Hut 8 (HUT) on Wednesday reported a fourth-quarter net loss of $279.7 million, compared with revenue of $152.2 million a year earlier.
Revenue for the quarter ended Dec. 31 was $88.5 million, compared with $31.7 million in the same period a year earlier.
In your earnings report Hut 8 released on Wednesday said compute revenue for the three-month period was $81.9 million, up from $19.2 million a year earlier. The company did not disclose quarterly data on Bitcoin (BTC) production or sales.
Operating results were impacted by a loss on digital assets of $401.9 million in the quarter, compared with an augment of $308.2 million a year earlier.
Hut 8 said it ended the year with approximately $1.4 billion in cash and bitcoin reserves and up to $400 million in revolving credit capacity.
This quarter, the company signed a 15-year lease for 245 megawatts of compute capacity at its $7 billion AI data center at its River Bend campus. The deal includes payments financially secured by Google and builds on Hut 8’s broader expansion into artificial intelligence and high-performance computing infrastructure.
In February, the company also completed the sale of a 310 MW natural gas portfolio and said it had launched American Bitcoin Corp. as a separate publicly traded company focused on the accumulation of Bitcoins.
According to BitcoinTreasuries.NET dataHut 8 holds 13,696 BTC, which places it among the larger public Bitcoin holders. Shares were down about 4.5% on Wednesday morning. commercial. Industry tracker CoinShares Bitcoin Mining ETF (WGMI) rose less than 1%.
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Artificial intelligence and infrastructure initiatives are driving growth in mining resources
Even though Bitcoin has fallen to around $68,150 from around $87,500 at the start of the year, according to CoinGecko datashares of most of the largest publicly traded Bitcoin miners by market capitalization have seen year-to-date gains.
TeraWulf this year it has increased by over 50%. Riot platforms and Hut 8 have progressed by approximately 30% and 29% respectively, according to data from BitcoinMiningStock.io.
The divergence suggests that investors may be valuing miners not just because of their exposure to Bitcoin’s price, but increasingly because of their energy infrastructure and data center strategy.
In August, TeraWulf signed 10-year colocation leases with AI infrastructure provider Fluidstack worth $3.7 billion. Google secures approximately $1.8 billion in lease obligations and provides debt financing, receiving warrants for approximately 41 million shares of WULF, or approximately 8% of the company.
Last week, activist investor Starboard Value urged Riot Platforms to accelerate its push into high-performance data centers and artificial intelligence, saying the Texas development could unlock $9 billion to $21 billion in equity value. Starboard owns approximately 12.7 million shares of Riot.
Other miners are also moving toward AI-related infrastructure. CleanSpark, Core Scientific, HIVE Digital and MARA Holdings have repurposed portions of their infrastructure or unveiled similar AI and high-performance computing initiatives.
Cango said it sold $305 million worth of Bitcoin on February 9, in part to fund its planned expansion into artificial intelligence and HPC.
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