HUT — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-06

• The following discussion and analysis of our financial condition and results of operations should be read together with our Unaudited Condensed Consolidated Financial Statements and the related notes and the other financial information included elsewhere in this Quarterly Report and with our Audited…

• Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and d…

• ●Beacon Point Lease. We entered into a long-term triple-net lease with a multi-trillion-dollar market capitalization, high-investment-grade technology company at our Beacon Point Campus, located in Nueces County, Texas, representing a significant infrastructure partnership with a base contract value…

• The Beacon Point campus is designed for scalability, with approvals for up to 1,000 MW of utility capacity. The initial 352 MW IT load (approximately 500 MW utility capacity) represents the first phase of commercialization and provides significant runway for potential campus expansion and revenue gr…

• ●$3.25 Billion River Bend Financing. On April 30, 2026, our wholly-owned subsidiary, Hut 8 DC LLC (the “Issuer”), closed a $3.25 billion private offering of 6.192% senior secured notes due November 15, 2042 (the “Notes”). Proceeds will be used to fund the development of a turnkey data center with 24…

Text removed vs the prior filing · source: 10-Q · 2025-11-04

• MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

• The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited condensed consolidated financial statements and the related notes and the other financial information included elsewhere in this Quarterly Report and with our audited…

• Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins t…

• ●American Bitcoin Go-Public Transaction. On September 3, 2025, American Bitcoin began its trading on the Nasdaq Stock Market (“Nasdaq”) following the completion of its merger with Gryphon Digital Mining, Inc. (“Gryphon”) in which Gryphon acquired American Bitcoin in a stock-for-stock merger transact…

• ●Two Prime Loan. On August 25, 2025, we entered into a credit agreement with Two Prime Lending Limited (the “Two Prime Credit Agreement”). The Two Prime Credit Agreement provides for a revolving credit facility of up to $200 million. Amounts borrowed under the Two Prime Credit Agreement bear interes…

Text added vs the prior filing · source: 10-Q · 2026-05-06

• Changes in government and economic policies, incentives, trade regulations, or tariffs may have a material impact on equipment that we import. While the final scope, timing, and application of recently announced or proposed changes in U.S. trade policy remain uncertain, increases in tariffs on impor…

• Foreign exchange risk arises from fluctuations in currency exchange rates that impact our results of operations, financial position, and cash flows. A portion of our operations is conducted through Hut 8 Canada, and we incur operating expenses, capital expenditures, and other costs denominated prima…

• Changes in the U.S. dollar and Canadian dollar exchange rate may affect the U.S. dollar value of our operating costs, capital expenditures, intercompany balances, and the translation of the financial results and Bitcoin holdings of Hut 8 Canada into U.S. dollars for financial reporting purposes. Adv…

• As of March 31, 2026, we held approximately 16,332 Bitcoin, comprising approximately 9,311 Bitcoin held by Hut 8 and approximately 7,021 Bitcoin held by American Bitcoin. Based on a fair value of approximately $68,222 per Bitcoin, the aggregate fair value of these holdings as of March 31, 2026 was a…

• We may enter into project-level financing arrangements that include floating rate components, including rates based on a Secured Overnight Financing Rate benchmark. To the extent that we enter into such arrangements, our exposure to interest rate variability could increase. We may seek to manage a p…

Text removed vs the prior filing · source: 10-Q · 2025-11-04

• As of September 30, 2025, we held 13,696 Bitcoin, and the fair value of a single Bitcoin was approximately $114,068. Therefore, the fair value of our Bitcoin holdings as of September 30, 2025 was approximately $1.56 billion. Declines in the fair market value of Bitcoin will impact the cash value tha…

• Changes in government and economic policies, incentives, or tariffs may also have an impact on equipment that we import. While the final scope and application of recently announced changes in U.S trade policy remain uncertain at this time, higher tariffs on imports and subsequent retaliatory tariffs…

Text added vs the prior filing · source: 10-Q · 2026-05-06

• Our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(e) under the Exchange Act, as of the end of the period covered by this report.

• Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2026, our disclosure controls and procedures are designed at a reasonable assurance level and are effective to provide reasonable assurance that information required to be disclosed in r…

• There were no changes in our internal control over financial reporting that occurred during the three months ended March 31, 2026 that materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

Text removed vs the prior filing · source: 10-Q · 2025-11-04

• Remediation of Previously Reported Material Weakness in Internal Control Over Financial Reporting

• As previously disclosed under Item 9A. Controls and Procedures, in our Annual Report, management concluded that material weaknesses in our internal control over financial reporting existed as of December 31, 2024. The material weaknesses related to inadequate review of the calculation of the deferre…

• Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. …

• Except as described above under “Remediation of Previously Reported Material Weakness in Internal Control Over Financial Reporting,” there were no changes in our internal control over financial reporting that occurred during the three months ended September 30, 2025 that materially affected, or that…

Text added vs the prior filing · source: 10-Q · 2026-05-06

• On May 1, 2026 (the “Loan Effective Date”), Hut 8 Mining Corp., a British Columbia corporation and a wholly-owned subsidiary of the Company (the “Borrower”), entered into a master lender agreement and associated term sheet (collectively, the “Credit Agreement”) by and among the Borrower, as borrower…

• The Credit Agreement provides for a prepayable term loan of $200.0 million. Amounts borrowed under the Credit Agreement will bear interest at a rate equal to 7.00% per annum. The term loan will mature on April 30, 2027 (the “Maturity Date”). The Borrower may prepay any outstanding amounts borrowed, …

• The funds made available pursuant to the Credit Agreement are expected to be used for general corporate purposes. The Borrower’s obligations under the Credit Agreement are secured by its interest in certain Bitcoin (the “Collateral”) held in the custody of BitGo Bank & Trust, National Association (t…

• If the ratio between the fair value of the Collateral and the aggregate principal amount outstanding under the term loan (the “Actual Collateral Ratio”) at any time during the term is less than 130%, Lender shall have the right to require the Borrower by way of a margin call to provide the Lender wi…

• The Borrower has the right to request that a portion of the Collateral be released by the Custodian if the Actual Collateral Ratio is equal to or greater than 163% for a continuous period of thirty (30) days or more, such that the Actual Collateral Ratio is equal to 143% after taking into account th…

Text removed vs the prior filing · source: 10-Q · 2025-11-04

• During the quarter ended September 30, 2025, none of our officers or directors adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as each term is defined in Item 408(a) of Regulation S-K.

• On November 2, 2025 (the “Grant Date”), upon the recommendation of the Compensation and Talent Development Committee (the “Committee”), our Board of Directors approved one-time special grants of restricted stock units (“RSUs”) and performance stock units (“PSUs”) to our Chief Executive Officer and C…

• Our overarching compensation philosophy is to (i) align pay-for-performance and (ii) align executives’ interests with those of the Company and our stockholders. In support of this philosophy, the Committee has structured our executive compensation program to emphasize at-risk, performance-based comp…

• The approval of the Special Awards was the culmination of careful analysis, consideration, and iterative design by the Committee, in consultation with its independent compensation consultant, over a 12-month period commencing in October 2024 taking into consideration, among other things, the followi…

• ●The complexity of our strategic transformation into a multi-layered infrastructure platform with integrated operations, capital strategy, and commercial models across the power, digital infrastructure, and compute markets;