Slides
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Hut 8 Q4 & FY 2025 Corporate Overview
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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 Company’s beliefs in the value of energy, its development model, pipeline and flywheel, the Company’s foundation for structured and disciplined growth, its origination strategy, the Company’s evolution of its asset commercialization profile, its framework for structured, disciplined growth, its access to growth capacity at scale, the Company’s ability to secure new energy capacity, the advantages of Bitcoin mining infrastructure development, its ability to achieve its 2026 goals, including advancing River Bend for Q2 2027 delivery, accelerating pipeline conversion, optimizing capital efficiency, and scaling with operating discipline, the expected impact of American Bitcoin Corp., the Company’s 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, risks related to the construction of new data centers, data center expansions, or data center redevelopment; liquidity constraints and indebtedness; predicting facility requirements; strategic alliances, joint ventures or launching or spinning out other businesses, including with American Bitcoin and the King Mountain joint venture; entering into new offerings or lines of business; failure of critical systems; significant power requirements; attracting and retaining customers; geographic concentration and market-specific conditions; competition from current and future competitors; changes in leasing arrangements; obtaining, maintaining, and complying with permits and approvals; hazards and operational risks; cybersecurity threats and breaches; Internet-related disruptions; political, social, economic, and other events and circumstances; operating and expanding internationally; dependence on key personnel; operating as a growth-stage company with an evolving business model and strategy; concentration of Bitcoin holdings; uncertainty in the development and acceptance of the Bitcoin network; price fluctuations and rapidly changing technologies; legal, regulatory, governmental, and technological uncertainties; legislative or regulatory changes, including environmental or energy regulations; involvement in legal proceedings; trading volatility; dilution; 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 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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Hut 8 4 SEGMENTWHAT WE DOMONETIZATIONSCALEAs of December 31, 2025REVENUEFY 2025 PowerAcquire, develop, and manage critical energy assets such as powered land, interconnects, substations, switchyards, generation assets, and related electrical systems Power GenerationManaged Services5,185 MWUnder Diligence1$23.2M1,755 MWUnder Exclusivity2 1,230 MWUnder Development3 330 MWUnder Construction4 1,020 MWUnder Management5 Digital InfrastructureDesign, build, commercialize, and operate purpose-built data center facilities for next-generation, energy-intensive technology applications Including: ASIC compute, traditional cloud and colocation, AI, and other HPC applications5 ASIC Compute$9.6M5Traditional Cloud and Colocation1AI (Under Construction) ComputeOwn, operate and scale purpose-built businesses that acquire, deploy, and monetize specialized hardware for next-generation, energy-intensive technologies ASIC ComputeTraditional CloudAI Cloud~95,900ASIC Servers6$202.31,000NVIDIA H100 Units7 96NVIDIA H200 Units7 TotalPower, Digital Infrastructure, Compute, and Other8 $235.1 1,020 MW portfolio Hut 8: Integrated energy infrastructure platformUNDER CONSTRUCTION ASIC COMPUTECLOUD AND COLOCATION King Mountain9280 MW Vega 205 MW Medicine Hat 67 MW Salt Creek 63 MW Alpha 50 MWVaughan 0.6 MW Vancouver II 0.5 MWVancouver I 0.3 MWKelowna 1.1 MW Iroquois Falls10120 MW Kingston10110 MWNorth Bay1040 MW Kapuskasing1040 MW Drumheller1142 MW Mississauga 0.9 MW Note: (1) Sites identified for large-load use cases such as AI, HPC, ASIC compute, 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; (2) Sites where Hut 8 has secured a clear path to ownership through either: (i) an exclusivity agreement that prevents the sale of designated land and power capacity to another party or (ii) a tendered interconnection agreement, confirming a viable path to securing power and infrastructure for deployment; (3) 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; (4) Sites where Hut 8 has executed a definitive offtake agreement and commenced construction activities; (5) Comprises all Power assets: Power Generation, Managed Services, Digital Infrastructure, ASIC Compute, Traditional Cloud, and non-operational sites; (6) Starting April, 1, 2025, the Company’s ASIC Compute operations are generally conducted through the American Bitcoin Corp.