Hut 8 (TSE:HUT)
TSX:HUT
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Hut 8
(TSX:HUT)
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Rating:58Neutral
Price Target:
C$115.00
▲(12.07% Upside)
Action:ReiteratedDate:04/15/26
The score is held back primarily by weak cash flow and volatile profitability despite strong revenue growth, with a negative P/E reflecting ongoing losses. Technicals are a meaningful positive due to strong trend and momentum, while the earnings call supports a moderate uplift on improved margins and execution progress, tempered by large losses and execution/financing and bitcoin-related volatility.
Positive Factors
Revenue growth & margin expansion
Sustained top-line growth paired with broad gross margin expansion implies improving unit economics and better pricing or cost control across operations. Over 2-6 months this supports stronger operating leverage, greater ability to fund growth and higher resilience in core infrastructure and compute services.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow forces reliance on external financing to fund construction and working capital, increasing dilution and refinancing risk. Over months this constrains self-funded expansion, raising sensitivity to credit markets and execution timing for large projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & margin expansion
Sustained top-line growth paired with broad gross margin expansion implies improving unit economics and better pricing or cost control across operations. Over 2-6 months this supports stronger operating leverage, greater ability to fund growth and higher resilience in core infrastructure and compute services.
Read all positive factors
Hut 8 (HUT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$11.67B
Dividend YieldN/A
Average Volume (3M)1.75M
Price to Earnings (P/E)―
Beta (1Y)2.65
Revenue Growth7.46%
EPS Growth-4.30%
CountryCA
Employees222
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-3.38
Shares Outstanding110,887,280
10 Day Avg. Volume1,878,836
30 Day Avg. Volume1,750,027
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)4.68
Price to Sales (P/S)27.79
P/FCF Ratio-18.35
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$109.69Price Target Upside6.90% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)-1.37
Revenue Forecast (FY)C$478.74M
Hut 8 Business Overview & Revenue Model
Company Description
Hut 8 Mining Corp. operates as a cryptocurrency mining company in North America. The company engages in industrial scale bitcoin mining operations. It also owns and operates 38 BlockBoxes in Drumheller, Alberta; and 51 BlockBoxes in Medicine Hat, ...
How the Company Makes Money
Hut 8 primarily generates revenue from (1) Bitcoin mining: it deploys specialized mining hardware (ASICs) to perform proof-of-work computations on the Bitcoin network and earns Bitcoin rewards (block subsidies and transaction fees). Those earned B...
Hut 8 Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The call highlighted strong operational momentum: meaningful revenue growth (45% FY), substantial compute segment expansion (+150.7% YoY), gross margin improvement, a validated River Bend execution plan, an 8.5 GW development pipeline, strategic AI partnerships, and improving project financing. Offsetting these positives were a sizable net loss and adjusted EBITDA deterioration driven mainly by a $220M unrealized Bitcoin markdown, declines in power and digital revenues due to contract terminations, higher G&A/stock-based comp as the company scales, and ongoing execution/financing and regulatory risks tied to large projects. Overall, the company presents improving commercial and financing foundations but faces near-term earnings volatility and project execution risk.Positive Updates
Revenue Growth and Margin Expansion
Total revenue grew 45% year-over-year to $235.1M while cost of revenue rose 24% to $107.8M, driving gross margin expansion from 47% to 54%. Q4 2025 vs Q4 2024 revenue increased 179% with gross margin expanding from 36% to 60% (a +24 percentage point improvement).
Negative Updates
Large Net Loss and Adjusted EBITDA Deterioration
Reported net loss of $248M (versus net income of $331.4M prior year) and adjusted EBITDA loss of $135.4M (versus adjusted EBITDA of $555.7M prior year). Management attributes the swing largely to a $220M primarily unrealized Bitcoin mark-to-market loss in 2025 versus a $509.3M gain in 2024.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth and Margin Expansion
Total revenue grew 45% year-over-year to $235.1M while cost of revenue rose 24% to $107.8M, driving gross margin expansion from 47% to 54%. Q4 2025 vs Q4 2024 revenue increased 179% with gross margin expanding from 36% to 60% (a +24 percentage point improvement).
