Slides
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MARCH 2025 Corporate Overview
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CautionaryNoteRegardingForward–LookingInformationThispresentationincludes“forward-lookinginformation”and“forward-lookingstatements”withinthemeaningofCanadiansecuritieslawsandUnitedStatessecuritieslaws,respectively(collectively,“forwardlookinginformation”).Allinformation,otherthanstatementsofhistoricalfacts,includedinthispresentationthataddressactivities,eventsordevelopmentsHut8Corp.(“Hut8”orthe“Company”)expectsoranticipateswillormayoccurinthefuture,includingsuchthingsasfuturebusinessstrategy,competitivestrengths,goals,expansionandgrowthofHut8’sbusinesses,operations,plansandothersuchmattersisforward-lookinginformation.Forwardlookinginformationisoftenidentifiedbythewords“may”,“would”,“could”,“should”,“will”,“intend”,“plan”,“anticipate”,“allow”,“believe”,“estimate”,“expect”,“predict”,“can”,“might”,“potential”,“predict”,“isdesignedto”,“likely”orsimilarexpressions.Inaddition,anystatementsinthispresentationthatrefertoexpectations,projectionsorothercharacterizationsoffutureeventsorcircumstancescontainforward-lookinginformation.Specifically,suchforward-lookinginformationincludedinthispresentationinclude,amongothers,statementswithrespecttotheCompany’sbeliefsinthevalueofenergy,itsdevelopmentmodelandpipeline,theexpectedtimelinetoenergizeVegaandthesite’scapabilities,anticipatedrevenuegenerationfromtheCompany’sBITMAINcolocationcontract,theexpectedimprovementinhashrateandaveragefleetefficiencyasaresultoftheminerfleetupdateandtheBITMAINpurchaseoption,theCompany’sfoundationforstructured,disciplinedandprofitablegrowth,itsoriginationstrategy,theadvantagesofBitcoinmininginfrastructuredevelopment,innovationfueledbytheCompany’sComputelayer,thebenefitsofitsnewreportingstructure,itsillustrativerevenueandcoststructures,andtheabilityofHut8toexecuteonfutureopportunities.Statementscontainingforward-lookinginformationarenothistoricalfacts,butinsteadrepresentmanagement’sexpectations,estimates,andprojectionsregardingfutureeventsbasedoncertainmaterialfactorsandassumptionsatthetimethestatementwasmade.WhileconsideredreasonablebyHut8asofthedateofthispresentation,suchstatementsaresubjecttoknownandunknownrisks,uncertainties,assumptionsandotherfactorsthatmaycausetheactualresults,levelofactivity,performance,orachievementstobemateriallydifferentfromthoseexpressedorimpliedbysuchforward-lookinginformation,including,butnotlimitedto,failureofcriticalsystems;geopolitical,social,economic,andothereventsandcircumstances;competitionfromcurrentandfuturecompetitors;risksrelatedtopowerrequirements;cybersecuritythreatsandbreaches;hazardsandoperationalrisks;changesinleasingarrangements;Internet-relateddisruptions;dependenceonkeypersonnel;havingalimitedoperatinghistory;attractingandretainingcustomers;enteringintonewofferingsorlinesofbusiness;pricefluctuationsandrapidlychangingtechnologies;constructionofnewdatacenters,datacenterexpansions,ordatacenterredevelopment;predictingfacilityrequirements;strategicalliancesorjointventures;operatingandexpandinginternationally;failingtogrowhashrate;purchasingminers;relyingonthird-partyminingpoolserviceproviders;uncertaintyinthedevelopmentandacceptanceoftheBitcoinnetwork;Bitcoinhalvingevents;competitionfromothermethodsofinvestinginBitcoin;concentrationofBitcoinholdings;hedgingtransactions;potentialliquidityconstraints;legal,regulatory,governmental,andtechnologicaluncertainties;physicalrisksrelatedtoclimatechange;involvementinlegalproceedings;tradingvolatility;andotherrisksdescribedfromtimetotimeinCompany’sfilingswiththeU.S.SecuritiesandExchangeCommission.Inparticular,seetheCompany’srecentandupcomingannualandquarterlyreportsandothercontinuousdisclosuredocuments,whichareavailableundertheCompany’sEDGARprofileatwww.sec.govandSEDAR+profileatwww.sedarplus.ca.ThesefactorsarenotintendedtorepresentacompletelistofthefactorsthatcouldaffectHut8;however,thesefactorsshouldbeconsideredcarefully.Therecanbenoassurancethatsuchestimatesandassumptionswillprovetobecorrect.Shouldoneormoreoftheserisksoruncertaintiesmaterialize,orshouldassumptionsunderlyingtheforward-lookingstatementsproveincorrect,actualresultsmayvarymateriallyfromthosedescribedinthispresentationasintended,planned,anticipated,believed,sought,proposed,estimated,forecasted,expected,projectedortargetedandsuchforward-lookingstatementsincludedinthispresentationshouldnotbeundulyreliedupon.Theimpactofanyoneassumption,risk,uncertainty,orotherfactoronaparticularforward-lookingstatementcannotbedeterminedwithcertaintybecausetheyareinterdependentandHut8’sfuturedecisionsandactionswilldependonmanagement’sassessmentofallinformationattherelevanttime.Theforward-lookingstatementscontainedinthispresentationaremadeasofthedateofthispresentation,andHut8expresslydisclaimsanyobligationtoupdateoralterstatementscontaininganyforward-lookinginformation,orthefactorsorassumptionsunderlyingthem,whetherasaresultofnewinformation,futureeventsorotherwise,exceptasrequiredbylaw.Exceptwhereotherwiseindicatedherein,theinformationprovidedhereinisbasedonmattersastheyexistasofthedateofpreparationandnotasofanyfuturedateandwillnotbeupdatedorotherwiserevisedtoreflectinformationthatsubsequentlybecomesavailable,orcircumstancesexistingorchangesoccurringafterthedateofpreparation. NoOfferorSolicitationThispresentationisnotintendedtoandshallnotconstituteanoffertosellorthesolicitationofanoffertosellorthesolicitationofanoffertobuyanysecurities,norshalltherebeanysaleofsecuritiesinanyjurisdictioninwhichsuchoffer,solicitationorsalewouldbeunlawfulpriortoregistrationorqualificationunderthesecuritieslawsofanysuchjurisdiction.NoofferofsecuritiesshallbemadeexceptbymeansofaprospectusmeetingtherequirementsofSection10oftheSecuritiesActof1933,asamended(the“SecuritiesAct”)orinatransactionexemptfromtheregistrationrequirementsoftheSecuritiesAct.Non-GAAPFinancialMeasuresThispresentationincludesAdjustedEBITDAfigures,whichisafinancialmeasurethatisnotpreparedinaccordancewithU.S.generallyacceptedaccountingprinciples(“GAAP”)andhasimportantlimitationsasananalyticaltool.Non-GAAPfinancialmeasuresaresupplemental,shouldonlybeusedinconjunctionwithresultspresentedinaccordancewithGAAPandshouldnotbeconsideredinisolationorasasubstituteforsuchGAAPresults.SeetheAppendixofthispresentationforareconciliationofAdjustedEBITDAtothemostcomparableGAAPmeasure,netincome(loss),andanexplanationofthismeasure.ThirdPartyInformationThispresentationincludesmarketandindustrydatawhichwasobtainedfromvariouspubliclyavailablesourcesandothersourcesbelievedbyHut8betrue.AlthoughHut8believesittobereliable,ithasnotindependentlyverifiedanyofthedatafromthirdpartysourcesreferredtointhispresentationoranalyzedorverifiedtheunderlyingreportsrelieduponorreferredtobysuchsources,orascertainedtheunderlyingassumptionsrelieduponbysuchsources.Hut8doesnotmakeanyrepresentationastotheaccuracyofsuchinformation.NoticeRegardingLogosandTrademarksAlllogos,trademarks,andbrandnamesusedthroughoutthispresentationbelongtotheirrespectiveowners.
