Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a
leading, vertically integrated operator of large-scale energy
infrastructure and one of North America’s largest Bitcoin miners,
today announced its financial results for the three and six months
ended June 30, 2024.
“Our results this quarter reflect the ambitious restructuring
program we set in motion six months ago,” said Asher Genoot, CEO of
Hut 8. “Despite the network halving, gross margins in our Digital
Assets Mining segment rose to 46% for the three months ended June
30, 2024 from 34% in the prior year period. Restructuring and
optimization initiatives, together with the energization of Salt
Creek, enabled a 21% reduction in our energy cost per kilowatt-hour
from $0.040 in Q1 2024 to $0.032 in Q2 2024. With our strengthened
operating foundation and recent advancements in ASIC efficiencies,
we believe that now is the right time to upgrade our fleet. We are
also on track to commercialize our GPU-as-a-service vertical in the
third quarter, further bolstering our compute-layer economics.”
“Scaling our power footprint remains central to our strategy. We
believe high-quality power assets will become increasingly valuable
as compute applications demand more energy. Our differentiated
energy strategy continues to unlock access to expansion capacity at
scale. Last month, we announced a new site in the Texas Panhandle
with 205 megawatts of immediately available, low-cost, long-term
power. We are in discussions for a large-scale commercial
partnership for the site, which can power up to 205 megawatts of
NVIDIA Blackwell GPUs or up to 16.5 exahash of next-generation
ASICs.”
“To build a next-generation energy infrastructure platform
spanning power infrastructure, data centers, and compute, we are
doubling down on our strengths in energy sourcing and portfolio
development. Our $150 million partnership with Coatue has enhanced
our ability to commercialize these advantages, driving incremental
deal flow and interest in our platform and capabilities. We are
aggressively advancing our pipeline to enable us to address
multi-hundred-megawatt infrastructure development opportunities and
look forward to sharing updates on committed projects as they
materialize.”
Second Quarter 2024 Financial and Operational
Highlights
U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) and
Hut 8 Mining Corp. completed an all-stock merger of equals (the
“Business Combination”) on November 30, 2023. USBTC was deemed the
accounting acquirer in the transaction and, as a result, the
historical figures in the Company’s income statement for the three
and six months ended June 30, 2023 reflect USBTC’s standalone
performance. Results for the three and six months ended June 30,
2024 reflect the performance of the combined company. With respect
to the balance sheet, the ending balance for Q2 2024 is being
compared to year-end 2023 balance, both of which reflect the
combined company’s performance. All financial results are reported
in US dollars.
- As of June 30, 2024, Hut 8’s total energy capacity under
management was 1,075 megawatts (“MW”) across eighteen sites: 762 MW
across nine Bitcoin mining sites in North America, 310 MW across
four natural gas power generation facilities in Canada, and 3 MW
across five cloud and colocation data centers in Canada.
- Owned approximately 49,400 miners totaling approximately 4.8
exahash per second (EH/s), including the Company’s net share of the
King Mountain joint venture (“King Mountain JV”), as of June 30,
2024.
- Revenue increased by $14.7 million to $35.2 million from $20.5
million for the three months ended June 30, 2023.
- Net loss attributable to Hut 8 was $71.9 million, including
losses on digital assets fair value adjustment of $71.8 million,
compared to a loss of $1.7 million for the three months ended June
30, 2023.
- Adjusted EBITDA was ($57.5) million compared to $14.8 million
for the three months ended June 30, 2023.
- During the three months ended June 30, 2024, 279 Bitcoin were
mined, versus 740 Bitcoin mined in the three months ended June 30,
2023.
- As of June 30, 2024, total self-mined Bitcoin balance was
9,102, which represented a market value of approximately $570.5
million.
- Weighted average cost to mine a Bitcoin was $26,232 during the
three months ended June 30, 2024, versus $14,907 for the three
months ended June 30, 2023.
- Energy cost per MWh of $31.71 during the three months ended
June 30, 2024, versus $37.34 during the three months ended June 30,
2023.
