Hut 8 Corp. announced its financial results for the first quarter ended March 31, 2025, reporting a revenue of $21.8 million, a decrease from $51.7 million in the prior year period. The company recorded a net loss of $134.3 million, compared to a net income of $250.7 million in Q1 2024, primarily due to $112.4 million in losses on digital assets.
Adjusted EBITDA for the quarter was a loss of $117.7 million, down from a positive $297.0 million year-over-year. Despite the financial downturn, the company highlighted significant operational advancements, including an ASIC fleet upgrade that drove a 79% increase in hashrate and a 37% improvement in fleet efficiency quarter-over-quarter.
The launch of American Bitcoin was noted as a pivotal step in Hut 8’s evolution as an integrated energy infrastructure platform, streamlining capital allocation. As of March 31, 2025, Hut 8 maintained approximately 10,800 megawatts of development capacity in its pipeline and retained 10,264 Bitcoin in reserve, signaling continued focus on disciplined growth and infrastructure development.
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