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Hut 8 vs Gpgi: HUT and GPGI compared
Hut 8 is the larger company: $71.1M of revenue in its latest quarter (Q3 2026) against $59.8M for Gpgi (Q1 2025). Hut 8 is growing faster (-15% against -42% a year earlier). Hut 8 is more profitable, with an operating margin of 447.7% against 10.0%.
Where the money goes: HUT and GPGI
Hut 8 (HUT) · Q3 2026
Hut 8, Q3 2026: revenue $71.1M (-15% year over year), operating margin 447.7%, net earnings $131M, operating cash flow $27.8M. The chart follows the revenue to costs, profit and cash.
Gpgi (GPGI) · Q1 2025
Gpgi, Q1 2025: revenue $59.8M (-42% year over year), operating margin 10.0%, net earnings $21.5M, operating cash flow $3.0M. The chart follows the revenue to costs, profit and cash.
| Hut 8 (HUT) | Gpgi (GPGI) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q1 2025 |
| Revenue | $71.1M | $59.8M |
| Revenue growth, Y/Y | -15% | -42% |
| Gross margin | — | 48.0% |
| Operating margin | 447.7% | 10.0% |
| Net earnings | $131M | $21.5M |
| Net margin | 184.4% | 36.0% |
| Operating cash flow | $27.8M | $3.0M |
Where the revenue comes from
Hut 8
- High Performance Computing Colocation and Cloud: $68.4M (96%)
- Digital Infrastructure: $1.4M (2%)
- Power: $1.3M (2%)
Questions
Which is bigger, Hut 8 or Gpgi?
Hut 8 is the larger company: $71.1M of revenue in its latest quarter (Q3 2026) against $59.8M for Gpgi (Q1 2025).
Is Hut 8 or Gpgi growing faster?
Hut 8 is growing faster (-15% against -42% a year earlier).
Which is more profitable, Hut 8 or Gpgi?
Hut 8 is more profitable, with an operating margin of 447.7% against 10.0%.
More: Hut 8 earnings · how Hut 8 makes money · Gpgi earnings · how Gpgi makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed May 12, 2025). Fiscal quarters can end on different dates. Not investment advice.