Filing Flows › Hut 8 (HUT) › Q1 2025
Hut 8 (HUT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Hut 8 (HUT) reported revenue of $21.8M for the first quarter 2025 (Q1 2025), -58% from a year earlier and -31% from the quarter before. Operating margin was -676.8%, net loss $134M (615.7% of revenue).
Hut 8, Q1 2025: revenue $21.8M (-58% year over year), operating margin -676.8%, net loss $134M, operating cash flow −$33.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $21.8M | -31% | -58% |
| Operating profit | −$148M | — | — |
| Net earnings | −$134M | — | — |
| Operating cash flow | −$33.8M | — | — |
What changed
Revenue was $21.8M in Q1 2025, down 58% year over year and down 31% from the previous quarter. High Performance Computing, Colocation and Cloud was the largest line at 74% of revenue. High Performance Computing, Colocation and Cloud lost $16.0M year over year (down 50%), 54% of the total change.
Operating costs exceeded revenue by $147.7M, an operating margin of -676.8%. The quarter ended with a net loss of $134.3M, after a profit of $152.0M the previous quarter. Minority interests bore $430K of it: to shareholders the quarter was a loss of $133.9M.
Operating cash flow was −$33.8M. Non-cash charges added back $14.9M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items added $81.8M. Capital expenditures of $63.3M exceeded it, leaving free cash flow of −$97.2M.
Questions
What was Hut 8's revenue in the first quarter 2025?
Hut 8 (HUT) reported revenue of $21.8M for the first quarter 2025 (Q1 2025), -58% from a year earlier and -31% from the quarter before.
Was Hut 8 profitable in the first quarter 2025?
Operating loss was $148M (-676.8% of revenue) and net loss $134M.
Source: Hut 8 10-Q on SEC EDGAR.