The company's financial position appears increasingly vulnerable, with the current ratio declining to 0.86 in 2026Q1, signaling a diminished capacity to meet short-term obligations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Jun'23 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Total Current Assets | 216.57M | 408.18M | 256.84M | 81.25M | 245.62M | 468.08M | 9.78M | 14.69M | 3.64M | 262.79K | 291.6K | 335.54K | 410.59K | 566.59K | 642.25K |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 49.37M | 332.15M | 111.06M | 29.49M | 203.63M | 323.95M | 0 | 10.48M | 79.9K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 2.39B | 2.35B | 1.26B | 895.62M | 167.31M | 252.63M | 33.38M | 56.54M | 79.26M | 0 | 0 | 0 | 0 | 0 | 0 |
| Property, Plant & Equipment | 829.87M | 661.74M | 242.27M | 174.85M | 124.96M | 206.89M | 7.42M | 34.38M | 58.13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | -0.06x | 0.02x | 0.67x | 0.55x | 0.69x | 0.38x | 5.49x | 2.38x | 0.85x | - | - | - | - | - | - |
| Goodwill | 209.16M | 210.09M | 53.08M | 75.94M | 11.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 10.16M | 11.14M | 13.27M | 22.89M | 3.59M | 0 | 0 | 625K | 381.2K | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 182.27M | 6.38M | 88.39M | 108.99M | 93.58M | 0 | 0 | 15.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 2.61B | 2.75B | 1.52B | 976.87M | 412.94M | 720.71M | 43.16M | 71.24M | 82.9M | 262.79K | 291.6K | 335.54K | 410.59K | 566.59K | 642.25K |
| Asset Turnover | -0.01x | 0.01x | 0.11x | 0.10x | 0.21x | 0.11x | 0.94x | 1.15x | 0.60x | 25.64x | - | - | - | - | - |
| Asset Growth % | 473.58% | 81.3% | 55.48% | 136.57% | -42.7% | 1569.7% | -39.41% | -14.06% | 31443.89% | -9.88% | -13.1% | -18.28% | -27.53% | -11.78% | - |
| Total Current Liabilities | 252.43M | 375.58M | 153.96M | 148.42M | 30.13M | 26.06M | 6.13M | 8.73M | 21.94M | 253.07K | 223.84K | 161.83K | 131.44K | 110.24K | 2.6K |
| Accounts Payable | 0 | 0 | 11.29M | 19.73M | 5.96M | 7.07M | 1.46M | 563.87K | 16.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 202.82M | 202.82M | 64.97M | 87.16M | 16.22M | 16.49M | 4.09M | 6.23M | 4.07M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 47.64M | 171.31M | 25.88M | 18.25M | 967K | -19.4M | 0 | 1.37M | 1M | 253.07K | 223.84K | 161.83K | 131.44K | 110.24K | 2.6K |
| Current Ratio | 0.86x | 1.09x | 1.67x | 0.55x | 8.15x | 17.96x | 1.60x | 1.68x | 0.17x | 1.04x | 1.30x | 2.07x | 3.12x | 5.14x | 246.54x |
| Quick Ratio | 0.86x | 1.09x | 1.67x | 0.55x | 8.15x | 17.96x | 1.60x | 1.68x | 0.17x | 1.04x | 1.30x | 2.07x | 3.12x | 5.14x | 246.54x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 667.14M | 688.67M | 384.33M | 185.45M | 31.41M | 128.68M | 307K | 19.81M | 28.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 220.09M | 226.51M | 235.62M | 162.61M | 31.2M | 24.2M | 0 | 19.81M | 28.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 919.57M | 1.06B | 538.28M | 333.87M | 55.55M | 154.74M | 6.44M | 28.54M | 50.24M | 253.07K | 223.84K | 161.83K | 131.44K | 110.24K | 2.6K |
| Total Debt | 422.91M | 429.33M | 345.65M | 268.75M | 47.42M | 40.69M | 4.6M | 26.04M | 32.37M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 262.89M | 384.42M | 260.61M | 227.93M | 16.9M | -99.43M | -2.12M | 23.09M | 28.81M | -259.52K | -286.25K | -328.84K | -396.29K | -562.27K | -636.9K |
| Debt / Equity | 0.25x | 0.25x | 0.35x | 0.42x | 0.13x | 0.07x | 0.13x | 0.61x | 0.99x | - | - | - | - | - | - |
| Debt / EBITDA | -1.09x | - | 0.68x | 13.17x | - | - | - | 0.86x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.68x | - | 0.51x | 11.17x | - | - | - | 0.76x | - | -0.11x | - | - | - | - | - |
| Interest Coverage | -9.18x | -8.97x | 16.17x | 1.88x | -5.12x | -14.62x | -2.91x | -0.55x | -54.29x | - | - | - | -2.28x | - | -83.44x |
| Total Equity | 1.69B | 1.69B | 980.58M | 643M | 357.39M | 565.97M | 36.73M | 42.7M | 32.66M | 9.73K | 67.75K | 173.71K | 279.15K | 456.36K | 639.64K |
| Equity Growth % | 474.1% | 72.29% | 52.5% | 79.92% | -36.85% | 1441.05% | -13.99% | 30.75% | 335694.39% | -85.64% | -61% | -37.77% | -38.83% | -28.65% | - |
| Book Value per Share | 15.22 | 16.04 | 9.70 | 12.91 | 9.52 | 21.09 | 1.95 | 2.36 | 1.94 | 0.86 | 5.96 | 15.28 | 24.56 | 40.14 | 13.05 |
| Total Shareholders' Equity | 1.38B | 1.42B | 976.67M | 643M | 357.39M | 565.97M | 36.73M | 42.7M | 32.66M | 9.73K | 67.75K | 173.71K | 279.15K | 456.36K | 639.64K |
