10-Q – 2026-05-06 – hut-20260331x10q.htm

Hut 8 Corp._March 31, 2026
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Table of Contents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM  10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the quarterly period ended March 31, 2026
OR
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​

​

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

​
For the transition period from                             to                     
Commission file number 001-41864
Hut 8 Corp.
(Exact name of registrant as specified in its charter)
​
​

​

Delaware
92-2056803

(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)

​
​

1101 Brickell Avenue, Suite 1500
​

Miami , Florida
33131

(Address of principal executive offices)
(Zip Code)

​
( 305 ) 224-6427
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
​
​

​

​

Title of each class
Trading Symbol(s)
Name of each exchange on which registered

Common Stock, par value $0.01 per share
HUT
The Nasdaq Stock Market LLC
Toronto Stock Exchange

​
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.          Yes   ☒      No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).           Yes   ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
​

​

​

​

Large accelerated filer
☒
Accelerated filer
☐

Non-accelerated filer
☐
Smaller reporting company
☐

​
​
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.           ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).          Yes  ☐    No  ☒
As of May 4, 2026, the registrant had 112,594,112 shares of its common stock outstanding.
​
​
​

Table of Contents

TABLE OF CONTENTS
​

​
  ​ ​ ​
Page

​
​
​

Cautionary Statement Regarding Forward-Looking Statements
​
1

​
​
​

PART I – FINANCIAL INFORMATION
​
2

Item 1. Financial Statements
​
2

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
​
41

Item 3. Quantitative and Qualitative Disclosures About Market Risk
​
56

Item 4. Controls and Procedures
​
57

​
​
​

PART II – OTHER INFORMATION
​
58

Item 1. Legal Proceedings
​
58

Item 1A. Risk Factors
​
58

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
​
58

Item 3. Defaults Upon Senior Securities
​
58

Item 4. Mine Safety Disclosures
​
58

Item 5. Other Information
​
58

Item 6. Exhibits
​
60

​
​
​

Signatures
​
61

​
​
​

​

Table of Contents

Cautionary Statement Regarding Forward-Looking Statements
​
This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, as well as assumptions, that, if proven incorrect or do not materialize, could cause our results to differ materially from those expressed or implied by these forward-looking statements. Forward-looking statements generally are identified by the words “intend,” “plan,” “may,” “should,” “will,” “project,” “estimate,” “anticipate,” “believe,” “expect,” “continue,” “potential,” “opportunity,” and similar expressions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. There can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including those described in Part I, Item 1A, “Risk Factors” in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”) and in Part II, Item 1A, “Risk Factors” of this Quarterly Report. Except as required by law, we do not assume any obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
​
​

1

Table of Contents

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
Hut 8 Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
(in USD thousands, except share and per share data)
​

​

​

​

​

​

​

​
  ​ ​ ​
March 31,
​
December 31,

​
​
2026
​
2025

​
​
(Unaudited)
​
(Audited)

Assets
​
  ​
​
​
  ​
​

Current assets
 
​
  ​
 
​
  ​

Cash
​
$
160,016
​
$
44,914

Restricted cash
​
 
610
​
 
2,373

Accounts receivable, net
​
​
7,191
​
​
31,122

Deposits and prepaid expenses
​
 
48,111
​
 
189,332

Derivative assets
​
 
—
​
 
16,223

Digital assets – pledged for miner purchase
​
​
—
​
​
84,688

Digital assets receivable
​
​
646
​
​
812

Assets held for sale
​
​
—
​
​
38,719

Total current assets
​
 
216,574
​
 
408,183

​
​
​
​
​
​
​

Non-current assets
​
 
  ​
​
 
  ​

Derivative assets
​
​
161,699
​
​
101,179

Digital assets – held in custody
​
 
435,720
​
 
661,979

Digital assets – pledged for miner purchase
​
​
210,823
​
​
242,937

Digital assets – pledged as collateral
​
​
477,520
​
​
396,624

Property and equipment, net
​
​
812,373
​
​
643,244

Operating lease right-of-use asset
​
​
17,499
​
​
18,496

Deposits and prepaid expenses
​
​
8,247
​
​
8,314

Investment in unconsolidated joint venture
​
 
43,588
​
 
45,158

Other investments
​
​
6,378
​
​
6,378

Intangible assets, net
​
​
10,164
​
​
11,141

Goodwill
​
​
209,159
​
​
210,087

Total non-current assets
​
 
2,393,170
​
 
2,345,537

Total assets
​
$
2,609,744
​
$
2,753,720

​
​
​
​
​
​
​

Liabilities and stockholders’ equity
​
 
  ​
​
 
  ​

Current liabilities
​
 
  ​
​
 
​

Accounts payable and accrued expenses
​
$
43,927
​
$
44,519

Miner purchase liability, current portion
​
​
—
​
​
100,910

Deferred revenue
​
 
1,970
​
 
1,458

Operating lease liability, current portion
​
​
2,852
​
​
2,891

Loans, notes payable, and other financial liabilities, current portion
​
 
199,966
​
 
199,926

Income taxes payable
​
​
3,712
​
​
115

Liabilities held for sale
​
​
—
​
​
25,764

Total current liabilities
​
​
252,427
​
​
375,583

​
​
​
​
​
​
​

Non-current liabilities
​
 
  ​
​
 
  ​

Miner purchase liability, less current portion
​
​
360,877
​
​
332,153

Operating lease liability, less current portion
​
 
15,309
​
 
16,279

Loans, notes payable, and other financial liabilities, less current portion
​
​
204,784
​
​
210,235

Deferred tax liabilities
​
 
86,094
​
 
129,854

Warrant liability
​
​
77
​
​
146

Total non-current liabilities
​
​
667,141
​
​
688,667

Total liabilities
​
​
919,568
​
​
1,064,250

​
​
​
​
​
​
​

Commitments and contingencies
​
 
  ​
​
 
  ​

​
​
​
​
​
​
​

Equity
​
 
  ​
​
 
  ​

Preferred stock, $ 0.01 par value; 25,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
​
 
—
​
 
—

Common stock, $ 0.01 par value; 1,000,000,000 shares authorized; 112,546,250 and 110,091,358 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
​
 
1,125
​
 
1,101

Additional paid-in capital
​
 
1,612,762
​
 
1,425,775

(Accumulated deficit) retained earnings
​
 
( 214,368 )
​
 
5,481

Accumulated other comprehensive loss
​
​
( 19,680 )
​
​
( 10,432 )

Total Hut 8 Corp. stockholders’ equity
​
 
1,379,839
​
 
1,421,925

Non-controlling interests
​
​
310,337
​
​
267,545

Total equity
​
​
1,690,176
​
​
1,689,470

Total liabilities and equity
​
$
2,609,744
​
$
2,753,720

​
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

2

Table of Contents

Hut 8 Corp. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited, in USD thousands, except share and per share data)
​

​

​

​

​

​

​

​
​
Three Months Ended

​
​
March 31,

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Revenue:
​
​
  ​
​
​
  ​

Power
​
$
3,740
​
$
4,380

Digital Infrastructure
​
 
1,303
​
 
1,317

Compute
​
​
65,974
​
​
16,118

Total revenue
​
 
71,017
​
 
21,815

​
​
​
​
​
​
​

Cost of revenue (exclusive of depreciation and amortization shown below):
​
 
  ​
​
 
  ​

Cost of revenue – Power
​
 
2,107
​
 
3,628

Cost of revenue – Digital Infrastructure
​
 
1,546
​
 
1,559

Cost of revenue – Compute
​
 
21,895
​
 
13,472

Total cost of revenue
​
​
25,548
​
​
18,659

​
​
​
​
​
​
​

Operating expenses:
​
 
​
​
​
​

Depreciation and amortization
​
 
38,442
​
 
14,899

General and administrative expenses
​
 
81,740
​
 
21,059

Losses on digital assets
​
​
295,657
​
​
112,394

Loss on sale of property and equipment
​
 
—
​
 
2,454

Total operating expenses
​
 
415,839
​
 
150,806

Operating loss
​
 
( 370,370 )
​
 
( 147,650 )

​
​
​
​
​
​
​

Other (expense) income:
​
 
  ​
​
 
  ​

Foreign exchange (loss) gain
​
​
( 2,720 )
​
​
9

Interest expense
​
​
( 9,243 )
​
​
( 7,469 )

Asset contribution costs
​
​
—
​
​
( 22,780 )

Gain on derivatives
​
​
40,817
​
​
20,862

(Loss) gain on other financial liability
​
​
( 661 )
​
​
1,139

Gain on warrant liability
​
​
69
​
​
—

Gain on sale of Far North JV, net of transaction costs
​
​
33,601
​
​
—

Equity in earnings of unconsolidated joint venture
​
​
6,430
​
​
1,365

Total other income (expense)
​
 
68,293
​
 
( 6,874 )

​
​
​
​
​
​
​

Net loss before income taxes
​
 
( 302,077 )
​
 
( 154,524 )

​
​
​
​
​
​
​

Income tax benefit
​
 
48,942
​
 
20,205

​
​
​
​
​
​
​

Net loss
​
​
( 253,135 )
​
​
( 134,319 )

​
​
​
​
​
​
​

Less: Net loss attributable to non-controlling interests
​
​
33,286
​
​
430

Net loss attributable to Hut 8 Corp.
​
$
( 219,849 )
​
$
( 133,889 )

​
​
​
​
​
​
​

Net loss per share of common stock:
​
​
​
​
​
​

Basic attributable to Hut 8 Corp.
​
$
( 1.98 )
​
$
( 1.30 )

Diluted attributable to Hut 8 Corp.
​
$
( 1.98 )
​
$
( 1.30 )

​
​
​
​
​
​
​

Weighted average number of shares of common stock outstanding:
​
​
​
​
​
​

Basic
​
​
111,064,728
​
​
102,854,747

Diluted
​
​
111,064,728
​
​
102,854,747

​
​
​
​
​
​
​

Net loss
​
$
( 253,135 )
​
$
( 134,319 )

Other comprehensive (loss) income:
​
​
​
​
​
​

Foreign currency translation adjustments
​
​
( 9,310 )
​
​
1,187

Total comprehensive loss
​
​
( 262,445 )
​
​
( 133,132 )

Less: Comprehensive loss attributable to non-controlling interests
​
​
33,281
​
​
431

Comprehensive loss attributable to Hut 8 Corp.
​
$
( 229,164 )
​
$
( 132,701 )

​
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements .
​
​

3

Table of Contents

Hut 8 Corp. and Subsidiaries
Condensed Consolidated Statements of Equity
(Unaudited, in USD thousands, except share and per share data)
Three Months Ended March 31, 2025
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
​
​
Additional
​
​
​
​
​
​
Accumulated Other
​
​

​
​
Common Stock
​
Paid-in
​
Retained
​
Non-controlling
​
Comprehensive
​
Total

​
  ​
Shares
  ​
Amount
  ​
Capital
  ​
Earnings
  ​
Interests
  ​
(Loss) Income
  ​
Equity

Balance, December 31, 2024
​
99,478,012
​
$
995
​
$
789,597
​
$
231,630
​
$
3,910
​
$
( 45,553 )
​
$
980,579