Key Performance Indicators
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
2024 |
|
2023 |
Cost to mine a Bitcoin
(excluding hosted facilities)(1) |
|
$ |
26,232 |
|
|
$ |
11,321 |
|
Cost to mine a Bitcoin(2) |
|
$ |
26,232 |
|
|
$ |
14,907 |
|
Weighted average revenue per
Bitcoin mined(3) |
|
$ |
65,656 |
|
|
$ |
27,927 |
|
Bitcoin mined(4) |
|
|
279 |
|
|
|
740 |
|
Energy cost per MWh |
|
$ |
31.71 |
|
|
$ |
37.34 |
|
Hosting cost per MWh |
|
$ |
— |
|
|
$ |
60.11 |
|
Energy capacity under
management (mining)(5) |
|
|
762 MW |
|
|
|
730 MW |
|
Total energy capacity under
management(6) |
|
|
1,075 MW |
|
|
|
730 MW |
|
- Cost to mine a Bitcoin (excluding hosted facilities) is
equivalent to the all-in electricity cost, net of credits from
participation in ancillary demand response programs, to mine a
Bitcoin at owned facilities and includes the Company’s net share of
the King Mountain JV.
- Cost to mine a Bitcoin (or weighted average cost to mine a
Bitcoin) is calculated as the sum of total all-in electricity
expense, net of credits from participation in ancillary demand
response programs, and hosting expense divided by Bitcoin mined
during the respective periods and includes the Company’s net share
of the King Mountain JV.
- Weighted average revenue per Bitcoin mined is calculated as the
sum of total self-mining revenue divided by Bitcoin mined during
the respective periods and includes the Company’s net share of the
King Mountain JV; it excludes discontinued operations at
Drumheller, Alberta.
- Bitcoin mined includes the Company’s net share of the King
Mountain JV and excludes discontinued operations at Drumheller,
Alberta. Bitcoin mined excluding the Company’s net share of the
King Mountain JV was 212 and 568 for the three months ended June
30, 2024 and 2023, respectively, and 803 and 894 for the six months
ended June 30, 2024 and 2023, respectively.
- Energy capacity under management (mining) includes 180 MW of
self-mining site capacity comprising Alpha, Medicine Hat, and Salt
Creek, as well as 280 MW of capacity under management at the King
Mountain JV. The remaining 302 MW is from the Company’s Managed
Services agreement with Ionic Digital Inc.
- Total energy capacity under management includes 762 MW of
energy capacity under management (mining), 310 MW of capacity from
the Company’s four natural gas power generation facilities, and 3
MW of capacity from the Company’s five cloud and colocation data
centers.
Select Second Quarter 2024 Financial
Results
Revenue for the three months ended June 30, 2024 increased by
72% to $35.2 million from $20.5 million in the prior year period,
and consisted of $13.9 million in Digital Assets Mining revenue,
$9.0 million in Managed Services revenue, $3.4 million in High
Performance Computing – Colocation and Cloud revenue, and $8.9
million in Other revenue. Other consists primarily of hosting
services revenue and equipment sales, if any.
Cost of revenue exclusive of depreciation and amortization for
the three months ended June 30, 2024 was $20.6 million versus $12.0
million in the prior year period, and consisted of $7.5 million in
cost of revenue for Digital Assets Mining, $3.1 million in cost of
revenue for Managed Services, $2.5 million in cost of revenue for
High Performance Computing – Colocation and Cloud, and $7.5 million
in cost of revenue for Other.
Depreciation and amortization expense for the three months ended
June 30, 2024 was $11.5 million compared to $4.1 million for the
prior year period. The increase was primarily driven by property
and equipment acquired as part of the Business Combination and the
Company’s Far North transaction. Additionally, during the quarter
ended March 31, 2024, management performed an operational
efficiency review of its mining fleet, which resulted in a change
in the expected useful life of some of its mining equipment. The
result was an increase in depreciation expense of $1.5 million for
the three months ended June 30, 2024.
General and administration expenses for the three months ended
June 30, 2024 were $17.9 million versus $5.2 million in the prior
year period. This increase was driven by a $6.7 million increase in
stock-based compensation, a $2.4 million increase in salary and
benefit costs due to added headcount as part of the Business
Combination and to support the Company’s growth, a $2.0 million
increase related primarily to the relocation of miners to Alpha and
Salt Creek, and $3.4 million in other expenses related to being a
publicly listed entity, restructuring costs, and professional fees.
