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Hut 8 | 8-K: Current report

SEC announcement ·  Mar 28 06:44
Summary by Moomoo AI
On March 28, 2024, Hut 8 Corp., a leading North American Bitcoin miner and energy infrastructure operator, announced its financial results for the six-month period ending December 31, 2023. The report followed the completion of an all-stock merger between U.S. Data Mining Group, Inc. (USBTC) and Hut 8 Mining Corp. on November 30, 2023, with USBTC being the accounting acquirer. The merger led to a transition period financial statement covering the six months from the last fiscal year-end of USBTC on June 30, 2023, to the new fiscal year-end for Hut 8 Corp. on December 31, 2023. Hut 8 reported a revenue increase to $60.6 million, up from $46.0 million in the comparable period of the previous year, and a significant improvement in net income to $6.2 million, recovering from a net...Show More
On March 28, 2024, Hut 8 Corp., a leading North American Bitcoin miner and energy infrastructure operator, announced its financial results for the six-month period ending December 31, 2023. The report followed the completion of an all-stock merger between U.S. Data Mining Group, Inc. (USBTC) and Hut 8 Mining Corp. on November 30, 2023, with USBTC being the accounting acquirer. The merger led to a transition period financial statement covering the six months from the last fiscal year-end of USBTC on June 30, 2023, to the new fiscal year-end for Hut 8 Corp. on December 31, 2023. Hut 8 reported a revenue increase to $60.6 million, up from $46.0 million in the comparable period of the previous year, and a significant improvement in net income to $6.2 million, recovering from a net loss of $81.3 million. Adjusted EBITDA also saw a substantial rise to $62.3 million from $12.8 million. The company's CEO, Asher Genoot, highlighted the merger's success in driving efficiencies and the company's focus on revenue growth and cost reduction. Hut 8's operational highlights included a self-mining hashrate of approximately 6.3 exahash per second and a total of 9,195 self-mined Bitcoin on the balance sheet as of December 31, 2023, valued at approximately $388.1 million. The company also noted its strong balance sheet and manageable debt, which positions it well for investment in growth while minimizing the need for external capital and shareholder dilution. The financial results were furnished to the U.S. Securities and Exchange Commission and included in a press release attached as Exhibit 99.1 to the Form 8-K report.

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