Issuance of common stock – at-the-market offering, net of issuance costs
​
4,205,019
​
​
42
​
​
111,969
​
​
—
​
​
—
​
​
—
​
​
112,011

Issuance of common stock – stock option exercises
​
327,204
​
​
3
​
​
124
​
​
—
​
​
—
​
​
—
​
​
127

Issuance of common stock – restricted stock unit settlements
​
140,275
​
​
2
​
​
( 2 )
​
​
—
​
​
—
​
​
—
​
​
—

Stock-based compensation
​
—
​
​
—
​
​
3,793
​
​
—
​
​
—
​
​
—
​
​
3,793

Issuance of warrants by subsidiary
 
—
​
​
—
​
​
1,449
​
​
—
​
​
—
​
​
—
​
​
1,449

Non-controlling interest in American Bitcoin Corp.
​
—
​
​
—
​
​
( 1,354 )
​
​
—
​
​
24,222
​
​
—
​
​
22,868

Foreign currency translation adjustments
​
—
​
​
—
​
​
—
​
​
—
​
​
( 1 )
​
​
1,188
​
​
1,187

Net loss attributable to Hut 8 Corp.
​
—
​
​
—
​
​
—
​
​
( 133,889 )
​
​
—
​
​
—
​
​
( 133,889 )

Net loss attributable to non-controlling interest
​
—
​
​
—
​
​
—
​
​
—
​
​
( 430 )
​
​
—
​
​
( 430 )

Balance, March 31, 2025
​
104,150,510
​
$
1,042
​
$
905,576
​
$
97,741
​
$
27,701
​
$
( 44,365 )
​
$
987,695

​
Three Months Ended March 31, 2026
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
​
​
​
Additional
​
Retained
​
​
​
​
Accumulated Other
​
​

​
​
​
Common Stock
​
Paid-in
​
Earnings
​
Non-controlling
​
Comprehensive
​
Total

​
  ​ ​ ​
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Capital
  ​ ​ ​
(Accumulated Deficit)
  ​ ​ ​
Interests
  ​ ​ ​
(Loss) Income
  ​ ​ ​
Equity

Balance, December 31, 2025
​
 
110,091,358
​
$
1,101
 
$
1,425,775
​
$
5,481
​
$
267,545
​
$
( 10,432 )
​
$
1,689,470

Issuance of Class A common stock by American Bitcoin Corp., net of issuance costs
​
 
—
​
 
—
 
 
32,500
​
 
—
​
 
78,002
​
 
—
​
 
110,502

Deferred income tax on American Bitcoin Corp. – equity transactions
​
​
—
​
​
—
​
​
( 8,539 )
​
​
—
​
​
—
​
​
—
​
​
( 8,539 )

Issuance of common stock – at-the-market offering, net of issuance costs
​
​
2,101,363
​
​
21
​
​
120,099
​
​
—
​
​
—
​
​
—
​
​
120,120

Issuance of common stock – stock option exercises
​
​
124,619
​
​
1
​
​
47
​
​
—
​
​
—
​
​
—
​
​
48

Issuance of common stock – restricted stock unit settlements
​
​
228,910
​
​
2
​
​
( 2 )
​
​
—
​
​
—
​
​
—
​
​
—

Stock-based compensation
​
​
—
​
​
—
​
​
50,980
​
​
—
​
​
—
​
​
—
​
​
50,980

Foreign currency translation adjustments
​
​
—
​
​
—
​
​
—
​
​
—
​
​
5
​
​
( 9,315 )
​
​
( 9,310 )

Exercise of warrants issued by subsidiary
​
​
—
​
​
—
​
​
( 283 )
​
​
—
​
​
283
​
​
—
​
​
—

Sale of Far North JV and non-controlling interest acquisition prior to sale
​
​
—
​
​
—
​
​
( 7,815 )
​
​
—
​
​
( 2,212 )
​
​
67
​
​
( 9,960 )

Net loss attributable to Hut 8 Corp.
​
​
—
​
​
—
​
​
—
​
​
( 219,849 )
​
​
—
​
​
—
​
​
( 219,849 )

Net loss attributable to non-controlling interests
​
​
—
​
​
—
​
​
—
​
​
—
​
​
( 33,286 )
​
​
—
​
​
( 33,286 )

Balance, March 31, 2026
​
​
112,546,250
​
$
1,125
 
$
1,612,762
​
$
( 214,368 )
​
$
310,337
​
$
( 19,680 )
​
$
1,690,176

​
​
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
​
​

4

Table of Contents

Hut 8 Corp. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited, in USD thousands)
​

​

​

​

​

​

​

​
​
Three Months Ended

​
​
March 31,

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Operating activities
​
​
​
​
​
​

Net loss
​
$
( 253,135 )
​
$
( 134,319 )

Adjustments to reconcile net loss to net cash used in operating activities:
​
​
​
​
​
​

Depreciation and amortization
​
​
38,442
​
​
14,899

Amortization of operating right-of-use assets
​
​
679
​
​
609

Non-cash lease expense
​
​
551
​
​
611

Stock-based compensation
​
​
50,874
​
​
3,793

Equity in earnings of unconsolidated joint venture
​
​
( 6,430 )
​
​
( 1,365 )

Distributions of earnings from unconsolidated joint venture
​
​
8,000
​
​
—

ASIC compute revenue
​
​
( 62,117 )
​
​
( 12,338 )

Losses on digital assets
​
​
295,657
​
​
112,394

Deferred tax assets and liabilities
​
​
( 52,265 )
​
​
( 20,443 )

Foreign exchange loss (gain)
​
​
2,720
​
​
( 9 )

Amortization of debt discount
​
​
171
​
​
144

Loss on sale of property and equipment
​
​
—
​
​
2,454

Gain on derivatives
​
​
( 40,817 )
​
​
( 20,862 )

Loss (gain) on other financial liability
​
​
661
​
​
( 1,139 )

Gain on warrant liability
​
​
( 69 )
​
​
—

Gain on sale of Far North JV, net of transaction costs
​
​
( 33,601 )
​
​
—

Paid-in-kind interest expense
​
​
1,759
​
​
6,268

Asset contribution costs
​
​
—
​
​
22,780

Changes in assets and liabilities:
​
​
​
​
​
​

Accounts receivable, net
​
​
23,300
​
​
2,625

Deposits and prepaid expenses
​
​
758
​
​
1,243

Income taxes receivable
​
​
341
​
​
240

Income taxes payable
​
​
3,597
​
​
—

Accounts payable and accrued expenses
​
​
( 5,521 )
​
​
( 8,540 )

Deferred revenue
​
​
512
​
​
( 1,636 )

Operating lease liabilities
​
​
( 1,289 )
​
​
( 1,258 )

Net cash used in operating activities
​
​
( 27,222 )
​
​
( 33,849 )

​
​
​
​
​
​
​

Investing activities
​
​
​
​
​
​

Proceeds from sale of digital assets
​
​
—
​
​
3,433

Bitcoin purchased
​
​
( 61,317 )
​
​
—

Deposits for future sites
​
​
( 16,839 )
​
​
—

Purchases of property and equipment
​
​
( 36,617 )
​
​
( 63,336 )

Proceeds from sale of property and equipment
​
​
—
​
​
2,563

Net proceeds from sale of Far North JV, net of cash divested
​
​
63,601
​
​
—

Additions to intangible assets
​
​
—
​
​
( 896 )

Net cash used in investing activities
​
​
( 51,172 )
​
​
( 58,236 )

​
​
​
​
​
​
​

Financing activities
​
​
  ​
​
​
  ​

Repayments of loans payable
​
​
( 8,000 )
​
​
—

Principal payments on finance lease
​
​
( 957 )
​
​
( 119 )

Settlement of finance lease obligation in connection with sale of Far North JV
​
​
( 20,756 )
​
​
—

Cash paid to buyout non-controlling interest of Far North JV
​
​
( 9,960 )
​
​
—

Proceeds from the issuance of common stock – stock option exercises
​
​
48
​
​
127

Proceeds from the issuance of common stock – at-the-market offering, net of issuance costs
​
​
120,120
​
​
112,011

Proceeds from the issuance of American Bitcoin Corp. Class A common stock – at-the-market offering, net of issuance costs
​
​
110,502
​
​
—

Proceeds from other financial liability
​
​
—
​
​
3,500

Net cash provided by financing activities
​
​
190,997
​
​
115,519

​
​
​
​
​
​
​

Effect of exchange rate changes on cash, and restricted cash
​
​
( 591 )
​
​
( 95 )

Net increase in cash
​
​
112,012
​
​
23,339

Cash, beginning of period
​
​
48,614
​
​
85,635

Cash, and restricted cash, end of period
​
$
160,626
​
$
108,974

​
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements .

5

Table of Contents

Hut 8 Corp. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited, in USD thousands)
​

​

​

​

​

​

​

​
​
Three Months Ended

​
​
March 31,

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Supplemental cash flow information:
​
​
  ​
​
​
  ​

Cash paid for interest
​
$
7,566
​
$
1,776

Cash paid for income taxes
​
$
43
​
$
—

​
​
​
​
​
​
​

Non-cash transactions
​
​
  ​
​
​
​

Reclassification of deposits and prepaid expenses to property and equipment
​
$
156,853
​
$
—

Right-of-use assets obtained in exchange for operating lease liabilities
​
$
—
​
$
212

Compute revenue in accounts receivable, net
​
$
646
​
$
—

Property and equipment acquired under miner purchase liability
​
$
8,827
​
$
85,814

Property and equipment acquired under accounts payable and accrued expenses
​
$
3,331
​
$
—

Property and equipment acquired through exchange of right-of-use asset – Far North JV
​
$
16,944
​
$
—

Bitcoin redemption and put options acquired under miner purchase liability
​
$
23,227
​
$
—

Net income (loss) attributable to non-controlling interests
​
$
( 33,286 )
​
$
( 430 )

Issuance of common stock – restricted stock unit settlements
​
$
2
​
$
2

Issuance of warrants by subsidiary as finance lease payments
​
$
—
​
$
1,449

Stock-based compensation capitalized in property and equipment, net
​
$
106
​
$
—

Subsidiary warrants exercised
​
$
283
​
$
—

​
​
​
​
​
​
​

Reconciliation of cash, and restricted cash to the Consolidated Balance Sheets:
​
​
​
​
​
​

Cash
​
$
160,016
​
$
108,382

Restricted cash
​
​
610
​
​
592

Total cash, and restricted cash
​
$
160,626
​
$
108,974

​
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
​
​

6

Table of Contents

Note 1. Organization
Nature of operations and corporate information
Hut 8 Corp. (together with its consolidated subsidiaries, the “Company” or “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 data center infrastructure through a power-first, innovation-driven approach. The Company was incorporated in Delaware in January 2023.
​
Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements
Basis of presentation
The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. While these statements reflect all normal recurring adjustments which are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all the information and footnotes required by GAAP for complete financial statements. As such, the information included in this Quarterly Report should be read in conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, 2025, and related notes thereto, included in the Annual Report.
Interim results are not necessarily indicative of results for a full year.
The U.S. Dollar is the functional and presentation currency of the Company.
Significant accounting policies followed by the Company in the preparation of the accompanying Unaudited Condensed Consolidated Financial Statements are summarized below.
Principles of consolidation
These Unaudited Condensed Consolidated Financial Statements of the Company include the accounts of the Company and its controlled subsidiaries. Consolidated subsidiaries’ results are included from the date the subsidiary was formed or acquired. Intercompany balances and transactions have been eliminated in consolidation.
Unconsolidated investments in which the Company does not have a controlling interest but does have significant influence are accounted for as equity method investments, with earnings recorded in other (expense) income. These investments are included in long-term assets and the Company’s proportionate share of income or loss is included in other (expense) income.
Recent accounting pronouncements
The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its Unaudited Condensed Consolidated Financial Statements and ensures that there are proper controls in place to ascertain that the Company’s Unaudited Condensed Consolidated Financial Statements properly reflect the change.