The increase in expenses was partially offset by a $1.9 million
decrease in sales tax expense driven by a $2.2 million refund of
sales taxes in Canada for the years prior to the Business
Combination.
Net loss attributable to Hut 8 for the three months ended June
30, 2024 was $71.9 million, compared to a loss of $1.7 million in
the prior year period. Subsequent to June 30, 2023, the Company
adopted ASU 2023-08, the new FASB fair value accounting rules for
digital assets, which requires Hut 8 to recognize its digital
assets at fair value with changes recognized in net income during
the reporting period. The price of Bitcoin on March 31, 2024 was
$71,289 compared to the price of Bitcoin on June 30, 2024 of
$62,668, such that the decrease in Bitcoin price during the quarter
resulted in losses on digital assets of $71.8 million.
Adjusted EBITDA for the three months ended June 30, 2024 was
($57.5) million, compared to $14.8 million in the prior year
period. The decrease was primarily driven by the $71.8 million loss
on digital assets.
As of June 30, 2024, the Company’s Bitcoin holdings were marked
at fair value and totaled $570.5 million, based on 9,102 Bitcoin
held in reserve.
A reconciliation of Adjusted EBITDA to the most comparable GAAP
measure, net income (loss), and an explanation of this measure has
been provided in the table included below in this press
release.
CONFERENCE CALL
The Hut 8 Corp. Q2 2024 webcast will commence at 8:30 a.m. ET,
today.
To join the live webcast, please visit this link.
Analyst Coverage of Hut 8:
A full list of Hut 8 Corp. analyst coverage can be found here:
https://hut8.com/investors/.
About Hut 8
Hut 8 Corp. is an energy infrastructure operator and Bitcoin
miner with self-mining, hosting, managed services, and traditional
data center operations across North America. Headquartered in
Miami, Florida, Hut 8 Corp.’s portfolio comprises twenty sites: ten
Bitcoin mining, hosting, and Managed Services sites in Alberta, New
York, Nebraska, and Texas, five high performance computing data
centers in British Columbia and Ontario, and four power generation
assets in Ontario, and one newly announced site in the Texas
Panhandle. For more information, visit www.hut8.com and follow us
on X (formerly known as Twitter) at @Hut8Corp.
Cautionary Note Regarding Forward–Looking
Information
This press release includes “forward-looking information” and
“forward-looking statements” within the meaning of Canadian
securities laws and United States securities laws, respectively
(collectively, “forward-looking information”). All information,
other than statements of historical facts, included in this press
release that address activities, events, or developments that Hut 8
expects or anticipates will or may occur in the future, including
statements relating to the Company’s restructuring and optimization
initiatives, fleet upgrade, commercialization of its
GPU-as-a-service vertical, scaling of its power footprint, the
value of high-quality power assets, access to energy capacity,
commitment to disciplined capital allocation, execution of a
commercial partnership for the Texas Panhandle site, building of a
next-generation energy infrastructure platform, advancement of its
development pipeline to address opportunities, and future business
strategy, competitive strengths, expansion, and growth of the
business and operations more generally, and other such matters is
forward-looking information. Forward-looking information is often
identified by the words “may”, “would”, “could”, “should”, “will”,
“intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”,
“expect”, “predict”, “can”, “might”, “potential”, “predict”, “is
designed to”, “likely,” or similar expressions.