| Common Stock | 1.13M | 1.1M | 995K | 1.17M | 767.64M | 636.6M | 0 | 170.62M | 162.73M | 658.05K | 658.05K | 658.05K | 658.05K | 658.05K | 658.05K |
| Retained Earnings | -214.37M | 5.48M | 231.63M | -132.19M | -431.07M | -188.26M | -9.08M | -134.59M | -136.67M | -745.62K | -687.6K | -581.64K | -476.2K | -298.99K | -115.7K |
| Treasury Stock | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Accumulated OCI | -19.68M | -10.43M | -45.55M | 14.19M | 2.12M | 103.54M | 0 | 1.37M | 4.06M | 97.3K | 97.3K | 97.3K | 97.3K | 97.3K | 97.3K |
| Minority Interest | 310.34M | 267.55M | 3.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Intensity and Dilution
As reported in recent financial filings, Hut 8's total assets fluctuated significantly from $1.1B in 2024Q3 to a peak of $3.7B in 2025Q3 before contracting to $2.6B in 2026Q1, signaling that the company's asset base remains highly sensitive to merger-related accounting and volatile digital asset valuations.
The erratic movement in total assets suggests that the company's growth trajectory is driven more by inorganic consolidation and market-to-market adjustments than by organic capital accumulation. Investors should monitor whether this volatility stabilizes as the company attempts to integrate its diversified compute-as-a-service infrastructure.
Based on the provided quarterly data, net property, plant, and equipment (PPE) surged from $157.1M in 2024Q1 to $829.9M by 2026Q1, indicating a heavy shift toward capital-intensive hardware and energy infrastructure that requires sustained, high-margin utilization to justify the associated depreciation and maintenance costs.
The rapid expansion of the PPE base relative to revenue generation suggests an aggressive, high-risk strategy to capture market share in the compute-as-a-service sector. This asset-heavy profile leaves the company vulnerable to technological obsolescence and potential impairment charges if the expected returns on these infrastructure investments fail to materialize.
According to the company's reported balance sheets, the current ratio has exhibited extreme instability, dropping from 1.68 in 2024Q2 to a concerning 0.86 in 2026Q1, which highlights a diminishing ability to cover short-term obligations without relying on external financing or further equity dilution.
The sharp decline in cash reserves from $216.3M in 2025Q2 to $160.0M in 2026Q1, coupled with a current ratio below parity, suggests that the company's liquidity position is under significant pressure. This trend warrants close monitoring, as it may force management to prioritize capital preservation over necessary operational expansion.
As indicated by the financial statements, retained earnings swung from a positive $396.8M in 2025Q3 to a deficit of $214.4M in 2026Q1, suggesting that the company's equity base is being eroded by persistent operating losses and the accounting impacts of its recent merger activities.
The rapid reversal in retained earnings indicates that the company has struggled to translate its expanded asset base into sustainable shareholder value. The reliance on equity-linked financing to support this transition appears to be a primary driver of the current equity quality concerns, potentially limiting future upside for existing shareholders.
Based on the reported figures, the presence of $209.2M in goodwill as of 2026Q1, combined with the aggressive depreciation of mining hardware, suggests that the balance sheet may be masking underlying operational weaknesses through optimistic intangible asset valuations that could be subject to future impairment.
The significant goodwill balance warrants further investigation, as it may represent overpaid premiums from past acquisitions that are not currently contributing to cash-generative operations. If the company's pivot to HPC fails to meet performance targets, these intangible assets could become a source of significant balance sheet volatility.
Quick answers to the most common questions about buying HUT stock.
As of 2025, Hut 8 Corp. (HUT) had total assets of $2.75B including $408.2M in current assets.
Hut 8 Corp. (HUT) carries total debt of $429.3M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Hut 8 Corp. (HUT) has total shareholders' equity (book value) of $1.42B ($16.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Hut 8 Corp. (HUT) reported a current ratio of 1.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.