Strategic initiatives drive revenue growth, balance sheet strength, and competitive position across AI compute and Bitcoin mining Earnings Release Highlights Revenue of $43.7 million, net income of $0.9 million, and Adjusted EBITDA of $5.6 million Energy cost per MWh of $28.83, a 33% decrease from $42.73 in the prior year period Mined 234 Bitcoin at […]

Hut 8 Reports Third Quarter 2024 Results

Strategic initiatives drive revenue growth, balance sheet strength, and competitive position across AI compute and Bitcoin mining Earnings Release Highlights Revenue of $43.7 million, net income of $0.9 million, and Adjusted EBITDA of $5.6 million Energy cost per MWh of $28.83, a 33% decrease from $42.73 in the prior year period Mined 234 Bitcoin at […]

BITMAIN Partnership: The Company announced a partnership with BITMAIN to develop and host ~15 EH/s of the U3S21EXPH, a next-generation ASIC miner, under a colocation agreement with a purchase option to add up to the entire ~15 EH/s to its self-mining hashrate by EOY 2025. The U3S21EXPH will be the first ASIC miner mass-commercialized by BITMAIN to feature direct liquid-to-chip cooling within a U form factor and is capable of achieving up to 860 TH/s at an efficiency of 13 J/TH. The U3S21EXPH is expected to be deployed at Vega in Q2 2025 and generate ~$135 million in annualized colocation revenue on a fully ramped basis.

ASIC Fleet Upgrade: The Company signed a purchase agreement with BITMAIN on November 6, 2024 to upgrade approximately 111 MW of self-mining capacity across its existing fleet in Q1 2025. The purchase, consisting primarily of Antminer S21+ miners, is expected to increase the Company’s self-mining hashrate by ~3.7 EH/s to ~9.3 EH/s while driving its average fleet efficiency down from 31.7 to 19.9 J/TH. The Company now has a path to ~24 EH/s of self-mining hashrate with an average fleet efficiency of 15.7 J/TH as early as Q2 2025 if it decides to execute its purchase option under the BITMAIN partnership.

Vega Site: The Company continued groundwork at the 205 MW Vega site, which is expected to house the ~15 EH/s colocation deployment of the BITMAIN U3S21EXPH. The Company developed a custom design for Tier I data center infrastructure inspired by traditional rack-based architecture, which will be implemented for the first time at the site. The site is on track to energize in Q2 2025.

Launch of GPU-as-a-Service Business: The Company launched its GPU-as-a-Service business through its wholly owned subsidiary, Highrise AI, Inc., with the delivery of its first cluster, hosted at a tier-three data center in Chicago, Illinois to an AI cloud services provider. The cluster comprises multiple Hewlett Packard Enterprise Cray supercomputers powered by 1,000 NVIDIA H100 GPUs. The Company has a five-year agreement with the AI cloud services provider that provides for fixed infrastructure payments plus revenue-sharing.

Anchorage Loan Conversion: The Company converted its entire $37.9 million outstanding loan balance with Anchorage to common stock at a price of $16.395 per share. The share price represents a 51% premium to the 20-day VWAP through September 26, 2024, the day prior to the signing of the Debt Repayment Agreement.