Hut 8 Corp.HUT
NasdaqGS•Financial Services•Capital Markets
Hut 8 Corp., together with its subsidiaries, operates as an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel energy-intensive use cases in the United States and Canada. It operates through Power, Digital Infrastructure, Compute, and Other segments. The company offers managed services for energy infrastructure development, such as site design, procurement, and construction management; software automation, process design, personnel hiring, and team training; utilities contracts, hosting operations, and customer management; energy portfolio optimization and strategic initiatives; and finance, accounting, and safety services. It also engages in the operation of compute infrastructure; and provision, hosting, monitoring, troubleshooting, repair, maintenance, and sale of mining equipment. In addition, the company offers Bitcoin mining; data center and cloud infrastructure services, including colocation services; and ASIC compute, traditional cloud, and AI cloud services. Hut 8 Corp. was founded in 2020 and is based in Miami, Florida.
Hut 8 Corp. (HUT) reported trailing twelve months revenue of $284.32M as of March 2026, a 75.0% increase year-over-year. Quarterly revenue reached $71.02M, reflecting continued top-line momentum.
Hut 8 Corp. reported a TTM net loss of $312.11M, with quarterly EBITDA of $-331.93M. The operating margin expanded from -676.8% to -521.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-521.5%) and net margin (-309.6%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -613.7% a year ago, signaling stronger bottom-line efficiency.
HUT trades at a P/S of 46.4x. The price-to-book ratio of 9.6x indicates a significant premium over book value.
The company reported negative free cash flow of $-63.84M, indicating cash consumption over the period. The balance sheet shows $2.61B in total assets with no in long-term debt against $1.38B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 9 quarters of fundamental data
Operating margins are under pressure, averaging -63.4%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 9 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 23.1% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation