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.

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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.