Slides
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MAY 2025 Corporate Overview
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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 development model and pipeline, the expected timeline to energize Vega and the site’s capabilities, anticipated revenue generation from the Company’s BITMAIN colocation contract, the expected improvement in hashrate and average fleet efficiency as a result of the miner fleet update and the BITMAIN purchase option, the Company’s foundation for structured and disciplined growth, its origination strategy, the advantages of Bitcoin mining infrastructure development, innovation fueled by the Company’s Compute layer, the benefits of its new reporting structure, its illustrative revenue and cost structures, 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. 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 Section 10 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. Third Party InformationThis presentation includes market and industry data which was obtained from various publicly available sources and other sources believed by Hut 8 be true. Although Hut 8 believes it to be reliable, it has not independently verified any of the data from third party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. Hut 8 does not make any representation as to the accuracy of such information.Notice Regarding Logos and TrademarksAll logos, trademarks, and brand names used throughout this presentation belong to their respective owners.
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HUT 8 INVESTOR PRESENTATION 3 We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Hut 8 is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale.
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Note: 4HUT 8 INVESTOR PRESENTATION KING MOUNTAIN5280 MWVEGA6205 MWMEDICINE HAT67 MW SALT CREEK63 MWALPHA 50 MWDRUMHELLER742 MW IROQUOIS FALLS8120 MWKINGSTON8120 MWNORTH BAY835 MW KELOWNA1.1 MWMISSISSAUGA0.9 MWKAPUSKASING835 MW VAUGHAN0.6 MWVANCOUVER II0.5 MWVANCOUVER I0.3 MW OVERVIEWHut 8: Energy infrastructure platform Note: (1) Operated through the American Bitcoin brand as of April 1, 2025; (2) Operated through the Highrise AI brand; (3) Hut 8 reported no revenue under its Other segment in Q1 2025; (4) Includes 100% of deployed hashrate at the King Mountain site owned by the King Mountain JV in which the Company has a 50% membershipinterest and a Fortune 200 renewable energy producer has the remaining 50% membership interest; (5) Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest; (6) Site is currently under development and expected to be energized in Q2 2025; (7) Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site; (8) Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest Our Power layer spans 1,020 MWPOWER GENERATION BTC MININGHPC SEGMENTWHAT WE DOQ1 2025MONETIZATIONAS OF Q1 2025SCALEQ1 2025REVENUE POWERAcquire, develop, and manage critical energy assets such as interconnects, powered land, and other electrical infrastructure POWER GENERATIONMANAGED SERVICES1,020 MWUNDER MANAGEMENT$4.4M ~2,600 MWUNDER EXCLUSIVITY ~8,200 MWUNDER DILIGENCE DIGITAL INFRASTRUCTUREDesign, build, monetize, and operate purpose-built facilities for energy-intensive applications ASIC COLOCATIONCPU COLOCATION5BITCOIN MINING SITES$1.3M 5TRADITIONAL DATA CENTERS COMPUTEAcquire, monetize, and operate specialized hardware for energy-intensive applicationsBITCOIN MINING1DATA CENTER CLOUDGPU-AS-A-SERVICE2 ~9.3 EH/s4BTC SELF-MINING HASHRATE$16.1M 1,000NVIDIA H100 UNITS PLATFORMPOWER, DIGITAL INFRASTRUCTURE, COMPUTE, AND OTHER3 $21.8M 1 2 3
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5 HUT 8 INVESTOR PRESENTATION Strategic focus evolves in response to opportunity set with aim of maximizing shareholder value OVERVIEWOur conviction: The value of the electron will only grow over timeWe follow the electron to what we believe to be the highest return use case to monetize megawatts Note: (1) High Risk:shortfalls may occur at normal peak conditions, Elevated Risk:shortfalls may occur in extreme conditions, Normal Risk:low likelihood of electricity supply shortfall; (2) Source: North American Electric Reliability Corp (NERC), 2024 Long-Term Reliability Assessment PAST PRESENTFUTURE …AND THAT THE HIGHEST-RETURN USE CASES WILL CONTINUE TO EVOLVEWE BELIEVE DEMAND WILL OUTSTRIP SUPPLY… BITCOIN MININGCPU & GPU COMPUTEREFININGSMELTINGMANUFACTURINGOTHER HEAVY INDUSTRY “…less overall capacity […] is being added to the system than what was projected and needed to meet future demand. The trends point to critical reliability challenges facing the industry: satisfying escalating energy growth, managing generator retirements, and accelerating resource and transmission development.”2024 NERC LONG TERM RELIABILITY ASSESSMENT2 ELECTRICITY SUPPLY SHORTFALL RISK1 2025–20292 HYDROGEN?CARBON CAPTURE?DESALINATION?SPACE ECONOMY?RE-SHORING?