Statements containing forward-looking information are not
historical facts, but instead represent management’s expectations,
estimates, and projections regarding future events based on certain
material factors and assumptions at the time the statement was
made. While considered reasonable by Hut 8 as of the date of this
press release, such statements are subject to known and unknown
risks, uncertainties, assumptions, and other factors that may cause
the actual results, level of activity, performance, or achievements
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to, security
and cybersecurity threats and hacks, malicious actors or botnet
obtaining control of processing power on the Bitcoin network,
further development and acceptance of the Bitcoin network, changes
to Bitcoin mining difficulty, loss or destruction of private keys,
increases in fees for recording transactions in the Blockchain,
erroneous transactions, reliance on a limited number of key
employees, reliance on third party mining pool service providers,
regulatory changes, classification and tax changes, momentum
pricing risk, fraud and failure related to digital asset exchanges,
difficulty in obtaining banking services and financing, difficulty
in obtaining insurance, permits and licenses, internet and power
disruptions, geopolitical events, uncertainty in the development of
cryptographic and algorithmic protocols, uncertainty about the
acceptance or widespread use of digital assets, failure to
anticipate technology innovations, climate change, currency risk,
lending risk and recovery of potential losses, litigation risk,
business integration risk, changes in market demand, changes in
network and infrastructure, system interruption, changes in leasing
arrangements, failure to achieve intended benefits of power
purchase agreements, potential for interrupted delivery, or
suspension of the delivery, of energy to the Company’s mining
sites, and other risks related to the digital asset and data center
business. For a complete list of the factors that could affect the
Company, please see the “Risk Factors” section of the Company’s
Transition Report on Form 10-K for the transition period from July
1, 2023 to December 31, 2023, available under the Company’s EDGAR
profile at www.sec.gov, and Hut 8’s subsequent quarterly reports
and other continuous disclosure documents which are available under
the Company’s SEDAR+ profile at www.sedarplus.ca and under the
Company’s EDGAR profile at www.sec.gov.
Adjusted EBITDA
In addition to results determined in accordance with GAAP, Hut 8
relies on Adjusted EBITDA to evaluate its business, measure its
performance, and make strategic decisions. Adjusted EBITDA is a
non-GAAP financial measure. The Company defines Adjusted EBITDA as
net income (loss) before interest, taxes, depreciation and
amortization, further adjusted by the removal of unrealized gains
from the Company’s digital asset derivative transactions,
depreciation and amortization embedded in the equity in earnings
(losses) from an unconsolidated joint venture, foreign exchange
gains or losses, non-recurring transactions, losses from
discontinued operations, net income (loss) attributable to
noncontrolling interest, and stock-based compensation expense in
the period presented. You are encouraged to evaluate each of these
adjustments and the reasons the Company’s board of directors and
management team consider them appropriate for supplemental
analysis.
The Company’s board of directors and management team use
Adjusted EBITDA to assess its financial performance because it
allows them to compare operating performance on a consistent basis
across periods by removing the effects of capital structure (such
as varying levels of interest expense and income), asset base (such
as depreciation and amortization), and other items (such as
non-recurring transactions mentioned above) that impact the
comparability of financial results from period to period.
Net income (loss) is the GAAP measure most directly comparable
to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be
aware that in the future the Company may incur expenses that are
the same as or similar to some of the adjustments in such
presentation. The Company’s presentation of Adjusted EBITDA should
not be construed as an inference that its future results will be
unaffected by unusual or non-recurring items. There can be no
assurance that the Company will not modify the presentation of
Adjusted EBITDA in the future, and any such modification may be
material. Adjusted EBITDA has important limitations as an
analytical tool and you should not consider Adjusted EBITDA in
isolation or as a substitute for analysis of results as reported
under GAAP. Because Adjusted EBITDA may be defined differently by
other companies in the industry, the Company’s definition of this
non-GAAP financial measure may not be comparable to similarly
titled measures of other companies, thereby diminishing its
utility.
