Hut 8 has dropped its third-quarter numbers, and the company pulled in $83.5 million in revenue for Q3. The numbers are nearly double what they made in the same quarter last year, which was $43.7 million.
In addition to the impressive numbers, the company is building 1.5 gigawatts worth of new data center capacity across the U.S. Out of that $83.5 million, a massive $70 million came from the compute business. That includes hosting revenue from its crypto mining arm, American Bitcoin (ABTC), and the high-performance compute segment. The rest came from its power generation and managed services unit ($8.4 million) and digital infrastructure offerings ($5.1 million) for other clients using its hosting services.
Hut 8 announces expansion across Louisiana, Illinois, and Texas
Hut 8 announced that its net income jumped to $50.6 million, up from just $0.9 million in Q3 last year. Adjusted EBITDA came in at $109 million, compared to only $6 million in Q3 2024. At the end of the quarter, Hut 8 had 1.02 gigawatts of total capacity under management. Now, management has vowed to take that number to over 2.5 gigawatts in the years ahead. To do that, four new sites are in play across three U.S. states.
One of them is the 300 MW River Bend location in Louisiana, which was first announced back in August. There’s also a 40 MW facility in Illinois, along with two sites in Texas, one at 180 MW and another beast-sized 1 GW location. The Texas sites haven’t been named yet. CEO Asher Genoot laid it out in the Q3 report: “In the third quarter, we reached an inflection point in the scale and maturity of our development flywheel.”
“We advanced 1,530 megawatts of capacity from exclusivity into development… Subject to commercialization, this portfolio has the potential to expand our Energy Capacity Under Management to more than 2.5 gigawatts,” he added. To fund the expansion, Hut 8 opened a $1 billion at-the-market offering. On top of that, they locked in a $200 million revolving credit line from Two Prime.
That helps give them near-term cash to keep pushing the buildout forward. As of now, the company holds 13,696 bitcoin on its balance sheet. Meanwhile, its mining arm, American Bitcoin, which became public in September after merging with Gryphon Digital, is still operating strongly. At quarter-end, it was running about 25 EH/s of hashpower across Hut 8 facilities. American Bitcoin itself holds 3,865 Bitcoin in its own treasury.