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Note: 6HUT 8 INVESTOR PRESENTATION OVERVIEWOur development model: Power-first ACQUIRESecure scaled, high-quality power assets, optimizing for drivers of long-term value such as cost and term of powerVEGA (205 MW) MONETIZEMonetize each asset with the use case we believe will drive the highest returns, selectively leveraging Tier I Bitcoin mining builds for rapid, cost-effective monetizationBITCOIN MINING OPTIMIZEAim to maximize yield over time by deploying Compute assets, transitioning the site to higher-return use cases, and through other value creation initiativesFLEXIBILITY FOR TRANSITION TO AI Our playbook focuses on scaling our Power layer, maximizing returns, and maintaining long-term platform flexibility Ability to strategically allocate resources and capital across layers to optimize returns Ability to build for multiple use cases helps mitigate sector-specific volatility in Digital Infrastructure layer Opportunity to leverage expertise in each layer to deliver scalable innovations and value-engineering in others Platform supports diversified, differentiated business model→ → → EXAMPLE
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7 HUT 8 INVESTOR PRESENTATION OVERVIEWOur heritage: Value-engineering and innovationCreating new sources of value across the infrastructure value chainREACTOR | 2021 We built a proprietary infrastructure control solution designed to optimize energy consumption at Bitcoin mining sites. The application of Reactor supported a 30% reduction in energy costs following the merger of US Bitcoin Corp and Hut 8 Mining Corp.1 BEHIND-THE-METER BITCOIN MINING | 2022 We became one of the earliest operators of utility scale behind-the-meter Bitcoin mining when we entered a management agreement at a 300 MW site colocated with a power plant in Granbury, Texas and later through our joint venture at the King Mountain site. PROJECT BRAVO | 2022 We designed, built, and energized a 42 MW Bitcoin mining site in 78 days at an all-in cost of ~$350,000 per MW, partnering directly with a manufacturer to optimize modular design for the harsh operating conditions of West Texas. PROJECT VEGA | 2024 Helping bridge the gap between Tier I and Tier III data center architecture, we designed custom architecture for ASIC compute that will enable rack-based deployments with DTC2 cooling at 180 kW per rack for a target buildout cost of ~$400,000 per MW within nine months of breaking ground. Relentless focus on first principles and building for “what’s next” Notes: (1) Q4 2024 compared to Q4 2023; (2) Direct-to-chip (“DTC”)
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8 HUT 8 INVESTOR PRESENTATION ✓In-house development organization from legacy US Bitcoin Corp with heritage of value-engineering and innovation✓Track record of rapid, low-cost power asset monetization through Bitcoin mining infrastructure development✓Data center operators with extensive expertise in traditional Tier III data center design, build, and operations PROVEN BUILDER-OPERATORS ✓Deep bench across the investment lifecycleINSTITUTIONAL DISCIPLINE OVERVIEWOur team: Sector veterans and proven builder-operators Deep, institutional expertise and rigor across energy, digital infrastructure, and technology ✓Decades of collective experience across the development and commercialization value chain ✓Former senior executives or advisors from some of North America’s largest generation owners, utilities, energy investment firms, infrastructure developers, and trading desks✓$80B+ track record of advising or partnering with major energy generation owners and utilities in power origination, commercialization, and strategic transactions VETERANS OF ENERGY