Hut 8 Corp. and SubsidiariesConsolidated
Statements of Operations and Comprehensive Income
(Loss)(Unaudited, in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
June 30, |
|
June 30, |
June 30, |
|
|
|
2024 |
|
2023 |
|
|
|
2024 |
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Digital Assets Mining |
|
$ |
13,912 |
|
|
$ |
15,858 |
|
|
$ |
44,269 |
|
|
$ |
23,504 |
|
Managed Services |
|
|
9,017 |
|
|
|
4,672 |
|
|
|
18,252 |
|
|
|
10,199 |
|
High Performance Computing – Colocation and Cloud |
|
|
3,365 |
|
|
|
— |
|
|
|
6,691 |
|
|
|
— |
|
Other |
|
|
8,921 |
|
|
|
— |
|
|
|
17,744 |
|
|
|
2,474 |
|
Total
revenue |
|
|
35,215 |
|
|
|
20,530 |
|
|
|
86,956 |
|
|
|
36,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
(exclusive of depreciation and amortization shown
below): |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue - Digital Assets Mining |
|
|
7,467 |
|
|
|
10,473 |
|
|
|
24,089 |
|
|
|
16,552 |
|
Cost of revenue - Managed Services |
|
|
3,120 |
|
|
|
1,514 |
|
|
|
5,881 |
|
|
|
3,897 |
|
Cost of revenue - High Performance Computing – Colocation and
Cloud |
|
|
2,500 |
|
|
|
— |
|
|
|
5,089 |
|
|
|
— |
|
Cost of revenue - Other |
|
|
7,549 |
|
|
|
— |
|
|
|
13,724 |
|
|
|
45 |
|
Total cost of revenue |
|
|
20,636 |
|
|
|
11,987 |
|
|
|
48,783 |
|
|
|
20,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
(income): |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
11,531 |
|
|
|
4,064 |
|
|
|
23,003 |
|
|
|
6,968 |
|
General and administrative expenses |
|
|
17,899 |
|
|
|
5,211 |
|
|
|
37,898 |
|
|
|
11,586 |
|
Losses (gains) on digital assets |
|
|
71,842 |
|
|
|
— |
|
|
|
(202,732 |
) |
|
|
— |
|
(Gain) loss on sale of property and equipment |
|
|
— |
|
|
|
— |
|
|
|
(190 |
) |
|
|
445 |
|
Realized gain on sale of digital assets |
|
|
— |
|
|
|
(1,004 |
) |
|
|
— |
|
|
|
(2,376 |
) |
Impairment of digital assets |
|
|
— |
|
|
|
868 |
|
|
|
— |
|
|
|
1,431 |
|
Legal settlement |
|
|
— |
|
|
|
(1,531 |
) |
|
|
— |
|
|
|
(1,531 |
) |
Total operating expenses (income) |
|
|
101,272 |
|
|
|
7,608 |
|
|
|
(142,021 |
) |
|
|
16,523 |
|
Operating (loss)
income |
|
|
(86,693 |
) |
|
|
935 |
|
|
|
180,194 |
|
|
|
(840 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
720 |
|
|
|
— |
|
|
|
(1,679 |
) |
|
|
— |
|
Interest expense |
|
|
(6,012 |
) |
|
|
(5,657 |
) |
|
|
(12,293 |
) |
|
|
(13,232 |
) |
Gain on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,683 |
|
Unrealized gain on derivatives |
|
|
17,219 |
|
|
|
— |
|
|
|
17,219 |
|
|
|
— |
|
Equity in earnings of unconsolidated joint venture |
|
|
2,440 |
|
|
|
3,358 |
|
|
|
6,962 |
|
|
|
6,642 |
|
Total other income
(expense) |
|
|
14,367 |
|
|
|
(2,299 |
) |
|
|
10,209 |
|
|
|
17,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations before taxes |
|
|
(72,326 |
) |
|
|
(1,364 |
) |
|
|
190,403 |
|
|
|
16,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
1,874 |
|
|
|
(322 |
) |
|
|
(2,522 |
) |
|
|
(611 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income from
continuing operations |
|
$ |
(70,452 |
) |
|
$ |
(1,686 |
) |
|
$ |
187,881 |
|
|
$ |
15,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued
operations (net of income taxes of $nil, $nil, $nil, $nil,
respectively) |
|
|
(1,738 |
) |
|
|
— |
|
|
|
(9,364 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
|
(72,190 |
) |
|
|
(1,686 |
) |
|
|
178,517 |
|
|
|
15,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss
attributable to non-controlling interests |
