Hut 8 reported a fourth-quarter net loss of $279.7 million, compared with income of $152.2 million a year earlier, as a $401.9 million loss on digital assets weighed on results.
Revenue for the quarter ended Dec. 31 rose to $88.5 million from $31.7 million a year earlier, driven largely by growth in compute operations rather than disclosed Bitcoin production.
Compute revenue totalled $81.9 million in the three-month period, up from $19.2 million a year earlier, underscoring the company’s pivot towards high-performance computing and AI infrastructure.
During the quarter, Hut 8 signed a 15-year lease for 245 megawatts of AI data centre capacity at its River Bend campus valued at $7 billion, with payments financially backstopped by Google.
The company ended the year with roughly $1.4 billion in cash and Bitcoin reserves alongside up to $400 million in revolving credit capacity, while also launching American Bitcoin Corp. as a separately listed vehicle focused on Bitcoin accumulation.
Shares were down about 4.5% in Wednesday morning trading, even as industry tracker CoinShares Bitcoin Mining ETF edged less than 1% higher.