(“American Bitcoin”) majority-owned subsidiary. As of December 31, 2025, ~77,900 of the Company’s ~95,900 total ASIC servers were owned by American Bitcoin. Of the total ASIC servers, ~65,700 were operational as of December 31, 2025, including 18,000 held by Hut 8 through its ownership stake inthe King Mountain Joint Venture in which the Company has a 50% membership interest and a Fortune 200 renewable energy producer hasthe remaining 50% membership interest; (7) Operated through the Highrise AI wholly owned subsidiary; (8) Hut 8 reported no revenue under its Other segmentinFY 2025; (9) Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest; (10) Owned or lease by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest, and comprising one of the four sites within the 310 MW portfolio of power generation assets divested in Q1 2026; (11) Site is currently non-operational UNDER DEVELOPMENT River Bend330 MWAI Infra Site 03 180 MW Site 04 50 MW Site 02 1,000 MW POWER GENERATION
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Hut 8 5 We 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 Our conviction: The value of the electron will only grow over time “…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 Electricity Supply Shortfall Risk1,2 2025–2029 PASTPRESENTFUTURERefiningASIC computeHydrogen?SmeltingAI (GPU, TPU, etc.)Carbon capture?ManufacturingOther HPC applicationsDesalination?Other heavy industrySpace economy?Re-shoring?Robotics?
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Hut 8 6 Our strategy: Power-first platform developmentWe apply a repeatable framework for structured, disciplined growth Hut 8DevelopmentFlywheel01Originate02Invest03Commercialize04Optimize Identify high-potential sites and assets that can support next-generation, energy-intensive technologies such as AI and HPC Integrate select assets from our pipeline into our platform through targeted underwriting and disciplined capital deployment Commercialize each asset with the use-case we believe will deliver the highest risk-adjusted returns Drive innovations in infrastructure design, development, and operations to enhance asset performance If applicable, assess ASIC compute as a transitional load to enable more rapid, cost-effective monetization Prioritize lower-cost-of-capital segments supported by long-term, contracted demand Assess prevailing market conditions,asset characteristics, and customer demand Maximize portfolio yield by transitioning suitable assets to higher-returns use cases
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Hut 8 7 Our development platform: Nearly 10 GW of energy capacity Note: (1) Includes 310 MW of power generation assets divested in Q1 2026; (2) Excludes 1,000 MW of potential expansion capacity at River Bend (subject to the expansion of power at the site), for which Fluidstackholds a ROFO under the River Bend lease Includes 1,020 MW1of Energy Capacity Under Management and a Development Pipeline of 8,500 MW2 Energy Capacity Under Diligence DescriptionSites identified for large-load use cases. 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 restricting the sale of designated land or power 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 Sites where Hut 8 has executed a definitive offtake agreement and commenced construction activities Commercialized capacity.Comprises all Power assets: Power Generation, Managed Services, Digital Infrastructure, ASIC Compute, Traditional Cloud, and non-operational sites Hut 8’s development platform consists of Energy Capacity Under Management and Development Pipeline capacity 5,185 MW DEVELOPMENT PIPELINE (8,500 MW) 1,755 MW2 Energy Capacity Under Exclusivity Energy Capacity Under DevelopmentEnergy CapacityUnder ConstructionEnergy Capacity Under Management 1,230 MW330 MW1,020 MW19,520 MW Development Platform Hut 8 Development Platform as of December 31, 2025