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9 HUT 8 INVESTOR PRESENTATION POWERDIGITAL INFRASTRUCTURECOMPUTE ✓Secured and broke ground on 592 acres at the River Bend campus in Louisiana, where initial sitework is underway✓Advanced two additional, large-scale AI data center development projects, which, if secured, would collectively add over 230 MW of dedicated IT load✓Development pipeline of ~10.8 GW with ~2.6 GW under exclusivity as of March 31, 2025 ✓Progressed development at Vega, with more than 70% of budgeted capital expenditures incurred through March 31, 2025✓Energized direct-to-chip liquid-cooled test rack module at Salt Creek in preparation for energization of Vega✓Completed infrastructure upgrades at Medicine Hat and Salt Creek to support new ASIC miners for fleet upgrade✓Developed new curtailment control solution in Reactor designed specifically to optimize energy consumption at Vega✓Developed and deployed more robust feature set in Operator to track inventory, status, health, and maintenance of ASIC fleet ✓Executed ASIC fleet upgrade, which was completed in the first week of April 2025, increasing deployed hashrate to 9.3 EH/s and improving average fleet efficiency to approximately 20 J/TH as of March 31, 2025✓Launched American Bitcoin; all Bitcoin mining operations previously reported under Hut 8’s Compute segment will remain under our Compute segment but operate through the American Bitcoin brand✓Estimated total self-mining hashrate of ~25.0 EH/s with average fleet efficiency of 16.3 J/TH if Hut 8 executes its purchase option with BITMAIN ~1.0 GW~2.6 GW~0.4 GW~8.2 GW Q1 2025SELECT AIDEVE LOPME NT ASSE TS ~11.8 GW UNDER MANAGEMENTEXCLUSIVITYDILIGENCE 63 MW 205 MW Q2 2024Q2 2025SALT CREEK VEGA 9.3 EH/s9.3 EH/s ~15.0 EH/s Q1 2025PRO FORMA 9.3 EH/s ~25.0 EH/s BITMAIN PURCHASE OPTION ~430 MW1 NAMEPLATE CAPACITY SECURED OVERVIEWQ1 2025: Business updates by segment Note: (1) ~430 MW of dedicated IT load including the River Bend campus, all of which are part of Hut 8’s 10.8 GW development pipeline; (2) Based on Hut 8’s deployed self-mining hashrate of ~9.3 EH/s as of March 31, 2025, which includes 100% of deployed hashrate at the King Mountain site owned by the King Mountain JV in which the Company has a 50% membershipinterest and a Fortune 200 renewable energy producer has the remaining 50% membership interest 2 AS OF PERIOD-END 2
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10 HUT 8 INVESTOR PRESENTATION OVERVIEWQ1 2025: Development pipeline update CAPACITY UNDER DILIGENCESites identified for large-load use cases such as Bitcoin mining and high-performance computing. At this stage, we assess site potential by engaging with utilities, landowners, and other stakeholders to evaluate critical factors, including power availability, infrastructure, and overall commercial viability. CAPACITY UNDER EXCLUSIVITYSites where we have secured a clear path to ownership through either: (1) an exclusivity agreement that prevents the sale of designated power capacity to another party or (2) a tendered interconnection agreement, confirming a viable path to securing power and infrastructure for deployment. 1 2 ~8.2 GW ~2.6 GW Approximately 10.8 GW of development capacity as of March 31, 2025~10.8 GW
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11 HUT 8 INVESTOR PRESENTATION OVERVIEW2025 roadmap: Accelerating our development flywheel WE DELIVERED ON OUR COMMITMENTS IN 2024……SETTING THE FOUNDATION FOR STRUCTURED, DISCIPLINED GROWTH IN 2025 ✓OPTIMIZE Portfolio optimization: Shutdown of Drumheller, energization of Salt Creek, relocation of fleet from hosted to owned facilities, and rollout of proprietary energy curtailment softwareOrganizational optimization: Team restructuring, headcount optimization, and strategic hires from energy and digital infrastructureCapability expansion: Investments to strengthen in-house development program, software, and data science function ✓FORTIFY Strategic risk reduction: Anchorage Digital loan conversion to equity and Coinbase loan amendmentMarket access and liquidity expansion: Inclusion in Russell 3000, shelf-eligibility, and $500M ATM programProactive treasury management: New treasury strategy and expansion of strategic Bitcoin reserve to 10,171 Bitcoin1 as of 12/31/24Institutional alignment and partnerships: ~55% institutional ownership at year-end; strategic investment from Coatue ✓DEVELOPHigh-velocity, institutional-grade power origination pipeline: ~12,000 MW with ~2,800 MW under exclusivity at year-end 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•Secure power assets that can immediately support HPCapplications, 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•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 Note: (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
