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Crypto Miner Hut 8 Reports Surprise Q4 Loss
The company's revenue was in line with expectations, but Ebitda missed estimates.
Canadian cryptocurrency miner Hut 8 Mining (HUT) reported a surprise fourth-quarter adjusted loss of C$0.67 ($0.53) per share on Thursday.
- The average analyst estimate pointed to earnings of C$0.17 ($0.13), according to FactSet data.
- The miner said that the loss was primarily due to noncash revaluation loss on liability warrants of $114.2 million, which was partially offset by increased revenue.
- Revenue more than quadrupled to C$57.9 million ($45.8 million) from a year earlier and was in line with analysts' average estimate.
- As of Dec. 31, the company had a balance of 5,518 bitcoins with a market value of $323.9 million, which includes 2,000 bitcoins loaned as part of its fiat yield strategy.
- The fourth-quarter adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) was C$35.3 million ($27.9 million), which missed analysts' estimate of C$37.1 million ($29.3 million) and was up from C$30.7 million ($24.3 million) in the third quarter.
- Hut 8's hashrate increased to 2.5 exahash/second (EH/s) by Feb. 28 from about 2.0 EH/s on Dec. 31. Its hashrate capacity will be about 3.55 EH/s once all of the mining machines the company has ordered are received and deployed.
- Its shares initially fell 3.5% in the pre-market trading, but recently was trading up about 3%. Bitcoin was flat.
Read more: Canadian Miner Hut 8 Closed 2021 With 5,518 Bitcoin in Reserve
STORY CONTINUES BELOW
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UPDATE (March 17, 16:18 UTC): Updated with latest price information.
Aoyon Ashraf
Aoyon Ashraf is CoinDesk's Head of Americas. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ADA, SOL, ATOM and some other altcoins that are below CoinDesk's disclosure threshold of $1,000.
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