7

Table of Contents

In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-12, Codification Improvements (“ASU 2025-12”). Among other amendments to various Topics within the FASB Accounting Standards Codification, ASU 2025-12 clarifies dilutive earnings per share treatment for certain contracts that may be settled in stock or cash when a company has a loss from continuing operations. This update is effective for interim and annual reporting periods beginning after December 15, 2026, with early adoption permitted. The Company is currently assessing the impact of adopting this standard. For earnings per share amendments, adoption of ASU 2025-12 requires retrospective application to each prior reporting period presented.
In September 2025, FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) (“ASU 2025-07”). With respect to Topic 815, ASU 2025-07 refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. This update is effective for interim and annual reporting periods beginning after December 15, 2026, with early adoption permitted. The Company is currently assessing the impact of adopting this standard. ASU 2025-07 may be applied using a prospective or modified retrospective transition approach.
In September 2025, FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 modernizes the accounting for internal-use software to current development practices, clarifies when to begin capitalizing costs, and enhances disclosure requirements. This update is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the impact of adopting the standard. ASU 2025-06 may be applied using a prospective transition, modified transition, or retrospective transition approach.
In January 2025, FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2025-01 was issued to clarify the effective date for ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires public business entities to provide additional disclosures in the notes to financial statements, disaggregating specific expense categories within relevant income statement captions. The prescribed categories include purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization related to oil-and-gas producing activities. ASU 2024-03 is effective for the first annual reporting period beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of adopting the standard. ASU 2024-03 may be applied prospectively or retrospectively.
Use of estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events that affect the amounts reported in the financial statements and accompanying notes. Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results inevitably will differ from those estimates, and such differences may be material to the financial statements. The most significant accounting estimates inherent in the preparation of the Company’s Unaudited Condensed Consolidated Financial Statements include estimates associated with revenue recognition, determining the useful lives and recoverability of long-lived assets, impairment analysis of finite-lived intangibles, goodwill and digital assets, stock-based compensation, and current and deferred income tax assets (including the associated valuation allowance) and liabilities.
​

8

Table of Contents

Accounts receivable
Accounts receivable consists of amounts due from the Company’s Power, Digital Infrastructure, and Compute customers. The Company records accounts receivable at the invoiced amount less an allowance for any potentially uncollectable accounts under the current expected credit loss (“CECL”) impairment model and presents the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, the Company considers many factors, including the age of the balance, collection history, and current economic trends. Bad debts are written off after all collection efforts have ceased.
Allowances for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses are recorded in General and administrative expenses in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.
Based on the Company’s current and historical collection experience, management recorded allowances for doubtful accounts of $ 0.2 million and $ 0.2 million as of March 31, 2026 and December 31, 2025, respectively.
Fair value measurement
The Company’s financial assets and liabilities are accounted for in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels:
Level 1— Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2— Observable, market-based inputs, other than quoted prices included in Level 1, for the assets or liabilities either directly or indirectly.
Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or a liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment.
Assets and liabilities measured at fair value on a recurring basis
The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis and the Company’s estimated level within the fair value hierarchy of those assets and liabilities as of March 31, 2026 and December 31, 2025:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
Fair value measured at March 31, 2026

​
  ​ ​ ​
Total carrying
  ​ ​ ​
​
​
  ​ ​ ​
Significant other
  ​ ​ ​
Significant

​
​
value at
​
Quoted prices in
​
observable
​
unobservable

​
​
March 31,
​
active markets
​
inputs
​
inputs

(in USD thousands)
​
2026
​
(Level 1)
​
(Level 2)
​
(Level 3)

Digital assets
​
$
1,124,063
​
$
1,124,063
​
$
—
​
$
—

Bitcoin redemption and put options
​
​
161,699
​
​
—
​
​
161,699
​
​
—

Other financial liability
​
​
( 3,205 )
​
​
—
​
​
—
​
​
( 3,205 )

Warrant liability
​
​
( 77 )
​
​
—
​
​
—
​
​
( 77 )

​

9

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
Fair value measured at December 31, 2025

​
  ​ ​ ​
Total carrying
  ​ ​ ​
​
​
  ​ ​ ​
Significant other
  ​ ​ ​
Significant

​
​
value at
​
Quoted prices in
​
observable
​
unobservable

​
​
December 31,
​
active markets
​
inputs
​
inputs

(in USD thousands)
​
2025
​
(Level 1)
​
(Level 2)
​
(Level 3)

Digital assets
​
$
1,386,228
​
$
1,386,228
​
$
—
​
$
—

Bitcoin redemption and put options
​
​
117,402
​
​
—
​
​
117,402
​
​
—

Other financial liability
​
​
( 2,544 )
​
​
—
​
​
—
​
​
( 2,544 )

Warrant liability
​
​
146
​
​
—
​
​
—
​
​
146

​
In determining the fair value of its digital assets, the Company uses quoted prices as determined by the Company’s principal market, which is the Coinbase exchange. As such, the Company’s digital assets were determined to be Level 1 assets.
The Company estimates the fair value of its Bitcoin redemption and put options using the Black model, which includes several inputs and assumptions, including the forward price of the underlying asset (Bitcoin), the underlying asset’s implied volatility, the risk-free interest rate, and the expected term of the redemption option. As of March 31, 2026, these options were held only by American Bitcoin Corp. (“American Bitcoin”).
See  Derivatives  below for a description of certain of the Company’s derivative instrument accounting policies.
In estimating the fair value of its call options sold on Bitcoin that it owns (the “covered call options”), the Company uses the Black model, which includes several inputs and assumptions, including the forward price of the underlying asset (Bitcoin), the underlying asset’s implied volatility, the risk-free interest rate, and the expected term of the options. The expected term of the options is the contractual term of the options given the options can only be exercised on their expiry date (i.e., European-style options). The Company determined that the covered call options are Level 2 liabilities given all inputs are observable, but the options themselves are not traded in an active market.
The Company estimated the fair value of its other financial liability using the Probability-Weighted Expected Return Method (“PWERM”), which includes significant unobservable inputs, including the instrument’s estimated credit spread, and as a result, the Company determined that the other financial liability is a Level 3 liability. For quantitative disclosure on the inputs used to estimate the fair value of the Company’s other financial liability, see Note 9.  Loans, notes payable, and other financial liabilities . See  Other financial liability  for a description of the Company’s other financial liability accounting policy.
The Company estimated the fair value of its warrant liability using the Black-Scholes pricing model, which includes significant unobservable inputs, including the expected term of the warrants, and as a result, the Company determined that the warrant liability is a Level 3 liability. For quantitative disclosure on the inputs used to estimate the fair value of the Company’s warrant liability, see Note 10.  Derivatives . See  Warrant liability  for a description of the Company’s warrant liability accounting policy.
The Company estimates the fair value of its separated embedded derivative from the convertible note, namely from the Company’s Coatue Note (as defined below), using the partial differential equation model (“PDE Model”), which includes several inputs and assumptions including the Company’s common stock price at the time of valuation, the implied volatility of the Company’s common stock matching the moneyness of the conversion option, the risk-free interest rate curve, and the instrument’s estimated credit spread. In addition, management’s assumption of the probability of occurrence of the separated embedded derivative from the convertible note’s trigger event is a significant unobservable input. For quantitative disclosure on the inputs used to estimate the fair value of the Company’s separated embedded derivative from the convertible note, see Note 10.  Derivatives . The Company determined that the separated embedded derivative from the convertible note is a Level 3 liability given significant unobservable inputs are included in its valuation.

10

Table of Contents

Assets and liabilities measured at fair value on a non-recurring basis
In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on a non-recurring basis. The Company’s non-financial assets, including goodwill, intangible assets, operating lease right-of-use assets, assets held for sale, and property and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized. The Company had nil impairment from its continuing operations related to its non-financial assets and liabilities measured on a non-recurring basis during the three months ended March 31, 2026 and 2025, respectively. See the Impairment of long-lived assets and Goodwill accounting policies below for further discussion.
The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, accounts payable, and accrued expenses, approximate fair value due to the short-term nature of these instruments. The carrying value of loans and notes payable and other long-term liabilities approximate fair value, except for the Company’s convertible note, as the related interest rates approximate rates currently available to the Company. See Derivatives and Convertible instruments below for a description of the Company’s derivative instrument accounting policy and convertible instrument accounting policy, respectively, and Note 9. Loans, notes payable, and other financial liabilities for disclosure on the Company’s convertible note.
Goodwill
Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. Goodwill is not amortized and is reviewed at least annually for possible impairment. A qualitative assessment may be first performed to determine whether it is more likely than not that a reporting unit is impaired. If through the qualitative assessment, it is determined that it is more likely than not that goodwill is not impaired, no further testing is required.  If it is determined more likely than not   that goodwill is impaired, or if the Company elects not to first assess qualitative factors, the Company’s impairment testing continues with the estimation of the fair value of the reporting unit using a combination of an income (discounted cash flow) approach and a market approach at the reporting unit level. The estimation of the fair value of the reporting unit requires significant management judgment with respect to revenue and expense growth rates, changes in working capital and the selection and use of an appropriate discount rate. The estimate of the fair value of the reporting unit is based on the best information available as of the date of the assessment. The use of different assumptions would increase or decrease estimated discounted future operating cash flows and could increase or decrease an impairment charge. Company management uses its judgment in assessing whether assets may   have become impaired between annual impairment tests. Indicators such as adverse business conditions, economic factors, and technological change or competitive activities may   signal that an asset has become impaired. For the three months ended March 31, 2026 and 2025, there was  nil  impairment of goodwill.
Impairment of long-lived assets
The Company reviews long-lived assets for impairment at least annually, or more frequently whenever events or changes in circumstances indicate that the carrying value of such assets (or asset groups) may not be fully recoverable. The asset (or asset group) to be held and used that is subject to impairment review represents the lowest level of identifiable cash flows that is largely independent of other groups of assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If such assets are considered unrecoverable, the impairment loss to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Factors the Company considers that could trigger an impairment include, but are not limited to, the following: significant changes in the manner of the Company’s use of the acquired assets or the strategy for the Company’s overall business, significant underperformance relative to expected historical or projected development milestones, significant negative regulatory or economic trends, and significant technological changes that could render the asset (or asset group) obsolete. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values, and third-party independent appraisals, as necessary. When recognized, impairment losses related to long-lived assets to be held and used in operations are recorded as cost and expenses in the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. For the three months ended March 31, 2026 and 2025, there was nil impairment.

