Business
Hut 8 Reports Operating and Financial Results for Q3 2023
Quarterly revenue of $17.0 million including $4.5 million from the high performance computing business 9,366 self-mined Bitcoin held in custody or pledged as
About this update from Hut 8 Corp.
[{"type":"text","content":"Quarterly revenue of $17.0 million including $4.5 million from the high performance computing business 9,366 self-mined Bitcoin held in custody or pledged as collateral on September 30 TORONTO, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Hut 8 Mining Corp. (Nasdaq | TSX: HUT) (\"Hut 8\" or the \"Company\"), one of North America's largest, innovation-focused digital asset mining pioneers, and high performance computing infrastructure provider, announced its financial results for the quarter ended September 30, 2023 (“Q3 2023”). All dollar figures are in Canadian Dollars (“CAD”), unless otherwise stated. “Our team continued to be laser-focused on closing our merger with USBTC in the third quarter, and made material progress in achieving key milestones, including securing shareholder approval of the merger and obtaining the final order approving the plan of arrangement from the Supreme Court of British Columbia,” said Jaime Leverton, CEO of Hut 8. “Now that the SEC has declared New Hut’s Registration Statement effective, we are working hard to close this transaction before the end of the month to form an organization that will be poised to capture upside by charting a new path in the industry as a uniquely diversified infrastructure-first company with increased access to more stable energy markets, new capex-light and scalable fiat-based revenue streams like hosting and managed services, strong high performance computing operations, and expanded proprietary mining operations across North America.” “Throughout the third quarter, we weathered continued pressure on our mining business while realizing a modest increase in revenues from our high performance computing operations, which was driven by sales booked in the first half of 2023,” said Shenif Visram, CFO of Hut 8. “We have continued to focus on prudently managing our costs, which partially offset our mining results, while actively seeking ways to grow the business, including through opportunities like the court-approved stalking horse bid to acquire four natural gas facilities in Ontario totalling 310 MW which if successful, could provide us with both access to energy pricing certainty and future revenue generating optionality.” Q3 2023 HIGHLIGHTS Revenue decreased by $14.7 million to $17.0 million during the quarter ended September 30, 2023 compared to $31.7 million during the quarter en...