Revenue performance remains highly unstable, evidenced by a dramatic swing from $339.9M in 2024Q4 to a negative $313.4M in 2025Q4, reflecting deep underlying operational volatility.
| 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 |
|---|
| Sales/Revenue | -40.96M | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -132.19M | -92.69M | 75.73M | 41.85M | 43.63M | 53.4M | -21.1M | 2.13M | -23.48M | 5.95M | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 322.69% | -614.63% | 46.64% | 43.58% | 50.3% | 67.44% | -51.83% | 2.6% | -47.5% | 88.3% | - | - | - | - | - |
| Gross Profit Growth % | - | -222.4% | 80.95% | -4.06% | -18.31% | 353.09% | -1090.08% | 109.08% | -494.63% | - | - | - | - | - | - |
| Operating Expenses | 384.53M | 224.71M | -384.81M | 32.46M | 112.31M | 73.22M | 2.57M | 4.76M | 25.62M | 5.28M | 105.96K | 105.44K | 57.11K | 225.22K | 168.87K |
| OpEx % of Revenue | - | 1490.01% | -236.97% | 33.79% | 129.49% | 92.46% | 6.31% | 5.81% | 51.83% | 78.3% | - | - | - | - | - |
| Selling, General & Admin | 183.49M | 122.81M | 72.92M | 49.13M | 27.34M | 31.32M | 2.57M | 4.76M | 7.76M | 3.38M | 105.96K | 105.44K | 57.11K | 225.22K | 168.87K |
| SG&A % of Revenue | - | 814.32% | 44.9% | 51.16% | 31.53% | 39.56% | 6.31% | 5.81% | 15.7% | 50.18% | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -516.72M | -317.4M | 460.54M | 9.4M | -68.69M | -19.82M | -7.14M | -2.66M | -49.11M | 1.38M | -105.96K | -105.44K | -57.11K | -225.22K | -166.87K |
| Operating Margin % | 1261.42% | -2104.64% | 283.61% | 9.78% | -79.19% | -25.02% | -17.53% | -3.24% | -99.33% | 20.44% | - | - | - | - | - |
| Operating Income Growth % | - | -168.92% | 4801.44% | 113.68% | -246.65% | -177.59% | -168.51% | 94.59% | -3664.72% | 1400.11% | -0.49% | -84.63% | 74.64% | -34.96% | - |
| EBITDA | -388.85M | -212.89M | 507.54M | 20.4M | -49.61M | -7.82M | -2.39M | 30.4M | -2.09M | 2.3M | -83.14K | -105.44K | -32.11K | -225.22K | -168.87K |
| EBITDA Margin % | 949.27% | -1411.63% | 312.56% | 21.24% | -57.2% | -9.88% | -5.87% | 37.07% | -4.22% | 34.17% | - | - | - | - | - |
| EBITDA Growth % | -491.99% | -141.94% | 2387.84% | 141.12% | -534.29% | -227.48% | -107.86% | 1555.41% | -190.7% | 2869.37% | 21.15% | -228.4% | 85.74% | -33.37% | - |
| D&A (Non-Cash Add-back) | 127.86M | 104.51M | 47.01M | 11.01M | 19.07M | 11.99M | 4.75M | 33.05M | 47.02M | 924.95K | 22.82K | 0 | 25K | 0 | -2K |
| EBIT | -122.71M | -269.76M | 481.7M | 46.9M | -38.87M | -19.82M | -7.14M | -2.66M | 0 | 1.38M | 0 | 0 | -57.11K | 0 | -166.87K |
| Net Interest Income | -13.36M | -30.07M | -29.79M | -24.93M | -6.67M | 1.5M | -2.44M | -4.78M | -872.1K | 0 | 0 | 0 | -25K | 0 | -2K |
| Interest Income | 0 | 0 | 0 | 0 | 922K | 2.85M | 8.3K | 41.24K | 32.41K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 13.36M | 30.07M | 29.79M | 24.93M | 7.59M | 1.36M | 2.45M | 4.83M | 904.51K | 0 | 0 | 0 | 25K | 0 | 2K |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -447.39M | -299.83M | 451.91M | 21.96M | -66.81M | -26.73M | 3.99M | 2.13M | -136.77M | 673.63K | -105.96K | -105.44K | -82.11K | -225.22K | -168.87K |
| Pretax Margin % | 1092.17% | -1988.16% | 278.3% | 22.87% | -77.02% | -33.76% | 9.8% | 2.6% | -276.63% | 10% | - | - | - | - | - |
| Income Tax | -113.86M | -51.84M | 113.46M | 190K | -1.2M | 5.07M | -15.05M | 4.76M | 86.08M | 106.56K | 0 | 0 | 25K | 0 | 2K |
| Effective Tax Rate % | 25.45% | 17.29% | 25.11% | 0.87% | 1.79% | -18.96% | -377.02% | 223.36% | -62.94% | 15.82% | 0% | 0% | -30.45% | 0% | -1.18% |
| Net Income | -312.11M | -226.15M | 331.88M | 21.85M | -65.61M | -31.8M | -19.31M | 2.13M | -136.77M | 567.07K | -105.96K | -105.44K | -82.11K | -225.22K | -168.87K |
| Net Margin % | 761.93% | -1499.56% | 204.38% | 22.75% | -75.64% | -40.16% | -47.42% | 2.6% | -276.63% | 8.41% | - | - | - | - | - |
| Net Income Growth % | -490.19% | -168.14% | 1418.91% | 133.3% | -106.3% | -64.73% | -1006.15% | 101.56% | -24217.84% | 635.18% | -0.49% | -28.42% | 63.54% | -33.37% | - |
| Net Income (Continuing) | -333.53M | -248M | 338.45M | 21.77M | -65.61M | - | - | - | - | 567.07K | -105.96K | -105.44K | - | -225.22K | - |
| Discontinued Operations | 0 | 0 | -7.04M | 77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 310.34M | 267.55M | 3.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.81 | -2.14 | 3.40 | 0.56 | -6.47 | -1.53 | 1.00 | 0.10 | -8.11 | 49.88 | -9.32 | -9.27 | -7.22 | -19.81 | -3.45 |