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Hut 8 8 We use ASIC compute1to monetize low-cost, stranded or overlooked megawatts at scale while maintaining the flexibility to transition assets to potentially higher-value applications like AI as market opportunities evolveAdvantages of ASIC compute infrastructure development The role of ASIC compute in our power-first development strategy 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 from the demands and risks associated with traditional customer contracts Illustrative asset lifecycleSecure and monetize power rapidly and cost-effectively using ASIC computeCapture upside by transitioning project to more valuable use casesAim to maximize yield on each power asset within the portfolio over time SELECT 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 financingmarkets BASE CASE ROICFULL POTENTIAL ROICUPSIDE Note: (1) Starting April, 1, 2025, the Company’s ASIC compute operations are generally conducted through the American Bitcoinmajority-owned subsidiary
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Hut 8 9 Note: (1) Q4 2024 compared to Q4 2023 Our heritage: Built on first-principles, not industry defaults 2021Developed a proprietary energy control platformBuilt a proprietary energy control platform designed to optimize power usage across mining sites, driving a 30% reduction in energy costs following the merger of US Bitcoin Corp and Hut 8 Mining Corp.1 2022Pioneered power-integrated computing infrastructureLaunched one of the earliest examples of utility-scale behind-the-meter Bitcoin mining by co-locating with generation assets to secure direct access to stable, low-cost power 2022Re-engineered infrastructure for real-world constraintsBuilt and energized a 42 MW Bitcoin mining site in 78 days at ~$350,000 per MW, partnering with a manufacturer to design modular infrastructure for extreme West Texas operating conditions Relentless focus on first principles and building for “what’s next” 2025Architected high-density Tier I infrastructure form factorBuilt Vega, a 205 MW Tier I data center with a proprietary direct-to-chip liquid cooling system designed in-house, continuing to bridge the gap to Tier III data center architecture and establishing a design base for emerging HPC workloads and customer needs
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Hut 8 10 Deep bench across the investment lifecycle Veterans of energy Proven builder-operators Our team: Sector veterans and proven builder-operators Institutional discipline 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 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
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Hut 8 11 Business update2025 Highlights Commercialized AI infrastructure at scale, signing a 15-year, 245 MW IT lease with Fluidstackat the River Bend campus, representing $7.0 billion in base-term contract value Refined portfolio structure and streamlined capital allocation frameworkthrough the sale of a 310 MW portfolio of four natural gas-fired power plants, which closed in February 2026, and the launch and public listing of American Bitcoin, a majority-owned Bitcoin accumulation subsidiary Reduced cost of capital and strengthened financial flexibilitythrough capital formation initiatives including (i) a new $200 million revolving credit facility with Two Prime and the upsizing of the Coinbase revolving credit facility to $200 million, bringing total credit capacity to $400 million at a weighted average cost of capital of 8.5% and (ii) up to 85% loan-to-cost in project-level financing for River Bend, expected to be funded by J.P. Morgan as lead left loan underwriter and loan structurer, and Goldman Sachs, both of whom are expected to serve as loan underwriters1 Designed and deployed next-generation data center architecture at Vega, a 205 MW Tier I data center featuring a proprietary, rack-based, direct-to-chip liquid cooling system that enables ASIC compute deployments at densities of up to 180 kilowatts per rack 01Advance River Bend for Q2 2027 Initial Delivery: Execute first greenfield AI data center project to demonstrate repeatable development model 02Accelerate Pipeline Conversion: Convert projects from multi-gigawatt development pipeline with a focus on creditworthy counterparties 03Optimize Capital Efficiency: Leverage enhanced balance sheet clarity post-ABTC carveout and power generation asset sale to access lower cost of capital and minimize dilution required to scale 04Scale with Operating Discipline:Demonstrate repeatability ofdevelopment flywheel while maintaining disciplined SG&A and strategic investment in execution talent Note: (1) Subject to the negotiation and execution of definitive transaction agreements and customary closing conditions 2026 Priorities
