Hut 8 Corp. Q1 FY2024 Earnings Call
· Earnings call transcript and AI-powered summary
- Revenue: $51.7 million, up 231% from $15.6 million in Q1 2023 (U.S. Bitcoin Corp standalone).
- Net Income: $250.9 million, compared to $17.3 million in Q1 2023; primarily driven by $274.6 million gain resulting from FASB fair value revaluation of bitcoin holdings.
- Adjusted EBITDA: $297 million, up from $11.1 million in Q1 2023. Excluding fair value gain, adjusted EBITDA was $22.4 million.
- Digital Asset Mining Revenue: $30.4 million, up from $7.6 million in Q1 2023; average price per bitcoin mined increased from ~$23,400 to ~$51,300.
- Managed Services Revenue: $9.2 million, up from $5.1 million, driven by launch of Ionic Digital contract.
- HPC / Cloud / Co-location Revenue: $3.3 million, with no prior-year counterpart as this originated from the merged Hut 8 Mining Corp.
- Other Revenue: $8.8 million, including hosting, equipment sales, and power revenues from the Ontario plant.
- Bitcoin Holdings: 9,103 BTC valued at $648.9 million as of March 31, 2024, with 7,230 BTC unencumbered.
- Average Cost to Mine Bitcoin (Self-owned facilities): $20,419; including hosted facilities: $24,594.
Continue Reading
Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.
Upgrade to ProfessionalContinue Reading
Unlock the full earnings call transcript with speaker labels and formatted dialogue.
Upgrade to Professional