HUT

Hut 8 is mid-transformation from a Bitcoin-mining/energy-infrastructure operator into an AI data-center landlord, and the financials reflect a company in flux rather than a steady business. FY2025 revenue grew 44.8% to $235M, but operating income was -$322M (operating margin -136.9%), net income was -$226M (a swing from +$332M in FY2024, which was lifted by Bitcoin fair-value gains), and operating cash flow was -$139M. Cash fell 47.2% to just $44.9M. By traditional fundamentals this is unprofitable with negative cash generation.

The entire bull case rests on the December 2025 partnership with Anthropic and Fluidstack: a 15-year triple-net lease for 245 MW of AI capacity at the River Bend campus in Louisiana, with a base contract value of approximately $7.0 billion (up to $17.7 billion with renewals) and — critically — a financial backstop from Google covering lease payments for the 15-year base term. Blue-chip counterparties (Entergy, J.P. Morgan, Goldman Sachs, Vertiv, Jacobs) underpin the project. If executed, this converts Hut 8 from a volatile miner into a contracted-revenue infrastructure platform. But the first data hall only completes in Q2 2027, so the revenue is years away and execution/financing risk is real.