Filing Flows › Hut 8 (HUT) › Q3 2025
Hut 8 (HUT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Hut 8 (HUT) reported revenue of $83.5M for the third quarter 2025 (Q3 2025), +91% from a year earlier and +102% from the quarter before. Operating margin was 87.0%, net earnings $50.1M (60.0% of revenue).
Hut 8, Q3 2025: revenue $83.5M (+91% year over year), operating margin 87.0%, net earnings $50.1M, operating cash flow $770K. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $83.5M | +102% | +91% |
| Operating profit | $72.7M | -61% | — |
| Net earnings | $50.1M | -64% | 77× |
| Operating cash flow | $770K | — | — |
What changed
Revenue was $83.5M in Q3 2025, up 91% year over year and up 102% from the previous quarter. High Performance Computing, Colocation and Cloud was the largest line at 84% of revenue. High Performance Computing, Colocation and Cloud added $56.3M year over year (up 411%), 142% of the total change. Power declined 68%.
Operating profit was $72.7M, a 87.0% margin (up 90.6 points year over year). Total costs fell 76% while revenue rose 91%. Net earnings were $50.1M, up 7645% year over year. The effective tax rate was 27.3%.
Operating cash flow was $770K, 2% of net earnings. Non-cash charges added back $27.8M of depreciation and amortization and $6.3M of share-based compensation. Working capital and other items used $84.0M. Capital expenditures of $39.2M exceeded it, leaving free cash flow of −$38.4M.
Questions
What was Hut 8's revenue in the third quarter 2025?
Hut 8 (HUT) reported revenue of $83.5M for the third quarter 2025 (Q3 2025), +91% from a year earlier and +102% from the quarter before.
Was Hut 8 profitable in the third quarter 2025?
Operating profit was $72.7M (87.0% of revenue) and net earnings $50.1M.
Source: Hut 8 10-Q on SEC EDGAR.