Operating cash flow was -$5.6M in 2026Q2 against a $150.2M net loss, with no dividends or buybacks, underscoring a reliance on external financing and a cash-burning phase.
Hut 8 Corp. (HUT) cash flow statement — 14-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | -89.44M | -139.23M | -68.53M | -19.62M | -79.29M | -80.24M | -1.29M | 14.51M | -6.77M | 49.24M | -42.59K | -67.44K | -118.63K | -58.38K | -75.65K |
| Operating CF Growth % | 61.31% | -103.15% | -249.29% | 75.25% | 1.19% | -6110.66% | -108.91% | 314.23% | -113.75% | 115710.65% | 36.85% | 43.15% | -103.19% | 22.82% | - |
| Net Income | -599.61M | -248M | 331.41M | 6.21M | -183.3M | -72.71M | 19.04M | 2.13M | -136.77M | 567.07K | -105.96K | -105.44K | -82.11K | -225.22K | -168.87K |
| Depreciation & Amortization | 148.63M | 104.51M | 49.41M | 10.83M | 71.36M | 23.29M | 21.26M | 33.05M | 47.02M | 924.95K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -147.13M | -54.65M | 111.76M | -1.14M | 7.24M | 5.62M | -15.05M | -5.34M | 85.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 397.52M | 51.95M | -567.49M | -57.91M | 18.68M | -48.48M | -18.74M | -5.16M | -14.79M | 47.75M | 0 | 0 | 25K | 0 | 0 |
| Working Capital Changes | 44.5M | -50.84M | -14.4M | 8.86M | 1.51M | 2.17M | -7.52M | -13.07M | 8.85M | 1.35K | 63.37K | 37.99K | -61.52K | 166.84K | 11.82K |
| Cash from Investing | -1.29B | -754.21M | -188.47M | 64.65M | -78.21M | -235.07M | -7.14M | -9.73M | -90.16M | -52.67M | 0 | 0 | -25K | 0 | 0 |
| Purchase of Investments | -65.32M | -162.69M | 0 | 0 | -37.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 | 41.55M | 37.77M | 44.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | -65.32M | -162.69M | 0 | 41.55M | 0 | 44.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 46.96M | 46.96M | -3.2M | 23.7M | -22.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -545.09M | -421.55M | -21.67M | 117.29M | -553.33K | -192.99M | -1.33M | -497.73K | -5.8M | -21.6K | 0 | 0 | -25K | 0 | 0 |
| Cash from Financing | 8.18B | 856.13M | 311.95M | -24.78M | 75.36M | 455.84M | 8.3M | -5.39M | 77.24M | 142.92M | 0 | 0 | 0 | 0 | 212.21K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 714.81M | 757.7M | 162.53M | 16K | 95.92M | 447.54M | 7.93M | 0 | 59.48M | 0 | 0 | 0 | 0 | 0 | 300K |
| Net Stock Activity | 714.81M | 757.7M | 162.53M | 16K | 95.92M | 447.54M | 7.93M | 0 | 59.48M | 0 | 0 | 0 | 0 | 0 | 300K |
| Debt Issuance (Net) | 2M | 1000K | 1000K | -1000K | -1000K | 1000K | -5.52K | -1000K | 1000K | 0 | 0 | - | - | - | - |
| Other Financing | -106.56M | 12.97M | 21.33M | -47.1M | -15.19M | 261.87M | 375.53K | 21.14K | -3.89M | 142.92M | 0 | 0 | 0 | 0 | -87.79K |
| Net Change in Cash | 6.8B | -37.02M | 54.68M | 8.44M | -82.74M | 137.31M | -130.08K | -610.54K | -19.69M | -42.59K | -42.59K | -67.44K | -143.63K | -58.38K | 136.56K |
| Exchange Rate Effect | -356K | 285K | -261K | -11.81M | -600.89K | -3.22M | 0 | 0 | 0 | -139.53M | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 160.63M | 85.64M | 30.96M | 30.52M | 105.78M | 2.82M | 2.95M | 3.56M | 23.25M | 328.84K | 328.84K | 396.29K | 539.92K | 598.3K | 461.74K |
| Cash at End | 7.02B | 48.61M | 85.64M | 40.82M | 23.04M | 140.13M | 2.82M | 2.95M | 3.56M | 286.25K | 286.25K | 328.84K | 396.29K | 539.92K | 598.3K |
| Interest Paid | 9.79M | 13.56M | 16.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - |
| Income Taxes Paid | 1.08M | 1.19M | 2.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - |
| Free Cash Flow | -1.24B | -787.31M | -333.13M | -27.3M | -134.17M | -166.67M | -7.1M | 5.27M | -91.14M | -3.41M | -42.59K | -67.44K | -118.63K | -58.38K | -75.65K |
| FCF Growth % | -167.18% | -136.34% | -1120.38% | 79.65% | 19.5% | -2246.52% | -234.67% | 105.79% | -2576.17% | -7895.54% | 36.85% | 43.15% | -103.19% | 22.82% | - |
Quick answers to the most common questions about buying HUT stock.