11

Table of Contents

Derivatives
The Company accounts for the derivative contracts it enters into, including Bitcoin redemption and put options, covered call options, the separated embedded derivative from the convertible note, and warrant liability as follows:
Bitcoin redemption and put options
The Company has entered into agreements to purchase property and equipment that include pledges of Bitcoin, rights to make future pledges of Bitcoin, and rights to redeem the pledged Bitcoin for certain periods after the relevant redemption periods start. These Bitcoin redemption and put options do not qualify as accounting hedges under FASB ASC Topic 815,  Derivatives and Hedging  (“ASC 815”). Accordingly, the Company carries its Bitcoin redemption and put options at fair value and any gains or losses are recognized in profit or loss.
Covered call options
From time to time, the Company has sold covered call options to generate cash flows on a portion of its Bitcoin held. These options do not qualify as accounting hedges under ASC 815. Accordingly, the Company carries its covered call options at fair value and any gains or losses are recognized in profit or loss.
Separated embedded derivative from the convertible note
The Company evaluates and accounts for derivatives embedded in its convertible instruments in accordance with ASC 815. Accordingly, the Company has assessed if embedded derivatives should be separated from its host contract and accounted for as a derivative instrument based on whether all three ASC 815 criteria are met: (1) the economic characteristics and risks of the embedded derivative are not clearly and closely related to the economic characteristics and risks of the host contract, (2) the hybrid instrument is not remeasured at fair value under GAAP with changes in fair value reported in earnings as they occur, and (3) a separate instrument with the same terms as the embedded derivative would be a derivative instrument. ASC 815 also provides an exception to this rule when the host instrument is deemed to be a conventional convertible debt instrument as defined in the FASB ASC topic. The Company identified embedded derivatives in the Coatue Note, which is a convertible instrument it issued, including conversion options, other redemption features, and contingently exercisable options. The Company determined that the Contingent Repurchase Right (as defined in Note 9.  Loans, notes payable, and other financial liabilities ) in such convertible instrument is an embedded derivative that should be separated from its host contract and accounted for as a derivative instrument as per ASC 815. The conversion option is indexed to the Company’s common stock and meets the criteria for classification in stockholders’ equity, and therefore derivative accounting does not apply. The other embedded derivatives do not meet all three previously mentioned ASC 815 criteria, and therefore should not be separated from their host contract. The Company accounts for its separated embedded derivative as a derivative instrument that is carried at fair value and any gains or losses are recognized in profit or loss.
Warrant liability
The Company assumed certain warrants in the ABTC Merger (as defined in Note 10. Derivatives ) that meet the definition of a derivative under ASC 815, and due to the terms, the warrants are required to be classified as a liability. The Company carries its warrant liability at fair value and any gains or losses are recognized in profit or loss.
Other financial liability
The Company carries its other financial liability at fair value in accordance with FASB ASC Topic 480,  Distinguishing Liabilities from Equity  (“ASC 480”) and any gains or losses are recognized in profit or loss.

12

Table of Contents

Net loss per share attributable to common stockholders
Basic net loss per share of common stock attributable to the Company is computed by dividing net loss attributable to the Company adjusted for the impact of subsidiary warrants exercisable for little or no cash consideration (“Penny Warrant(s)”) issued by a consolidated subsidiary by the weighted-average number of shares of common stock outstanding during the period.
Diluted net loss per share of common stock attributable to the Company is computed by giving effect to all potentially dilutive shares of common stock, including stock options, restricted stock units, deferred stock units, performance stock units, and common stock purchase warrants to the extent dilutive under the treasury-stock method, the numerator adjustment from the impact of the warrant liability assumed by a consolidated subsidiary to the extent dilutive, and potential shares of common stock issuable upon conversion of the Company’s convertible note under the if-converted method. Under the if-converted method, net loss attributable to the Company is adjusted by the effect, net of tax, of potentially dilutive shares computed under this method. Contingently issuable shares whose issuance is contingent upon the satisfaction of certain conditions are considered outstanding and included in the computation of diluted net loss per share of common stock attributable to the Company if all necessary conditions have been satisfied by the end of the period or if the end of the period is deemed the end of the contingently issuable shares’ contingency period. In computing potentially dilutive shares of common stock, each class of shares is applied to basic net loss per share of common stock attributable to the Company on a most to least dilutive basis until a particular class no longer produces further dilution, if applicable.
Non-controlling interests
Non-controlling interests represent the portion of net assets in consolidated entities that are not owned by the Company and are reported as a component of equity on Company’s Unaudited Condensed Consolidated Balance Sheets. As of March 31, 2026, the non-controlling interest on the Company’s Unaudited Condensed Consolidated Balance Sheets consists of 44.70 % ownership by third parties in American Bitcoin. For more details, refer to American Bitcoin non-controlling interest section in Note 12.  Equity . Previously, there was a non-controlling interest in the Company’s formerly consolidated subsidiary, Far North Power Corp. (the “Far North JV”), prior to its sale. For more details, refer to Note 3. Far North JV sale .
Note 3. Far North JV sale
On February 2, 2026, the Company closed on its share purchase agreement (“Far North SPA”) with TransAlta Corporation (“TransAlta”), under which TransAlta acquired 100 % of the Far North JV which owned and operated a 310-megawatt portfolio of four natural gas-fired power plants in Ontario. TransAlta paid cash consideration in Canadian Dollars (C$), and the total amount paid was $ 75.4 million (C$ 105.1 million). Pursuant to the Far North SPA, immediately prior to the sale of the Far North JV to TransAlta, (1) the non-controlling interest exercised 2,000,000 Penny Warrants of the Far North JV, (2) the Company acquired the non-controlling interest in the Far North JV for $ 10.0 million (C$ 13.9 million), (3) the Company received $ 7.4 million (C$ 10.4 million) for the repayment of indebtedness owed by the Far North JV to the Company, and (4) $ 27.9 million (C$ 38.9 million) was paid to the finance lease lessor to buy out the finance lease at the Far North JV’s Iroquois Falls, Ontario power plant.

13

Table of Contents

A reconciliation of the proceeds received by the Company, or paid for on behalf of the Company, and the gain on sale of the Far North JV is as follows:
​

​

​

​

(in USD thousands)
  ​ ​ ​
Amount

Cash consideration paid by TransAlta
​
$
75,394

Indebtedness owed by the Far North JV to the Company
​
​
( 7,447 )

Finance lease buyout (1)
​
​
( 27,898 )

Carrying amount of the Far North JV’s net assets
​
​
( 4,110 )

Net transaction costs
​
​
( 2,252 )

Foreign currency translation adjustments of the Far North JV
​
​
( 86 )

Gain on sale of Far North JV, net of transaction costs
​
$
33,601

(1)
The finance lease buyout comprised $ 3.2 million in indirect taxes and $ 24.7 million for the lease buyout, which exceeded the associated lease liability’s carrying amount immediately prior to the sale of $ 20.8 million by $ 3.9 million.

The results of operations of the Far North JV were part of the Power Generation business, under the Company’s Power segment. The divestiture did not meet the criteria to be classified as discontinued operations as it did not represent a strategic shift that would have a major effect on the Company’s operations or financial results.
​
Note 4. Segment information
The following table presents gross revenue, gross cost of revenue and certain reconciling items for the Company’s reportable segments , reconciled to the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. Certain reconciling items, including general and administrative expenses, are presented on a gross basis.
​
​

​

​

​

​

​

​

​
​
Three Months Ended

​
​
March 31,

(in USD thousands)
  ​ ​ ​
2026
  ​ ​ ​
2025

Reportable segment revenue:
​
​
  ​
​
​
  ​

Power
​
$
8,146
​
$
4,380

Digital Infrastructure
​
 
28,565
​
​
1,317

Compute
​
​
65,974
​
​
16,118

Eliminations
​
​
( 31,668 )
​
​
—

Total segment and consolidated revenue
​
$
71,017
​
$
21,815

​
​
​
​
​
​
​

Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
​
 
  ​
​
 
  ​

Cost of revenue – Power
​
 
3,392
​
 
3,628

Cost of revenue – Digital Infrastructure
​
 
19,112
​
 
1,559

Cost of revenue – Compute
​
 
32,634
​
 
13,472

Eliminations
​
​
( 29,590 )
​
​
—

Total segment and consolidated cost of revenue
​
$
25,548
​
$
18,659

​
​
​
​
​
​
​

Reconciling items:
​
​
​
​
​
​

Depreciation and amortization
​
​
( 38,442 )
​
​
( 14,899 )

General and administrative expenses
​
​
( 83,818 )
​
​
( 21,059 )

Losses on digital assets
​
​
( 295,657 )
​
​
( 112,394 )

Loss on sale of property and equipment
​
 
—
​
​
( 2,454 )

Foreign exchange (loss) gain
​
 
( 2,720 )
​
​
9

Interest expense
​
​
( 9,243 )
​
​
( 7,469 )

Asset contribution costs
​
​
—
​
​
( 22,780 )

Gain on derivatives
​
​
40,817
​
​
20,862

(Loss) gain on other financial liability
​
​
( 661 )
​
​
1,139

Gain on warrant liability
​
​
69
​
​
—

Gain on sale of Far North JV, net of transaction costs
​
​
33,601
​
​
—

Equity in earnings of unconsolidated joint venture
​
​
6,430
​
​
1,365

Income tax benefit
​
 
48,942
​
​
20,205

General and administrative expenses eliminations
​
​
2,078
​
​
—

Net loss
​
$
( 253,135 )
​
$
( 134,319 )

​
​
​
​
​
​
​

Less: Net loss attributable to non-controlling interests
​
​
33,286
​
​
430

Net loss attributable to Hut 8 Corp.
​
$
( 219,849 )
​
$
( 133,889 )

​

14

Table of Contents

The following table presents summarized information for revenue by geographic area:
​
​

​

​

​

​

​

​

​
​
Three Months Ended

​
​
March 31,

(in USD thousands)
  ​ ​ ​
2026
  ​ ​ ​
2025

Revenue
​
​
  ​
​
​
  ​

United States
​
$
65,568
​
$
13,535

Canada
​
 
5,449
​
 
8,280

Total revenue
​
$
71,017
​
$
21,815

​
The following table presents summarized information for long-lived assets by geographic area:
​
​

​

​

​

​

​

​

​
 
March 31,
​
December 31,

(in USD thousands)
  ​ ​ ​
2026
  ​ ​ ​
2025

United States
 
$
794,778
 
$
588,592

Canada
​
​
17,595
​
​
54,652

Total Long-Lived Assets
​
$
812,373
​
$
643,244

​
​
Note 5. Digital assets
Digital assets on the Company’s Unaudited Condensed Consolidated Balance Sheets consist of Bitcoin and Investment Tokens (as defined below) as of March 31, 2026.
Bitcoin
The following table presents the changes in the carrying amount of Bitcoin as of March 31, 2025 and March 31, 2026:
​
​

​

​

​

(in USD thousands)
  ​ ​ ​
Amount

Balance as of December 31, 2024
​
$
949,500

Revenue recognized from Bitcoin mined
​
​
12,341

Carrying value of Bitcoin sold
​
​
( 3,433 )

Change in fair value of Bitcoin
​
​
( 112,392 )

