Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 4, 2025 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: Business update, Financial update
Agenda 01 Business update 02 Financial update Hut 8
Slide 4: Acceleration of our development flywheel
Acceleration of our development flywheel Hut 8 01 02 03 04 Key Q3 2025 Outcomes Development Originate Invest Monetize Optimize Flywheel Prioritize near-term Prioritize lower-cost- Maximize portfolio Apply our first Strong financial performance access to scarce of-capital segments yield over time by
Slide 5: Q3 2025 financial highlights
Q3 2025 financial highlights Strong topline growth supported by commercial and financial synergies across the platform REVENUE NET INCOME ADJUSTED EBITDA1 $109.0M $83.5M $50.6M $43.7M $5.6M $0.9M Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Note: (1) Adjusted EBITDA is a non-GAAP financial measur
Slide 6: Validation of our power-first strategy
Validation of our power-first strategy Hut 8 was built with a power-first strategy that aims to address demand from the world’s most transformative technologies WE BELIEVE DEMAND WILL OUTSTRIP SUPPLY… …AND THAT THE HIGHEST-RETURN USE CASES WILL CONTINUE TO EVOLVE “…less overall capacity […] is being
Slide 7: Launch of a multi-site 1.5 GW+ expansion program
Launch of a multi-site 1.5 GW+ expansion program Kelowna 1.1 MW Drumheller 42 MW Hut 8 advanced 1,530 MW Vancouver I 0.3 MW Vancouver II 0.5 MW Medicine Hat 67 MW from exclusivity into Kapuskasing 35 MW Iroquois Falls 120 MW development across four sites North Bay 35 MW Kingston120 MW Vaughan 0.6 MW
Slide 8: Refinement of our development pipeline
Refinement of our development pipeline The addition of a new Development stage provides greater visibility into late-stage projects that have advanced beyond exclusivity DECREASING EXPECTED COST OF CAPITAL 9,670 MW 01 5,865 MW 01 02 03 04 Diligence Exclusivity Development Management Sites identified
Slide 9: Closing remarks
Closing remarks Asher Genoot Chief Executive Officer Hut 8
Slide 10: Agenda: Business update, Financial update
Agenda 01 Business update 02 Financial update Hut 8
Slide 11: Reporting structure: American Bitcoin accounting treatment
Reporting structure: American Bitcoin accounting treatment Revenue generated by Hut 8 through its commercial agreements with ABTC is eliminated in consolidation, as these transactions are treated as intercompany so long as ABTC remains a consolidated entity HUT 8 EXCLUDING AMERICAN BITCOIN (ABTC) AM
Slide 12: Results by segment: Power
Results by segment: Power Segment Results Segment Overview Q3 2025 REVENUE COMMENTARY – $19.7 million year-over-year decline in Managed Services revenue, attributable fully to the termination of our Managed Services Power Generation: Power generation facilities supplying Agreement with Ionic Digital
Slide 13: Results by segment: Digital Infrastructure
Results by segment: Digital Infrastructure Segment Results Segment Overview Q3 2025 REVENUE COMMENTARY – $1.2 million increase year-over-year driven by the commencement of our ASIC Colocation agreement with BITMAIN, supporting nearly ASIC Colocation: Hosting and operating Bitcoin mining 15 exahash o
Slide 14: Results by segment: Compute
Results by segment: Compute Segment Results Segment Overview Q3 2025 REVENUE COMMENTARY – $54.3 million increase in Bitcoin Mining revenue reflecting the impact of infrastructure and ASIC fleet upgrades completed in the Bitcoin Mining1: Providing ASIC compute to mining pools that operate first quart
Slide 15: Capital strategy update
Capital strategy update Our fortress balance sheet is a foundation for balanced, risk-adjusted growth BALANCE SHEET PILLAR Strategic Disciplined Responsible Bitcoin Reserve Capital Access Leverage 13,696 Bitcoin in reserve with a market value Addition of a $200 million revolving credit Disciplined a
Slide 16: Closing remarks
Closing remarks Sean Glennan Chief Financial Officer Hut 8
Slide 17: Q&A
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Slide 18: Appendix
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Slide 19: Q3 2025: Adjusted EBITDA Reconciliation
Q3 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 September 30 evaluate our business, measure our performance, and make strategic decisions. Ad
Slide 20: Q3 2025: American Bitcoin highlights
Q3 2025: American Bitcoin highlights Certain Key Financial Metrics Certain Key Bitcoin Reserve Metrics Three Months Ended Nine Months Ended As of September 30, As of November 3, (in USD thousands, except percentage) September 30, 2025 September 30, 2025 2025 2025 Revenue $64,220 $106,843 Bitcoin Hel
Slide 21: Hut 8
Hut 8 Investor Relations ir@hut8.com Public Relations media@hut8.com