How Hut 8 makes money

Period

FY2025

How does Hut 8 make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Hut 8 Corp. · FY2025 · year ended 2025-12-31

Revenue$235MNet loss$226M · 96%Cost of revenue$108M · 46%Gross profit$127M · 54%Operating expenses$449M · 191%Other income$96M · 41%SG&A$123M · 52%Other opex$327M · 139%High Performance Computing Colocation & Cloud$202M · 86%Power$23M · 10%Digital Infrastructure$10M · 4%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.