Segment information (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of revenue and cost of revenue for reportable segments


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in USD thousands)	2025		2024		2025		2024
Reportable segment revenue:
Power	$	17,976	$	26,185	$	31,205	$	46,653
Digital Infrastructure		31,859		3,854		48,995		14,962
Compute		70,036		13,609		120,449		61,542
Other		—		87		—		7,929
Eliminations		(36,361)		—		(54,025)		(395)
Total segment and consolidated revenue	$	83,510	$	43,735	$	146,624	$	130,691

Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
Cost of revenue – Power		7,588		4,991		16,851		14,073
Cost of revenue – Digital Infrastructure		22,909		3,667		38,295		12,627
Cost of revenue – Compute		30,291		8,840		61,279		35,196
Cost of revenue – Other		—		61		—		4,841
Eliminations		(28,458)		—		(43,660)		(395)
Total segment and consolidated cost of revenue	$	32,330	$	17,559	$	72,765	$	66,342

Reconciling items:
Depreciation and amortization		(27,795)		(10,462)		(62,152)		(33,465)
General and administrative expenses		(33,761)		(16,175)		(87,440)		(54,073)
Gains (losses) on digital assets		76,595		(1,552)		181,841		201,180
(Loss) gain on sale of property and equipment		(1,467)		444		(3,609)		634
Foreign exchange (loss) gain		(1,530)		703		1,593		(976)
Interest expense		(8,616)		(7,938)		(24,481)		(20,231)
Asset contribution costs		—		—		(22,780)		—
Gain on debt extinguishment		—		5,966		—		5,966
Gain on derivatives		5,141		2,704		7,600		19,923
(Loss) gain on other financial liability		(237)		—		721		—
Gain on warrant liability		26		—		26		—
Equity in earnings of unconsolidated joint venture		2,192		1,495		4,621		8,457
Income tax provision		(19,019)		(453)		(26,388)		(2,975)
General and administrative expenses eliminations		7,903		—		10,365		—
Net income from continuing operations	$	50,612	$	908	$	53,776	$	188,789

Loss from discontinued operations (net of income tax benefit of nil, nil, nil, and nil, respectively)		—		—		—		(9,364)

Net income		50,612		908		53,776		179,425

Less: Net (income) loss attributable to non-controlling interest		(503)		(261)		(244)		232
Net income attributable to Hut 8 Corp.	$	50,109	$	647	$	53,532	$	179,657

Schedule of revenue from external customers and long-lived assets, by geographical areas


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in USD thousands)	2025		2024		2025		2024
Revenue
United States	$	73,327	$	30,671	$	120,754	$	90,697
Canada		10,183		13,064		25,870		39,994
Total revenue	$	83,510	$	43,735	$	146,624	$	130,691


	September 30,		December 31,
(in USD thousands)	2025		2024
United States	$	598,066	$	156,843
Canada		48,658		64,838
Total Long-Lived Assets	$	646,724	$	221,681

Hut 8 Corp. 10-Q