Hut 8 Corp. (HUT) generated $-139.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hut 8 Corp. (HUT) reported negative free cash flow of $787.3M in 2025, indicating capital requirements exceeded cash from operations.
Hut 8 Corp. (HUT) spent $216.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Dilution and funding risk
Metrics are mathematically derived from official filings.
Negative Earnings Undermine Capital Generation
Hut 8's net losses totaled $150.2M in 2026Q2, with operating cash flow of -$5.6M, indicating no internal capital generation. According to reported financials, the company is burning cash, relying on external financing.
The persistent negative net income and operating cash flow across the last ten quarters, with the exception of a few quarters, suggest that Hut 8 is not generating organic capital to support its growth. The 2026Q2 OCF/NI ratio of 0.04 is misleadingly low because net income includes large non-cash charges, but the underlying cash burn is real. This implies that the company's expansion plans are entirely dependent on external funding, which may lead to further dilution or increased leverage.
Securities Portfolio Activity Minimal
Investment purchases were $48.5M in 2026Q2, with no sales, according to financial statements, suggesting a build-up in securities. However, the scale is small relative to the company's cash burn and may not be a strategic focus.
The sporadic and modest investment activity, with purchases in some quarters and sales in others, indicates that Hut 8 is not actively managing a large securities portfolio. The $48.5M purchase in 2026Q2 could represent a strategic allocation, but given the company's cash constraints, it may be a temporary deployment of funds. This activity does not appear to be a core driver of cash flows, and investors should focus on the company's core operations.
Loan Book Growth Not Evident
Loan loss provisions escalated to $52.0M in 2026Q2, up from $16.3M in 2026Q1, as per reported data, suggesting deteriorating credit quality. However, loan growth data is unavailable, making it difficult to assess the underlying portfolio expansion.
The sharp increase in loan loss provisions, despite the absence of explicit loan balance data, may indicate that the company is recognizing credit deterioration in its lending activities. This could be a result of the broader economic environment or specific portfolio issues. The lack of loan flow data limits the analysis, but the rising provisions warrant close monitoring as they directly impact earnings and capital.
No Capital Return to Shareholders
Hut 8 paid no dividends and made no buybacks in any of the last ten quarters, according to financial statements, indicating a complete retention of any available capital. This is consistent with its cash-burning phase.
The absence of dividends and buybacks is not surprising given the company's negative earnings and cash flow. Management appears to be prioritizing capital preservation and reinvestment into the business, particularly the AI infrastructure build-out. However, with no return of capital, shareholders are entirely reliant on stock price appreciation, which is speculative given the current financial trajectory.
Deposit Flows Not Applicable
As a capital markets firm, Hut 8 does not report traditional deposit flows, and the data shows no interest-bearing or non-interest-bearing deposit activity. This metric is not relevant to its business model.
The absence of deposit data is consistent with Hut 8's classification as a financial services company focused on digital asset mining and data centers, rather than a depository institution. Therefore, deposit betas and rate sensitivities are not applicable. Investors should instead focus on the company's funding sources, which appear to be primarily equity and debt issuances.
Cash Flow Statement Hides Key Risks
The cash flow statement does not reveal the full extent of Hut 8's off-balance-sheet commitments, such as undrawn credit lines or construction financing, which could be substantial. According to recent disclosures, the company has $7.5B in investment-grade construction financing, but this is not reflected in the cash flow data.
The reported cash flows may understate the company's liquidity needs, as significant capital expenditures for data center construction are likely financed through off-balance-sheet arrangements or future debt draws. Additionally, the cash flow statement does not capture the potential dilution from convertible notes or warrants, which could further pressure the stock. Investors should monitor the company's disclosures for these hidden obligations, as they could materially impact future cash flows and solvency.