Hut 8's 2024 Surge: $162M Revenue, $331M Net Income

Coin WorldWednesday, Mar 5, 2025 6:52 am ET

1min read

Hut 8 Corp., a leading energy infrastructure platform, has reported impressive financial results for the fourth quarter and full year of 2024. The company, which integrates power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, has demonstrated strong operational excellence and bottom-line economics.

The company's full-year 2024 revenue reached $162.4 million, with net income of $331.4 million and Adjusted EBITDA of $555.7 million. These impressive figures reflect Hut 8's commitment to disciplined growth and strategic allocation of capital. The company's 12.3-gigawatt development pipeline, along with its fortified balance sheet and optimized operations, positions it well for continued success in 2025.

Hut 8's power segment generated $56.6 million in full-year revenue, securing a 205 MW behind-the-meter site in Texas and advancing three large-scale AI data center development projects. The digital infrastructure segment contributed $17.5 million in full-year revenue, completing the greenfield development and energization of a 63 MW Bitcoin mining facility and securing a major colocation contract with BITMAIN Technologies Ltd.

The compute segment generated $80.7 million in full-year revenue, partnering with BITMAIN to develop and launch a next-generation ASIC miner and launching Highrise AI, a wholly-owned subsidiary providing GPU-as-a-Service. The company also executed a purchase agreement for BITMAIN Antminer S21+ miners, which is expected to increase self-mining hashrate and drive average fleet efficiency.

Hut 8's strategic hires, including Asher Genoot as CEO, Sean Glennan as CFO, and Victor Semah as CLO, have strengthened the company's bottom-line economics and fortified its balance sheet. The company's capital strategy and balance sheet have been bolstered by a $150 million strategic investment from Coatue, the conversion of a $37.9 million Anchorage Digital loan balance to shares of common stock, and the launch of a $500 million ATM program and a $250 million stock repurchase program.

The company's strategic Bitcoin reserve of 10,171 Bitcoin, with a market value of $949.5 million

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