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12 HUT 8 INVESTOR PRESENTATION OVERVIEWOur energy DNA fuels high-velocity origination …UNLOCKS ACCESS TO GROWTH CAPACITY AT SCALE 1.5+2.8+~2.63.5+ 9.5+~8.2 Q3 2024Q4 2024Q1 2025 OUR ORIGINATION STRATEGY…Prioritize near-term access to scarce power by sourcing both front-of-the-meter (FTM) and behind-the-meter (BTM) assets, driving flexibility and efficiency in site originationTarget sites with excess transmission capacity driven by imbalances in load and generation, affording access to scaled, stranded, quick-to-market, and low-cost energy Leverage our deep, firsthand understanding of the commercial challenges faced by utilities and generation owners to structure highly tailored, mutually beneficial commercial structuresProactively manage supply chain constraints by procuring long lead items in advance, accelerating energization timelinesDesign and construct electrical infrastructure in-house or with third parties to limit bottlenecks, streamline execution, and provide additional value to partners → → → → → 5+ GW 12+ GW~10.8 GW DEVELOPMENT PIPELINE (GW)EXCLUSIVITYDILIGENCE Strategic focus on geographic and use case diversity
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Note: 13HUT 8 INVESTOR PRESENTATION OVERVIEWWhy Bitcoin mining?No end customer required, eliminating reliance on end markets with more complex commercialization dynamics and construction design requirements Power assets can be monetized even in scenarios where traditional data center workloads like AI compute are unfeasible Proven ability to energize sites within three months at an all-in development cost of approximately $250K per megawatt Opportunity for in-house testing free fromthe demands and risks associated with traditional customer contracts Advantages of Bitcoin mining infrastructure development→ → →Category 1Category 2Category 3Secure and monetize power rapidly and cost-effectively using Bitcoin miningCapture upside by transitioning project to more valuable use casesAim to maximize yield on each power asset within the portfolio over timeSELECT CONSIDERATIONS✓High unlevered IRRs✓Short payback periods✓Limited ability to finance ✓Lower unlevered IRRs, but strong upside with leverage✓Longer payback periods✓Deep and liquid financing markets Bitcoin mining infrastructure development enables us to scale our Power layer aggressively while preserving the flexibility to transition assets to other potentially more valuable use cases over time Base case ROIC UpsideFull potential ROIC →
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Note: 14HUT 8 INVESTOR PRESENTATION Our firsthand operating expertise in the technologies addressed by our Digital Infrastructure layer creates feedback loops that fuel innovation and optimization OVERVIEWOur Compute layer fuels innovationTesting new third-party products and technologies in a low-risk, non-commercial setting Piloting and refining proprietary operating processes and software developed by our operations, software, and data science teams Partnering with manufacturers and other suppliers to develop custom solutions like the U3S21EXPH miner we developed in partnership with BITMAIN Illustrative Compute layer initiatives→ → →Analyze data and generate actionable insightsANALYZE Implement improvements to infrastructure design and operationsINNOVATE Build/operate specialized hardware such as ASICs for Bitcoin mining and GPUs for HPC SCALE Collect operational data (e.g., performance, efficiency, utilization)TRACK
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Financials
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Note: 16HUT 8 INVESTOR 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 FINANCIALSOur new reporting structure POWERDIGITAL INFRASTRUCTURECOMPUTEOTHER POWER GENERATION MANAGED SERVICESCPU COLOCATION EQUIPMENT SALES AND REPAIRSBITCOIN MINING1 DATA CENTER CLOUD GPU-AS-A-SERVICE 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 → → → → Note: (1) Operated through the American Bitcoin brand as of April 1, 2025
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17 HUT 8 INVESTOR PRESENTATIONNote: (1) Adjusted EBITDA is a non-GAAP financial measure; see page 19 for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net (loss) income, and an explanation of this measure Certain key metricsMETRIC UNITQ1 2025Q1 2024 REVENUE USD '000$21,815$51,741 COST OF REVENUE USD '000$18,659$28,147 ENERGY COST PER MWH$/MWh$51.71$40.06 OPERATING (LOSS) INCOME USD '000$(147,650)$266,887 NET (LOSS) INCOME USD '000$(134,319)$250,707 ADJUSTED EBITDA1 USD '000$(117,696)$296,983 FINANCIALS
