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MARCH 3, 2025 Q4 2024 Earnings Presentation
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Cautionary Note Regarding Forward–Looking InformationThis presentation includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward looking information”). All information, other than statements of historical facts, included in this presentation that address activities, events or developments Hut 8 Corp. (“Hut 8” or the “Company”) expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of Hut 8’s businesses, operations, plans and other such matters is forward-looking information. Forward looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. In addition, any statements in this presentation that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Specifically, such forward-looking information included in this presentation include, among others, statements with respect to the Company’s beliefs in the value of energy, its foundation for structured, disciplined and profitable growth, its integrated approach to fortification, the benefits of its new reporting structure, the expected timeline to energize Vega, its development flywheel, and the ability of Hut 8 to execute on future opportunities.Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this presentation, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this presentation as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this presentation should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on management’s assessment of all information at the relevant time. The forward-looking statements contained in this presentation are made as of the date of this presentation, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date of preparation. Note on FinancialsU.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) and Hut 8 Mining Corp. completed an all-stock merger of equals on November 30, 2023 (the “Business Combination”). USBTC was deemed the accounting acquirer in the transaction and, as a result, the Company’s results for the three months ended December 31, 2023 reflect two months of USBTC’s standalone performance and one month of combined company performance. The Company’s results for the twelve months ended December 31, 2023 reflect eleven months of USBTC’s standalone performance and one month of combined company performance. No Offer or SolicitationThis presentation is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section10 of the Securities Act of 1933, as amended (the “Securities Act”) or in a transaction exempt from the registration requirements of the Securities Act.Non-GAAP Financial MeasuresThis presentation includes Adjusted EBITDA figures, which is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and has important limitations as an analytical tool. Non-GAAP financial measures are supplemental, should only be used in conjunction with results presented in accordance with GAAP and should not be considered in isolation or as a substitute for such GAAP results. See the Appendix of this presentation for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure. Notice Regarding Logos and TrademarksAll logos, trademarks, and brand names used throughout this presentation belong to their respective owners.
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3 HUT 8 Q4 2024 EARNINGS PRESENTATION Our conviction HIGH-RETURN USE CASES FOR THE ELECTRON OVER TIME PAST PRESENT FUTURE BITCOIN MININGCPU & GPU COMPUTEREFININGSMELTINGMANUFACTURINGOTHER HEAVY INDUSTRY We believe the value of energy will continue to rise as the technologies fueling both daily life and world-changing innovation place ever-greater demands on a constrained electrical grid HYDROGEN?CARBON CAPTURE?DESALINATION?SPACE ECONOMY?RE-SHORING?
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4HUT 8 Q4 2024 EARNINGS PRESENTATION Agenda1BUSINESS UPDATEOPTIMIZE FORTIFY DEVELOP 2FINANCIAL UPDATEREPORTING STRUCTURE UPDATEFULL YEAR 2024 RESULTS 32025 ROADMAPACCELERATING OUR DEVELOPMENT FLYWHEEL → → → → → →