|
|
324 |
|
|
|
— |
|
|
|
493 |
|
|
|
— |
|
Net (loss) income
attributable to Hut 8 Corp. |
|
$ |
(71,866 |
) |
|
$ |
(1,686 |
) |
|
$ |
179,010 |
|
|
$ |
15,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic from continuing operations attributable to Hut 8 Corp. |
|
$ |
(0.78 |
) |
|
$ |
(0.04 |
) |
|
$ |
2.10 |
|
|
$ |
0.37 |
|
Diluted from continuing operations attributable to Hut 8 Corp. |
|
$ |
(0.78 |
) |
|
$ |
(0.04 |
) |
|
$ |
2.00 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares of common stock outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic from continuing operations attributable to Hut 8 Corp. |
|
|
90,192,842 |
|
|
|
43,193,201 |
|
|
|
89,671,344 |
|
|
|
42,830,760 |
|
Diluted from continuing operations attributable to Hut 8 Corp. |
|
|
90,192,842 |
|
|
|
43,193,201 |
|
|
|
94,152,139 |
|
|
|
42,868,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
$ |
(72,190 |
) |
|
$ |
(1,686 |
) |
|
$ |
178,517 |
|
|
$ |
15,642 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(7,362 |
) |
|
|
— |
|
|
|
(18,436 |
) |
|
|
— |
|
Total comprehensive
(loss) income |
|
|
(79,552 |
) |
|
|
(1,686 |
) |
|
|
160,081 |
|
|
|
15,642 |
|
Less: Comprehensive loss attributable to non-controlling
interest |
|
|
423 |
|
|
|
— |
|
|
|
557 |
|
|
|
— |
|
Comprehensive (loss)
income attributable to Hut 8 Corp. |
|
$ |
(79,129 |
) |
|
$ |
(1,686 |
) |
|
$ |
160,638 |
|
|
$ |
15,642 |
|
|
Adjusted EBITDA reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
June 30, |
|
June 30, |
Increase |
(in USD thousands) |
|
2024 |
|
|
2023 |
|
(Decrease) |
Net loss |
|
$ |
(72,190 |
) |
|
$ |
(1,686 |
) |
|
$ |
(70,504 |
) |
Interest expense |
|
|
6,012 |
|
|
|
5,657 |
|
|
|
355 |
|
Income tax provision |
|
|
(1,874 |
) |
|
|
322 |
|
|
|
(2,196 |
) |
Depreciation and amortization |
|
|
11,531 |
|
|
|
4,064 |
|
|
|
7,467 |
|
Unrealized gain on derivatives |
|
|
(17,219 |
) |
|
|
— |
|
|
|
(17,219 |
) |
Share of unconsolidated joint venture depreciation and amortization
(1) |
|
|
7,837 |
|
|
|
7,627 |
|
|
|
210 |
|
Foreign exchange loss (gain) |
|
|
(720 |
) |
|
|
— |
|
|
|
(720 |
) |
Non-recurring transactions (2) |
|
|
21 |
|
|
|
(1,531 |
) |
|
|
1,552 |
|
Loss from discontinued operations |
|
|
1,738 |
|
|
|
— |
|
|
|
1,738 |
|
Net loss attributable to non-controlling interests |
|
|
324 |
|
|
|
— |
|
|
|
324 |
|
Stock-based compensation expense |
|
|
7,010 |
|
|
|
314 |
|
|
|
6,696 |
|
Adjusted EBITDA |
|
$ |
(57,530 |
) |
|
$ |
14,767 |
|
|
$ |
(72,297 |
) |
- Net of the accretion of fair value differences of depreciable
and amortizable assets included in equity in earnings of
unconsolidated joint venture in the Consolidated Statements of
Operations and Comprehensive Income (Loss) in accordance with ASC
323. See Note 8. Investments in unconsolidated joint venture of the
Company’s Unaudited Condensed Consolidated Financial Statements for
further detail.
- Non-recurring transactions for the three months ended June 30,
2024 represent approximately $1.5 million of miner relocation
costs, $0.7 million of restructuring costs, and a $2.2 million tax
refund. Non-recurring transactions for the three months ended June
30, 2023 represent a gain from a legal settlement of $1.5
million.
Contacts
Hut 8 Investor RelationsSue
Ennisir@hut8.com
Hut 8 Media Relationsmedia@hut8.com
Hut 8 (TSX:HUT)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Hut 8 (TSX:HUT)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024