Short answer
Hut 8 Corp. (HUT) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $235M (+44.8% year over year) and net income of −$226M.
- Top risk flagged: Regulatory risk: Ontario IESO MT2 capacity contracts for four gas plants start May 1, 2026, linked to TransAlta sale closed February 2, 2026
FY2025 key financial metrics · XBRL
- Revenue
- $235M
- +44.8% YoY
- Net income
- −$226M
- −168.1% YoY
- Operating margin
- -136.9%
- −420.6 pp YoY
- EPS (diluted)
- −$2.14
- −162.9% YoY
- ROE
- -15.9%
- −49.9 pp YoY
- Operating cash flow
- −$139M
- −103.1% YoY
Source: XBRL data from the Hut 8 Corp. (HUT) FY2025 10-K on SEC EDGAR. USD.
Hut 8 Corp. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: vertically integrated energy infrastructure platform serving next-gen, energy-intensive tech through Power, Digital Infrastructure, and Compute layers
- New Compute brands in 2025: American Bitcoin (public Bitcoin accumulation, Nasdaq “ABTC”) and Highrise AI (AI Cloud with 1,096 NVIDIA H100/H200 GPUs)
- Strategic emphasis on power-first development model prioritizing power availability before real estate, accelerating monetization with ASIC compute as transitional load
- Power capacity under management 1,020 MW as of Dec 31, 2025; development pipeline 8,500 MW; AI-focused River Bend campus under construction (330 MW capacity)
- Notable divestiture of 310 MW power generation assets in Q1 2026, representing a significant portfolio reshaping event within Power segment
Management Discussion & Analysis
- Cash flow, buybacks, dividends, capex details not present
- Forward-looking statements disclosed with risks and uncertainties referenced
- Further financial information required for detailed analysis
Risk Factors
- Regulatory risk: Ontario IESO MT2 capacity contracts for four gas plants start May 1, 2026, linked to TransAlta sale closed February 2, 2026
- Macroeconomic risk: Bitcoin price volatility impacts results due to Bitcoin holdings and mining revenue, under ASU 2023-08 accounting for crypto assets
- Operational risk: Dependence on power procurement and availability for scaling AI infrastructure, with portfolio expansion constrained by competitive power markets
- Competitive risk: AI infrastructure partnership with Anthropic and Fluidstack includes $7B lease for 245 MW plus option for 1,000 MW, competing in hyperscale AI data centers
- Financial risk: $200M Bitcoin-backed Coinbase loan at 9.0% fixed rate due June 16, 2026, fully drawn as of December 31, 2025, with collateral margin obligations
Generated from the filing text; verify against the original. How to read a 10-K
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