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5 HUT 8 Q4 2024 EARNINGS PRESENTATION We executed a comprehensive transformation of the legacy Hut 8 business, driving measurable improvements in key areas of business performance while setting what we believe is a resilient foundation for profitable long-term growth BUSINESS UPDATEDelivering on our commitments in 2024 1OPTIMIZE Optimize operations through a comprehensive restructuring program 2FORTIFY Fortify our capital strategy to support balanced, risk-adjusted growth 3DEVELOP Develop a high-velocity, utility-scale power origination pipeline
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6 HUT 8 Q4 2024 EARNINGS PRESENTATIONNote: (1) Reflects two months of US Bitcoin Corp’s performance as a standalone business prior to the Business Combination and one month of the combined company’s performance BUSINESS UPDATEOptimize: Restructuring for profitable long-term growth1KEY INITIATIVESPORTFOLIO OPTIMIZATION✓Site and fleet restructuringShutdown of Drumheller, energization of Salt Creek, and relocation of fleet from hosted to owned facilities ✓Cost optimizationRollout of Reactor, our proprietary energy curtailment software, across legacy Hut 8 portfolio ORGANIZATIONAL OPTIMIZATION✓RestructuringRestructuring and headcount optimization✓GrowthStrategic hires from energy and digital infrastructure SEAN GLENNANCFO VICTOR SEMAHCLO CAPABILITY EXPANSION✓In-house development programInvestments to strengthen program and support rapid cost-efficient infrastructure development✓Software and data scienceEnhanced operating tech and established data science function to optimize energy consumption across portfolio METRIC IMPACTENERGY COST PER MWH GROSS MARGIN PER BTC MINED ALL-IN BUILDOUT COST PER MW 46%54%Q4 2023Q4 2024 $45.47$31.63Q4 2023Q4 2024 ~$350K~$250KBRAVO2022SALT CREEK2024 -30% +8 pp -28% 1 1
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7 HUT 8 Q4 2024 EARNINGS PRESENTATIONNote: (1) Bitcoin held in reserve represents the number of Bitcoin we own as of each reporting period end date, which is the aggregate number of our Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase under an agreement with BITMAIN BUSINESS UPDATEFortify: Building a capital strategy that supports balanced, risk-adjusted growth 2INTEGRATED APPROACH TO FORTIFICATION Anchorage Digital loan conversionConverted the $37.9 million loan to equityCoinbase loan amendmentRemoved parent guarantee and unencumbered 827 Bitcoin initially pledged under the loan ✓New capital pathwaysInclusion in the Russell 3000 and shelf-eligibility✓Expanded capital formation toolkitLaunched a $500 million ATM program, announced alongside a $250 million stock repurchase program ✓Shareholder base institutionalizationInstitutional ownership increased from~12% at the end of Q1 2024 to ~55%at year-end✓Strategic capital partnershipsSecured a strategic investment from Coatue and converted our Anchorage Digital loanto equity ✓ ✓ New proactive treasury strategyEvolved framework to enhance capital efficiency and generate superior risk-adjusted returnsStrategic Bitcoin reserve growthGrew strategic Bitcoin reserve to10,171 Bitcoin1 ($949.5 million market value) as of year-end 2024 ✓ ✓ STRATEGIC RISK REDUCTIONMARKET ACCESS AND LIQUIDITY EXPANSION PROACTIVE TREASURY MANAGEMENTINSTITUTIONAL ALIGNMENT AND PARTNERSHIPS
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Note: 8HUT 8 Q4 2024 EARNINGS PRESENTATION BUSINESS UPDATEDevelop: Building a high-velocity, utility-scale power origination pipeline3ORIGINATION STRATEGY PILLARS POWER-NATIVE TEAM ✓Highly specialized capabilitiesDeep market expertise, regulatory insight, commercial acumen, and industry credibility✓Expertise across the development value chainFormer senior executives and team members from some of North America’s largest generation owners, utilities, energy investment firms, infrastructure developers, and trading desks ~9.5 GWDILIGENCE ~2.8 GWEXCLUSIVITY Development pipeline: End of Q4 2024 1. INCREASE SCALEExpands and diversifies opportunity set, allowing us to secure what we believe to be the right assets, under the right conditions, at the right time 2. ACCELERATE VELOCITYBroadens deal flow visibility, equipping us with the market context and conviction required to rapidly advance high-potential opportunities to exclusivity