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18 HUT 8 INVESTOR PRESENTATION Consolidated statement of incomeFINANCIALS Three Months EndedMarch 31, 2025March 31, 2024Revenue:Power 4,3809,938 Digital Infrastructure 1,3175,844 Compute 16,11832,138 Other - 3,821 Total revenue 21,81551,741 Cost of revenue (exclusive of depreciation and amortization shown below):Cost of revenue - Power 3,6283,633 Cost of revenue - Digital Infrastructure 1,5594,629 Cost of revenue - Compute 13,47217,686 Cost of revenue - Other - 2,199 Total cost of revenue 18,65928,147 Operating expenses (income):Depreciation and amortization 14,89911,472 General and administrative expenses 21,05919,999 Losses (gains) on digital assets 112,394(274,574)Loss (gain) on sale of property and equipment 2,454(190)Total operating expenses (income) 150,806(243,293)Operating (loss) income (147,650)266,887 Other income (expense):Foreign exchange gain (loss) 9 (2,399)Interest expense (7,469)(6,281)Asset contribution costs (22,780)- Gain on derivatives 20,862- Gain on other financial liability 1,139- Equity in earnings of unconsolidated joint venture 1,3654,522 Total other expense (6,874)(4,158)(Loss) income from continuing operations before taxes (154,524)262,729 Income tax benefit (provision) 20,205(4,396)Net (loss) income from continuing operations (134,319)258,333 Loss from discontinued operations, net of taxes - (7,626)Net (loss) income (134,319)250,707 Less: Net loss attributable to non-controlling interests 430169 Net (loss) income attributable to Hut 8 Corp. (133,889)250,876
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19 HUT 8 INVESTOR PRESENTATION 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 (loss) income, adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on sale of property and equipment, the removal of non-recurring transactions, asset contribution costs, gain on derivatives, gain on other financial liability, loss from discontinued operations, net loss attributable to non-controlling interests before taxes, 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 (loss) income 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. FINANCIALS ADJUSTED EBITDA RECONCILIATIONNOTE ON ADJUSTED EBITDAThree Months Ended(in thousands) March 31, 2025March 31, 2024Net (loss) income (134,319)250,707 Interest expense 7,4696,281 Income tax (benefit) provision (20,205)4,396 Depreciation and amortization 14,89911,472 Share of unconsolidated joint venture depreciation and amortization1 5,4855,349Foreign exchange (gain) loss (9) 2,399Loss (gain) on sale of property and equipment2,454(190) Gain on derivatives (20,862)- Gain on other financial liability (1,139) -Non-recurring transactions2 1,4854,300 Asset contribution costs 22,780- Loss from discontinued operations (net of income tax of nil and nil, respectively)- 7,626 Net loss attributable to non-controlling interests before taxes 473 169 Stock-based compensation expense 3,7934,474 Adjusted EBITDA (117,696)296,983 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 Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in accordance with ASC 323. See Note 9. Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail; (2) Non-recurring transactions for the three months ended March 31, 2025 represent approximately $1.5 million related to restructuring and American Bitcoin related transaction costs. Non-recurring transactions for the three months ended March 31, 2024 represent approximately $1.4 million of transaction costs related to the Far North JV acquisition and $2.9 million related to restructuring cost
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Note: 20HUT 8 INVESTOR PRESENTATION FINANCIALSIllustrative revenue and cost structures (1 of 2)REVENUE COSTPOWER SEGMENT POWER GENERATIONMWh generatedMarket priceCapacityCapacity contract priceCost of fuelOperations and maintenance (O&M) expenses MANAGED SERVICES1 Capacity managedPMA feeCustomer reimbursementsIncentivesPass-through facility operating expenses DIGITAL INFRASTRUCTURE SEGMENT CPU COLOCATIONContractedcapacityService fee rateCustomer reimbursementsFacilityleaseElectricityconsumedElectricity rateOther facilityoperating expenses ASIC COLOCATION MODEL 11 Infrastructure feeCustomer reimbursementsElectricity consumed by