Read all positive updates
Company Guidance
Management guided 2026 as a year of execution and scaling, emphasizing conversion of an 8.5 GW development pipeline and delivery of River Bend Phase 1 (330 MW under construction) with the first data hall coming online in early Q2 and subsequent halls every ~60 days (4 data centers per hall); they highlighted FY2025 results—revenue up 45% to $235.1M, cost of revenue $107.8M (+24%), gross margin expansion to 54% (from 47%) and Q4 revenue +179% with Q4 gross margin 60% (vs 36%)—while reporting a net loss of $248M and adjusted EBITDA loss of $135.4M (vs adj. EBITDA $555.7M in 2024, driven by a $220M BTC mark‑to‑market loss vs a $509.3M gain prior). Segment detail: compute revenue $202.3M (from $80.7M) with margins improving to ~61% (from 44%), power revenue $23.2M (from $56.6M), digital infra $9.6M (from $17.5M); balance sheet/capital notes included G&A $122.8M (stock comp $57.8M; cash SG&A ~$65M), $163M deposits for future sites, a capital plan targeting project financing (recently improved to ~90% LTC at SOFR+240 with JPMorgan/Goldman), Vega at 180 kW/rack and $455k per MW, and an expectation that the in‑the‑money Coatue convert will convert this year leaving no parent recourse debt.Hut 8 Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
70
Positive
Cash Flow
30
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 239.23M | 671.72M | 81.80M | 150.68M | 173.77M |
| Gross Profit | 25.89M | 585.07M | 21.17M | -40.28M | 88.80M |
| EBITDA | 17.65M | 531.11M | 1.36M | 3.57M | 74.67M |
| Net Income | -230.11M | 331.88M | 16.45M | -242.81M | -40.94M |
Balance Sheet | |||||
| Total Assets | 3.02B | 1.52B | 976.87M | 412.94M | 720.71M |
| Cash, Cash Equivalents and Short-Term Investments | 47.20M | 85.04M | 47.36M | 30.52M | 140.13M |
| Total Debt | 444.80M | 345.65M | 203.33M | 47.42M | 40.69M |
| Total Liabilities | 1.33B | 538.28M | 333.87M | 55.55M | 154.74M |
| Stockholders Equity | 1.42B | 976.67M | 643.00M | 357.39M | 565.97M |
Cash Flow | |||||
| Free Cash Flow | -362.39M | -333.13M | -27.30M | -177.74M | -166.67M |
| Operating Cash Flow | -141.66M | -68.53M | -26.48M | -105.03M | -80.24M |
| Investing Cash Flow | -767.41M | -188.47M | 65.70M | -103.61M | -235.07M |
| Financing Cash Flow | 871.11M | 311.95M | -25.19M | 99.83M | 455.84M |
Hut 8 Technical Analysis
Positive
102.61
Price Trends
74.21
Positive
72.02
Positive
58.56
Positive
Market Momentum
7.77
Negative
73.19
Negative
89.91
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HUT, the sentiment is Positive. The current price of 102.61 is above the 20-day moving average (MA) of 79.00, above the 50-day MA of 74.21, and above the 200-day MA of 58.56, indicating a bullish trend. The MACD of 7.77 indicates Negative momentum. The RSI at 73.19 is Negative, neither overbought nor oversold. The STOCH value of 89.91 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:HUT.
Hut 8 Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
58 Neutral | C$11.67B | -28.89 | -16.27% | ― | 7.46% | -4.30% | |
48 Neutral | C$60.87M | -5.39 | -8.68% | ― | 39.64% | -70.96% | |
43 Neutral | C$127.00M | -6.21 | -11.71% | ― | -21.21% | -84.82% | |
41 Neutral | C$9.11M | -2.83 | -13.56% | ― | 40.83% | -123.25% |
* Financial Sector Average
TSE:HUT
Hut 8
105.21
87.09
480.63%
TSE:NDA
Neptune Digital Assets
0.99
-0.71
-41.76%
TSE:DMGI
DMG Blockchain Solutions
0.30
0.03
13.46%
TSE:CBIT
Cathedra Bitcoin Inc
0.31
-0.59
-65.56%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.