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9 HUT 8 Q4 2024 EARNINGS PRESENTATION We executed a comprehensive transformation of the legacy Hut 8 business, driving measurable improvements in key areas of business performance while setting what we believe is a resilient foundation for profitable long-term growth BUSINESS UPDATEA resilient foundation for profitable long-term growth 1OPTIMIZE Optimize operations through a comprehensive restructuring program 2FORTIFY Fortify our capital strategy to support balanced, risk-adjusted growth 3DEVELOP Develop a high-velocity, utility-scale power origination pipeline
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10HUT 8 Q4 2024 EARNINGS PRESENTATION Agenda 2FINANCIAL UPDATEREPORTING STRUCTURE UPDATEFULL YEAR 2024 RESULTS → → → → → →
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Note: 11HUT 8 Q4 2024 EARNINGS PRESENTATION We have refined our reporting structure to align with how we manage our business and provide a clearer, more comprehensive view of how each layer of our platform contributes to growth, profitability, and value creation FINANCIAL UPDATEOur new reporting structure POWERDIGITAL INFRASTRUCTURECOMPUTEOTHER POWER GENERATION MANAGED SERVICESCPU COLOCATION EQUIPMENT SALES AND REPAIRSBITCOIN MINING DATA CENTER CLOUD GPU-AS-A-SERVICEBRANDED HIGHRISE AI ASIC COLOCATION LEGACY REPORTING STRUCTURE SEGMENT DIGITAL ASSET MININGMANAGED SERVICESHIGH PERFORMANCECOMPUTING (HPC)OTHER Key benefits of new reporting structureEnhances transparency into financial performance at each layer of our platform Establishes a link between our power-first model and the outcomes driven by it Supports effective benchmarkingagainst other market participants across the value chain Enhances capital allocation by aligning disclosures with how we deploy capital across business lines → → → →
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12 HUT 8 Q4 2024 EARNINGS PRESENTATION FINANCIAL UPDATEFull year resultsREVENUE NET INCOME ADJUSTED EBITDA3 STRATEGIC BITCOIN RESERVE4 $96M$162M FY 2023FY 2024 $22M$331M FY 2023FY 20241,2 $86M$556M FY 2023FY 2024 9,195 BTC10,171 BTC FY 2023FY 2024 69% 1,405% 547% 11% Note: (1) 2023 figures are unaudited due to the change in reporting segments; (2) Reflects eleven months of US Bitcoin Corp’s performance as a standalone business prior to the Business Combination and one month of the combined company’s performance; (3) Adjusted EBITDA is a non-GAAP financial measure; see Financials section for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure; (4) Bitcoin held in reserve represents the number of Bitcoin we own as of each reporting period end date, which is the aggregate number of our Bitcoin held in custody, pledged as collateral, or (for FY 2024) pledged for a miner purchase under an agreement with BITMAIN 1,2 1,2 1,2
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Note: 13HUT 8 Q4 2024 EARNINGS PRESENTATION Note: (1) 2023 figures are unaudited due to the change in reporting segments; (2) Reflects eleven months of US Bitcoin Corp’s performance as a standalone business prior to the Business Combination and one month of the combined company’s performance; (3) Terminated effective December 10, 2024; (4) Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest; (5) Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site; (6) Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest FINANCIAL UPDATEPower1FULL YEAR REVENUE COMMENTARY•$11.4 million increase in Power Generation revenue •$20.3 million increase in Managed Services revenue, driven by the full ramp-up of our MSA with Ionic Digital3 and a $13.5 million termination fee from Marathon related to exiting the Kearney and Granbury sites APOWER GENERATIONPower generation facilities supplying capacity and energy directly to the electrical gridTYPICAL REVENUE MODEL(S)•Capacity contracts•Merchant energy sales BMANAGED SERVICESEnd-to-end energy infrastructure development, construction, and operations servicesTYPICAL REVENUE MODEL(S)•Fixed-fee model based on managed power capacity with cost reimbursements for pass-through expenses; some agreements include incentives and energy management services Our Power layer spans 1,020 MW across 15 assetsKING MOUNTAIN5280 MWVEGA205 MWMEDICINE HAT67 MW SALT CREEK63 MWALPHA 50 MWDRUMHELLER542 MW IROQUOIS FALLS6120 MWKINGSTON6120 MWNORTH BAY635 MW KELOWNA1.1 MWMISSISSAUGA0.9 MWKAPUSKASING635 MW VAUGHAN0.6 MWVANCOUVER II0.5 MWVANCOUVER I0.3 MW $22.8M $56.6M 202320241,2 148%