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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 MOUNTAIN2280 MWVEGA3205 MWMEDICINE HAT67 MW SALT CREEK63 MWALPHA 50 MWDRUMHELLER442 MW IROQUOIS FALLS5120 MWKINGSTON5120 MWNORTH BAY535 MW KELOWNA1.1 MWMISSISSAUGA0.9 MWKAPUSKASING535 MW VAUGHAN0.6 MWVANCOUVER II0.5 MWVANCOUVER I0.3 MW OVERVIEWHut 8: Energy infrastructure platform Note: (1) “Other” includes equipment sales and repairs, totaling $7.6M; (2) Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest; (3) Site is currently under development and expected to be energized in Q2 2025; (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 Macquarie in which Hut 8 has an approximately 80% membership interest Our Power layer spans 1,020 MWPOWER GENERATION BTC MININGHPC SEGMENTWHAT WE DOFY 2024 MONETIZATIONAS OF Q4 2024SCALEFY 2024REVENUE POWERAcquire, develop, and manage critical energy assets such as interconnects, powered land, and other electrical infrastructure POWER GENERATIONMANAGED SERVICES1,020 MWUNDER MANAGEMENT$56.6M 2,800 MWUNDER EXCLUSIVITY 9,500 MWUNDER DILIGENCE DIGITAL INFRASTRUCTUREDesign, build, monetize, and operate purpose-built facilities for energy-intensive applications ASIC COLOCATIONCPU COLOCATION5BITCOIN MINING SITES$17.5M 5TRADITIONAL DATA CENTERS COMPUTEAcquire, monetize, and operate specialized hardware for energy-intensive applicationsBITCOIN MININGDATA CENTER CLOUDGPU-AS-A-SERVICE~5.5 EH/sBTC SELF-MINING HASHRATE$80.7M 1,000NVIDIA H100 UNITS PLATFORMPOWER, DIGITAL INFRASTRUCTURE, COMPUTE, AND OTHER1 $162.4M 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 ✓As of December 31, 2024, our development pipeline comprised approximately 12.3 GW of capacity✓During the quarter, we advanced three large-scale AI data center development opportunities in our pipeline, which, if secured, would collectively add over 430 MW of capacity✓After the quarter, we acquired 592 acres of land in Louisiana for our newest River Bend campus, one of the three sites comprising 430 MW of previously disclosed AI data center development opportunities in our pipeline ✓Following the completion of our 63 MW Salt Creek site in Q2 2024, we began the development of our 205 MW Vega site in the Texas Panhandle ✓Vega will feature our custom rack-based, DTC liquid-cooled data center architecture for ASIC compute and is expected to be energized in Q2 2025, less than one year after acquisition✓We secured a ~15 EH/s ASIC colocation contract for Vega with BITMAIN Technologies Ltd. (“BITMAIN”), which is expected to generate ~$125 million in annualized revenue upon full ramp ✓Our initial ASIC fleet upgrade is expected to increase our self-mining hashrate to ~10.3 EH/s while driving average fleet efficiency down from ~32.0 J/TH to ~20.5 J/TH✓If we were to execute its purchase option under our BITMAIN ASIC Colocation agreement, we anticipate total self-mining hashrate of ~25 EH/s with average fleet efficiency of ~16.0 J/TH ~1.0 GW~2.8 GW~0.4 GW~9.5 GW Q4 2024SELECT AIDEVE LOPME NT ASSE TS ~13.3 GW UNDER MANAGEMENTEXCLUSIVITYDILIGENCE 63 MW 205 MW Q2 2024Q2 2025SALT CREEK VEGA ~5.5 EH/s1 ~10.3 EH/s ~14.8 EH/s Q4 2024PRO FORMA ~5.5 EH/s1 ~25.1 EH/s POST-FLEET UPGRADEBITMAIN PURCHASE OPTION ~430 MW NAMEPLATE CAPACITY SECURED OVERVIEWQ4 2024: Business updates by segment Note: (1) Based on Hut 8’s deployed self-mining hashrate of ~5.5 EH/s as of December 31, 2024, 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 1 AS OF PERIOD-END