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Financials Hut 8
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Hut 8 13 Our reporting structureOur reporting structure is designed to illustrate how each layer of our platform contributes to growth, profitability, and valuecreation Power1.1 Power GenerationPower generation facilities supplying capacity and energy directly to the electrical grid 1.2 Managed ServicesEnd-to-end energy infrastructure development, construction, and operations services Digital Infrastructure2.0 – Design, build, commercialize, and operate purpose-built data center facilities Compute 3.1 ASIC ComputeProviding ASIC compute to mining pools that operate nodes and validate blocks on the blockchain 3.2 Traditional CloudSupporting private and public deployments, managed backup, business continuity and disaster recovery, and high-capacity storage 3.3 AI CloudProviding compute capacity to developers that build, train, and deploy AI models Other4.0 Equipment Sales & RepairsSales and repair of ASIC compute equipment SEGMENTBUSINESS DESCRIPTION
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Hut 8 14 Balancing capital-efficient scalability for American Bitcoin with infrastructure-like returns for Hut 8 American Bitcoin: Accounting treatment and commercial framework AGREEMENTDESCRIPTIONACCOUNTING TREATMENTCOMMENTARYEXPECTED IMPACT ON HUT 8 ASIC Colocation AgreementHut 8 hostsAmerican Bitcoin’s ASIC miners at its sites Intercompany transaction eliminated inconsolidation Modeled after a hyperscale triple-net data center lease, optimized for the operational realities of a ASIC compute offtaker; Hut 8 targets an annual yield on cost of approximately 25%1 Generates infrastructure-like returns ManagedServicesAgreementHut 8 operates all of American Bitcoin’s mining operations at colocation sites Intercompany transaction eliminated inconsolidation Comparable to the operations and maintenance contracts Hut 8 has historically executed with institutional partnersDelivers recurring, fixed fees to Hut 8 SharedServicesAgreementHut 8 supports management ofAmerican Bitcoin’s core business and back-office functions Intercompany transaction eliminated inconsolidation Direct cost or time-based allocation methodology designed to enable SG&A optimization for Hut 8 and American BitcoinProvides operating leverage by spreading fixed overhead across a broader revenue base Note: (1) ASIC colocation services at the Alpha site are structured under a profit-share arrangement
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Hut 8 15 American Bitcoin: Illustrative financial reconciliationRevenue 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) An overview of the commercial agreements between Hut 8 and ABTC can be found on page 15; (2) Includes pass-through site-level electricity; (3) Includes pass-through site-level operating expenses Illustrative revenue:Revenue for Hut 8 excluding ABTCHut 8-ABTC ASIC Colocation Agreement1,2,3Hut 8-ABTC Managed Services Agreement1,3Hut 8-ABTC Shared Services Agreement1Total illustrative revenue Illustrative expenses:Cost of Revenue for Hut 8 excluding ABTCSG&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 Agreement1,2,3Hut 8-ABTC Managed Services Agreement1,3Hut 8-ABTC Shared Services Agreement1Total 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 16 FY 2025: Certain key metrics Note: (1) Adjusted EBITDA is a non-GAAP financial measure; see page 18for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, Net (Loss) Income, and an explanation of this measure Revenue USD '000$235,118$162,385 Cost of Revenue USD '000$107,774$86,655 Operating (Loss) Income USD '000($321,994)$460,539 Net (Loss) Income USD '000($247,998)$331,409 Adjusted EBITDA1 USD '000($135,353)$555,675 METRIC UNITFY 2025FY 2024
