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Hut 8 November 4, 2025 Q3 2025Earnings Presentation
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DisclaimerCautionary 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 flywheel, its near-term growth runway, the Company’s foundation for balanced, risk-adjusted growth, 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. Hut 8
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Hut 8 Agenda01Business update02Financial update
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Hut 8 4 Acceleration of our development flywheel Hut 8DevelopmentFlywheel01Originate02Invest03Monetize04OptimizePrioritize near-term access to scarce power by sourcing both front-of-the-meter and behind-the-meter assets Prioritize lower-cost-of-capital segments like colocationMaximize portfolio yield over time by transitioning suitable assets to higher return use cases over time Apply our first principles approach to innovation in digital infrastructure design, development, and operations Secure power assets that can immediately support HPC applications, as well as assets where Bitcoin mining can serve as a transitional load Leverage creative financing mechanisms to optimize cost of capital and mitigate enterprise risk Leverage Bitcoin mining infrastructure to underwrite acquisitions and rapidly monetize power assets Rethink traditional infrastructure models to expand addressable markets and drive long-term asset value Key Q3 2025 Outcomes Strong financial performance supported by commercial and financial synergies across the platform Step-change of our near-term growth runway with the launch of a multi-site expansion program representing 1.5+ GW of Energy Capacity Under Development
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Hut 8 5 Q3 2025 financial highlights Note: (1) Adjusted EBITDA is a non-GAAP financial measure; see Appendix for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income, and an explanation of this measure Q3 2024Q3 2025Q3 2024Q3 2025Q3 2024Q3 2025 REVENUE NET INCOMEADJUSTED EBITDA1 $43.7M $83.5M $0.9M $50.6M $5.6M $109.0M Strong toplinegrowth supported by commercial and financial synergies across the platform
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Hut 8 6 Validation of our power-first strategyHut 8 was built with a power-first strategy that aims to address demand from the world’s most transformative technologies 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 “…less overall capacity […] is being addedto 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” WE BELIEVE DEMAND WILL OUTSTRIP SUPPLY……AND THAT THE HIGHEST-RETURN USE CASES WILL CONTINUE TO EVOLVE PASTPRESENTFUTURERefiningBitcoin miningHydrogen?SmeltingCPU & GPU computeCarbon capture?ManufacturingDesalination?Other heavy industrySpace economy?Re-shoring?Robotics? Electricity Supply Shortfall Risk1,2 2025–2029
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Hut 8 7 Launch of a multi-site 1.5 GW+ expansion program Note: As of September 30, 2025 Site 01River BendLouisianaMISO Site 02TexasERCOT Site 03TexasERCOT Site 04IllinoisPJM Site 0450 MW Site 03180 MWSite 01. River Bend300 MW Alpha 50 MW Vega205 MW King Mountain 280 MWSalt Creek 63 MWSite 021,000 MW Drumheller 42 MWMedicine Hat 67 MWVancouver II 0.5 MWVancouver I 0.3 MW Vaughan 0.6 MW Kelowna 1.1 MW Mississauga0.9 MW Iroquois Falls 120 MW Kingston120 MWNorth Bay35 MW Kapuskasing 35 MWHut 8 advanced 1,530 MW from exclusivity into development across four sites
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Hut 8 8 Refinement of our development pipeline 9,670 MW Energy CapacityAs of September 30, 2025 01Diligence02Exclusivity03Development04ManagementSites identified for large-load use cases such as high-performance computing and Bitcoin mining, industrial applications such as next generation manufacturing, and other energy-intensive technologies. At this stage, Hut 8 assesses site potential by engaging with utilities, landowners, and other stakeholders to evaluate critical factors, including power availability, infrastructure readiness, fiber connectivity, and overall commercial viability Sites where Hut 8 has secured a clear path to ownership through either: (1) an exclusivity agreement that prevents the sale of designated power and/or land capacity to another party or (2) a tendered interconnection agreement, confirming