Hut 8 Corp. Earnings Per Share Disclosure
Note 20. Net (loss) income per share of common stock
Basic and diluted net (loss) income per share attributable to common stockholders is computed in accordance with Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements – Net (loss) income per share attributable to common stockholders. In addition, as mentioned in Note 18. Equity, a recapitalization of equity structure occurred in a historical period and these Consolidated Financial Statements contain recast stockholders’ equity balances resulting from the retroactive application of recapitalization accounting in accordance with GAAP. As such, the net (loss) income per share of common stock computations below for the historical periods reflects the retroactive application of recapitalization.
The following table presents potentially dilutive securities that were not included in the computation of diluted net (loss) income per share of common stock as their inclusion would have been anti-dilutive:
Twelve Months Ended | Six Months Ended | |||||
December 31, | December 31, | |||||
| 2025 | | 2024 | | 2023 | |
Stock options | 2,866,678 | — | 23,000 | |||
Restricted stock units | 3,385,210 | 50,366 | 454,774 | |||
Deferred stock units | 73,954 | — | — | |||
Performance stock units | 4,556,934 | 13,112 | — | |||
Warrants | 1,895 | 1,895 | 1,895 | |||
Convertible note and separated embedded derivative from convertible note | 9,715,476 | — | — | |||
Total | 20,600,147 | 65,373 | 479,669 | |||
The following is a reconciliation of the denominator of the basic and diluted net income (loss) per share of common stock computations for the periods presented:
Twelve Months Ended | Six Months Ended | ||||||||
December 31, | December 31, | ||||||||
(in USD thousands, except share and per share amounts) | | 2025 | | 2024 | | 2023 | |||
Numerator: | |||||||||
Net (loss) income attributable to Hut 8 Corp. | $ | (226,149) | $ | 331,882 | $ | 6,208 | |||
Less: loss (income) from discontinued operations (net of income tax benefit of nil, $2.3 million, and nil, respectively) | — | 7,044 | (77) | ||||||
Subsidiary Penny Warrant adjustment to net (loss) income from continuing operations attributable to Hut 8 Corp. – basic (1) | 712 | — | — | ||||||
Net (loss) income from continuing operations attributable to Hut 8 Corp. – basic | $ | (225,437) | $ | 338,926 | $ | 6,131 | |||
Effect of dilutive shares on net (loss) income: | |||||||||
Effect of convertible note and separated embedded derivative from convertible note, net of tax | — | 4,711 | — | ||||||
Effect of subsidiary warrant liability (ABTC-Gryphon Warrants) on net (loss) income from continuing operations attributable to Hut 8 Corp. – diluted (2) | (302) | — | — | ||||||
Net (loss) income from continuing operations attributable to Hut 8 Corp. – diluted | $ | (225,739) | $ | 343,637 | $ | 6,131 | |||
(Loss) income from discontinued operations (net of income tax benefit of nil, $2.3 million, and nil respectively) attributable to Hut 8 Corp. | $ | — | $ | (7,044) | $ | 77 | |||
Denominator: | |||||||||
Weighted average shares of common stock outstanding – basic | 105,328,890 | 91,320,744 | 51,268,013 | ||||||
Dilutive impact of outstanding equity awards | — | 5,002,861 | 4,004,597 | ||||||
Dilutive impact of convertible note | — | 4,724,134 | — | ||||||
Weighted average shares of common stock outstanding – diluted | 105,328,890 | 101,047,739 | 55,272,610 | ||||||
Net (loss) income per share of common stock: | |||||||||
Basic from continuing operations attributable to Hut 8 Corp. (3) | $ | (2.14) | $ | 3.71 | $ | 0.12 | |||
Basic from discontinued operations attributable to Hut 8 Corp. (4) | $ | — | $ | (0.08) | $ | — | |||
Diluted from continuing operations attributable to Hut 8 Corp. (5) | $ | (2.14) | $ | 3.40 | $ | 0.11 | |||
Diluted from discontinued operations attributable to Hut 8 Corp. (6) | $ | — | $ | (0.07) | $ | — | |||
(1) Calculated as the difference between Far North JV’s, a consolidated subsidiary that issued Penny Warrants, net loss attributable to Hut 8 Corp. under ASC 260 inclusive of the impact of the Penny Warrants less Far North JV’s net loss attributable to Hut 8 Corp.
(2) Calculated as the net adjustment from (i) subsidiary warrant liability fair value remeasurement from ABTC-Gryphon Warrants, net of tax and (ii) the adjustment of subsidiary ABTC-Gryphon Warrants to net (loss) income from continuing operations attributable to Hut 8 Corp. – diluted
(3) Calculated as net (loss) income from continuing operations attributable to Hut 8 Corp. – basic, divided by weighted average shares of common stock outstanding – basic
(4) Calculated as (loss) income from discontinued operations attributable to Hut 8 Corp. divided by weighted average shares of common stock outstanding – basic
(5) Calculated as net (loss) income from continuing operations attributable to Hut 8 Corp. – diluted, divided by weighted average shares of common stock outstanding – diluted
(6) Calculated as (loss) income from discontinued operations attributable to Hut 8 Corp. divided by weighted average shares of common stock outstanding – diluted
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.