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Note: 14HUT 8 Q4 2024 EARNINGS PRESENTATION Note: (1) 2023 figures are unaudited due to the change in reporting segments; (2) Reflects eleven months of US Bitcoin Corp’s performance as a standalone business prior to the Business Combination and one month of the combined company’s performance FINANCIAL UPDATEDigital Infrastructure2FULL YEAR REVENUE COMMENTARY•$5.2 million increase in CPU Colocation revenue, reflecting a full year of revenue recognition•$4.0 million increase in ASIC Colocation revenue related to our hosting agreement with Ionic Digital, which was terminated effective November 8, 2024 AASIC COLOCATIONHosting and operating Bitcoin mining equipment on behalf of third parties within our facilitiesTYPICAL REVENUE MODEL(S)•Fixed fees and/or profit-sharing arrangements with cost reimbursements for pass-through expenses (e.g., electricity) BCPU COLOCATIONGeo-diverse and carrier neutral data centers supporting a variety of compute, storage, and network workloadsTYPICAL REVENUE MODEL(S)•Fixed fees based on a set amount of resources assigned Vega development on trackfor energization in Q2 2025 $8.3M$17.5M 202320241,2 111%
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Note: 15HUT 8 Q4 2024 EARNINGS PRESENTATION Note: (1) 2023 figures are unaudited due to the change in reporting segments; (2) Reflects eleven months of US Bitcoin Corp’s performance as a standalone business prior to the Business Combination and one month of the combined company’s performance FINANCIAL UPDATECompute3FULL YEAR REVENUE COMMENTARY•$7.3 million increase in Bitcoin Mining revenue •$6.7 million increase in recurring Data Center Cloud revenue, which reflects a full year of recognition at our five traditional data centers in Canada•$1.8 million contribution from our GPU-as-a-Service business Our Compute layer enables us to generate data-driven insights that inform infrastructure design, development, and operations strategies designed to enhance long-term returns in our Digital Infrastructure layer Our Compute layer fuels innovation ANALYZE INNOVATE SCALE TRACK Collect operational data (e.g., performance, efficiency, utilization) Analyze data and generate actionable insights Implement improvements to infrastructure design and operations Build/operate GPU infrastructure $64.9M$80.7M 202320241,2 24% ABITCOIN MININGProviding ASIC compute to mining pools that operate nodes and validate blocks on the blockchainTYPICAL REVENUE MODEL(S)•Bitcoin rewards based on the computing power we contribute to mining pools CGPU-AS-A-SERVICEProviding GPU compute to developers that build, train, and deploy AI modelsTYPICAL REVENUE MODEL(S)•Fixed infrastructure fee plus revenue share tied to GPU utilization BDATA CENTER CLOUDCloud services supporting private and public cloud deployments, managed backup, business continuity and disaster recovery services, and high-capacity storageTYPICAL REVENUE MODEL(S)•Consumption-based; customers commit to a baseline level of compute, storage, network, or power usage; any usage beyond this baseline is typically billed incrementally →
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Note: 16HUT 8 Q4 2024 EARNINGS PRESENTATION Note: (1) 2023 figures are unaudited due to the change in reporting segments; (2) Reflects eleven months of US Bitcoin Corp’s performance as a standalone business prior to the Business Combination and one month of the combined company’s performance FINANCIAL UPDATEOther4FULL YEAR REVENUE COMMENTARY•$7.4 million increase in Equipment Sales revenue•$0.2 million increase in Repair services revenue $0.1M $7.6M 202320241,2 Medicine Hat repair center AEQUIPMENT SALES AND REPAIRSSales and repair of Bitcoin mining equipmentTYPICAL REVENUE MODEL(S)•Opportunistic equipment sales•Repair service fees based on parts and labor
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17HUT 8 Q4 2024 EARNINGS PRESENTATION Agenda 32025 ROADMAPACCELERATING OUR DEVELOPMENT FLYWHEEL → → → → → →
