Hut 8 Mining Corp. has announced robust third-quarter financial results for 2025, posting revenue of $83.5 million, nearly double the $43.7 million from the same quarter in 2024.
The company's net income skyrocketed to $50.6 million, up from just $0.9 million in Q3 2024, while adjusted EBITDA reached $109 million, compared to $6 million in the previous year.
Approximately $70 million of the revenue came from the compute business, which includes hosting services from its crypto mining subsidiary American Bitcoin Corp. and high-performance computing segments. The remaining revenue was split between power generation and managed services ($8.4 million) and digital infrastructure offerings ($5.1 million).
Hut 8 is advancing a major expansion with 1.5 gigawatts of new data center capacity under development across the U.S., including sites in Louisiana (300 MW), Illinois (40 MW), and Texas (180 MW and 1 GW). CEO Asher Genoot emphasized this as an "inflection point in the scale and maturity of our development flywheel," with the potential to increase total energy capacity under management to over 2.5 gigawatts.
To support growth, the company secured a $1 billion at-the-market offering and a $200 million revolving credit facility from Two Prime. As of September 30, 2025, Hut 8 held 13,696 bitcoin on its balance sheet, worth around $1.6 billion, making it a top 10 publicly traded bitcoin holder. Its subsidiary, American Bitcoin, which merged with Gryphon Digital Mining, holds an additional 3,865 BTC and operates at a hashrate of approximately 25 EH/s, up from 12 EH/s pre-merger.
Despite the strong operational metrics, Hut 8's stock fell over 9%, trading below $50, marking it as one of the day's worst-performing crypto equities.
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