Hut 8 posts $279.7 million net loss in Q4…continues expanding AI data center business

Bitcoin (BTC) mining company Hut 8 recorded a large net loss in the fourth quarter. Still, it is continuing to scale up its artificial intelligence (AI) data center business.

According to Cointelegraph on the 25th (local time), Hut 8 posted a net loss of $279.7 million in Q4 of last year, swinging to a loss from a net profit of $152.2 million a year earlier.

Revenue for the period rose to $88.5 million from $31.7 million a year earlier. Of that, compute revenue totaled $81.9 million, sharply up from $19.2 million a year ago. The company did not disclose its quarterly Bitcoin production and sales volumes.

Results reflected a $401.9 million digital asset impairment loss. In the year-earlier period, it had recorded a $308.2 million valuation gain.

Hut 8 said it held about $1.4 billion in reserves as of year-end, combining cash and Bitcoin, and had secured a revolving credit facility of up to $400 million.

During Q4, it signed a 15-year lease agreement for 245 megawatts of AI data center capacity at the River Bend campus. The deal is valued at $7 billion, with Google providing financial backing for certain payment obligations. This is part of its strategy to expand AI and high-performance computing infrastructure.

It also sold a 310-megawatt natural gas portfolio in February and launched American Bitcoin Corporation, a separate listed entity focused on accumulating Bitcoin.

According to BitcoinTreasuries.net data, Hut 8 holds 13,696 BTC and is among major Bitcoin-holding public companies. Hut 8 shares were down about 4.5% intraday.