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How Hut 8 Corp. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$235M · 100%Cost of revenue$108M · 46%Gross profit$127M · 54%Operating income−$322M · −137%Income before tax−$300M · −128%Income tax−$51.8M · −22%Net income−$226M · −96%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$235M100%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Cost of revenue$108M46%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
$127M54%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
−$322M−137%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Income before tax−$300M−128%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Income tax−$51.8M−22%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
−$226M−96%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
· event Dec 31, 2025 · retrieved Sep 7, 2026 · annual-row source set
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