Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Hut 8 Corp. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2023
FY2023
FY2024
FY2025
Revenue
73.7
82.2
96
162
235
Cost of revenue
25.8
43.1
54.2
86.7
108
Gross profit
47.9
39
41.9
75.7
127
General and administrative
31.3
27.3
49.1
72.9
123
Operating expenses
67.8
108
Operating income
-19.8
-68.7
9.4
461
-322
Interest expense
6.92
27.9
24.9
29.8
30.1
Other non-operating income
-6.92
1.88
12.6
-8.63
22.2
Pre-tax income
-26.7
-66.8
22
452
-300
Income tax
5.07
-1.2
0.19
113
-51.8
Income from continuing operations
-31.8
-65.6
344
Net income to minority interests
-0.47
-21.8
Net income
-31.8
-65.6
21.9
332
-226
EBITDA
-8.22
-49.9
26.9
508
-220
EPS, basic
-0.94
-1.58
0.46
3.71
-2.14
EPS, diluted
-0.94
-1.58
0.44
3.40
-2.14
Shares, basic (weighted)
33.9
41.5
47.1
91.3
105
Shares, diluted (weighted)
33.9
41.5
49.1
101
105
Balance sheet
FY2023
FY2023
FY2023
FY2024
FY2025
Cash and equivalents
21.1
10.4
30.5
85
44.9
Receivables
1.17
0.64
3.34
6.99
31.1
Total current assets
37.1
19.4
61.6
257
408
Property, plant and equipment
117
70.7
118
222
643
Lease right-of-use assets
2.35
0.54
14.5
20.6
18.5
Goodwill
57.6
53.1
210
Intangible assets
0
5.54
17.3
13.3
11.1
Total assets
245
190
741
1,519
2,754
Accounts payable
6.27
3.61
15
11.3
15.8
Accrued liabilities
0.24
3.42
4.22
7.44
8.34
Deferred revenue
14.8
1.03
2.7
6.2
1.46
Short-term debt
77.2
1.3
64.1
65
Total current liabilities
100
10.3
113
154
376
Long-term debt
51.1
150
123
236
Lease liabilities
1.91
0.94
13.7
18.7
16.3
Total liabilities
157
163
253
538
1,064
Total debt
128
151
187
301
Paid-in capital
128
133
576
790
1,426
Retained earnings
-40.9
-106
-100
232
5.48
Shareholders' equity
87.6
27.4
488
977
1,422
Minority interests
3.91
268
Total equity
87.6
27.4
488
981
1,689
Total liabilities and equity
245
190
741
1,519
2,754
Shares outstanding
41.5
43.2
89
99.5
110
Cash flow statement
FY2023
FY2023
FY2023
FY2024
FY2025
Net income
-31.8
-65.6
21.9
331
-248
Depreciation and amortization
11.6
18.8
17.5
47.8
102
Stock-based compensation
9.18
4.61
13.6
20.8
57.8
Deferred income tax
5.07
-1.52
-0.56
112
-54.6
Change in receivables
-0.16
0.53
-1.17
-0.72
-26.4
Change in payables
0.42
1.53
5.31
-8.35
-5.59
Cash from operations
-42.9
-29.3
-22.2
-68.5
-139
Purchases of investments
0
0
-6.38
Cash from investing
-134
25.2
87
-188
-754
Debt issued
131
14.2
14.8
135
Debt repaid
-9.28
-19.6
-39.6
-34
-45.6
Stock issued
0
0
0.02
0.58
0.33
Cash from financing
192
-6.6
-40.9
312
856
Exchange rate effect
0
0
0.34
-0.26
0.29
Net change in cash
14.3
-10.7
24.3
54.7
-37
Interest paid
6.84
5.54
6
11.2
13.6
Income taxes paid
0.7
2.82
1.19
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $96.82 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
62.3%
Gross profit / revenue.
Operating margin
-295.3%
Operating income / revenue.
EBITDA margin
-249.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-258.2%
Pre-tax income / revenue.
Net margin
-188.6%
Net income / revenue.
Operating cash flow margin
-28.1%
Cash from operations / revenue.
Return on equity (ROE)
-41.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-6.0%
Net income / average total assets.
Return on invested capital (ROIC)
-61.3%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
46.8%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
45.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
44.8%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
68.2%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y
-169.9%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
-143.3%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-168.1%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-162.9%
EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
45.6%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
81.3%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
4.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
19.3x
Current assets / current liabilities.
Quick ratio
0.67x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.64x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.68
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.75
Cash from operations / diluted weighted shares.
Book value per share
$11.71
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
37.5x
Market cap / revenue.
P/B
8.27x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
9.74x
Market cap / tangible book value, when positive.
EV/Sales
36.8x
Enterprise value / revenue.
Earnings yield
-5.0%
Net income / market cap (the inverse of P/E).
What was Hut 8 Corp.'s revenue in fiscal 2025?
Hut 8 Corp. reported revenue of $235.1M for fiscal 2025, 44.8% higher than the year before.
Was Hut 8 Corp. profitable in fiscal 2025?
No. It reported a net loss of $226.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.