Slide 1: Q1 2025 Earnings Presentation
Q1 2025 Earnings Presentation MAY 8, 2025
Slide 2: Cautionary Note Regarding Forward-Looking Information; No Offer or Solicitation
Cautionary Note Regarding Forward–Looking Information No Offer or Solicitation This presentation includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian This presentation is not intended to and shall not constitute an offer to sell or the solicitation o
Slide 3: Opening remarks
Opening remarks
Slide 4: Agenda
Agenda 1 BUSINESS UPDATE → 2025 ROADMAP → AMERICAN BITCOIN TRANSACTION: PART 1 → CLOSING REMARKS → → → HUT 8 Q1 2025 EARNINGS PRESENTATION 4
Slide 5: Accelerating our development flywheel
BUSINESS UPDATE: 2025 ROADMAP Accelerating our development flywheel …SETTING THE FOUNDATION FOR STRUCTURED, WE DELIVERED ON OUR COMMITMENTS IN 2024… DISCIPLINED GROWTH IN 2025 AND BEYOND ORIGINATE Portfolio optimization • Prioritize near-term access to scarce power by sourcing both front-of-the-mete
Slide 6: Q1 2025 priorities
BUSINESS UPDATE: 2025 ROADMAP Q1 2025 priorities ORIGINATE INVEST 4 Maintain the scope and velocity Decouple investments in ASIC compute from of our power origination pipeline our broader capital allocation framework 1 3 2 ~8.2 GW1 DILIGENCE 2 ~2.6 GW1 EXCLUSIVITY 3 ACCELERATE DEVELOPMENT FLYWHEEL N
Slide 7: Agenda
Agenda 1 BUSINESS UPDATE → 2025 ROADMAP → AMERICAN BITCOIN TRANSACTION: PART 1 → CLOSING REMARKS → → → HUT 8 Q1 2025 EARNINGS PRESENTATION 7
Slide 8: Past: Laying the groundwork for a purpose-built entity
BUSINESS UPDATE: AMERICAN BITCOIN TRANSACTION: PART 1 Past: Laying the groundwork for a purpose-built entity ✓ ENHANCED OPERATIONS AND UNIT ECONOMICS ✓ PIONEERED NEXT-GEN ASIC TECHNOLOGY Partnered with BITMAIN to develop the U3S21EXPH ASIC miner Restructured legacy Hut 8 business in 2024 ✓ SECURED N
Slide 9: Present: Q1 2025 drivers and key metrics
BUSINESS UPDATE: AMERICAN BITCOIN TRANSACTION: PART 1 Q1 2025: Present: Q1 2025 drivers and key metrics Key metrics Our performance reflects both our strategic investments and the broader macroeconomic forces that shaped the Bitcoin mining sector over the past year $21.8M REVENUE DRIVER DESCRIPTION
Slide 10: Present: Key Q1 2025 initiatives
BUSINESS UPDATE: AMERICAN BITCOIN TRANSACTION: PART 1 Present: Key Q1 2025 initiatives ASIC FLEET UPGRADE INFRASTRACTURE DEVELOPMENT 9.3 EH/s1,2 79% DEPLOYED QOQ HASHRATE INCREASE Q1 2025 INITIATIVES ✓ Testing and validation Energized a test rack module at Salt Creek in ~20 J/TH2 37% preparation for
Slide 11: Future: Strategic impact of American Bitcoin
BUSINESS UPDATE: AMERICAN BITCOIN TRANSACTION: PART 1 Future: Strategic impact of American Bitcoin The launch of American Bitcoin marks a pivotal shift in our platform trajectory, accelerating our transition to power and digital infrastructure KEY IMPACTS 1 Streamlines capital allocation framework R
Slide 12: Closing remarks
BUSINESS UPDATE Closing remarks The first quarter was a deliberate and necessary phase of investment designed to unlock the potential of our development flywheel and reposition our platform for faster, more efficient value creation ONGOING PROJECTS POTENTIAL PROJECTS VEGA RIVER BEND OTHER Developmen
