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- **Revenue Surge**: Q3 2025 revenue of $83.5 million (+91% YoY) driven by American Bitcoin's expansion.
- **Power-First Strategy**: 1,530 MW expansion initiative targeting AI and HPC, with 85%+ contracted capacity.
- **Fortress Balance Sheet**: $1.6 billion Bitcoin reserve, $200M credit facility, and $1B ATM program supporting disciplined growth.
- **Gross Profit Growth**: 10x YoY increase to $48 million, with margin expanding to 68.6%.
- **AI Demand Acceleration**: HPC tenant conversations advancing rapidly, reflecting broader market trends.

**【Management Opening Remarks】**
- Introduced the call, noting the availability of the transcript and cautionary statements regarding forward-looking statements.
- Highlighted the use of non-GAAP measures and the reconciliation of GAAP and non-GAAP results.

**【CEO Commentary】**
- Q3 2025 revenue: $83.5 million (91% YoY growth), driven by American Bitcoin's expansion.
- Launched the 1,530 MW expansion initiative across 4 U.S. locations, targeting AI and HPC demand.
- Emphasized the power-first strategy, separating Bitcoin mining into American Bitcoin to focus on lower-cost businesses.
- Highlighted the development flywheel framework: origination, investment, monetization, optimization.

**【CFO Commentary】**
- Power segment revenue decline due to Ionic MSA termination, offset by increased power generation.
- Digital Infrastructure segment revenue growth (31% YoY) from BITMAIN ASIC colocation.
- Compute segment revenue surge ($70 million vs. $13.7 million YoY) from American Bitcoin mining.
- Fortress balance sheet: $1.6 billion Bitcoin reserve, $200 million revolving credit facility, and $1 billion ATM program.
- Gross profit growth (10x YoY) and margin expansion (68.6%).

**【Q&A Highlights】**
- Accelerating AI demand: Conversations with HPC tenants progressing faster than expected.
- Power pipeline valuation: Market discount due to execution risk; Hut 8 prioritizes disciplined execution.
- Bitcoin reserve role: Provides liquidity, reduces equity dilution, and supports project financing.
- Project financing: Access to capital remains strong, with focus on nonrecourse structures.
- Site-specific updates: Illinois site targeting enterprise and AI, Corpus Christi site for hyperscalers.

Hut 8 Corp. (HUT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HUT

HUT fundamentals

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