a viable path to securing power and infrastructure for deployment Sites where Hut 8 is actively investing in development and commercialization by executing definitive land and/or power agreements, advancing site design and infrastructure buildout, and engaging with prospective customers Monetized capacity, which comprises all Power assets: Power Generation, Managed Services, ASIC Colocation, CPU Colocation, Bitcoin Mining, Data Center Cloud, and non-operational sites 03 1,530 MW02 1,255 MW 01 5,865MW 04 1,020 MW DECREASING EXPECTED COST OF CAPITAL The addition of a new Development stage provides greater visibility into late-stage projects that have advanced beyond exclusivity
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Closing remarks Hut 8 Asher GenootChief Executive Officer
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Hut 8 Agenda01Business update02Financial update
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Hut 8 11 Reporting structure: American Bitcoin accounting treatmentRevenue generated by Hut 8 through its commercial agreements with ABTC is eliminated in consolidation, as these transactions are treated as intercompany so long as ABTC remains a consolidated entity Note: (1) Includes pass-through site-level electricity; (2) Includes pass-through site-level operating expenses Illustrative revenue:Revenue for Hut 8 excluding ABTCHut 8-ABTC ASIC Colocation Agreement1,2Hut 8-ABTC Managed Services Agreement2Hut 8-ABTC Shared Services AgreementTotal illustrative revenue Illustrative expenses:SG&A for Hut 8 excluding ABTC Total illustrative expenses Illustrative net income for Hut 8 excluding ABTC HUT 8 EXCLUDING AMERICAN BITCOIN (ABTC)AMERICAN BITCOINHUT 8 CORP. CONSOLIDATEDIllustrative revenue:Bitcoin Mining Total illustrative revenue Illustrative expenses:ABTC SG&AHut 8-ABTC ASIC Colocation Agreement1,2Hut 8-ABTC Managed Services Agreement2Hut 8-ABTC Shared Services AgreementTotal illustrative expenses ABTC illustrative net incomeIllustrative non-controlling interest Illustrative revenue:+ Total illustrative revenue Illustrative expenses: Total illustrative expenses Hut 8 Corp. illustrative net income pre-adjustmentsAdjustment for illustrative non-controlling interest Hut 8 Corp. illustrative consolidated net income A B AB C C Intercompany eliminationsIntercompany revenue and expenses between Hut 8 and ABTC (such as colocation fees, service fees, and reimbursements) are eliminated from reported results Non-controlling interestThe adjustment for non-controlling interest line item reflects the portion of ABTC’s net income that is not attributable to Hut 8 LEGEND D D
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Hut 8 12 Q3 2025 REVENUECOMMENTARY –$19.7 million year-over-year decline in Managed Services revenue, attributable fully to the termination of our Managed Services Agreement with Ionic Digital–$1.9 million increase in Power Generation revenue, driven by elevated demand across our portfolio of four natural gas-fired power plants in Ontario–Revenue from our Managed Services Agreement with American Bitcoin, which covers 325 megawatts of capacity, is eliminatedin consolidation and not reflected in reported results Segment ResultsSegment Overview Power Generation: Power generation facilities supplying capacity and energy directly to the electrical grid Managed Services: End-to-end energy infrastructure development, construction, and operations services Results by segment: Power $8.4M
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Hut 8 13 Q3 2025 REVENUECOMMENTARY –$1.2 million increase year-over-year driven by the commencement of our ASIC Colocation agreement with BITMAIN, supporting nearly 15 exahash of capacity delivered by the U3S21EXPH ASIC machines we co-developed with the manufacturer–In August and September, American Bitcoin exercised its option to purchase those machines. As a result, our colocation agreement with BITMAIN concluded in September. We subsequently transitioned to Managed Services and ASIC Colocation agreements with American Bitcoin and continue to operate the fleet under these agreements–As with Managed Services, revenue from our ASIC Colocation Agreement with American Bitcoin is eliminated in consolidation and not reflected in reported results Segment ResultsSegment Overview ASIC Colocation: Hosting and operating Bitcoin mining equipment on behalf of third parties within our facilities CPU Colocation: Geo-diverse and carrier neutral data centers supporting a variety of compute, storage, and network workloads Results by segment: Digital Infrastructure $5.1M
