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 for the same period a year earlier.
In his earnings report Published on Wednesday, Hut 8 said computing revenue for the three-month period was $81.9 million, up from $19.2 million a year earlier. The company did not disclose the quarterly Bitcoin (BTC) production or sales figures.
Operating results were hurt by a $401.9 million loss on digital assets during the quarter, compared to an increase 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.
During the quarter, the company signed a 15-year lease for 245 megawatts of AI data capacity of the center on its River Bend campus valued at $7 billion. The deal includes payments backed financially by Google and builds on Hut 8’s broader expansion into AI and high-performance computing infrastructure.
The company also completed the sale of a 310 MW natural gas portfolio in February and announced that it had launched American Bitcoin Company. as a separately listed vehicle focused on Bitcoin accumulation.
According to BitcoinTreasuries.NET dataHut 8 holds 13,696 BTC, ranking it among the largest public Bitcoin holders. Shares were down about 4.5% at last look Wednesday morning. trade. Industry tracker CoinShares Bitcoin Mining ETF (WGMI) rose less than 1%.
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AI and infrastructure initiatives fuel mining stock gains
Even though Bitcoin fell 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 posted gains since the start of the year.
TeraWulf is up more than 50% this year, while Riot platforms and Cabin 8 grew by approximately 30% and 29% respectively, according to data from BitcoinMiningStock.io.
This divergence suggests that investors may value miners not only based on their exposure to the Bitcoin price, but increasingly based on their energy infrastructure and data center strategies.
In August, TeraWulf signed 10-year co-location leases with AI infrastructure provider Fluidstack valued at $3.7 billion. Google is backing about $1.8 billion in lease obligations and providing debt financing, receiving warrants for about 41 million shares of WULF stock, or about 8% of the company.
Last week, an activist investor Starboard Value urged Riot Platforms to accelerate its push into high-performance computing and AI data centers, saying the Texas-based development could unlock $9 billion to $21 billion in net worth. Starboard owns approximately 12.7 million Riot shares.
Other miners are also repositioning towards AI-related infrastructure. CleanSpark, Basic scientist, HIVE Digital And MARA Securities in portfolio have reused parts of their infrastructure or introduced similar AI and high-performance computing initiatives.
Cango said he sold out $305 million worth of Bitcoin on February 9, in part to fund its planned expansion into AI and HPC.
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