customerElectricity rateOther facilityoperating expenses ASIC COLOCATION MODEL 2Electricity consumed by customerFixed hosting rateElectricity consumed by customerElectricity rateOther facilityoperating expenses ASIC COLOCATION MODEL 3Mining revenue from hosted serversProfit-share splitElectricity consumed by customerElectricity rateOther facilityoperating expensesProfit-share split ×++ × + +×+ + × × + × + Key termsPOWERCapacity: Capacity cleared in the annual capacity auction (MW)Capacity contract price:Price per MW of annual capacity in the market based on $/MW times the number of business days Customerreimbursements:OperatingcoststhatarereimbursedbythecustomerIncentives:Energymanagement,customermanagement,price negotiation incentives,equitystakes, etc.Market price: Hourly IESO market price ($/MWh)Operations and maintenance (O&M) expenses: Fixed and variable site-level expenses such as payroll, repair, and maintenancePass-throughfacility operating expenses: Facility costs incurred by operator thatarepass-throughandreimbursedbytheclientPMA(property management agreement) fee: Management fee structured on a $/MW basis DIGITAL INFRASTRUCTUREContractedcapacity:CommittedkilowattbyendcustomerCustomerreimbursements:Operatingexpensesmaybereimbursableintriplenet(fixedrateplusalloperatingexpenses)andmodifiedgross(fixedrateplusselectreimbursements)Electricityreimbursement:ElectricitycoststhatarepassedthroughtoandreimbursedbythehostingclientFacilitylease:Monthlycostperkilowattleased($/kW/month)Fixedhostingrate:Structured ona$/kWhbasisInfrastructurefee:Fixedmonthlyfeethatcoverstenant’sfacilityoperatingcostsService fee rate:Monthlyrevenueperkilowatt leased ($/kW/month)Otherfacilityoperatingexpenses:Sitelevellabor,rent,repairandmaintenance,etc.Profit-sharesplit:Fixedratiobasedoncontractualagreement×+× ×+× − × × Note: (1) Model utilized with the American Bitcoin brand as of April 1, 2025; Hut 8’s Managed Services agreement with American Bitcoin does not provide for incentives
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Note: 21HUT 8 INVESTOR PRESENTATION FINANCIALSIllustrative revenue and cost structures (2 of 2)REVENUE COSTCOMPUTE SEGMENT BITCOIN MINING1 HashrateHashpriceElectricity consumedElectricityrateOther facility operating expenses DATA CENTER CLOUDCommittedservicesCharge rateExcess capacitychargesFacilityleaseElectricityconsumedElectricity rateOther facilityoperating expenses GPU-AS-A-SERVICENumber of GPUsLease rateFacilityleaseElectricityconsumedElectricity rateOther facilityoperating expenses OTHER SEGMENT EQUIPMENT SALESUnit quantitySales price per unitUnit quantityCost per unit EQUIPMENT REPAIRSRepair costPremium Repair costs COMPUTECommitted services: Guaranteed level of resources or capabilities specified in advance. Usage beyond the committed allocation incurs overage chargesExcess capacity charges:Overage fees for exceeding committed services allotmentFacility lease:Monthly cost per kilowatt leased ($/kW/month)Hashprice:Revenue per unit of hashrate Hashrate:Unit of ASIC compute capacityCharge rate (Data Center Cloud):Monthly revenue per service offeringLease rate (GPU-as-a-Service):Hourly revenue per GPU leasedOtherfacilityoperatingexpenses:Sitelevellabor,rent, repairandmaintenance, etc. OTHERRepaircosts:Includesrepairlaborandreplacementmachineparts × × + × + +×+ × +× × × × − Key terms Note: (1) Operated through the American Bitcoin brand as of April 1, 2025
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Appendix
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23 HUT 8 INVESTOR PRESENTATION Note: (1) Operated through the American Bitcoin brand as of April 1, 2025; (2) Site is currently under development and is expected to be used for ASIC Colocation and Managed Services upon energization; (3) CCGT: Combined-Cycle Gas Turbine power plant; (4) Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site; (5) Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest; (6) Owned or lease by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest Our power and digital infrastructure assets in detailOWNERASSETLOCATIONPOWER SOURCE Q1 2025 REVENUE-GENERATING CAPACITY (MW) TOTAL CAPACITY (MW)BITCOIN MINING1 MANAGEDSERVICESASICCOLOCATION CPU COLOCATION / DATA CENTER CLOUDPOWER GENERATION HUT 8 Vega2 Texas PanhandleWind + ERCOT grid 205Medicine HatMedicine Hat, ABCCGT3+ AESO grid✓ 67Salt CreekOrla, TXERCOT grid✓ 63AlphaNiagara Falls, NY NYISO grid✓ 50Drumheller4 Drumheller, ABAESO grid 42KelownaKelowna, BCGrid (utility tariff) ✓ 1.1MississaugaToronto, ONGrid (utility tariff) ✓ 0.9VaughanToronto, ONGrid (utility tariff) ✓ 0.6Vancouver IIVancouver, BCGrid (utility tariff) ✓ 0.5Vancouver IVancouver, BCGrid (utility tariff) ✓ 0.3 JV King Mountain5 McCamey, TX Wind + ERCOT grid✓ ✓ ✓ 280Iroquois Falls6 Iroquois Falls, ONOwned CCGT3 power plant ✓120Kingston6 Kingston, ON Owned CCGT3 power plant ✓120North Bay6 North Bay, ON Owned CCGT3 power plant ✓35Kapuskasing6 Kapuskasing, ONOwned CCGT3 power plant ✓35TOTAL 1,020 APPENDIX
