Hut 8 Corp. Q3 FY2023 Earnings Call
· Earnings call transcript and AI-powered summary
Key Financial Highlights
- Total Revenue: $17 million, down from $31.7 million in Q3 2022, primarily due to decreased Bitcoin production.
- Digital Asset Mining Revenue: $12.5 million versus $27.3 million in Q3 2022.
- Bitcoin Mined: 330 BTC, significantly down from 982 BTC in Q3 2022 due to network difficulty, operational issues at Drumheller, and suspended operations at North Bay.
- Average Revenue per BTC Mined: ~$37,800, up from ~$27,800 in Q3 2022, reflecting higher BTC market prices.
- High Performance Computing (HPC) Revenue: $4.5 million, slightly up from $4.4 million in Q3 2022.
- Mining Cost per BTC: C$26,300, up from C$18,300 in Q3 2022, driven by higher energy costs per BTC and Drumheller electrical issues.
- Mining Profit: $3.8 million compared to $9.3 million in Q3 2022.
- Adjusted EBITDA: -$11.6 million compared to +$9.4 million in Q3 2022.
- Net Loss: $53.6 million versus $23.8 million in Q3 2022. Includes a $20 million impairment and $10.1 million non-cash loss on digital asset revaluation.
- Bitcoin Holdings: 9,366 at quarter-end, worth $341.4 million. 7,259 bitcoins (~$265 million) unencumbered.
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