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Hut 8 17 FY 2025: Consolidated statement of incomeTwelve Months Ended December 31,(in USD thousands) 2025 2024Revenue:Power $ 23,212$ 56,602Digital Infrastructure 9,577 17,482Compute 202,32980,701Other – 7,600Total revenue 235,118162,385Cost of revenue (exclusive of depreciation and amortization shown below):Cost of revenue –Power 20,50921,538Cost of revenue –Digital Infrastructure 8,891 15,556Cost of revenue –Compute 78,37444,977Cost of revenue –Other – 4,584Total cost of revenue 107,77486,655Operating expenses (income):Depreciation and amortization 101,90147,773General and administrative expenses 122,80772,917Loss (gain) on digital assets 220,037(509,337)Loss (gain) on sale of property and equipment 4,593 (634)Impairment –other – 4,472Total operating expense (income) 449,338(384,809)Operating (loss) income (321,994)460,539Other income (expense):Foreign exchange gain (loss) 3,396 (5,000)Interest expense (30,073)(29,794)Asset contribution costs (22,780)–Gain on debt extinguishment – 5,966Gain on derivatives 61,5506,780Gain on other financial liability 956 –Gain on warrant liability 384 –Gain on bargain purchase – 3,060Equity in earnings of unconsolidated joint venture 8,727 10,359Total other income (expense) 22,160(8,629)(Loss) income from continuing operations before taxes (299,834)451,910Income tax benefit (provision) 51,836(113,457)Net (loss) income from continuing operations $ (247,998)$ 338,453Loss from discontinued operations (net of income tax benefit of nil and 2.3 million, respectively)– (7,044)Net (loss) income $ (247,998)$ 331,409Less: Net loss attributable to non-controlling interests 21,849473Net (loss) income attributable to Hut 8 Corp. $ (226,149)$ 331,882
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Hut 8 18 Note: (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earningsofunconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 11. Investment in unconsolidated joint venture of the consolidated financial statements included in the Annual Report for further detail; (2) Non-recurring transactions for the twelve months ended December 31, 2025 represent approximately $8.7 million of American Bitcoin-related transaction costs, $1.1 million of Far North transaction costs, and $0.4 million in restructuring costs, offset by a $17.6 million sales tax refund. Non-recurring transactions for the twelve months ended December 31, 2024 represent approximately $4.0 million of restructuring costs and $1.9 millionrelated to the Far North transaction costs, offset by a $13.5 million contract termination fee received from MARA, and a $2.2 million tax refund Note on Adjusted EBITDA FY 2025: Adjusted EBITDA Reconciliation Twelve Months EndedDecember 31(in USD thousands) 20252024Net (loss) income (247,998)331,409Interest expense 30,07329,794Income tax benefit (provision)(51,836)113,457Depreciation and amortization101,90147,773Share of unconsolidated joint venture depreciation, amortization, net of basis adjustments1 17,64121,792Foreign exchange (gain) loss(3,396)5,000Loss (gain) on sale of property and equipment4,593(634)Gain on debt extinguishment– (5,966)Gain on derivatives (61,550)(6,780)Gain on other financial liability(956)–Gain on warrant liability (384)–Gain on bargain purchase – (3,060)Non-recurring transactions2 (7,432)(9,882)Asset contribution costs 22,780–Impairment –other – 4,472Loss from discontinued operations (net of income tax benefit of nil and 2.3 million, respectively)– 7,044Loss attributable to non-controlling interests 3,410473Stock-based compensation expense57,80120,783Adjusted EBITDA (135,353)555,675 