Filing Flows › Hut 8 (HUT) › Q2 2025
Hut 8 (HUT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Hut 8 (HUT) reported revenue of $41.3M for the second quarter 2025 (Q2 2025), +17% from a year earlier and +89% from the quarter before. Operating margin was 454.9%, net earnings $137M (332.5% of revenue).
Hut 8, Q2 2025: revenue $41.3M (+17% year over year), operating margin 454.9%, net earnings $137M, operating cash flow −$48.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $41.3M | +89% | +17% |
| Operating profit | $188M | — | — |
| Net earnings | $137M | — | — |
| Operating cash flow | −$48.8M | — | — |
What changed
Revenue was $41.3M in Q2 2025, up 17% year over year and up 89% from the previous quarter. High Performance Computing, Colocation and Cloud was the largest line at 83% of revenue. High Performance Computing, Colocation and Cloud added $18.5M year over year (up 117%), 304% of the total change. Digital Infrastructure declined 71%.
Operating profit was $187.9M, a 454.9% margin (up 701.1 points year over year). Net earnings were $137.3M. The effective tax rate was 16.7%.
Operating cash flow was −$48.8M. Non-cash charges added back $19.5M of depreciation and amortization and $7.6M of share-based compensation. Working capital and other items used $213.4M. Capital expenditures of $45.4M exceeded it, leaving free cash flow of −$94.2M.
Questions
What was Hut 8's revenue in the second quarter 2025?
Hut 8 (HUT) reported revenue of $41.3M for the second quarter 2025 (Q2 2025), +17% from a year earlier and +89% from the quarter before.
Was Hut 8 profitable in the second quarter 2025?
Operating profit was $188M (454.9% of revenue) and net earnings $137M.
Source: Hut 8 10-Q on SEC EDGAR.