| EPS Growth % | -94.08% | -162.94% | 507.14% | 108.66% | -322.88% | -253% | 900% | 101.23% | -116.26% | 635.19% | -0.54% | -28.39% | 63.55% | -474.2% | - |
| EPS (Basic) | - | -2.14 | 3.71 | 0.57 | -6.47 | -1.53 | 1.00 | 0.10 | -8.11 | 49.88 | -9.32 | -9.27 | -7.22 | -19.81 | -3.45 |
| Diluted Shares Outstanding | 111.06M | 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 |
| Basic Shares Outstanding | 111.06M | 105.33M | 91.32M | 47.8M | 37.55M | 26.83M | 18.77M | 17.88M | 16.86M | 11.37K | 11.37K | 11.37K | 11.37K | 11.37K | 49.02K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Extreme Operational Margin Volatility
As reported in recent financial filings, Hut 8's top-line performance exhibits extreme volatility, with quarterly revenue swinging from $339.9M in 2024Q4 to -$313.4M in 2025Q4, suggesting that the company's transition toward a diversified compute-as-a-service model remains highly unstable and sensitive to underlying asset impairments.
The erratic revenue trajectory appears to be heavily influenced by merger-related accounting adjustments and the inherent cyclicality of digital asset mining. Investors should monitor whether the company can stabilize its top-line through recurring HPC contracts, as current figures suggest significant operational friction that obscures underlying growth trends.
Based on the company's reported income statements, Hut 8 has struggled with severe margin instability, evidenced by a 2025Q4 gross margin of 111.2% following a period of deep contraction, which indicates that the cost of revenue is currently decoupled from traditional operational efficiency metrics.
The extreme fluctuations in gross margins suggest that the company's cost structure is heavily burdened by fixed energy commitments and hardware depreciation that do not scale linearly with revenue. This lack of margin predictability implies that the firm remains highly vulnerable to Bitcoin network difficulty and energy price spikes.
According to the provided quarterly data, Hut 8's operating income has demonstrated erratic swings, reaching a low of -$433.9M in 2025Q4, which suggests that the company has yet to achieve the necessary scale to leverage its fixed SG&A and infrastructure costs effectively.
The inability to maintain consistent operating profitability indicates that the company's overhead is currently misaligned with its revenue-generating capacity. Without a sustained increase in high-margin compute services, the firm appears to be struggling to convert its energized capacity into reliable operating income.
As indicated by the financial statements, Hut 8's net income is frequently impacted by significant non-operating items and stock-based compensation, such as the $40.1M expense recorded in 2025Q4, which complicates the assessment of the company's true underlying profitability and shareholder value creation.
The reliance on equity-based compensation and the presence of large, non-recurring gains or losses suggest that reported EPS may not be a reliable indicator of operational health. Investors should exercise caution, as these accounting nuances may mask the ongoing cash burn required to maintain the company's infrastructure.
While proponents argue that Hut 8's power pipeline provides a unique competitive moat, the income statement data suggests that the company's current operational model is failing to generate consistent returns, with net margins frequently dipping into negative territory across multiple reporting periods.
The core risk remains that the company is essentially a leveraged play on energy and Bitcoin prices rather than a stable data center operator. If the transition to high-performance computing fails to materialize, the firm may face continued dilution to cover its high fixed-cost base.
Quick answers to the most common questions about buying HUT stock.
Hut 8 Corp. (HUT) reported a net loss of $226.1M for the fiscal year ending 2025.
Hut 8 Corp. (HUT) reported an operating income of $-317.4M, resulting in an operating profit margin of -2104.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Hut 8 Corp. (HUT) generated $-92.7M in gross profit for the year, representing a gross profit margin of -614.6%. This demonstrates the company's core pricing power and production efficiency.