Foreign currency translation adjustments
​
​
1,228

Balance as of March 31, 2025
​
$
847,244

​
​
​
​

Number of Bitcoin held as of March 31, 2025
​
​
10,264

Number of Bitcoin pledged to Bitmain as of March 31, 2025
​
​
968

Cost basis of Bitcoin held as of March 31, 2025
​
$
453,413

Realized gains on the sale of Bitcoin for the three months ended March 31, 2025
​
$
828

​
​
​
​

Balance as of December 31, 2025
​
$
1,371,903

Revenue recognized from Bitcoin mined
​
​
62,117

Bitcoin mining revenue earned in prior period received in current period
​
​
812

Bitcoin purchased
​
​
61,317

Bitcoin mining revenue not received
​
​
( 646 )

Carrying value of Bitcoin disposed to settle miner purchase liability
​
​
( 81,163 )

Change in fair value of Bitcoin
​
​
( 291,238 )

Foreign currency translation adjustments
​
​
( 8,945 )

Balance as of March 31, 2026
​
$
1,114,157

​
​
​
​

Number of Bitcoin held as of March 31, 2026
​
​
16,331

Number of Bitcoin pledged to Bitmain as of March 31, 2026
​
​
3,090

Cost basis of Bitcoin held as of March 31, 2026
​
$
1,077,334

Realized gains on the sale or disposition of Bitcoin for the three months ended March 31, 2026
​
$
2,532

​

15

Table of Contents

As of March 31, 2026, the Company’s Bitcoin was either held in segregated custody accounts for the benefit of the Company, held in segregated custody accounts under the Company’s ownership and pledged as collateral under a borrowing arrangement, or held by Bitmain Technologies Delaware Limited (together with its affiliates, “Bitmain”) for the Bitcoin pledged in connection with the 2025 ABTC Bitmain Purchase Agreement (as defined below) and 2026 ABTC Bitmain Purchase Agreement (as defined below) for miner purchases from them. The details of the Bitcoin are as follows:
​
​

​

​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
Amount
  ​ ​ ​
Number of digital assets

(in USD thousands)
  ​ ​ ​
March 31, 2026
  ​ ​ ​
December 31, 2025
  ​ ​ ​
March 31, 2026
  ​ ​ ​
December 31, 2025

Current
​
​
​
​
​
​
​
​
​
​

Bitcoin pledged for miner purchase
​
$
—
​
$
84,688
​
—
​
968

Total current Bitcoin – pledged for miner purchase
​
​
—
​
​
84,688
​
—
​
968

​
​
​
​
​
​
​
​
​
​
​

Non-current
​
​
​
​
​
​
​
​
​
​

Bitcoin held in custody
​
​
425,814
​
​
647,654
​
6,241
​
7,402

Total non-current Bitcoin – held in custody
​
​
425,814
​
​
647,654
​
6,241
​
7,402

​
​
​
​
​
​
​
​
​
​
​

Non-current
​
​
​
​
​
​
​
​
​
​

Bitcoin pledged for miner purchase
​
​
210,823
​
​
242,937
​
3,090
​
2,776

Total non-current Bitcoin – pledged for miner purchase
​
​
210,823
​
​
242,937
​
3,090
​
2,776

​
​
​
​
​
​
​
​
​
​
​

Non-current
​
​
​
​
​
​
​
​
​
​

Bitcoin pledged as collateral
​
​
477,520
​
​
396,624
​
7,000
​
4,533

Total non-current Bitcoin – pledged as collateral
​
​
477,520
​
​
396,624
​
7,000
​
4,533

​
​
​
​
​
​
​
​
​
​
​

Total Bitcoin
 
$
1,114,157
​
$
1,371,903
 
16,331
​
15,679

​
In November 2024, the Company entered into a Purchase Agreement with Bitmain to purchase approximately  30,000  Bitmain Antminer S21+ ASIC miners (as amended, the “Bitmain Purchase Agreement”). In December 2024, in connection with the Bitmain Purchase Agreement, the Company completed its Bitcoin pledge by depositing  968  Bitcoin into a segregated wallet with Bitmain, which was originally subject to a three-month redemption right from the shipment date of the purchased ASIC miners, whereby the Company had the option to repurchase, with cash, the pledged Bitcoin at a mutually agreed upon fixed price. If the Company did not exercise this right within the redemption period, Bitmain would retain full ownership of the pledged Bitcoin as consideration for the purchased ASIC miners. During 2025, the Company amended the redemption period’s end date multiple times: first, the redemption period was amended to end during the quarter ended September 30, 2025, second, the redemption period was further amended to end during the quarter ended December 31, 2025, and third, the redemption period was further amended to end in January 2026. In January 2026, the Company elected not to exercise the option to redeem the pledged Bitcoin, and accordingly, the right to redeem expired.
​
During 2024, the Company entered into an ASIC colocation contract with Bitmain to host miners at the Company’s Vega site. The agreement featured a fixed hosting fee with a partial or full option to purchase the hosted machines in up to three tranches at a fixed price within six months of energization of the relevant tranche. The Company completed energization of the miners during June and July 2025. On March 31, 2025, the Company entered into a Put Option Agreement (the “Put Option Agreement”), with American Bitcoin (as defined below), pursuant to which the Company had the right to put to American Bitcoin any ASIC miners purchased by the Company under this purchase option.
​
On August 5, 2025, pursuant to a put option agreement with American Bitcoin, the Company assigned its option to purchase up to approximately  17,280  Bitmain Antminer U3S21EXPH ASIC miners (collectively, the “Bitmain Miners”), representing a total of approximately  14.86  exahash per second (“EH/s”), to American Bitcoin. American Bitcoin exercised the option on August 5, 2025 and entered into an On-Rack Sales and Purchase Agreement (the “2025 ABTC Bitmain Purchase Agreement”) with Bitmain to purchase the Bitmain Miners in one or more tranches for a total purchase price of up to approximately $ 320.0  million, not including any applicable tariffs, duties or similar charges.
​

16

Table of Contents

Concurrently with the execution of the 2025 ABTC Bitmain Purchase Agreement, American Bitcoin purchased  16,299  of the Bitmain Miners, representing a total of approximately  14.02  EH/s, for a total purchase price of approximately $ 314.0  million, paid through the pledge of  2,234  Bitcoin at a mutually agreed upon fixed price. Such purchase price was reduced by the application of a deposit and certain expenses of approximately $ 46.0  million previously paid to Bitmain. In September 2025, American Bitcoin purchased the remaining  981  Bitmain Miners for a total purchase price of $ 18.9  million, paid through the pledge of  151  Bitcoin at a mutually agreed upon fixed price, net of certain hosting credits. In October 2025, American Bitcoin pledged an additional  391  Bitcoin at a mutually agreed upon fixed price, and Bitmain refunded the Company’s $ 46.0  million comprising of the deposit and certain expenses. The Bitcoin pledged under the 2025 ABTC Bitmain Purchase Agreement has a redemption period of approximately  twenty-four months  from the applicable pledge date.
​
In February 2026, American Bitcoin entered into a Future Sales and Purchase Agreement (the “2026 ABTC Bitmain Purchase Agreement”) with Bitmain to purchase approximately 11,298 S21 XP ASIC miners for a total purchase price of approximately $ 49.4 million. The agreement required an initial payment equal to 80 % of the total purchase price, which was paid through the pledge of 314 Bitcoin at a mutually agreed upon fixed price, with the remaining 20% due one year following the shipment date of the S21 XP ASIC miners. The remaining 20 % is to be paid through cash, Bitcoin pledged at a mutually agreed upon floor price, or a combination of both. The Bitcoin pledged under the 2026 ABTC Bitmain Purchase Agreement has a redemption period of approximately twenty-four months from the applicable pledge date. American Bitcoin may elect to extend the pledge period for an additional twelve months .
​
As of March 31, 2026, the Company had pledged  3,090  Bitcoin to Bitmain, with a fair value of $ 210.8  million, which was classified as  Digital assets – pledged for miner purchase  on the Company’s Unaudited Condensed Consolidated Balance Sheets. A corresponding liability of $ 360.9  million was recorded as  Miner purchase liability , reflecting the Company’s obligation to either redeem the pledged Bitcoin for cash or apply the pledged Bitcoin toward the purchase of ASIC miners at the end of each respective redemption period. All of the Bitcoin pledged to Bitmain as of March 31, 2026, were pledged by American Bitcoin.
In accordance with FASB ASC Topic 610-20,  Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets , the Company assessed the transfer of nonfinancial assets, Bitcoin, under ASC 606. Specifically, the Company noted that the Bitcoin pledged to Bitmain under the 2025 ABTC Bitmain Purchase Agreement and 2026 ABTC Bitmain Purchase Agreement constitute repurchase agreements under ASC 606. As a result, the Bitcoin was not derecognized upon transfer as the Company retains repurchase options.
Due to the redemption rights and the Company’s continued economic exposure to the Bitcoin, the pledged Bitcoin is separately classified as  Digital assets – pledged for miner purchase  on the Unaudited Condensed Consolidated Balance Sheets, which represents restricted Bitcoin.
The Company recorded Bitcoin redemption and put options, which are derivative assets, with an initial fair value of $ 23.2 million during the three months ended March 31, 2026. See Note 10.  Derivatives  for further information on these derivative assets.
Investment Tokens
During 2025, the Company purchased  100  million World Liberty Financial, Inc. tokens (“Investment Tokens”) at $ 0.25  per token for total cash consideration of $ 25.0  million pursuant to a Token Purchase Agreement (“TPA”) with World Liberty Financial, Inc. (“WLFI”). The Company’s Investment Tokens are subject to an indefinite lockup, with a minimum of twelve months from purchase date. Future unlocks are subject to the Investment Tokens’ protocol governance procedures and may be subject to WLFI’s discretion.

