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Bitcoin stocks in play - Hut 8 Corp. (Nasdaq | TSX: HUT) Soars on Earnings


May 15, 2024 ( Newswire), a go-to platform for big investing ideas, reports on trading for Hut 8 Corp. (Nasdaq | TSX: HUT) a leading, vertically integrated operator of large-scale energy infrastructure and one of North America's largest Bitcoin miners.

The stock is trading at $8.55, up 0.76, gaining 9.69% on the NASDAQ and $11.65,rising, 1.00, gaining 9.39% on the TSX.

Bitcoin prices are up today, currently trading at 64,446.56, up 2,684.24. moving up 4.35%.

Hut 8 today announced its financial results for the three months ended March 31, 2024.

"In the first quarter, we launched a comprehensive restructuring program designed to center the business on operating excellence and bottom-line economics," said Asher Genoot, CEO of Hut 8. "We shut down our underperforming Drumheller site, retired inefficient miners, initiated the relocation of our fleet from hosted to owned facilities, and began the implementation of our proprietary energy curtailment software across our sites."

"We also made significant progress in positioning our business for near-term growth. In our Managed Services segment, we signed a four-year agreement with Ionic Digital and began managing the construction and operations of its West Texas facilities. Shortly after the close of the quarter, we finalized commercial agreements for our new AI vertical under a GPU-as-a-service model, including a customer agreement which provides for fixed infrastructure payments plus revenue sharing. We expect to begin generating revenue in the second half of the year at a forecasted annual rate of approximately $20 million."

"Looking ahead, we remain intently focused on scaling our Bitcoin mining business and bringing our pipeline to fruition. We believe the differentiated approach we have taken to secure these opportunities despite the growing shortage of load interconnection assets will allow us to build a portfolio that is highly competitive not only in mining but also in the broader energy infrastructure sector. With our commitment to disciplined capital allocation, focus on non-dilutive sources of funding, and exceptional team and board, we are more confident than ever that our strategy will deliver strong shareholder returns for decades to come."

First Quarter 2024 Financial and Operational Highlights

U.S. Data Mining Group, Inc. dba US Bitcoin Corp ("USBTC") and Hut 8 Mining Corp. completed an all-stock merger of equals (the "Business Combination") on November 30, 2023. USBTC was deemed the accounting acquirer in the transaction and, as a result, the historical figures in the Company's income statement for the three months ended March 31, 2023 reflect USBTC's standalone performance. Results for the three months ended March 31, 2024 reflect the performance of the combined company. With respect to the balance sheet, the ending balance for Q1 2024 is being compared to year-end 2023, both of which reflect the combined company's performance. All financial results are reported in US dollars.

As of March 31, 2024, energy capacity under management in Hut 8's mining business totaled 884 megawatts ("MW") across six sites in North America; additionally, the Company had more than 36,000 square feet across five cloud and colocation data centers in Canada and four natural gas power generation facilities in Ontario, Canada totaling 310 MW.

Owned approximately 54,500 miners totaling approximately 5.5 exahash per second (EH/s), including the Company's net share of the King Mountain joint venture ("King Mountain JV"), as of March 31, 2024.

Revenue increased by $36.1 million to $51.7 million from $15.6 million for the three months ended March 31, 2023.

Net income attributable to Hut 8 increased by $233.5 million to $250.9 million compared to $17.3 million for the three months ended March 31, 2023.

Adjusted EBITDA increased by $285.8 million to $297.0 million from $11.1 million for the three months ended March 31, 2023.

During the three months ended March 31, 2024, 716 Bitcoin were mined, versus 524 Bitcoin mined in the three months ended March 31, 2023.

As of March 31, 2024, total self-mined Bitcoin balance was 9,102, which represented a market value of approximately $648.9 million.

Cost to mine a Bitcoin for owned facilities, including the Company's net share of the King Mountain JV, was $20,419, versus $9,072 for the three months ended March 31, 2023. Cost to mine including hosted miners was $24,594, versus $12,348 in the three months ended March 31, 2023.


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