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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
