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Hut 8 Corp. (NASDAQ | TSX: HUT) reported a net loss of $134.3 million in Q1 2025, marking the beginning of the turbulent moment for the company as it executes a bold strategy to become a fully integrated energy infrastructure platform. Quarterly revenue was $21.8 million, down from $51.7 million year-on-year, while adjusted EBITDA revenue was $117.7 million.
Nevertheless, Hut 8 emphasizes strategic growth, which it believes will pay off in the near future. CEO Asher Genoot called the quarter a “intentional and necessary investment phase”, adding: “We believe the returns on this work will become increasingly obvious in the future regions.”
A key development is the launch of American Bitcoin, a majority-equity subsidiary that focuses only on industrial-scale Bitcoin mining. The move comes after the ASIC fleet upgrade, which increased the company’s hashrate by 79% to 9.3 EH/s and improved fleet efficiency by 37% to about 20 j/th.
“After a period of disciplined investment and execution… a simplified capital allocation framework enables the U.S. Bitcoin launch, which enhances our ability to expand lower-cost businesses,” Genoot explained.
As of March 31, 2025, Hut 8 held 10,264 Bitcoin reserve coins (approximately $847.2 million), while managing 1,020 megawatts (MW) of 1,020 megawatts (MW) at 15 locations. The company also reported about 10,800 MW of development pipelines, with an estimated 2,600 MW within the exclusive range.
HUT 8’s revenues in energy and digital infrastructure sectors were $4.4 million and $1.3 million, respectively. However, its computing segment (including Bitcoin mining) was earning $16.1 million in revenue for the quarter.
Infrastructure expansion has also made progress, namely the 205 MW Vega site is gradually undergoing Q2 Energization and starting the initial foundation work at Bend Bend Campus, Louisiana. The company also provides a test rack in Salt Creek and introduces new software tools such as reactors and operators to optimize ASIC-level operations and energy consumption.
Despite financial losses, Cabin 8 still has confidence. “We continue to implement the 2025 roadmap,” Genoot said.