Hut 8 Mining Reports Q1 Revenues Of $53.3 Million, Bitcoin Holdings Of 6,460

Hut 8 Mining (TSX: HUT) this morning reported its first quarter 2022 financial results. The firm has seen its revenue decline on a quarter over quarter basis, despite producing 19.4% more bitcoin during the quarter.

Bitcoin production during the quarter amounted to 942 bitcoin, versus 789 bitcoin in the prior quarter. Revenue for the period as a whole came in at $53.3 million, of which bitcoin attributed $49.3 million. Comparatively, the fourth quarter saw total revenues of $57.9 million. Average revenue per bitcoin mined during the quarter meanwhile hit $52,327.

Cost of revenue for the three month period came in at $36.9 million, resulting in an overall gross profit of $16.5 million. Following general and administrative expenses of $11.5 million, the firm posted an operating income of $4.9 million.

Results were then further boosted by a $54.1 million gain on revaluation of warrants, which lead to an overall net income of $55.7 million for the three month period. Adjusted EBITDA meanwhile came in at $27.1 million.

Looking to the balance sheet, the company saw its cash position decline from $140.1 million to $78.5 million, the result of negative cash flow from operating activities to the tune of $28.3 million, as well as the acquisition of TeraGo Inc during the quarter. Digital assets meanwhile improved in value from $323.9 million to $367.6 million, leading to total current assets of $453.7 million. Total current liabilities comparatively sits at just $22.5 million.

Lastly, the company currently holds 6,460 bitcoin, with a market value of $367.6 million as of March 31.

Hut 8 Mining last traded at $3.16 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Hut 8 Sees Bitcoin Production Fall 20% In November Following North Bay Facility Dispute

Hut 8 Mining (TSX: HUT) has seen its bitcoin production fall significantly for the month...

Monday, December 5, 2022, 08:16:45 AM

Hut 8 Moves Its Miners Into Eric Trump-Backed American Bitcoin Corp

Hut 8 (TSX: HUT) is evidently looking to align itself heavily with the Trump Administration,...

Monday, March 31, 2025, 09:22:52 AM

Hut 8 Closes Drumheller Mining Facility Despite Bitcoin Price Momentum

Despite bitcoin hitting recent highs, Hut 8 Corp (TSX: HUT) is scaling back certain of...

Wednesday, March 6, 2024, 08:28:58 AM

Is Bitcoin The Hardest Store Of Value? – The Daily Dive

Joining us on the Daily Dive today for the first time is Jaime Leverton, CEO...

Friday, November 5, 2021, 01:30:00 PM

Hut 8 Achieves February Production of 10.3 Bitcoin Per Day

The production numbers for February 2022 are out for Hut 8 Mining (TSX: HUT). It...

Thursday, March 3, 2022, 08:37:55 AM