17

Table of Contents

There were no Investment Tokens held as of March 31, 2025. The following table presents the changes in the carrying amount of the Investment Tokens as of March 31, 2026:
​
​

​

​

​

(in USD thousands)
  ​ ​ ​
Amount

Balance as of December 31, 2025
​
$
14,325

Change in fair value of Investment Tokens
​
​
( 4,419 )

Balance as of March 31, 2026
​
$
9,906

​
​
​
​

Number of Investment Tokens held as of March 31, 2026
​
​
100,000,000

Cost basis of Investment Tokens held as of March 31, 2026
​
$
25,000

​
As of March 31, 2026, the Company’s Investment Tokens were held in a segregated custody account for the benefit of the Company. The details of the Investment Tokens are as follows:
​
​

​

​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
Amount
  ​ ​ ​
Number of digital assets

(in USD thousands)
  ​ ​ ​
March 31, 2026
  ​ ​ ​
December 31, 2025
  ​ ​ ​
March 31, 2026
  ​ ​ ​
December 31, 2025

Non-current
​
​
​
​
​
​
​
​
​
​

Investment Tokens held in custody
​
$
9,906
​
$
14,325
​
100,000,000
​
100,000,000

Total non-current Investment tokens – held in custody
​
​
9,906
​
​
14,325
​
100,000,000
​
100,000,000

​
​
​
​
​
​
​
​
​
​
​

Total Investment Tokens
 
$
9,906
​
$
14,325
 
100,000,000
​
100,000,000

​
​
Note 6. Property and equipment, net
The components of property and equipment were as follows:
​
​

​

​

​

​

​

​

(in USD thousands)
  ​ ​ ​
March 31, 2026
  ​ ​ ​
December 31, 2025

Mining infrastructure
​
$
149,232
​
$
145,354

Miners and mining equipment
​
​
401,582
​
​
393,467

Data center infrastructure
​
​
11,726
​
​
16,776

Computer and network equipment
​
​
9,413
​
​
9,411

Leasehold improvements
​
​
1,821
​
​
1,836

Land and land improvements
​
​
48,103
​
​
46,095

AI GPUs
​
​
42,573
​
​
42,573

Construction in progress
​
​
272,726
​
​
77,403

Property and equipment, gross
 
​
937,176
 
​
732,915

Less: Accumulated depreciation
 
​
( 124,803 )
 
​
( 89,671 )

Property and equipment, net
​
$
812,373
​
$
643,244

​
Depreciation and amortization expense related to property and equipment was $ 37.6 million and $ 14.0 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
Impairment of long-lived assets
There is considerable management judgment necessary to determine the estimated future cash flows and fair values of the Company’s long-lived assets, and, accordingly, actual results could vary significantly from such estimates, which fall under Level 3 within the fair value measurement hierarchy (see discussion of fair value measurements in Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements).
​

18

Table of Contents

Note 7. Deposits and prepaid expenses
The components of deposits and prepaid expenses are as follows:
​
​

​

​

​

​

​

​

(in USD thousands)
  ​ ​ ​
March 31, 2026
  ​ ​ ​
December 31, 2025

Current
​
​
​
​
​
​

Prepaid insurance
​
$
5,623
​
$
5,643

Prepaid electricity
​
 
10,307
​
 
14,903

Deposits for site development
​
​
1,941
​
​
157,596

Deposits for future site purchases
​
​
23,308
​
​
6,724

Other deposits
​
 
6,932
​
 
4,466

Total current deposits and prepaid expenses
​
$
48,111
​
$
189,332

​
​
​
​
​
​
​

Non-current
​
​
​
​
​
​

Deposits related to electricity supply under electricity supply agreement
​
$
6,091
​
$
6,173

Lease deposits
​
​
2,104
​
​
2,097

Other deposits
​
 
52
​
 
44

Total non-current deposits and prepaid expenses
​
$
8,247
​
$
8,314

​
​
​
​
​
​
​

Total deposits and prepaid expenses
​
$
56,358
​
$
197,646

​
​
Note 8. Investment in unconsolidated joint venture
On November 25, 2022, the Company acquired a  50 % membership interest in TZRC LLC (“TZRC”), an early-stage operator of vertically integrated digital asset mining and power facilities (the “Acquired Interests”). The transaction closed on December 6, 2022.
The consideration paid by the Company for the acquisition of the Acquired Interests consisted of $ 10.0  million of cash and the assumption of a senior secured promissory note (the “TZRC Secured Promissory Note”) with a fair value estimate as of the transaction date of approximately $ 95.1  million. See Note 9.  Loans, notes payable, and other financial liabilities for a discussion of the TZRC Secured Promissory Note.
TZRC is a two-member operating joint venture where both members jointly control the essential areas of the entity’s business. The purpose of TZRC is to develop, construct, install, own, finance, rent, and operate one or more modular data centers located on or near renewable power sources for purposes of digital asset mining. The entity self-mines and provides hosting services. The Company assumed the role of property manager under a property management agreement (“PMA”) to provide day-to-day management and oversight services of TZRC’s data center facilities. The service contract has a term of  10 years  and is automatically renewed for successive  one-year  terms unless either party provides written notice of non-renewal. As property manager, the Company is entitled to approximately $ 1.5  million per year, subject to downward adjustment based on capacity utilization of TZRC’s data centers.  In addition, the PMA allows pass through costs on behalf of the Company, such as payroll and other incidental costs. Pass through costs for the three months ended March 31, 2026 and 2025 were approximately  $ 0.8  million and  $ 0.6  million, respectively.
The Company accounts for its indirect  50 % interest in TZRC using the equity method of accounting. For the three months ended March 31, 2026 and 2025, the Company recorded its ownership percentage of income of TZRC within  Equity in earnings of unconsolidated joint venture  in the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for $ 4.7  million and nil of net income, respectively. The carrying value of the Company’s investment in TZRC was $ 43.6  million and $ 45.2  million as of March 31, 2026 and December 31, 2025, respectively, and is included in the Company’s Unaudited Condensed Consolidated Balance Sheets.
​
​
​

19

Table of Contents

Note 9. Loans, notes payable, and other financial liabilities
Details of the Company’s loans, notes payable, and other financial liabilities are as follows:
​
​

​

​

​

​

​

​

​

​

​

​

(in USD thousands)
  ​ ​ ​
​
  ​ ​ ​
​
  ​ ​ ​
March 31,
​
December 31,

Issuance Date
  ​ ​ ​
Maturity Date
  ​ ​ ​
Interest Rate
  ​ ​ ​
2026
  ​ ​ ​
2025

TZRC Secured Promissory Note
​
​
​
​
​
  ​
​
​
  ​
​

December 6, 2022
​
April 8, 2027
 
15.25
%  
$
43,348
​
$
49,589

​
​
​
​
​
​
​
​
​
​
​

Coinbase Credit Facility
​
​
 
​
​
 
​
​
 
​

June 26, 2023
​
June 16, 2026
 
9.00
%
 
200,000
​
 
200,000

​
​
​
​
​
​
​
​
​
​
​

Coatue Note (convertible note)
​
​
​
​
​
​
​
​
​
​

June 28, 2024
​
June 28, 2029
​
8.00
%  
​
159,285
​
​
159,285

​
​
​
​
​
​
​
​
​
​
​

Two Prime Credit Facility
​
​
​
​
​
​
​
​
​
​

August 25, 2025
​
(1)
​
7.99
%  
​
—
​
​
—

​
​
​
​
​
​
​
​
​
​
​

Other financial liability
​
(2)
​
(2)
​
​
3,205
​
​
2,544

​
​
​
​
​
​
​
​
​
​
​

Total principal balance
​
​
​
​
​
​
405,838
​
​
411,418

Less: unamortized discount and deferred financing costs
​
​
​
​
​
​
( 1,088 )
​
​
( 1,257 )

Total carrying amount
​
​
​
​
​
$
404,750
​
$
410,161

Less: current portion
​
​
​
​
​
​
199,966
​
​
199,926

Long-term portion
​
​
​
​
​
$
204,784
​
$
210,235

(1)
See Two Prime Credit Facility below for additional information

​
(2)
See Other financial liability below for additional information

​
The following table outlines maturities of our long-term debt, including the current portion, as of March 31, 2026:
​
​

​

​

​

(in USD thousands)
  ​ ​ ​
​

Year ending December 31,
​
​
​

2026 (excluding the three months ended March 31, 2026)
​
$
200,000

2027
​
 
43,348

2028
​
 
—

2029
​
​
159,285

2030
​
​
—

Thereafter
​
 
—

Total
​
$
402,633

​
During the three months ended March 31, 2026 and 2025, total principal payments of the Company’s debt were $ 8.0  million and nil , respectively.
During the three months ended March 31, 2026 and 2025, the Company recorded amortization of debt issuance costs, included in interest expense, of $ 0.2 million and $ 0.1  million, respectively.
During the three months ended March 31, 2026 and 2025, interest expense related to the Company’s debt was $ 9.6  million and $ 6.8  million, respectively.
The Company accounts for all of its loans and notes payable in accordance with FASB ASC Topic 470-20,  Debt with Conversion and Other Options  (“ASC 470”), ASC 815, and ASC 480. The Company evaluated all of its loans and notes payable to determine if there were any embedded components that qualified as derivatives to be separately accounted for.

20

Table of Contents

TZRC Secured Promissory Note
The Company assumed the TZRC Secured Promissory Note with an estimated fair value amount as of the date of investment of approximately $ 95.1  million as part of the consideration paid to acquire an equity membership interest in TZRC. The estimated fair value represents a discount of approximately $ 1.7  million from the carryover basis of the TZRC Secured Promissory Note. The discount is being amortized over the term of the TZRC Secured Promissory Note into interest expense.
The stated interest on the TZRC Secured Promissory Note accrues at a rate per annum equal to the lesser of (a) a varying rate per annum equal to the sum of (i) the  prime rate  as published in The Wall Street Journal, plus (ii)  12.0 % per annum, (b)  15.25 % per annum and (c) the maximum rate of non-usurious interest permitted by law. The Company has the option to defer the interest until maturity of the note under a paid-in-kind (“PIK”) payment option. The Company elected to apply the PIK payment option. Accordingly, interest increases the principal amount of the TZRC Secured Promissory Note. PIK interest is payable upon maturity of the note in April 2027, unless or until any portion or all of the TZRC Secured Promissory Note is prepaid under the prepayment option discussed below. The Company is also subject to post-default interest of an additional  2 % upon occurrence of an event of default. The higher interest rate applies from the date of non-payment until such amount is paid in full. As of March 31, 2026 and December 31, 2025, the interest rate on the TZRC Secured Promissory Note was  15.25 %.
The TZRC Secured Promissory Note is secured by a first priority security interest in the Company’s membership interest in TZRC. The Company is not a guarantor of the TZRC Secured Promissory Note, and there is no recourse to the Company.
The PIK interest for the three months ended March 31, 2026 was $ 1.8  million. During the three months ended March 31, 2026, the Company made principal payments of $ 8.0 million on the TZRC Secured Promissory Note. As of March 31, 2026, approximately $ 43.3  million principal and PIK interest, exclusive of a $ 0.4  million discount, was outstanding under the TZRC Secured Promissory Note, with payment of principal and PIK interest due upon the first to occur of (a) the date that is  five years  from origination on April 8, 2022, (b) the date of any event of dissolution of TZRC, and (c) the date of the closing of certain events specified in TZRC’s governing documents.
Coinbase credit facility
The Company is party to a credit facility with Coinbase Credit, Inc. (“Coinbase”). The original credit facility was established on June 26, 2023 (the “Original Credit Facility”) and was amended and restated on each of January 12, 2024, June 17, 2024, June 16, 2025, and December 22, 2025. The Original Credit Facility provided for an interest rate of  5.0 % plus the greater of (i) the US Federal Funds Target Rate –  Upper Bound  and (ii)  3.25 %. On or prior to a drawdown, the Company was required to pledge, as collateral, Bitcoin with a custodian, Coinbase Custody Trust Company, LLC, to be held in a segregated custody account under the Company’s ownership, such that the loan-to-value (“LTV”) ratio of principal outstanding amount of the loan and the fair value of collateral is equal to or less than  60 %. If the value of the collateral under the credit facility decreased past a specified margin, the Company may have been required to post additional Bitcoin as collateral.
The credit facility has subsequently been amended and restated, most recently on December 22, 2025 pursuant to the fourth amended and restated credit agreement (the “Fourth Amended and Restated Credit Agreement”) with Coinbase. Under the Fourth Amended and Restated Credit Agreement, the total principal amount available under the facility increased by $ 70.0 million to up to $ 200.0 million. Borrowed amounts bear interest at 9.0 % per annum and mature on June 16, 2026. The Company drew the additional funds made available under the Fourth Amended and Restated Credit Agreement in full on December 22, 2025.
The Company’s obligations under the Fourth Amended and Restated Credit Agreement are secured by the Borrower’s interest in certain Bitcoin held in the custody of Coinbase Custody Trust Company, LLC (“Coinbase Custody”) and Coinbase’s recourse is limited to such Bitcoin held in the custody of Coinbase Custody.

