Hut 8 posts $248 million net loss for 2025 as AI pivot takes shape
Hut 8 reported a $248 million net loss for 2024, driven by unrealized digital asset losses, despite significant revenue growth from its AI pivot.Summary
Bitcoin miner Hut 8 transitioned into an energy and AI infrastructure developer, reporting a full-year 2025 net loss of $248 million, a sharp reversal from $331.4 million net income in 2024. This loss was primarily due to unrealized digital asset losses, which also caused the adjusted EBITDA to fall to negative $135.4 million from positive $555.7 million year-over-year. Despite the headline loss, revenue increased to $235.1 million, largely fueled by $202.3 million from compute operations.
The company highlighted its strategic pivot, signing a 15-year lease with Fluidstack for 245 megawatts of IT capacity at its River Bend campus, a deal financially backstopped by Google and valued at $7 billion in base-term contract value. Hut 8's total development pipeline reached 8,500 megawatts by year-end 2025. Furthermore, the company completed the public listing of its bitcoin accumulation subsidiary, American Bitcoin, and ended the year holding approximately $1.4 billion in cash and bitcoin reserves.
(Source：The Block)