EPS · actual vs est
Revenue · actual vs est
Summary
Generated 2026-02-25
Management highlights
2025 was about rebuilding around capital efficiency and durable cash flow. Executed milestones like carve-out of legacy Bitcoin mining business and first AI data-center transaction. Focused on power-first thinking, reallocating capital, building credibility with shareholders, team members, financing partners and partners. Codesigned infrastructure with Vertiv and Jacobs, emphasized innovation and value engineering.
Segment performance
Revenue grew 45% to $235.1 million in fiscal 2025. Compute segment revenue more than doubled to $202.3 million from $80.7 million. Power layer revenue was $23.2 million vs $56.6 million in 2024. Digital infrastructure revenue was $9.6 million vs $17.5 million last year. Cost of revenue for compute increased to $78.4 million from $45 million. Gross margin expanded from 47% to 54%. Sequential Q4 2025 over Q4 2024 revenues grew by 179% and gross margin expanded from 36% to 60%.
Guidance
2026 is about execution and delivery. Convert pipeline to additional contracted revenue, advance power origination, deliver River Bend on time and on budget, maintain capital discipline. Focus on scaling the infrastructure platform through repeatable execution.
Risks
Execution of large and complex infrastructure projects involves risks like construction risk, power risk, counterparty risks. Market volatility and regulatory changes can impact projects. Supply chain and contractor bottlenecks could affect construction cadence.
Q&A highlights
Q: Will the company be defining what portion of its pipeline will be allocated to Bitcoin mining and what percentage will be allocated to HPC?
A: Current core focus is converting sites for AI use cases, with Bitcoin as alternative use case.
Q: Can you give any detail behind the $163 million deposit for future sites?
A: Dollars allocated towards long lead time equipment and land options, malleable infrastructure that can be allocated across multiple campuses.
Q: How do you think your customers, partners and Hut 8 react to Trump's State of the Union on big tech building their own power?
A: Natural progression, focus on net positive impact to community and grid, power generation and load increasing with proper financing.
Key numbers
Reported versus consensus
Earnings calendar feed
| Metric | Reported | Consensus | Delta | Prior year |
|---|---|---|---|---|
| EPS | $-2.66 | $-0.15 | -1673.4% | $1.45 |
| Revenue | $88.5M | $93.0M | -4.8% | $339.9M |
Transcript
February 25, 2026Full transcript unavailable for redistribution
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This page presents the stored structured earnings-call summary and deterministic earnings calendar values. How this is generated. For informational purposes only; not investment advice.