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Hut 8 experienced $134.3 million in net losses during Q1, along with around 60% year-over-year declines in revenue and EBITDA.
The firm said results reflect a “deliberate and necessary” investment phase for further advancements.

Hut 8, a Nasdaq-listed energy infrastructure platform focused on bitcoin mining and high-performance computing, reported a net loss of $134.3 million for the first quarter of 2025.

The net loss came alongside a quarterly revenue of $21.8 million, a 58% year-over-year decline, and an adjusted EBITDA of negative $117.7 million, which is a 60% drop. The company said Q1 results reflect a period of heavy investment as it pursues transformation into an integrated energy infrastructure provider.

"As reflected in our results, the first quarter was a deliberate and necessary phase of investment," said Asher Genoot, CEO of Hut 8. "We believe the returns on this work will become increasingly visible in the quarters ahead.”

The company highlighted the launch of American Bitcoin, a majority-owned subsidiary formed through a strategic contribution of Hut 8’s ASIC miners to American Data Centers, Inc., a company backed by investors including Eric Trump and Donald Trump Jr.

Rebranded into American Bitcoin, the subsidiary is a "pure-play" bitcoin miner focused on mining and bitcoin accumulation.

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"The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing," the company said.

According to the Q1 results, the quarter also saw a 79% increase in hashrate and a 37% improvement in fleet efficiency, driven by a major ASIC fleet upgrade completed in early April.

Meanwhile, Hut 8 owned a reserve of 10,264 Bitcoin valued at $847.2 million as of March 31, 2025.

Hut 8's shares on the Nasdaq exchange closed up 11.93% to $14.17 on Thursday as bitcoin price crossed above the $100,000 resistance line the same day.