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Capital markets · Financial Services · Fiscal year ends Dec 31
Hut 8 reported revenue of $235M in the fiscal year ended Dec 2025, up 44.8% from the year before. Operating income was −$322M, an operating margin of −136.9%, and net income was −$226M.
Ranks among the 33 capital markets companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jun 2022 | Jun 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 73.7 | 82.2 | 96.0 | 162 | 235 |
| Cost of revenue | 25.8 | 43.1 | 54.2 | 86.7 | 108 |
| Gross profit | 47.9 | 39.0 | 41.9 | 75.7 | 127 |
| Operating income | −19.8 | −68.7 | 9.4 | 461 | −322 |
| Interest expense | 6.9 | 27.9 | 24.9 | 29.8 | 30.1 |
| Pre-tax income | −26.7 | −66.8 | 22.0 | 452 | −300 |
| Income tax | 5.1 | −1.2 | 0.2 | 113 | −51.8 |
| Net income | −31.8 | −65.6 | 21.9 | 332 | −226 |
| Diluted EPS | −0.94 | −1.58 | 0.44 | 3.40 | −2.14 |
| Diluted shares | 33.9 | 41.5 | 49.1 | 101 | 105 |
| Fiscal year | Jun 2022 | Jun 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 21.1 | 10.4 | 30.5 | 85.0 | 44.9 |
| Receivables | 1.2 | 0.6 | 3.3 | 7.0 | 31.1 |
| Current assets | 37.1 | 19.4 | 61.6 | 257 | 408 |
| Net PP&E | 117 | 70.7 | 118 | 222 | 643 |
| Goodwill | – | – | 57.6 | 53.1 | 210 |
| Total assets | 245 | 190 | 741 | 1,519 | 2,754 |
| Payables | 6.3 | 3.6 | 15.0 | 11.3 | 15.8 |
| Deferred revenue | 14.8 | 1.0 | 2.7 | 6.2 | 1.5 |
| Current liabilities | 100 | 10.3 | 113 | 154 | 376 |
| Short-term debt | 77.2 | 1.3 | 64.1 | 65.0 | – |
| Long-term debt | 51.1 | 150 | 123 | 236 | – |
| Total liabilities | 157 | 163 | 253 | 538 | 1,064 |
| Shareholders' equity | 87.6 | 27.4 | 488 | 977 | 1,422 |
| Fiscal year | Jun 2022 | Jun 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −42.9 | −29.3 | −22.2 | −68.5 | −139 |
| Depreciation & amortisation | 11.6 | 18.8 | 17.5 | 47.8 | 102 |
| Stock-based compensation | 9.2 | 4.6 | 13.6 | 20.8 | 57.8 |
| Fiscal year | Jun 2022 | Jun 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.4% | 16.9% | 69.1% | 44.8% |
| Operating income growth (YoY) | – | – | – | 4801.4% | −169.9% |
| EPS growth (YoY) | – | – | – | 672.7% | −162.9% |
| Gross margin | 65.0% | 47.5% | 43.6% | 46.6% | 54.2% |
| Operating margin | −26.9% | −83.6% | 9.8% | 283.6% | −136.9% |
| Net margin | −43.1% | −79.9% | 22.7% | 204.4% | −96.2% |
| Return on equityBlank when equity is negative | −36.3% | −239.7% | 4.5% | 34.0% | −15.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −13.7% | −38.2% | 1.5% | 33.7% | −13.5% |
| Cash conversion (CFO ÷ net income) | 1.35x | 0.45x | −1.01x | −0.21x | 0.62x |
| Receivable days | 6 | 3 | 13 | 16 | 48 |
| Payable days | 89 | 31 | 101 | 48 | 53 |
| Interest cover | −2.86x | −2.46x | 0.38x | 15.5x | −10.7x |
| Debt ÷ equity | 1.46x | 5.52x | 0.38x | 0.31x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 107 | 141 | 157 | 216 | – |
| Current ratio | 0.37x | 1.87x | 0.55x | 1.67x | 1.09x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.