Revenue and margins have been highly volatile, with total revenue swinging from $339.9M in 2024Q4 to negative $313.4M in 2025Q4 and operating income reaching -$433.9M in the same period, suggesting the cost base has not scaled with revenue.
Hut 8 Corp. (HUT) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Jun'23 | Jun'22 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Net Interest Income | -38.81M | -30.07M | -29.79M | -24.93M | -5.04M | 1.5M | -2.44M | -4.78M | -872.1K | 0 | 0 | 0 | -25K | 0 | -2K |
| NII Growth % | -67.78% | -0.94% | -19.5% | -395.18% | -436.04% | 161.39% | 48.99% | -448.65% | - | - | - | 100% | - | 100% | - |
| Net Interest Margin % | -0.38% | -1.09% | -1.96% | -2.55% | -1.62% | 0.21% | -5.65% | -6.72% | -1.05% | 0% | 0% | 0% | -6.09% | 0% | -0.31% |
| Interest Income | 88.85M | 0 | 0 | 0 | 696K | 2.85M | 8.3K | 41.24K | 32.41K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -39.62M | 30.07M | 29.79M | 24.93M | 5.73M | 1.36M | 2.45M | 4.83M | 904.51K | 0 | 0 | 0 | 25K | 0 | 2K |
| Loan Loss Provision | 127.82M | 77.7M | 56.86M | 29.26M | 26.81M | 24.43M | 59.36M | 75.03M | 72.02M | 788.53K | 0 | 0 | -25K | 0 | -2K |
| Non-Interest Income | 140.06M | 235.12M | 162.38M | 96.05M | 64.78M | 76.33M | 9.07M | 81.95M | 49.41M | 6.74M | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income % | 138.33% | 114.67% | 122.47% | 135.06% | 108.43% | 98.07% | 136.82% | 106.2% | 101.8% | 100% | - | - | 0% | - | 0% |
| Total Net Revenue | 101.25M | 205.04M | 132.59M | 71.11M | 59.75M | 77.83M | 6.63M | 77.16M | 48.53M | 6.74M | 0 | 0 | -25K | 0 | -2K |
| Revenue Growth % | -80.86% | 54.64% | 86.45% | 19.03% | -23.24% | 1073.89% | -91.41% | 58.99% | 620.17% | - | - | 100% | - | 100% | - |
| Non-Interest Expense | 785.42M | 347.34M | -384.81M | 32.46M | 84.78M | 73.22M | 2.57M | 4.76M | 25.62M | 5.28M | 105.96K | 105.44K | 57.11K | 225.22K | 168.87K |
| Efficiency Ratio | 775.69% | 169.4% | -290.22% | 45.64% | 141.91% | 94.07% | 38.72% | 6.17% | 52.79% | 78.3% | - | - | -228.43% | - | -8443.65% |
| Operating Income | -297.16M | -219.99M | 460.54M | 9.4M | -51.85M | -25.51M | -23.34M | 5.98M | -48.15M | 1.38M | -104.11K | -105.44K | -57.11K | -225.22K | -166.87K |
| Operating Margin % | -293.48% | -107.29% | 347.34% | 13.21% | -86.79% | -32.77% | -352% | 7.75% | -99.2% | 20.44% | - | - | 228.43% | - | 8343.65% |
| Operating Income Growth % | - | -147.77% | 4801.44% | 118.12% | -103.28% | -9.3% | -490.35% | 112.42% | -3595.12% | 1423.19% | 1.26% | -84.63% | 74.64% | -34.96% | - |
| Pretax Income | -649.52M | -299.83M | 451.91M | 21.96M | -50.43M | -34.41M | -23.76M | 2.13M | -136.77M | 673.63K | -105.96K | -105.44K | -82.11K | -225.22K | -168.87K |
| Pretax Margin % | -641.47% | -146.23% | 340.83% | 30.88% | -84.41% | -44.22% | -358.41% | 2.76% | -281.79% | 10% | - | - | 328.43% | - | 8443.65% |
| Income Tax | -210.29M | -51.84M | 113.46M | 190K | -904.35K | 6.53M | -14.33M | 0 | 0 | 106.56K | 0 | 0 | 25K | 0 | 2K |
| Effective Tax Rate % | 32.38% | 17.29% | 25.11% | 0.87% | 1.79% | -18.96% | 60.29% | 0% | 0% | 15.82% | 0% | 0% | -30.45% | 0% | -1.18% |
| Net Income | -432.65M | -248M | 331.88M | 21.85M | -49.53M | -31.8M | -19.31M | 2.13M | -136.77M | 567.07K | -105.96K | -105.44K | -82.11K | -225.22K | -168.87K |
| Net Margin % | -427.29% | -120.95% | 250.31% | 30.73% | -82.9% | -40.86% | -291.19% | 2.76% | -281.79% | 8.41% | - | - | 328.43% | - | 8443.65% |
| Net Income Growth % | -310.27% | -174.72% | 1418.91% | 144.12% | -55.74% | -64.73% | -1006.15% | 101.56% | -24217.84% | 635.18% | -0.49% | -28.42% | 63.54% | -33.37% | - |
| Net Income (Continuing) | -439.23M | -248M | 338.45M | 21.77M | -49.53M | -40.94M | -19.31M | 2.14M | -143.66M | 567.07K | -104.11K | -105.44K | - | -225.22K | - |
| EPS (Diluted) | -3.23 | -2.14 | 3.40 | 0.56 | -4.97 | -1.53 | -1.02 | 0.12 | -8.11 | 49.88 | -9.32 | -9.27 | -7.22 | -19.81 | -3.45 |
| EPS Growth % | -380.98% | -162.94% | 507.14% | 111.27% | -224.84% | -50% | -950% | 101.48% | -116.26% | 635.19% | -0.54% | -28.39% | 63.55% | -474.2% | - |
| EPS (Basic) | - | -2.14 | 3.71 | 0.57 | -4.97 | -1.53 | -1.03 | 0.12 | -8.11 | 49.88 | -9.32 | -9.27 | -7.22 | -19.81 | -3.45 |
