Hut 8 Corp. Q4 FY2023 Earnings Call
· Earnings call transcript and AI-powered summary
- Merger Update: Hut 8 Mining Corp. and US Bitcoin Corp. merged on November 30, 2023. US Bitcoin Corp. is the accounting acquirer, though the merged entity retains the Hut 8 name and ticker.
- Revenue: $60.6 million, up 32% from $46 million in the prior-year period. Q4 revenue alone was $38.9 million, up 212% YoY.
- Revenue Breakdown:
- Self mining: $41.5 million (vs. $25.7M YoY)
- Managed services: $12.6 million (vs. $2.6M YoY)
- High performance computing (HPC): $1.1 million (new segment)
- Other (primarily hosting): $5.4 million (vs. $17.6M YoY due to one-time termination gain in prior period)
- Adjusted EBITDA: $62.3 million, up 386% YoY ($12.8M prior). Excluding one-time bitcoin revaluation ($32.6M), still more than doubled.
- Net Income: $6.2 million (vs. $81.3 million net loss YoY)
- Bitcoin Holdings: 9195 BTC as of Dec 31, 2023, worth $388.1 million. (~9110 BTC worth ~$557M as of Feb 29, 2024)
- Balance Sheet:
- Cash: $30.5 million
- Total Debt: $187.4 million
- Unencumbered Bitcoin: 6813 BTC
- Debt tranches:
- Coinbase loan: $65M secured against 1872 BTC
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