Slide 13: Agenda
Agenda → → → 2 FINANCIAL UPDATE → AMERICAN BITCOIN TRANSACTION: PART 2 → Q1 2025 RESULTS → CAPITAL PLANNING AND INVESTMENT PRIORITIES HUT 8 Q1 2025 EARNINGS PRESENTATION 13
Slide 14: American Bitcoin commercial structure
FINANCIAL UPDATE: AMERICAN BITCOIN TRANSACTION: PART 2 American Bitcoin commercial structure Converting the cyclical economics of our legacy Bitcoin Mining operations into stable, contracted revenue streams within our Power and Digital Infrastructure segments 1 2 3 COLOCATION MANAGED SERVICES SHARED
Slide 15: Agenda
Agenda → → → 2 FINANCIAL UPDATE → AMERICAN BITCOIN TRANSACTION: PART 2 → Q1 2025 RESULTS → CAPITAL PLANNING AND INVESTMENT PRIORITIES HUT 8 Q1 2025 EARNINGS PRESENTATION 15
Slide 16: Power
1 Power FINANCIAL UPDATE: Q1 2025 RESULTS Our Power layer spans 1,020 MW across 15 assets KING MOUNTAIN 1 VEGA MEDICINE HAT 280 MW 205 MW 67 MW Q1 2025 REVENUE A POWER GENERATION Power generation facilities supplying capacity and energy directly to the electrical grid TYPICAL REVENUE MODEL(S) SALT C
Slide 17: Digital Infrastructure
2 Digital Infrastructure FINANCIAL UPDATE: Q1 2025 RESULTS Vega development on track for energization in Q2 2025 Q1 2025 REVENUE A ASIC COLOCATION Hosting and operating Bitcoin mining equipment on behalf of third parties within our facilities TYPICAL REVENUE MODEL(S) • Fixed fees and/or profit-shari
Slide 18: Compute
3 Compute FINANCIAL UPDATE: Q1 2025 RESULTS Fleet upgrade impact: Q4 2024 to Q1 2025 → 79% increase in hashrate Q1 2025 REVENUE A BITCOIN MINING 1 (AMERICAN BITCOIN) 9.3 EH/s as of March 31, 2025 Providing ASIC compute to mining pools that operate nodes and validate blocks on the blockchain TYPICAL
Slide 19: General and administrative expenses
FINANCIAL UPDATE: Q1 2025 RESULTS General and administrative expenses The launch of American Bitcoin introduced a set of one-time investments and transitional setup costs required to execute the carveout and establish the foundation for American Bitcoin’s ambitious growth roadmap GENERAL & ADMINISTR
Slide 20: Agenda
Agenda → → → 2 FINANCIAL UPDATE → AMERICAN BITCOIN TRANSACTION: PART 2 → Q1 2025 RESULTS → CAPITAL PLANNING AND INVESTMENT PRIORITIES HUT 8 Q1 2025 EARNINGS PRESENTATION 20
Slide 21: Capital planning and investment priorities
FINANCIAL UPDATE Capital planning and investment priorities Key priorities ONGOING PROJECTS → Execute from strong liquidity position 10,264 Bitcoin held in reserve, valued at $847.2 million as of March 31, 2025, available to be VEGA ü More than 70% of planned capital deployed deployed into high-grow
Slide 22: Closing remarks
Closing remarks HUT 8 Q1 2025 EARNINGS PRESENTATION 22
Slide 23: Q&A
Q&A HUT 8 Q1 2025 EARNINGS PRESENTATION 23
Slide 24: Appendix
Appendix HUT 8 Q1 2025 EARNINGS PRESENTATION 24
Slide 25: Q1 2025: Adjusted EBITDA reconciliation
APPENDIX Q1 2025: Adjusted EBITDA reconciliation ADJUSTED EBITDA RECONCILIATION NOTE ON ADJUSTED EBITDA Three Months Ended In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our March 31, March 31, performance, and make strateg
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