| Diluted Shares Outstanding | 134M | 105.33M | 101.05M | 49.81M | 37.55M | 26.83M | 18.85M | 18.12M | 16.86M | 11.37K | 11.37K | 11.37K | 11.37K | 11.37K | 49.02K |
Quick answers to the most common questions about buying HUT stock.
For fiscal year 2025, Hut 8 Corp. (HUT) reported total revenue of $205.0M.
Hut 8 Corp. (HUT) reported a net loss of $248.0M for the fiscal year ending 2025.
Hut 8 Corp. (HUT) reported an operating income of $-220.0M, resulting in an operating profit margin of -107.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Hut 8 Corp. (HUT) generated $127.3M in gross profit for the year, representing a gross profit margin of 62.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Reported losses and dilution exposure
Metrics are mathematically derived from official filings.
Quarterly Revenue Swings Undermine Earnings Quality
Based on reported figures, HUT's total revenue swung from $340M in 2024Q4 to negative $313M in 2025Q4, a volatility that makes the earnings base difficult to underwrite.
The series shows reported revenue that alternates between large positive quarters and negative quarters, which suggests the top line is heavily influenced by mark-to-market or non-operating items rather than a stable recurring stream. Because the data does not clearly separate net interest income from non-interest income, the bank-style earnings framework cannot be cleanly applied here. Investors should monitor whether future periods show a consistent core revenue base before attributing value to any single quarter.
Provision Expense Rising Against Thin Revenue
As reported in the quarterly statements, provision expense climbed to $106.3M in 2026Q3, roughly 150% of that quarter's $71.1M total revenue, a ratio that warrants close scrutiny.
A provision running well above revenue suggests either substantial credit deterioration or a reclassification within the reported figures, and the data alone cannot distinguish between the two. The absence of loan book or charge-off detail means the cause cannot be verified from the supplied data. Monitoring provision trends alongside the efficiency ratio will be necessary to judge whether this reflects a one-time item or a persistent pressure.
Operating Losses Outpace Revenue Recovery
Operating income remained deeply negative across multiple periods, including -$433.9M in 2025Q4 and -$206.3M in 2026Q2, indicating that cost structure has not scaled down with revenue.
Negative operating income in most recent quarters suggests the cost base is not flexing with the revenue line, which points to weak operating leverage. The efficiency ratio of 194.6% in 2026Q1 is consistent with expenses exceeding income, although the reliability of that ratio depends on how the underlying revenue is defined. Investors should track whether cost reductions or revenue normalization narrow this gap in coming periods.
Fee Mix Shifts Toward Non-Interest Dependence
Non-interest income accounted for 100% of total revenue in 2026Q3 and 2026Q2 per the reported figures, with net interest income reported as zero in those periods.
A revenue base that is entirely non-interest in nature suggests the company is not operating with a conventional lending spread, so the durability of fee income becomes the central question. The reported fee share of 115% in 2026Q1 indicates that the mix figures are internally inconsistent, which limits confidence in any derived ratio. Investors should monitor whether non-interest income is recurring or driven by episodic gains.
Net Interest Income Remains Negligible
Reported net interest income was negative in 2026Q1 at -$9.2M and near zero in later periods, leaving little evidence of a durable spread-based earnings engine.
Negative and near-zero net interest income suggests that funding costs have at times exceeded asset yields, or that the company does not run a traditional lending book at scale. Without deposit or loan balance data, the drivers of this trend cannot be isolated. Investors should treat the net interest line as a minor contributor until evidence of a meaningful balance sheet spread emerges.