Hut 8 posted a $248 million net loss for full-year 2025, reversing from $331.4 million in net income a year earlier, as unrealized digital asset losses erased the impact of rising revenue. The swing highlights how exposed bitcoin miners remain to mark-to-market volatility, even as they attempt to reposition around more stable infrastructure businesses.
Revenue climbed to $235.1 million in 2025, up from $162.4 million in 2024. Compute operations accounted for $202.3 million of that total, while power generation and managed services contributed $23.2 million and digital infrastructure added $9.6 million. In the fourth quarter alone, revenue reached $88.5 million, nearly tripling from $31.7 million in the same period a year ago. Still, the company recorded a quarterly net loss of $301.8 million, largely tied to $401.9 million in mostly unrealized digital asset losses.
Is Hut 8’s AI Pivot Enough To Offset Bitcoin Volatility?
The losses come as Hut 8 accelerates its push into AI infrastructure. During the fourth quarter, the company signed a 15-year lease with Fluidstack for 245 megawatts of IT capacity at its River Bend campus in Louisiana. The agreement carries a reported $7 billion base-term contract value and is financially backed by Google. At year-end, Hut 8’s development pipeline stood at 8,500 megawatts, with 330 MW under construction and more than 1,200 MW under development. Can investors stomach near-term losses in exchange for long-term AI exposure?
Adjusted EBITDA for the full year came in at negative $135.4 million, compared to positive $555.7 million in 2024, underscoring how bitcoin price swings continue to shape earnings. Yet the company ended 2025 with roughly $1.4 billion in cash and bitcoin reserves across Hut 8 and its majority-owned subsidiary, American Bitcoin, which completed its public listing during the year.
Shares were trading just above $60 this week, up about 1.5% on the day and more than 300% over the past year, even as bitcoin declined roughly 27% over the same stretch. The next test will be execution at River Bend, where scaling AI capacity could determine whether Hut 8’s transformation translates into steadier earnings.