21

Table of Contents

As of March 31, 2026, the Company has $ 200.0  million outstanding with Coinbase under the Fourth Amended and Restated Credit Agreement, exclusive of deferred financing costs of $ 0.1  million. In May 2026, the Company paid off the outstanding balance of the Coinbase credit facility with proceeds from a term loan with FalconX Charlie, Inc. (“FalconX”). See Note 19. Subsequent events for further details.
Coatue Note (convertible note)
On June 21, 2024, the Company entered into a Convertible Note Purchase Agreement (the “Purchase Agreement”) with Coatue Tactical Solutions Lending Holdings AIV 3 LP (the “Coatue Fund”), and a subsidiary of the Company (the “Guarantor”) providing for the purchase and sale of a convertible note (the “convertible note”) in the principal amount of $ 150.0  million (such amount, together with any PIK interest accrued from time to time, the “Accreted Principal Amount”). The convertible note is a senior unsecured obligation of the Company and guaranteed by the Guarantor pursuant to a Guaranty Agreement. On June 28, 2024, the Company issued the convertible note to the Coatue Fund (the “Coatue Note”).
The convertible note bears interest at a rate of  8.00 % per year, payable quarterly in arrears on each March 31, June 30, September 30, and December 31, commencing September 30, 2024. Interest may be PIK or paid in cash, at the Company’s option. The convertible note has an initial term of  five years  and may be extended, at the Company’s option, for up to  three  additional  one-year  terms. At maturity (unless earlier converted, redeemed, or repurchased), the Company will pay the Coatue Fund the Accreted Principal Amount, together with any accrued and unpaid interest thereon.
During the term of the convertible note, the convertible note is convertible from time to time, in whole or in part, into shares of the Company’s common stock at the option of the Coatue Fund. The initial conversion price of the convertible note is $ 16.395  per share of common stock, subject to certain anti-dilution adjustments.
The Coatue Fund will have the right to require the Company to repurchase all, but not less than all, of the convertible note upon a change of control or a delisting on a U.S. stock exchange. If the implied valuation of such event is at least $ 11.50  per share of the Company’s common stock, the mandatory redemption price will be  150 % of the original principal amount of the convertible note (“Contingent Repurchase Right”), and if the implied valuation of such event is less than $ 11.50  per share of the Company’s common stock, the redemption price will be equal to the Accreted Principal Amount, together with any accrued and unpaid interest as of the redemption date.
Beginning on the two-year anniversary of the convertible note’s issuance and continuing until its maturity, the Company has the right, from time to time, to redeem all or any portion of the convertible note for a redemption price equal to  100 % of the Accreted Principal Amount, together with any accrued and unpaid interest as of the redemption date if (i) the closing price of the Company’s common stock equals or exceeds  150 % of the then-applicable conversion price for a specified period of time and (ii) there is an effective registration statement covering the resale of any shares of the Company’s common stock issued upon conversion of the convertible note or, in the alternative, the shares of the Company’s common stock issuable pursuant to the convertible note to the extent the Coatue Fund converts at the time would be freely tradable by the Coatue Fund pursuant to Rule 144 under the U.S. Securities Act of 1933, as amended (including without any restriction on volume), subject to a daily redemption limitation such that the number of shares of the Company’s common stock into which the Accreted Principal Amount to be redeemed would be converted does not exceed, after giving effect to such conversion,  100 % of the average daily trading volume of the Company’s common stock calculated over a specified period of time.  
The Purchase Agreement includes certain representations, warranties, and covenants, including limitations on the ability of the Company and the Guarantor to incur indebtedness, make certain restricted payments and investments, and enter into affiliate transactions, subject to certain exceptions enumerated in the Purchase Agreement. The Company may consummate a transaction restricted by the foregoing covenants without the Coatue Fund’s consent, so long as it substantially concurrently and as a condition thereto repurchases the convertible note in full from the Coatue Fund for an amount in cash equal to the greater of (i)  120 % of the original principal amount of the convertible note and (ii) the Accreted Principal Amount, plus accrued and unpaid interest to the date of such repurchase. The Purchase Agreement also sets forth certain standard events of default upon which the convertible note may be declared immediately due and payable.

22

Table of Contents

As mentioned in Note 2.  Basis of presentation, summary of significant accounting policies and recent accounting pronouncements – Convertible instruments and Derivatives , the Company has identified and separated an embedded derivative, the Contingent Repurchase Right, from the convertible note. The remaining debt host contract is discounted by the initial fair value of the separated embedded derivative from the convertible note of nil and is offset by issuance costs. The debt host contract of the convertible note is subsequently measured at amortized cost, and the debt discount and issuance costs are amortized to interest expense over the expected term of the host contract using the effective interest method. The convertible note has an effective interest rate of  8.24 % and its contractual interest expense was $ 3.2  million for the three months ended March 31, 2026. The amortization of debt discount and issuance costs for the three months ended March 31, 2026 was $ 0.1  million. As of March 31, 2026, the convertible note had an outstanding principal amount of $ 159.3  million inclusive of PIK interest accrued, unamortized debt discount and issuance costs of $ 0.6  million, net carrying amount of $ 158.6  million, and fair value of $ 458.7  million. The fair value of the convertible note is estimated using the same method and inputs as the separated embedded derivative from the convertible note as disclosed in Note 10.  Derivatives . The Company determined that the convertible note is a Level 3 liability given an unobservable input is included in its valuation. The separated embedded derivative from the convertible note was initially recorded at nil. See Note 10.  Derivatives  for a discussion of the separated embedded derivative from the convertible note.
Two Prime Credit Facility
On August 25, 2025, the Company entered into a credit agreement (the “Two Prime Credit Agreement”) with Two Prime Lending Limited (“Two Prime”).
The Two Prime Credit Agreement provides for a revolving credit facility of up to $ 200.0  million. Amounts borrowed under the Two Prime Credit Agreement will bear interest at a rate equal to  7.99 % per annum. The facility will mature  364 days  after the date of the first borrowing. The Company may prepay any outstanding amounts borrowed, in whole or in part, without premium or penalty, at any time prior to the maturity date. Amounts prepaid may be reborrowed, in whole or in part, at any time prior to the maturity date.
As of March 31, 2026, the Company had  no  amounts outstanding under the Two Prime Credit Agreement.
Other financial liability
​
In February 2025, a consolidated subsidiary of the Company entered into a simple agreement for future equity (“SAFE agreement”) for a purchase amount of $ 3.5  million with a related party entity controlled by a person related to a member of the issuing subsidiary’s management. Pursuant to the terms of the SAFE agreement, on the closing of equity financing while the SAFE agreement is outstanding, the SAFE agreement will automatically convert into the number of shares of preferred stock of the subsidiary equal to the purchase amount divided by the lowest price per share of the Standard Preferred Stock (as defined in the SAFE agreement). The SAFE agreement was classified as a liability pursuant to ASC 480. The SAFE agreement is subject to revaluation at the end of each reporting period, with changes in its fair value recognized in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.
As of March 31, 2026, solely for the purposes of estimating the fair value of the SAFE agreement, the Company estimated an equity conversion probability of  85 % within  12 months  and a SAFE agreement liquidity event probability of  15 % within  27 months . The Company also included the following inputs in estimating the fair value of the SAFE agreement using the PWERM:
​
​

​

​

​

​
  ​ ​ ​
March 31, 2026

Risk-free interest rate
​
3.70 % – 3.80
%

Credit spread
​
19.10
%

​

23

Table of Contents

The following table provides a summary of activity and change in fair value of the SAFE agreement (Level 3 liability):
​
​

​

​

​

​

​

​

​

​
​
Three Months Ended
​

​
​
March 31,
​

(in USD thousands)
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​

Balance, beginning of period
​
$
2,544
​
$
—
​

Additions
​
​
—
​
​
3,500
​

Change in fair value
​
​
661
​
​
( 1,139 )
​

Balance, end of period
​
$
3,205
​
$
2,361
​

​
​
Note 10. Derivatives
The following table presents the Company’s Unaudited Condensed Consolidated Balance Sheets classification of derivatives carried at fair value:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in USD thousands)
​
​
March 31, 2026
​
December 31, 2025

Derivative
Balance Sheet Line
  ​ ​ ​
Asset
  ​ ​ ​
Liability
  ​ ​ ​
Asset
  ​ ​ ​
Liability

Derivatives not designated as hedging instruments:
​
​
​
​
​
​
​
​
​
​
​
​
​

Bitcoin redemption and put options
Derivative assets
​
$
161,699
​
$
—
​
$
117,402
​
$
—

Warrant liability
Warrant liability
​
​
—
​
​
77
​
​
—
​
​
146

Total derivatives
​
​
$
161,699
​
$
77
​
$
117,402
​
$
146

​
The following table presents the effect of derivatives on the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss:
​
​

​

​

​

​

​

​

​

​
​
​
Three Months Ended

(in USD thousands)
​
​
March 31,

Derivative
Statement of Operations Line
  ​ ​ ​
2026
  ​ ​ ​
2025

Derivatives not designated as hedging instruments:
​
​
​
​
​
​
​

Bitcoin redemption and put options
Gain on derivatives
​
$
40,817
​
$
3,321

Covered call options
Gain on derivatives
​
​
—
​
​
17,541

Warrant liability
Gain on warrant liability
​
​
69
​
​
—

Total derivatives
​
​
$
40,886
​
$
20,862

​
Bitcoin redemption and put options
During December 2024, the Company pledged approximately 968 Bitcoin with Bitmain in connection with its purchase of approximately 30,000 Bitmain Antminer S21+ ASIC miners under the Bitmain Purchase Agreement. Under the arrangement, the Company had the option to redeem the pledged Bitcoin at a mutually agreed upon fixed price, which started from the shipment date of the purchased ASIC miners and originally ended three months thereafter. The amount of Bitcoin that could be redeemed was pro-rata of the percentage of miners shipped on a compute power (hashrate) basis. During 2025 and January 2026, the Company amended the redemption period multiple times, extending the date by which the pledged Bitcoin could be redeemed. As noted in Note 5. Digital assets , during January 2026, the Bitcoin redemption option’s redemption period lapsed and went unredeemed. The Company accounted for this Bitcoin redemption option as a Level 2 derivative asset as noted in Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements – Derivatives . The Company previously accounted for this Bitcoin redemption option as a Level 3 derivative asset as of December 31, 2024 due to a significant unobservable input included in the fair value estimate of the Bitcoin redemption option, which was the estimated shipment date of the purchased ASIC miners. During the fiscal year ended 2025, the shipment date was finalized and therefore was no longer an unobservable input.

