press release

Hut 8 Reports Fourth Quarter and Full Year 2025 Results

Feb 25, 2026
Posted by  Hut 8

  • Power-first model delivers first AI infrastructure transaction and advances multi-gigawatt growth strategy
  • 8,500 MW [1] development pipeline as of December 31, 2025 sets foundation for scalable, repeatable execution in 2026
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Notes
  1. Excludes 1,000 MW of potential expansion capacity at River Bend (subject to the expansion of power at the site), for which Fluidstack holds a ROFO under the River Bend lease
  2. Subject to the negotiation and execution of definitive transaction agreements and customary closing conditions.
  3. Comprises all Power assets: Power Generation, Managed Services, Digital Infrastructure, ASIC Compute, Traditional Cloud, and non-operational sites
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Notes
  1. Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 11. Investment in unconsolidated joint venture of the consolidated financial statements included in the Annual Report in Form 10-K for further detail.
  2. Non-recurring transactions for the three months ended December 31, 2025 represent a $17.6 million sales tax refund, partially offset by $1.1 million of American Bitcoin-related transaction costs and approximately $1.0 million of Far North transaction costs. Non-recurring transactions for the three months ended December 31, 2024 represent approximately $0.2M of restructuring costs, and $0.1M of Far North related costs. Non-recurring transactions for the twelve months ended December 31, 2025 represent approximately $8.7 million of American Bitcoin-related transaction costs, approximately $1.1 million of Far North transaction costs, and approximately $0.4 million of restructuring costs, offset by a $17.6 million sales tax refund. Non-recurring transactions for the twelve months ended December 31, 2024 represent approximately $4.0 million of restructuring costs and $1.9 million related to the Far North transaction costs, offset by a $13.5 million contract termination fee received from MARA, and a $2.2 million tax refund.