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Hut 8 14 Q3 2025 REVENUECOMMENTARY –$54.3 million increase in Bitcoin Mining revenue reflecting the impact of infrastructure and ASIC fleet upgrades completed in the first quarter, which improved mining efficiency and increased Bitcoin production, and American Bitcoin’s deployment of 14.8 exahash of additional installed mining capacity at Vega, increasing Hut 8’s total hashrate from approximately 12.0 exahash to approximately 26.8 exahash. These operational gains were reinforced by a higher average price of Bitcoin during the period–$2.6 million increase in GPU-as-a-Service revenue from Highrise AI–$0.5 million decrease in Data Center Cloud revenue due to customer churn Segment ResultsSegment Overview Bitcoin Mining1: Providing ASIC compute to mining pools that operate nodes and validate blocks on the blockchain Data Center Cloud (High Performance Computing):Cloud services supporting private and public cloud deployments, managed backup, business continuity and disaster recovery services, and high-capacity storage GPU-as-a-Service (Highrise AI): Providing GPU compute to developers that build, train, and deploy AI models Results by segment: Compute $70.0M Note: (1) Starting April 1, 2025, the Company’s Bitcoin mining operations are generally conducted through the American Bitcoin majority-owned subsidiary
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Hut 8 15 Capital strategy updateOur fortress balance sheet is a foundation for balanced, risk-adjusted growth BALANCE SHEET PILLARStrategic Bitcoin ReserveDisciplined Capital AccessResponsible Leverage13,696 Bitcoin in reservewith a market value of approximately $1.6 billionas of September 30, 2025, of which 10,278 were held by Hut 8 and 3,418 were held by American Bitcoin Addition of a $200 million revolving credit facility with Two Prime Disciplined approach to leverage informed by the reality that leverage is often easy to add but expensive and painful to unwind Nearly $1 billion in incremental market value and liquidity generated from these holdings since February 2024, including $689 million in contributions from Bitcoin price appreciation, $265 million in new Bitcoin-backed credit facilities with Coinbase and Two Prime at a weighted average cost of capital of 8.2%, and approximately $32 million in premiums realized through covered call option strategies Launch of a new $1 billion at-the-market equity program. Simultaneously with the launch of our new ATM program, we closed our previous ATM with 40% of its capacity unutilized. Shares issued under the prior program were sold on average at a 50% premium to the average trading price during the period, reflecting a disciplined approach to equity issuance Leverage used selectively and strategically to fuel operating growth and provide strategic flexibilityin a manner designed to minimize enterprise risk and support long-term growth
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Closing remarks Hut 8 Sean GlennanChief Financial Officer
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Q&A Hut 8
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Appendix Hut 8
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Hut 8 19 Note: (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earningsofunconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income in accordance with ASC 323. See Note 10. Investments in unconsolidated joint ventureof our Unaudited Condensed Consolidated Financial Statements for further detail; (2) Non-recurring transactions for the three months ended September 30, 2025 primarily represent approximately $2.9 million of American Bitcoin related transaction costs. Non-recurring transactions for the three months ended September 30, 2024 represent a $13.5 million contract termination fee receivedfrom MARA Holdings and a release of relocation fees that were over-accrued in the prior period Note on Adjusted EBITDA Q3 2025: Adjusted EBITDA Reconciliation Three Months EndedSeptember 30(in USD thousands) 20252024Net income 50,612908Interest expense 8,6167,938Income tax provision 19,019453Depreciation and amortization27,79510,462Gain on debt extinguishment- (5,966)Share