Hut 8 Mining (TSX: HUT) this morning released its fourth quarter financial results, posting revenue of $57.9 million for the three month period, an improvement over the prior quarter. Despite the improving revenue figure, the firm posted a net loss of $111.2 million for the quarter.
Revenue for the quarter grew 15.0% on a sequential basis, climbing from $50.3 million to $57.9 million. However, total bitcoin mined declined from 905 in the third quarter to 789 in the fourth quarter.
Net income for the quarter came in at a loss of $111.2 million, which is largely related to a loss on revaluation of warrants to the tune of $114.2 million. Adjusted EBITDA meanwhile amounted to $35.3 million, compared to $30.7 million in the prior period.
For the full fiscal year, the firm posted revenue of $173.8 million, as compared to $40.7 million in 2020. Gross profit amounted to $88.8 million, which after expenses translated to an operating income of $48.7 million.
A revaluation of warrant liabilities however again caused problems for the firm, resulting in a net loss for the year of $67.1 million. Excluding this and certain other expenses, the company posted Adjusted EBITDA for the year of $96.6 million.
The company as of December 31 also reported a cash position of $130.1 million, as well as 5,518 bitcoin that translate to a value of $323.9 million.
The firm also revealed that its general counsel and corporate secretary has departed the company, with the company currently in search of a replacement.
Hut 8 Mining last traded at $6.61 on the TSX.
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