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Highlights

  • In Q1FY24, HUT’s consolidated revenue soared by 231.4% to reach USD 51.7 million
  • The company’s income before taxes reached USD 262.7 million in Q1FY24, compared to USD 17.6 million in pcp
  • The company’s net income stood at USD 250.7 million in Q1FY24

Hut 8 Mining Corp (TSX: HUT) is a digital asset miner based in North America. It has a market capitalization of CAD 1.23 billion.

In the first quarter of FY24, the company witnessed a significant surge in consolidated revenue, soaring by 231.4% to reach USD 51.7 million. This remarkable growth was primarily propelled by increased revenue from digital assets mining, complemented by strong contributions from other revenue sources. The company achieved positive operating income in this period, driven by the higher revenue generated and gains from digital assets. Notably, the income before taxes exhibited substantial improvement, reaching USD 262.7 million in Q1FY24, compared to USD 17.6 million in pcp.

Overall, the company achieved a higher net income at USD 250.7 million in Q1FY24 vs. USD 17.30 USD in pcp, up 1,349%

Further, in Q1FY24, the company reported growth in its mined bitcoins along with improvement in its consolidated revenues.

Recent business update

According to a press release dated May 15, 2024, released by the company, HUT's energy capacity under management in Q1FY24 reached 884 MW, representing an increase from the 772 MW recorded in pcp. This expansion can be attributed to the inclusion of Medicine Hat, a self-mining facility with a capacity of 67 MW. Additionally, the growth was bolstered by the incorporation of an 87 MW digital assets mining facility owned by Ionic. This was made possible by the signing of a four-year agreement with HUT's managed services business.

Top 10 shareholders

The top 10 shareholders of HUT collectively form around 75% of the total shareholdings in the company. HUT 8 CORP. and Ho (Michael) hold the maximum stake in the company at around 49.54% and around 7.07%, respectively, as depicted in the chart below:

 

Stock performance

The stock price of HUT has soared by around 12.23% and 13.71% over the last 1 week and 1 month, respectively. The stock has a 52-week high and 52-week low of CAD 29.90 and CAD 8.25, respectively. It is currently trading lower than the average of its 52-week high low.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is June 5, 2024. The reference data in this report has been partly sourced from EODHD/Others.