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Hut 8 Mining (NASDAQ:HUT) stock is climbing 1.9% after the bitcoin (BTC-USD)-mining company reported Q4 revenue and adjusted EBITDA both rose 15% from Q3 levels. In addition, the company said its current capacity stands at 3.55 EH/s once all ordered miners are received and deployed, up from 2.5 EH/s reported at March 3.
Q4 total revenue of C$57.9M (US$45.7M) vs. C$50.3M in the previous quarter and C$13.0M in Q4 2020.
Q4 net loss of C$111.2M from net income of C$23.4M in Q3. The Q4 loss includes C$114.2M loss on revaluation of warrant liability.
Q4 loss per share of C$0.67 resulted from a warrant reclassification as required by IFRS standards from its January and June capital raises. Excluding the reclassification, Hut 8 (HUT) would have recorded EPS of C$0.31 vs. C$0.15 in Q3. (Updated at 11:40 AM ET)
Q4 adjusted EBITDA of C$35.3M increased from C$30.7M in Q3.
The company had C$140.1M in cash as of Dec. 31, 2021, down from C$223.2M at Sept. 30.
Cost of revenue for the quarter was C$27.3M vs. C$21.2M in Q3; general & administrative costs were C$14.1M in Q4 vs. C$10.8M in Q3. (Added at 11:40 AM ET)
“Hut 8 (HUT) continues to strategically emphasize its ‘HODL’ strategy, taking active steps to generate Canadian and U.S. dollars to help fund operating expenses, while avoiding selling bitcoin (BTC-USD). During Q4 2021, 100% of self-mined bitcoin was deposited into custody,” the company said.
Earlier, Hut 8 Mining (HUT) GAAP EPS of -C$0.67, revenue of C$57.9M
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