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24 HUT 8 INVESTOR PRESENTATION Management team ASHER GENOOTCHIEF EXECUTIVE OFFICER MIKE HOCHIEF STRATEGY OFFICER VICTOR SEMAHCHIEF LEGAL OFFICER SEAN GLENNANCHIEF FINANCIAL OFFICER –Former CLO of global data center company Cyxtera Technologies–Former Partner of Medina Capital, a private equity investment firm focused on cybersecurity, data analytics, cloud infrastructure, and SaaS markets–Former Shareholder of Greenberg Traurig with extensive corporate, securities, and M&A experience –Former Managing Director in the Power, Utilities, and Renewables Group in the investment banking division of Citigroup Global Markets–Advised on more than $80 billion in M&A and capital markets activity–Former Management Consultant at Orion Consultants –Co-founder of US Bitcoin Corp and pioneer of institutional Bitcoin mining–Longstanding advisor to publicly traded Bitcoin mining companies with extensive experience designing, building, and commercializing mining data centers–Founder of multiple international trade businesses with deep experience in strategic M&A, partnerships, and structured financing –Co-founder of US Bitcoin Corp–Founder of Curio, a Shanghai-based EdTech company; scaled to 130+ employees–Former Managing Director of consumer brands incubator Flagship Endeavors–Advisory Council Member, USC Business of Energy Transition Initiative–Member of 2024 North America Forbes 30 Under 30 (Energy) and Young Presidents Organization APPENDIX
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25 HUT 8 INVESTOR PRESENTATION Independent directors BILL TAI, CHAIRVENTURE CAPITAL, TECH JOSEPH FLINNFINANCE, SUPPLY CHAIN STANLEY O’NEALFINANCE, ENERGY RICK RICKTERSENPRIVATE EQUITY, TECH MAYO SHATTUCK IIIENERGY, FINANCE AMY WILKINSONPUBLIC POLICY –Venture capitalist of 30+ years –Early investor in Canva, Color Health, Dapper Labs, SafetyCulture, X Pro, and Zoom–Co-founder and Chairman of Treasure Data Inc. and IP Infusion –CFO of Seaboard Transportation Group, a major international bulk transportation group of companies–Former CFO and Eastern Division President of Sysco Canada –Former CEO and Chairman of Merrill Lynch–Board Member of Clearway Energy and Element Solutions–Former Board Member of General Motors and Arconic Corporation –Managing Partner of Pine Creek Partners–Board Member of Strategy and Magnera Corporation–Former Board Member of Apollo Senior Floating Rate Fund and Apollo Tactical Income Fund–Former Board Member of Berry Global Inc. –Former Chairman of Exelon Group and Deutsche Bank Alex Brown–Former Chairman, President, and CEO of Constellation Energy–Board Member of Capital One Financial Corporation and Gap Inc. –CEO of innovation firm Ingenuity (clients include Google, Salesforce, and Cisco)–Former Special Assistant to the US Trade Representative; White House Fellow and Senior Advisor–Lecturer at Stanford Graduate School of Business APPENDIX
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26 HUT 8 INVESTOR PRESENTATION APPENDIXDeep expertise in Tier III data center design, build, and operations HUT 8 HPC TEAM CAPABILITIES AND EXPERIENCEDESIGN AND CONSTRUCTIONSite selection and assessment (risk, environmental, etc.)Basis of Design developmentArchitecture and engineering (civil, structural, electrical, mechanical)Construction management and permittingTesting, commissioning, and staff handoverCOLOCATION OPERATIONSCustomer fit-ups and equipment handling Power, cooling, capacity, and utilization management Standard operating procedure developmentPreventative and responsive maintenance programsRemote hands, monitoring, and consumption billingCLOUD AND IT OPERATIONSCompute, storage, and network managementBackup, disaster