that may be 
      realized from structured purchase options with Bitmain. 

Key Performance Indicators

 
                                           As of 
                                  ------------------------ 
                                       September 30, 
                                       2025         2024 
                                  --------------  -------- 
Energy Capacity Under 
Diligence(2)                            5,865 MW  5,553 MW 
Energy Capacity Under 
Exclusivity(3)                          1,255 MW  1,458 MW 
Energy Capacity Under 
Development(4)                          1,530 MW    205 MW 
Energy Capacity Under 
Management(1)                           1,020 MW  1,117 MW 
Number of Bitcoin in Strategic 
 Reserve(5)(6)                            13,696     9,106 
 
 
 
1. Comprises all Power assets: Power Generation, Managed Services, ASIC 
Colocation, CPU Colocation, Bitcoin Mining, Data Center Cloud, and 
non-operational sites. 2. Sites identified for large-load use cases such as 
high-performance computing and Bitcoin mining, industrial applications such as 
next-generation manufacturing, and other energy-intensive technologies. At 
this stage, Hut 8 assesses site potential by engaging with utilities, 
landowners, and other stakeholders to evaluate critical factors, including 
power availability, infrastructure readiness, fiber connectivity, and overall 
commercial viability.  3. Sites where Hut 8 has secured a clear path to 
ownership through either: (1) an exclusivity agreement that prevents the sale 
of designated power and/or land capacity to another party or (2) a tendered 
interconnection agreement, confirming a viable path to securing power and 
infrastructure for deployment. 4. Sites where Hut 8 is actively investing in 
development and commercialization by executing definitive land and/or power 
agreements, advancing site design and infrastructure buildout, and engaging 
with prospective customers. 5. Number of Bitcoin in Strategic Reserve includes 
Bitcoin held in custody, pledged as collateral, or pledged for a miner 
purchase under an agreement with Bitmain. 6. As of September 30, 2025, of the 
13,696 Bitcoin in Strategic Reserve, 10,278 Bitcoin were held by Hut 8, and 
3,418 Bitcoin were held by American Bitcoin. As of September 30, 2024, all 
9,106 Bitcoin in Strategic Reserve were held by Hut 8 as American Bitcoin had 
not yet been launched. 7. Starting April, 1, 2025, the Company's Bitcoin 
mining operations are generally conducted through the American Bitcoin 
majority-owned subsidiary. As of September 30, 2025, 25.0 EH/s of the 
Company's total hashrate of 26.8 EH/s was owned by American Bitcoin. Of the 
total hashrate, 23.7 EH/s was operational as of September 30, 2025, including 
1.8 EH/s held by Hut 8 through its ownership stake in the King Mountain Joint 
Venture in which the Company has a 50% membership interest and a Fortune 200 
renewable energy producer has the remaining 50% membership interest. 
 

Select Third Quarter 2025 Financial Results

Revenue for the three months ended September 30, 2025 was $83.5 million compared to $43.7 million in the prior year period, and consisted of $8.4 million in Power revenue, $5.1 million in Digital Infrastructure revenue, $70.0 million in Compute revenue, and nil in Other revenue. As American Bitcoin is a consolidated subsidiary, all revenue generated through its Managed Services agreement, ASIC Colocation agreement, and Shared Services agreement are eliminated in consolidation.

Net income for the three months ended September 30, 2025 was $50.6 million compared to $0.9 million for the prior year period. This included gains on digital assets of $76.6 million and losses on digital assets of $1.6 million for the three months ended September 30, 2025 and 2024, respectively.

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