InadditiontoourresultsdeterminedinaccordancewithGAAP,werelyonAdjustedEBITDAtoevaluateourbusiness,measureourperformance,andmakestrategicdecisions.AdjustedEBITDAisanon-GAAPfinancialmeasure.WedefineAdjustedEBITDAasnetlossorincome,adjustedforimpactsofinterestexpense,incometaxbenefitorprovision,depreciationandamortization,ourshareofunconsolidatedjointventuredepreciationandamortization,netofbasisadjustments,foreignexchangegainorloss,lossorgainonsaleofpropertyandequipment,gainondebtextinguishment,gainonderivatives,gainonotherfinancialliability,gainonwarrantliability,gainonbargainpurchase,theremovalofnon-recurringtransactions,assetcontributioncosts,impairmentcharges,lossfromdiscontinuedoperations,netoftaxes,lossattributabletonon-controllinginterests,andstock-basedcompensationexpenseintheperiodpresented.YouareencouragedtoevaluateeachoftheseadjustmentsandthereasonsourBoardandmanagementteamconsiderthemappropriateforsupplementalanalysis.OurboardofdirectorsandmanagementteamuseAdjustedEBITDAtoassessourfinancialperformancebecauseitallowsthemtocompareouroperatingperformanceonaconsistentbasisacrossperiodsbyremovingtheeffectsofourcapitalstructure(suchasvaryinglevelsofinterestexpenseandincome),assetbase(suchasdepreciationandamortization),andotheritems(suchasnon-recurringtransactionsmentionedabove)thatimpactthecomparabilityoffinancialresultsfromperiodtoperiod.Net(loss)incomeistheGAAPmeasuremostdirectlycomparabletoAdjustedEBITDA.InevaluatingAdjustedEBITDA,youshouldbeawarethatinthefuturewemayincurexpensesthatarethesameasorsimilartosomeoftheadjustmentsinsuchpresentation.OurpresentationofAdjustedEBITDAshouldnotbeconstruedasaninferencethatourfutureresultswillbeunaffectedbyunusualornon-recurringitems.TherecanbenoassurancethatwewillnotmodifythepresentationofAdjustedEBITDAinthefuture,andanysuchmodificationmaybematerial.AdjustedEBITDAhasimportantlimitationsasananalyticaltoolandyoushouldnotconsiderAdjustedEBITDAinisolationorasasubstituteforanalysisofourresultsasreportedunderGAAP.BecauseAdjustedEBITDAmaybedefineddifferentlybyothercompaniesinourindustry,ourdefinitionofthisnon-GAAPfinancialmeasuremaynotbecomparabletosimilarlytitledmeasuresofothercompanies,therebydiminishingitsutility. Adjusted EBITDA Reconciliation
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Appendix Hut 8
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Hut 8 20 Note: (1) Starting April, 1, 2025, the Company’s ASIC compute operations are generally conducted through the American Bitcoinmajority-owned subsidiary; (2) Revenue generated by Hut 8 through its commercial agreements with American Bitcoin is eliminated inconsolidation; (3) Site is currently non-operational; 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 Hut8 and Macquarie in which Hut 8 has an approximately 80% membership interest, and comprising one of the four sites within the 310 MW portfolio of power generation assets divested in Q1 2026; (6) CCGT: Combined-Cycle Gas Turbine power plant Our power and digital infrastructure assets in detail OWNERASSETLOCATIONPOWER SOURCE Q4 2025 REVENUE-GENERATING CAPACITY TOTAL CAPACITY (MW)ASIC COMPUTE1 MANAGEDSERVICES2ASICCOLOCATION2 CPU COLOCATION/TRADITIONAL CLOUDPOWER GENERATIONHut 8VegaTexas PanhandleWind + ERCOT grid✓✓✓ 205Medicine HatMedicine Hat, ABCCGT+ 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) ✓ 0.3JVKing Mountain4 McCamey, TX Wind + ERCOT grid✓✓✓ 280Iroquois Falls5 Iroquois Falls, ONOwned CCGT6power plant ✓120Kingston5 Kingston, ON Owned CCGT6power plant ✓110North Bay5 North Bay, ON Owned CCGT6power plant ✓40Kapuskasing5 Kapuskasing, ONOwned CCGT6power plant ✓40Total 1,020
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Hut 8 21 Management teamCHIEF EXECUTIVE OFFICER & BOARD MEMBERAsher GenootCHIEF STRATEGY OFFICER & BOARD MEMBERMichael HoCHIEF FINANCIAL OFFICERSean GlennanCHIEF LEGAL OFFICER Victor SemahCHIEF PEOPLE OFFICERMatthew Saxon •Co-founder of US Bitcoin Corp•Executive Chairman of American 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 •Co-founder of US Bitcoin Corp and pioneer of institutional Bitcoin mining•Chief Executive Officer and Director of American Bitcoin Corp.•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 •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 •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 CPO at Zoom•Former Vice President of People Operations at Meta•Held senior human resources leadership roles at Humana, Motorola Solutions, Campbell’s, and in financial services
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Hut 8 22 Independent directorsCHAIRBill TaiBOARD MEMBERJoseph FlinnBOARD MEMBERStanley E. O’NealBOARD MEMBERCarl J. (Rick) RickertsenBOARD MEMBERMayo A.Shattuck IIIBOARD MEMBERAmy Wilkinson •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 ArconicCorporation •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
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Investor RelationsPublic Relationsir@hut8.commedia@hut8.com Hut 8