Hut 8 Swings To Loss In Q4 On Bitcoin-Linked Asset Writedown

As Bitcoin continues its volatile run, crypto miner ​Hut 8 Corp. (HUT) swung to a steep fourth quarter loss, as nearly $402 million in unrealized digital asset losses offset surging revenue growth. 

Hut 8 reported a net loss of $301.8 million, despite revenue growth, compared with net income of $152.0 million a year earlier. The quarterly loss included $401.9 million in mostly unrealized losses on digital assets. The previous year’s quarter had $308.2 million in unrealized gains.

Hut 8 Corp. (HUT) was down nearly 3% in pre-market trading on Wednesday. Ahead of its earnings release, the shares saw a 10% gain on Tuesday. On Stocktwits, the retail sentiment around HUT changed from ‘bearish’ to ‘extremely bullish’ territory, with the chatter increasing from ‘low’ to ‘high’ levels over the past day.

Revenue Surges On Compute Strength 

Revenue rose to $88.5 million for the three months ending Dec. 31, 2025, up from $31.7 million in the same period the year before. Most of the revenue came from Compute operations, which brought in $81.9 million, along with $5.0 million from Power and $1.6 million from Digital Infrastructure, as per the earnings report.​

Adjusted EBITDA was negative $347.8 million, down from positive $310.6 million in the same period last year. The company said the adjusted results reflect gains and losses on digital assets.​

In 2025, sales increased from $162.4 million to $235.1 million. The company, on the other hand, had a net loss of $248.0 million, down from a net income of $331.4 million the year before. The annual loss included $220.0 million in unrealized losses on digital assets.​

Wall Street analysts’ consensus for Hut 8’s fourth-quarter 2025 EPS was a loss of around –$0.15 to –$0.19 per share, suggesting expectations of modest quarterly losses amid a volatile crypto market.

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