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18 HUT 8 Q4 2024 EARNINGS PRESENTATION 2025 ROADMAPAccelerating our development flywheel WE DELIVERED ON OUR COMMITMENTS IN 2024……SETTING THE FOUNDATION FOR STRUCTURED, DISCIPLINED GROWTH IN 2025 ✓OPTIMIZE Portfolio optimizationOrganizational optimizationCapability expansion ✓FORTIFYStrategic risk reductionMarket access and liquidity expansionProactive treasury managementInstitutional alignment and partnerships ✓DEVELOPHigh-velocity, utility-scale power originationpipeline spanning ~12,000 MW under diligence as of December 31, 2024 1 ORIGINATE 2INVEST 3 MONETIZE 4OPTIMIZE ORIGINATE•Prioritize near-term access to scarce power by sourcing both front-of-the-meter and behind-the-meter assets•Aim to secure power assets that can immediately support HPC applications, as well as assets where Bitcoin mining can serve as a transitional loadINVEST•Prioritize lower-cost-of-capital segments like colocation•Leverage creative financing mechanisms to optimize cost of capital and mitigate enterprise risk MONETIZE•Aim to maximize portfolio yield over time by transitioning suitable assets to higher-return use cases over time •Leverage Bitcoin mining infrastructure to underwrite acquisitions and rapidly monetize power assetsOPTIMIZE•Apply our first-principles approach to innovation in digital infrastructure design, development, and operations•Rethink traditional infrastructure models to expand addressable markets and drive long-term asset value
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19 HUT 8 Q4 2024 EARNINGS PRESENTATION 2025 ROADMAP BIG CAJUN II 1,902.9 MWUnit 1657.9 MWCoalUnit 2626.0 MWCCGTUnit 3619.0 MWCoal VENTRESS SOLAR PV300 MW 230 kV1560 MVA BIG CAJUN I (CCGT)492 MW 500 kV2826 MVA RIVER BEND NUCLEAR1035 MW 230 kV1290 MVA 230 kV780 MVA 230 kV1560 MVA FANCY POINT SUBSTATION500 kV / 230 kV VENTRESS SWITCH230 kV 230 kV705 MVA 500 kV2826 MVA PLANNEDT-LINE TAP RIVER BEND Our power-firststrategy in action:River Bend
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20HUT 8 Q4 2024 EARNINGS PRESENTATION Closing remarks
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21HUT 8 Q4 2024 EARNINGS PRESENTATION Q&A
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22HUT 8 Q4 2024 EARNINGS PRESENTATION Appendix
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23 HUT 8 Q4 2024 EARNINGS PRESENTATION Note: (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 10. Investment in unconsolidated joint venture of the Consolidated Financial Statements for further detail; (2) Non-recurring transactions for the twelve months ended December 31, 2024 represent approximately $4.0 million of restructuring costs and $1.9 million related to the Far North transaction costs, offset by a $13.5 million contract termination fee received from MARA, and a $2.2 million tax refund. Non-recurring transactions for the twelve months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination, partially offset by a gain from a legal settlement of $1.5 million 2024: Adjusted EBITDA reconciliationIn addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss), adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, gain on debt extinguishment, gain on derivatives, gain on bargain purchase, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gains or losses, the removal of non-recurring transactions, impairment on assets, gain or loss on sale of property and equipment, loss from discontinued operations, net loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period.Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. APPENDIX ADJUSTED EBITDA RECONCILIATIONNOTE ON ADJUSTED EBITDATwelve Months Ended(in thousands) December 31, 2024December 31, 20233 Net income (loss) $ 331,409$ 21,850Interest expense 29,79424,933Income tax provision 113,457190Depreciation and amortization 47,77317,537Gain on debt extinguishment (5,966)(23,683)Gain on derivatives (6,780)-Gain on bargain purchase (3,060)-Share of unconsolidated join venture depreciation and amortization1 21,79221,016Foreign exchange loss (gain) 5,000(1,002)(Gain) loss on sale of property and equipment(634)888Non-recurring transactions2 (9,882)10,513Impairment – other 4,472-Loss (income) from discontinued operations (net of income tax benefit of $2.3 million and nil, respectively) 7,044(77)Net income attributable to non-controlling interests 473-Stock-based compensation expense 20,78313,563Adjusted EBITDA $ 555,675$ 85,728