Hut 8 Corp. Q1 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q1 2025 revenue was $21.8 million, down from $51.7 million in Q1 2024. The decline was driven by planned downtime for fleet upgrades and the impact of the April 2024 Bitcoin halving.
  • Net Loss: $134.3 million, compared to net income of $250.7 million in Q1 2024. A $112.4 million non-cash loss on digital assets due to mark-to-market accounting impacted results under new FASB rules.
  • Adjusted EBITDA: Negative $117.7 million in Q1 2025 versus $297 million positive in Q1 2024.
  • Energy Costs: Increased to $51.71 per MWh, up from $40.06 in Q1 2024. Higher costs were due to fixed charges being spread over a reduced consumption base during fleet downtime.
  • Bitcoin Holdings: 10,264 BTC held, valued at $847.2 million as of March 31, 2025. Bitcoin price declined from ~$93,000 to ~$82,500 during Q1 2025.
  • Fleet Upgrade: 9.3 EH/s deployed (up 79% QoQ) with improved efficiency at 20 J/TH (37% QoQ improvement). Upgrade completed despite a four-week customs delay.
  • Strategic Development: First quarter investments of $63.3 million included completion of fleet upgrade and early-stage infrastructure projects at Vega and River Bend.

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Operator: Good day. Thank you for standing by. Welcome to the Hut 8 First Quarter 2025 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] Please advise that today’s conference is being recorded. I would now like to hand the conference over to our first speaker today, Sue Ennis, Head of Investment Relations. Please go ahead. Sue Ennis: Good morning. And welcome to Hut 8’s first quarter 2025 financial results conference call. Joining us today are our CEO, Asher Genoot; and our CFO, Sean Glennan. Following the presentation, we will open the line for questions. This event is being recorded and a transcript will be made available on our website. In addition to the press release issued earlier today, our full quarterly report on Form 10-Q is available at www.hut8.com, on our EDGAR profile at www.sec.gov, and on our SEDAR+ profile at www.sedarplus.ca. All figures discussed today are in U.S. dollars. Certain statements made during this call may constitute forward-looking statements within the meaning of applicable securities laws. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Certain key risks are detailed in our Form 10-Q for the quarter ended March 31, 2025, our Form 10-K for the year ended December 31, 2024, and our other continuous disclosure documents.

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