Hut 8 Q2 Revenue Jumps 81.4% to $74.9M Amid $177M Net Loss

Hut 8 reports Q2 revenue of $74.9M, up 81.4% YoY, driven by computing services. However, the firm posted a $177.1M net loss due to $138.6M in unrealized digital asset losses.

Woofun AI data shows that Hut 8 reported second-quarter revenue of $74.9 million, representing an 81.4% year-on-year increase. Computing services contributed $72.5 million to this total, while electricity and digital infrastructure services generated $1.2 million and $1.3 million, respectively.

The company recorded a net loss of $177.1 million for the quarter, contrasting with a $137.5 million net profit in the same period last year. This loss was primarily driven by $138.6 million in unrealized losses from digital assets, compared to a $217.6 million unrealized gain previously. Adjusted EBITDA rose to $10.4 million from $4.2 million year-ago.