of unconsolidated joint venture depreciation, amortization, net of basis adjustments1 4,4545,486Foreign exchange loss (gain)1,530(703)Loss (gain) on sale of property and equipment1,467(444)Gain on derivatives (5,141)(2,704)Loss on other financial liability237 -Gain on warrant liability (26) -Non-recurring transactions2 2,896(14,530)(Income) attributable to non-controlling interests(8,793)(261)Stock-based compensation expense6,3184,957Adjusted EBITDA 108,9845,596 InadditiontoourresultsdeterminedinaccordancewithGAAP,werelyonAdjustedEBITDAtoevaluateourbusiness,measureourperformance,andmakestrategicdecisions.AdjustedEBITDAisanon-GAAPfinancialmeasure.WedefineAdjustedEBITDAasnetincome,adjustedforimpactsofinterestexpense,incometaxprovision,depreciationandamortization,gainondebtextinguishment,ourshareofunconsolidatedjointventuredepreciationandamortization,netofbasisadjustments,foreignexchangegainorloss,gainorlossonsaleofpropertyandequipment,gainorlossonderivatives,gainorlossonotherfinancialliability,gainorlossonwarrantliability,theremovalofnon-recurringtransactions,incomeattributabletonon-controllinginterests,andstock-basedcompensationexpenseintheperiodpresented.YouareencouragedtoevaluateeachoftheseadjustmentsandthereasonsourBoardandmanagementteamconsiderthemappropriateforsupplementalanalysis.TheCompany’sboardofdirectorsandmanagementteamuseAdjustedEBITDAtoassessitsfinancialperformancebecauseitallowsthemtocompareoperatingperformanceonaconsistentbasisacrossperiodsbyremovingtheeffectsofcapitalstructure(suchasvaryinglevelsofinterestexpenseandincome),assetbase(suchasdepreciationandamortization),andotheritems(suchasnon-recurringtransactionsmentionedabove)thatimpactthecomparabilityoffinancialresultsfromperiodtoperiod.Netincome(loss)istheGAAPmeasuremostdirectlycomparabletoAdjustedEBITDA.InevaluatingAdjustedEBITDA,youshouldbeawarethatinthefuturetheCompanymayincurexpensesthatarethesameasorsimilartosomeoftheadjustmentsinsuchpresentation.TheCompany’spresentationofAdjustedEBITDAshouldnotbeconstruedasaninferencethatitsfutureresultswillbeunaffectedbyunusualornon-recurringitems.TherecanbenoassurancethattheCompanywillnotmodifythepresentationofAdjustedEBITDAinthefuture,andanysuchmodificationmaybematerial.AdjustedEBITDAhasimportantlimitationsasananalyticaltoolandyoushouldnotconsiderAdjustedEBITDAinisolationorasasubstituteforanalysisofresultsasreportedunderGAAP.BecauseAdjustedEBITDAmaybedefineddifferentlybyothercompaniesintheindustry,theCompany’sdefinitionofthisnon-GAAPfinancialmeasuremaynotbecomparabletosimilarlytitledmeasuresofothercompanies,therebydiminishingitsutility. Adjusted EBITDA Reconciliation
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Hut 8 20 Q3 2025: American Bitcoin highlights Note: (1) American Bitcoin acquires Bitcoin through a combination of Bitcoin mining operations and purchases executed at prevailing market prices, primarily funded through proceeds generated under the American Bitcoin at-the-market (“ATM”) equity offering program, pursuant to which the company issued 11,017,341 shares of Class A Common Stock for gross proceeds of approximately $90.0M, incurring issuance costs of approximately $2.0M during the period from September 3, 2025 to September 30, 2025, and 5,523,058 shares of Class A Common Stock forgross proceeds of approximately $33.9M, incurring issuance costs of approximately $0.1M during the period from October 1, 2025 to November 3, 2025; (2) AmericanBitcoin mined 563 Bitcoin and purchased 2,451 Bitcoin during the three months ended September 30, 2025, and mined 871 Bitcoinand purchased 2,451 Bitcoin during the nine months ended September 30, 2025; (3) Bitcoin held as of September 30, 2025 includes 2,385 Bitcoin pledged or otherwise collateralized; (4) Includes 258 Bitcoin purchased by American Bitcoin during the period from October 1, 2025 to November 3, 2025; (5) Bitcoin held as of November 3, 2025 includes 2,776 Bitcoin pledged or otherwise collateralized Certain Key Financial MetricsCertain Key Bitcoin Reserve Metrics (in USD thousands, except percentage)Three Months EndedSeptember 30, 2025Nine Months EndedSeptember 30, 2025 Revenue $64,220$106,843 Cost of Revenue$28,279$55,267 Gross Margin 56%48% As of September 30, 2025As of November 3, 2025 Bitcoin Held in Reserve1 3,4182,33,9604,5
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Investor RelationsPublic Relationsir@hut8.commedia@hut8.com Hut 8