Hut 8 Corp. · NASDAQ:HUT
Hut 8 — Q4 2025 Earnings Presentation
16 slides from Hut 8's earnings presentation, Feb 25, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation February 25, 2026 Hut 8
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Information This presentation includes “forward-looking information” and “forward-looking statements” within the meaning of presentation as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, Canadian secur
Slide 3: Agenda
Agenda 01 Business update 02 Financial update Hut 8
Slide 4: Business update
Business update Asher Genoot, Chief Executive Officer Sean Glennan, Chief Financial Officer Sue Ennis, Head of Investor Relations Hut 8
Slide 5: River Bend data center: Preliminary rendering
River Bend data center: Preliminary rendering Hut 8 5
Slide 6: Our development platform: Nearly 10 GW of energy capacity
Our development platform: Nearly 10 GW of energy capacity Includes 1,020 MW1 of Energy Capacity Under Management and a Development Pipeline of 8,500 MW2 Hut 8 Development Platform as of December 31, 2025 1,020 MW1 9,520 MW 1,230 MW 330 MW 1,755 MW2 5,185 MW Energy Capacity Energy Capacity Energy Cap
Slide 7: Agenda
Agenda 01 Business update 02 Financial update Hut 8
Slide 8: Full-year 2025 financial highlights
Full-year 2025 financial highlights Revenue Gross Margin 54% 47% $235.1M $162.4M FY 2024 FY 2025 FY 2024 FY 2025 Net Income Adjusted $555.7M (Loss) EBITDA Includes unrealized mark-to- market gain of $509.3M $331.4M Includes unrealized mark-to- ($135.4M) market gain of $509.3M Includes unrealized mar
Slide 9: Results by segment: Power
Results by segment: Power Segment Results Segment Overview FY 2025 REVENUE COMMENTARY – $40.8 million year-over-year decline in Managed Services $23.2M revenue, attributable to the termination of Managed Services Agreements with MARA Holdings and Ionic Digital Power Generation: Power generation faci
Slide 10: Results by segment: Digital Infrastructure
Results by segment: Digital Infrastructure Segment Results Segment Overview FY 2025 REVENUE COMMENTARY – $7.6 million decrease in revenue driven by the termination $9.6M of our ASIC Colocation agreement with Ionic Digital – $0.3 million decrease in Hut 8 Canada revenue due to Building and operating
Slide 11: Results by segment: Compute
Results by segment: Compute Segment Results Segment Overview FY 2025 REVENUE COMMENTARY – $115.4 million increase in ASIC Compute revenue reflecting $202.3M the impact of infrastructure and ASIC fleet upgrades, which improved mining efficiency and increased Bitcoin production, and American Bitcoin’s
Slide 12: Capital strategy update
Capital strategy update FY 2025 in Review FY 2026 Principles Began shifting the business away from a cyclical capex growth model through the launch and public listing of American Bitcoin 01 Protect shareholder value through disciplined use of equity capital Began the process of lowering our cost of
Slide 13: Q&A
Q&A Asher Genoot, Chief Executive Officer Sean Glennan, Chief Financial Officer Sue Ennis, Head of Investor Relations Hut 8
Slide 14: Appendix
Appendix Wy ZINS y NS \ /|
Slide 15: FY 2025: Adjusted EBITDA Reconciliation
FY 2025: Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation Note on Adjusted EBITDA Twelve Months Ended In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our performance, and make strategic decisions. Adjusted Decem
Slide 16: Hut 8
Hut 8 Investor Relations ir@hut8.com Public Relations media@hut8.com