Hut 8 Corp. Segments Disclosure
Note 7. Segment information
The following table presents revenue and cost of revenue for the Company’s reportable , reconciled to the Consolidated Statements of Operations and Comprehensive (Loss) Income:
Twelve Months Ended | Six Months Ended | ||||||||
December 31, | December 31, | ||||||||
(in USD thousands) | | 2025 | | 2024 | | 2023 | |||
Reportable segment revenue: | | | | ||||||
Power | $ | 41,869 | $ | 56,602 | $ | 12,595 | |||
Digital Infrastructure |
| 86,236 | 25,519 |
| 5,817 | ||||
Compute | 202,404 | 80,705 | 41,347 | ||||||
Other |
| — |
| 8,530 |
| 669 | |||
Eliminations | (95,391) | (8,971) | (559) | ||||||
Total segment and consolidated revenue | $ | 235,118 | $ | 162,385 | $ | 59,869 | |||
Reportable segment cost of revenue (exclusive of depreciation and amortization shown below): |
| |
| |
| | |||
Cost of revenue – Power |
| 23,422 |
| 21,538 |
| 3,366 | |||
Cost of revenue – Digital Infrastructure |
| 64,524 |
| 15,556 |
| 4,276 | |||
Cost of revenue – Compute |
| 100,240 |
| 53,948 |
| 26,040 | |||
Cost of revenue – Other | — | 4,584 | 577 | ||||||
Eliminations | (80,412) | (8,971) | (559) | ||||||
Total segment and consolidated cost of revenue | $ | 107,774 | $ | 86,655 | $ | 33,700 | |||
Reconciling items: | |||||||||
Depreciation and amortization | (101,901) | (47,773) | (10,569) | ||||||
General and administrative expenses | (137,786) | (72,917) | (37,547) | ||||||
(Losses) gains on digital assets | (220,037) | 509,337 | 32,626 | ||||||
(Loss) gain on sale of property and equipment |
| (4,593) | 634 | (443) | |||||
Impairment - other | — | (4,472) | — | ||||||
Foreign exchange gain (loss) |
| 3,396 | (5,000) | 1,002 | |||||
Interest expense | (30,073) | (29,794) | (11,701) | ||||||
Asset contribution costs | (22,780) | — | — | ||||||
Gain on debt extinguishment | — | 5,966 | — | ||||||
Gain on derivatives | 61,550 | 6,780 | — | ||||||
Gain on bargain purchase | — | 3,060 | — | ||||||
Gain on other financial liability | 956 | — | — | ||||||
Gain on warrant liability | 384 | — | — | ||||||
Equity in earnings of unconsolidated joint venture | 8,727 | 10,359 | 6,173 | ||||||
Income tax benefit (provision) |
| 51,836 | (113,457) | 421 | |||||
General and administrative expenses eliminations | 14,979 | — | — | ||||||
Net (loss) income from continuing operations | $ | (247,998) | $ | 338,453 | $ | 6,131 | |||
(Loss) income from discontinued operations (net of income tax benefit of nil, $2.3 million, and nil, respectively) | — | (7,044) | 77 | ||||||
Net (loss) income | (247,998) | 331,409 | 6,208 | ||||||
Less: Net loss attributable to non-controlling interest | 21,849 | 473 | — | ||||||
Net (loss) income attributable to Hut 8 Corp. | $ | (226,149) | $ | 331,882 | $ | 6,208 | |||
The following table presents summarized information for revenue by geographic area:
Twelve Months Ended | Six Months Ended | ||||||||
December 31, | December 31, | ||||||||
(in USD thousands) | | 2025 | | 2024 | | 2023 | |||
Revenue | | | | ||||||
United States | $ | 202,606 | $ | 110,974 | $ | 54,431 | |||
Canada |
| 32,512 |
| 51,411 |
| 5,438 | |||
Total revenue | $ | 235,118 | $ | 162,385 | $ | 59,869 | |||
The following table presents summarized information for long-lived assets by geographic area:
| December 31, | |||||
(in USD thousands) | | 2025 | | 2024 | ||
United States |
| $ | 588,592 |
| $ | 156,843 |
Canada | 54,652 | 64,838 | ||||
Total Long-Lived Assets | $ | 643,244 | $ | 221,681 | ||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.