Bitcoin miner-turned energy and AI infrastructure developer Hut 8 reported a net loss of $248 million for full-year 2025, swinging from net income of $331.4 million in 2024 as unrealized digital asset losses offset revenue growth.
Revenue for the year rose to $235.1 million from $162.4 million in the prior year. That included $23.2 million from power generation and managed services, $9.6 million from digital infrastructure, and $202.3 million from compute operations.
For the fourth quarter, revenue climbed to $88.5 million from $31.7 million a year earlier. The company posted a quarterly net loss of $301.8 million, compared to net income of $152 million in the same period in 2024, largely due to $401.9 million in primarily unrealized digital asset losses.
Adjusted EBITDA for the full year came in at negative $135.4 million, versus positive $555.7 million in 2024, reflecting the same mark-to-market swings tied to bitcoin price movements.
$7 billion AI lease
Beyond headline losses, Hut 8 emphasized its transition toward AI infrastructure.
During the quarter, the company signed a 15-year lease with Fluidstack for 245 megawatts of IT capacity at its River Bend campus in Louisiana, representing $7 billion in base-term contract value and financially backstopped by Google.
Hut 8 said its development pipeline totaled 8,500 megawatts as of the end of 2025, including 330 MW under construction and more than 1,200 MW under development. The figure excludes an additional 1,000 MW of potential expansion capacity at River Bend, subject to power expansion at the site.
The company also completed the public listing of American Bitcoin, its majority-owned bitcoin accumulation subsidiary, and ended the year with roughly $1.4 billion in cash and bitcoin reserves across Hut 8 and American Bitcoin.
Shares of Hut 8 (HUT) were trading just above $60 on Tuesday, up about 1.5% on the day, according to The Block price data. The stock briefly touched a more than four-year high of $66 last month and has gained more than 300% over the past year, even as bitcoin has fallen roughly 27% over the same stretch.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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