Hut 8 (HUT) Q4 2024: AI pivot drives $26.6B capacity deal despite EPS miss
As seen on the 24/7 Wall St. homepage on August 4, 2026.
The AI pivot is the story: 949 MW of contracted capacity worth roughly $26.6 billion in base-term value, with $7.5 billion of investment-grade project financing closed in one quarter. The double miss is mostly mark-to-market, driven by largely unrealized digital asset losses, while adjusted EBITDA rose to $10.45 million. First data halls at River Bend are targeted for Q2 2027.
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Hut 8 reported Q4 2024 earnings per share of -$1.27, well below the -$0.47 consensus estimate — a miss of more than 170% — while revenue came in at $74.9 million against an expectation of roughly $80 million. The headline numbers look ugly, but management's case is that the EPS shortfall is largely a mark-to-market accounting effect driven by unrealized losses on digital assets rather than a deterioration in the underlying business. Adjusted EBITDA rose to $10.45 million, pointing to a more constructive operating picture beneath the GAAP noise.
The bigger story is Hut 8's ongoing transformation into an AI infrastructure company. The company has contracted 949 megawatts of capacity representing roughly $26.6 billion in base-term value, and it closed $7.5 billion of investment-grade project financing in a single quarter — a financing milestone that signals institutional confidence in the strategy. The first data halls at the River Bend site are targeted to come online in Q2 2027, making that a key milestone for investors to watch.
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Hut 8's EPS history shows just how volatile the stock's earnings profile can be: swings from -$2.45 in Q2 2024 to +$0.43 in Q1 2024 illustrate how sensitive reported results are to digital asset price movements. That pattern makes adjusted metrics and operational progress — capacity contracted, financing closed, construction timelines — more useful gauges of the company's direction than any single quarterly GAAP print.
Mentioned: HUT