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10 HUT 8 INVESTOR PRESENTATIONNote: (1) Site closed on February 27, 2025; (2) Power flow and engineering approved; (3) Power flow approved, engineering study underway OVERVIEWQ4 2024: 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 ~9.5 GW ~2.8 GW Approximately 12.3 GW of development capacity as of December 31, 2024~12.3 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 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 1.0+1.5+~2.82.0+3.5+ ~9.5 Q2 2024Q3 2024Q4 2024 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 → → → → → 3+ GW5+ GW ~12.3 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 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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17 HUT 8 INVESTOR PRESENTATIONNote: (1) 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 Certain key metricsMETRICUNITQ4 2024Q3 2024Q2 2024Q1 2024 REVENUE USD '000$31,694$43,735$35,215$51,741 COST OF REVENUEUSD '000$20,313 $17,559$20,636 $28,147 ENERGY COST PER MWH$/MWh$31.63 $28.83$31.71$40.06 OPERATING INCOME (LOSS)USD '000$281,914 ($1,569)($86,693)$266,887 NET INCOME (LOSS)USD '000$ 151,984 $908($72,190)$250,707 ADUSTED EBITDA1 USD '000$310,626 $5,596($57,530)$296,983 FINANCIALS
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18 HUT 8 INVESTOR PRESENTATION Consolidated statement of incomeFINANCIALS Three Months EndedDecember 31, 2024September 30, 2024June 30, 2024March 31, 2024Revenue:Power 9,94926,185 10,530 9,938 Digital Infrastructure 2,5203,854 5,264 5,844 Compute 19,159 13,609 15,795 32,138 Other 66 87 3,626 3,821 Total revenue 31,694 43,735 35,215 51,741 Cost of revenue (exclusive of depreciation and amortization shown below):Cost of revenue - Power 7,465 4,991 5,449 3,633 Cost of revenue - Digital Infrastructure 2,929 3,667 4,331 4,629 Cost of revenue - Compute 9,781 8,840 8,670 17,686 Cost of revenue - Other 138 61 2,186 2,199 Total cost of revenue 20,313 17,559 20,636 28,147 Operating expenses (income):Depreciation and amortization 14,308 10,462 11,531 11,472 General and administrative expenses 18,844 16,175 17,899 19,999 (Gains) losses on digital assets (308,157)1,552 71,842 (274,574)Gain on sale of property and equipment - (444)- (190)Impairment - other 4,472 - - - Total operating expenses (income) (270,533)27,745 101,272 (243,293)Operating income (loss) 281,914 (1,569)(86,693)266,887 Other (expense) income:Foreign exchange (loss) gain (4,024)703 720 (2,399)Interest expense (9,563)(7,938)(6,012)(6,281)Gain on debt extinguishment - 5,966 - - (Loss) gain on derivatives (13,143)2,704 17,219 - Gain on bargain purchase 3,060 - - - Equity in earnings of unconsolidated joint venture 1,902 1,495 2,440 4,522 Total other (expense) income (21,768)2,930 14,367 (4,158)Income (loss) from continuing operations before taxes260,146 1,361 (72,326)262,729 Income tax (provision) benefit (110,482)(453)1,874 (4,396)Net income (loss) from continuing operations 149,664 908 (70,452)258,333 Net income (loss) from discontinued operations, net of taxes2,320 - (1,738)(7,626)Net income (loss) 151,984 908 (72,190)250,707 Less: Net (income) loss attributable to non-controlling interests 241 (261)324 169 Net income (loss) attributable to Hut 8 Corp. 152,225 647 (71,866)250,876
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19 HUT 8 INVESTOR 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 three months ended December 31, 2024 represent approximately $0.2M of restructuring costs, and $0.1M of Far North related costs. Non-recurring transactions for the three months ended September 30, 2024 primarily represent a $13.5 million contract termination fee received from MARA Holdings and a release of relocation fees that were over-accrued in the prior period. Non-recurring transactions for the three months ended June 30, 2024 represent approximately $1.5 million of miner relocation costs, $0.7 million of restructuring costs, offset by a $2.2 million tax refund. Non-recurring transactions for the three months ended March 31, 2024 represent approximately $1.4 million of transaction costs related to the Far North acquisition and $2.9 million related to restructuring cost. 