recovery, and business continuityCustomer provisioning, license management, and billingAutomation, orchestration, and monitoringNETWORK OPERATIONSCarrier neutrality and redundancy Inter-site connectivityCustomer network provisioning Bandwidth capacity managementOut-of-band managementNetwork health monitoring and preventative maintenanceIP address management (ARIN) DATA CENTER INFRASTRUCTURE MANAGEMENT (DCIM)Infrastructure and capacity monitoring (space, power, cooling)Asset, energy, and rack utilization managementCooling systems management (liquid, traditional, immersion)SECURITY AND COMPLIANCEPhysical security, vulnerability management, and risk mitigationCertifications (SOC 2, ISO, PCI) and audit managementSecurity architecture and policy enforcementIncident response, disaster recovery, and regulatory complianceCUSTOMER SERVICE AND SUPPORTSLA design and management24x7 monitoring, ticketing, and incident managementSALES AND BUSINESS DEVELOPMENTValue proposition and go-to-market strategy designPipeline and renewals managementChannel managementProposal managementPRODUCT MANAGEMENTProduct development and lifecycle managementPricing strategies and continuous improvement initiativesGOVERNANCE AND COMPLIANCELegal compliance and data sovereignty programsRisk management and third-party audit management → → → → → → → → → → 1 2 3 4 5 6
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Note: 27HUT 8 INVESTOR PRESENTATION APPENDIXTechnology-driven operating modelEnhancing human capital efficiency, decrease operating expenses, and reducing the marginal costs of expanding operationsOPERATORDelivers real-time operational visibility for onsite personnel; supports inventory, asset, and work-order management; streamlines daily task coordination and issue resolution OVERWATCHCentralizes collection and analytics of all data displayed in Operator; ensures data integrity and system observability; provides actionable insights for performance optimization REACTORAutomates curtailment control and demand response; enables dynamic energy management and resource allocation; integrates profitability modeling for optimized consumption decisions Key functions→ → → OPERATORFront-end platform designed to optimize on-the-ground operations OVERWATCHBack-end system designed to ensure data integrity and actionable intelligence REACTORInfrastructure control solution designed to optimize energy consumption
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28 HUT 8 INVESTOR PRESENTATION APPENDIXAmerican Bitcoin: Simplified transaction and commercial structureEstablishing American Bitcoin as a majority-owned Bitcoin Mining subsidiary of Hut 8 EXISTING SHAREHOLDERS OF AMERICAN DATA CENTERS TRANSACTION PERIMETER 20% 80%CONTRIBUTED ASICS COMMERCIAL AGREEMENTS1 34SHARED SERVICES EXCLUSIVITY COLOCATION 56ASIC PUT OPTION STOCKHOLDERS’ 2MANAGEMENT SERVICES
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29 HUT 8 INVESTOR PRESENTATION APPENDIXBITMAIN ASIC Colocation partnership1 Note: (1) Hut 8 will have the option to purchase all or a portion of the hosted machines in up to three tranches at a fixed price within six months of energization of the relevant tranches; should Hut 8 exercise this purchase option, ASIC Colocation revenue would instead be recognized through Hut 8’s colocation agreement with American Bitcoin BITMAIN ASIC COLOCATION PARTNERSHIP OVERVIEW ASIC COLOCATION WITH PURCHASE OPTION1 ~15 EH/sINITIAL COLOCATED CAPACITY6 monthsPURCHASE OPTION WINDOW1 ~$125MPROJECTED ANNUALIZED REVENUEQ2 2025EXPECTED ENERGIZATION BALANCED, RISK-ADJUSTED GROWTHPairing colocation with a purchase option reduces upfront capital requirements, offer a lower cost of capital, and de-risks a machine purchase by delaying the need to commit additional capital UPSIDE POTENTIALThe purchase option creates significant option value by fixing the price at which the hosted machines can be purchased for its self-mining fleet, regardless of changes in hashprice upon energization of the machines → → ACCRETIVE BASE CASEThe fixed colocation fee offers the benefits of a traditional data center colocation deal, driving a strong return profile even if the purchase option is not exercised SECURE COUNTERPARTY PROFILEThe tenant is a major ASIC manufacturer with a strong balance sheet and stable cash flows → →
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