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. Three Months Ended(in thousands)December 31, 2024September 30, 2024June 30, 2024March 31, 2024Net income (loss) 151,984 908 (72,190)250,707 Interest expense 9,563 7,938 6,012 6,281 Income tax provision (benefit)110,482 453 (1,874)4,396 Depreciation and amortization14,308 10,462 11,531 11,472 Gain on debt extinguishment— (5,966)— — Loss (gain) on derivatives13,143 (2,704)(17,219)— Gain on bargain purchase(3,060)— — —Share of unconsolidated joint venture depreciation and amortization1 3,120 5,486 7,837 5,349Foreign exchange loss (gain)4,024 (703)(720)2,399Gain on sale of property and equipment— (444) — (190) Non-recurring transactions2 327 (14,530)21 4,300 Impairment - other 4,472 — — —(Income) loss from discontinued operations, net of taxes(2,320)— 1,738 7,626 Net income (loss) attributable to non-controlling interests241 (261) 324 169 Stock-based compensation expense4,342 4,957 7,010 4,474 Adjusted EBITDA 310,626 5,596 (57,530)296,983 FINANCIALS ADJUSTED EBITDA RECONCILIATIONNOTE ON ADJUSTED EBITDA
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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 SERVICESCapacity managedPMA feeCustomer reimbursementsIncentivesPass-through facility operating expenses DIGITAL INFRASTRUCTURE SEGMENT CPU COLOCATIONContractedcapacityService fee rateCustomer reimbursementsFacilityleaseElectricityconsumedElectricity rateOther facilityoperating expenses ASIC COLOCATION MODEL 1Electricity consumed by customerFixed hosting rateElectricity consumed by customerElectricity rateOther facilityoperating expenses ASIC COLOCATION MODEL 2Infrastructure feeElectricity reimbursementElectricity 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×+× ×+× − × +
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Note: 21HUT 8 INVESTOR PRESENTATION FINANCIALSIllustrative revenue and cost structures (2 of 2)REVENUE COSTCOMPUTE SEGMENT BITCOIN MININGHashrateHashpriceElectricity 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
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Appendix
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23 HUT 8 INVESTOR PRESENTATION Note: (1) Site is currently under development and is expected to be used for hosting upon energization; (2) CCGT: Combined-Cycle Gas Turbine power plant; (3) Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site, (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) 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 Q4 2024 REVENUE-GENERATING CAPACITY (MW) TOTAL CAPACITY (MW)BITCOIN MININGMANAGEDSERVICESASICCOLOCATION CPU COLOCATION / DATA CENTER CLOUDPOWER GENERATION HUT 8 Vega1 Texas PanhandleWind + ERCOT grid 205Medicine HatMedicine Hat, ABCCGT2 + AESO grid✓ 67Salt CreekOrla, TXERCOT grid✓ 63AlphaNiagara Falls, NY NYISO grid✓ 50Drumheller3 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 Mountain4 McCamey, TX Wind + ERCOT grid✓ ✓ ✓ 280Iroquois Falls5 Iroquois Falls, ONOwned CCGT2 power plant ✓120Kingston5 Kingston, ON Owned CCGT2 power plant ✓120North Bay5 North Bay, ON Owned CCGT2 power plant ✓35Kapuskasing5 Kapuskasing, ONOwned CCGT2 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–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–Board Member of Apollo Senior Floating Rate Fund and Apollo Tactical Income Fund–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 ~25.1 EH/s ~6.7 EH/s ~14.8 EH/s ~(1.9) EH/s~5.5 EH/s ~10.3 EH/s Q4 2024Fleet retirementFleet upgradePost-fleet upgradePurchase optionPro forma APPENDIXASIC compute: Our path to 25 EH/s at 16.0 J/TH 6.7 EH/sANTICIPATED BITMAIN S21+ ANTMINER HASHRATE ~20.5 J/THPRO FORMA AVERAGE FLEET EFFICIENCY1 $15.00/THPURCHASE PRICE PRO FORMA SELF-MINING HASHRATE AND BREAKEVEN ENERGY COST3 ~32.0 J/TH ~20.5 J/TH2 ~16.0 J/TH2 PRO FORMA AVERAGE FLEET EFFICIENCY SELF-MINING OPERATIONSFLEET UPGRADE OVERVIEW ~$0.070/kWh ~$0.110/kWh~$0.141/kWh Note: (1) Pro forma average fleet efficiency based on Hut 8’s deployed self-mining hashrate of 5.5 EH/s as of December 31, 2024, 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) Anticipated; (3) Estimated based on $0.054 average hashprice during Q4 2024
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29 HUT 8 INVESTOR PRESENTATION APPENDIXBITMAIN ASIC Colocation partnership 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 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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INVESTOR RELATIONSIR@HUT8.COM