24

Table of Contents

As part of the 2025 ABTC Bitmain Purchase Agreement, in August, September, and October 2025, American Bitcoin pledged Bitcoin with Bitmain in connection with a purchase of approximately 17,280 U3S21EXPH ASIC miners. The total amount of Bitcoin pledged was approximately 2,776 Bitcoin. American Bitcoin pledged the Bitcoin in four tranches, two tranches in August 2025, one tranche in September 2025, and one tranche in October 2025. American Bitcoin has the option to redeem the pledged Bitcoin at a mutually agreed upon price starting from and for up to twenty-four months after the day immediately following each pledge date and loses the right to redeem the pledged Bitcoin should it not redeem them by the end of the redemption period. The Company accounted for this Bitcoin redemption option as a Level 2 derivative asset as noted in Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements – Derivatives . As part of the purchase of the U3S21EXPH ASIC miners, the Company paid cash of approximately $ 46.0 million as a deposit and for certain expenses. American Bitcoin had an option to replace the $ 46.0 million cash paid with a Bitcoin pledge on or before November 5, 2025. In October 2025, American Bitcoin exercised its option to replace the $ 46.0 million cash paid with a Bitcoin pledge by pledging an additional 391 Bitcoin at a mutually agreed upon fixed price, and Bitmain refunded the Company’s $ 46.0 million comprising of the deposit and certain expenses.
In February 2026, in connection with the 2026 ABTC Bitmain Purchase Agreement, American Bitcoin pledged approximately 314 Bitcoin with Bitmain representing 80 % of the purchase price of approximately 11,298 S21 XP ASIC miners. American Bitcoin has the option to redeem the pledged Bitcoin at a mutually agreed upon price starting from and for up to twenty-four months after the day immediately following the pledge date and loses the right to redeem the pledged Bitcoin should it not redeem them by the end of the redemption period. As part of the agreement, American Bitcoin has an option to extend the pledge period for an additional twelve months . American Bitcoin also has the option to pay the remaining 20 % of the purchase price under the 2026 ABTC Bitmain Purchase Agreement by pledging Bitcoin at a mutually agreed upon floor price, which is due one year after the shipment date of the S21 XP ASIC miners. The Company accounted for this Bitcoin redemption and put option as a Level 2 derivative asset as noted in Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements – Derivatives.
The following table provides a summary of activity and change in fair value of the Company’s Bitcoin redemption and put options (previously a Level 3 derivative asset):
​
​

​

​

​

​

​

​

​
​
Three Months Ended

​
​
March 31,

(in USD thousands)
  ​ ​ ​
2026
  ​ ​ ​
2025

Balance, beginning of period
​
$
—
​
$
18,076

Additions
​
​
—
​
​
—

Transfer out of Level 3 (1)
​
​
—
​
​
( 18,076 )

Balance, end of period
​
$
—
​
$
—

(1)
The Bitcoin redemption and put options were transferred out of Level 3 due to changes in the observability of inputs used in the valuation.

Covered call options
As noted in Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements – Derivatives , from time to time, the Company has sold covered call options on Bitcoin to generate cash flow on a portion of its digital assets. In connection with these covered call options, the Company has pledged Bitcoin as collateral with one of its digital asset custodians, in a quantity equal to the notional amount, for these covered call options sold. The collateral is returned to the Company should the covered call options expire with the underlying reference price below their strike price. The covered call options are only exercisable upon the date of expiry, are automatically exercised if the underlying reference price is greater than the strike price of the call option, and are settled with delivery of the underlying Bitcoin. The reference price is the Coinbase exchange Bitcoin price quoted in U.S. dollars. Covered call options were carried at fair value and were Level 2 liabilities as noted in Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements – Fair value measurement . During the three months ended March 31, 2025, covered call options on 1,500 Bitcoin notional expired with the underlying reference price below their strike price, and the Company recorded a realized gain of $ 12.1 million and an unrealized gain of $ 5.4 million related to changes in the fair value of outstanding covered call options. As of March 31, 2026, the Company had no covered call options outstanding.

25

Table of Contents

Separated embedded derivative from the convertible note
In June 2024, as noted in Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements – Convertible instruments and Note 9. Loans, notes payable, and other financial liabilities the Company issued a convertible note, the Coatue Note, with embedded derivatives and separated the Contingent Repurchase Right embedded derivative. The separated embedded derivative from the convertible note was separated from its debt host contract and was accounted for as a derivative liability carried at fair value in accordance with ASC 815. As noted in Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements – Fair value measurement , the separated embedded derivative from the convertible note is a Level 3 liability. A significant unobservable input included in the fair value estimate of the separated embedded derivative from the convertible note is management’s estimate of the Contingent Repurchase Right’s probability of occurrence, which was remote as at inception and March 31, 2026. As such, the initial fair value of the separated embedded derivative from the convertible note was nil and the fair value as of March 31, 2026 was nil .
As of March 31, 2026, the Company estimated the fair value of the separated embedded derivative from the convertible note using the PDE Model with the following inputs and inputs noted in the paragraph above:
​
​

​

​

​

​
  ​ ​ ​
March 31, 2026

Dividend yield
​
—
%

Implied volatility
​
89.80
%

Risk-free interest rate
​
4.00
%

Credit spread
​
14.00
%

​
Warrant liability
On March 31, 2025, a wholly owned subsidiary of the Company contributed substantially all of the Company’s ASIC miners to American Data Centers Inc. in exchange for an 80 % interest in American Data Centers Inc. In connection with the transaction, American Data Centers Inc. was subsequently renamed as American Bitcoin Corp. (“Historical ABTC”).
On May 9, 2025, Gryphon Digital Mining, Inc., a Delaware corporation (“Gryphon”), GDM Merger Sub I Inc., a Delaware corporation and wholly owned direct subsidiary of Gryphon (“Merger Sub Inc.”), GDM Merger Sub II LLC, a Delaware limited liability company and wholly owned direct subsidiary of Gryphon (“Merger Sub LLC”), and Historical ABTC, a majority owned subsidiary of the Company, entered into an Agreement and Plan of Merger (the “ABTC Merger Agreement”).
On September 3, 2025, in accordance with the terms of the ABTC Merger Agreement, among other things, (i) Merger Sub Inc. merged with and into Historical ABTC, with Historical ABTC surviving the merger (the “First Merger”) as a wholly owned direct subsidiary of Gryphon (the corporation surviving the First Merger, the “First Merger Surviving Corporation”) and (ii) immediately after the First Merger, the First Merger Surviving Corporation merged with and into Merger Sub LLC, with Merger Sub LLC surviving the merger (the “Second Merger” and, taken together with the First Merger, the “ABTC Merger”) as a wholly owned direct subsidiary of Gryphon. Gryphon was renamed American Bitcoin Corp. after the completion of the ABTC Merger (the “Closing”).
In connection with the ABTC Merger, warrants to purchase Gryphon common stock (the “ABTC-Gryphon Warrants”) outstanding immediately before the ABTC Merger were assumed by American Bitcoin. Post-ABTC Merger, the warrant holders are entitled to receive, upon exercise, in lieu of Gryphon common stock, shares of Class A common stock of American Bitcoin. The ABTC-Gryphon Warrants have an exercise price of $ 1.50  per share after giving effect of the ABTC Merger. These warrants expire in January 2035.
In connection with the ABTC Merger, American Bitcoin assumed  1,373,374  ABTC-Gryphon Warrants. As of March 31, 2026, there were  89,222  ABTC-Gryphon Warrants outstanding.

26

Table of Contents

The ABTC-Gryphon Warrants meet the definition of a derivative under ASC 815, and due to the terms of the warrants, are required to be liability classified. The ABTC-Gryphon Warrant liabilities are carried at fair value, and are Level 3 liabilities as noted in Note 2.  Basis of presentation, summary of significant accounting policies and recent accounting pronouncements .
As of March 31, 2026, the Company estimated the fair value of the ABTC-Gryphon Warrant liability using the Black-Scholes pricing model with the following inputs:
​
​

​

​

​

​

​
  ​ ​ ​
​
March 31, 2026

Exercise price
​
$
1.50
​

Expected price volatility
​
​
125.00
%

Risk-free interest rate
​
​
4.18
%

Expected term (in years)
​
​
8.80
​

Dividend yield
​
​
—
%

​
The following table provides a summary of activity and change in fair value of the Company’s warrant liability (Level 3 derivative liability), and there was no activity during the three months ended March 31, 2025:
​
​

​

​

​

​
​
Three Months Ended

(in USD thousands)
  ​ ​ ​
March 31, 2026

Balance, beginning of period
​
$
146

Change in fair value
​
​
( 69 )

Balance, end of period
​
$
77

​
​
​
Note 11. Leases
The Company’s operating leases are for its offices and certain of its mining facilities and data centers. The Company’s subsidiaries previously had finance leases, which were primarily related to equipment used at its data centers and the power plant located in Iroquois Falls, Ontario under the Far North JV. As of December 31, 2025, the Company classified the right-of-use asset and lease liability related to the finance lease as assets and liabilities held for sale due to the Far North JV sale described in Note 3. Far North JV sale . The Company does not have any finance leases as of March 31, 2026.
The following table shows the right-of-use assets and lease liabilities as of March 31, 2026 and December 31, 2025:
​
​

​

​

​

​

​

​

​
​
March 31,
​
December 31,

(in USD thousands)
  ​ ​ ​
2026
  ​ ​ ​
2025

Right-of-use assets:
​
​
​
​
​
​

Operating leases
​
$
17,499
​
$
18,496

Total right-of-use assets
​
$
17,499
​
$
18,496

​
​
​
​
​
​
​

Lease liabilities:
​
​
​
​
​
​

Operating leases
​
$
18,161
​
$
19,170

Total lease liabilities
​
$
18,161
​
$
19,170

​
The Company no longer has a finance lease as of March 31, 2026 due to the sale of the Far North JV as noted in Note 3. Far North JV sale .  

27

Table of Contents

The Company’s lease costs are comprised of the following:
​
​

​

​

​

​

​

​

​
​
Three Months Ended

​
​
March 31,

(in USD thousands)
  ​ ​ ​
2026
  ​ ​ ​
2025

Operating leases
​
​
  ​
​
​
  ​

Operating lease cost
​
$
1,194
​
$
1,203

Variable lease cost
​
​
240
​
​
237

Operating lease expense
​
​
1,434
​
​
1,440

Short-term lease expense
​
​
165
​
​
83

Total operating lease expense
​
​
1,599
​
​
1,523

Finance leases
​
​
​
​
​
​

Amortization of financed assets
​
​
—
​
​
1,426

Interest on lease obligations
​
​
181
​
​
651

Total finance lease expense
​
 
181
​
 
2,077

Total lease expense
​
$
1,780
​
$
3,600

​
The following table presents supplemental lease information:
​
​

​

​

​

​

​

​

​

​

​
​
Three Months Ended
​

​
​
March 31,
​

(in USD thousands)
  ​ ​ ​
2026
  ​
  ​
2025
  ​ ​ ​

Operating cash outflows – operating leases
​
$
1,289
​
​
$
1,234
​

Operating cash outflows – finance leases
​
$
183
​
​
$
580
​

Financing cash outflows – finance leases
​
$
957
​
​
$
119
​

​
​
​
​
​
​
​
​
​

Right-of-use assets obtained in exchange for operating lease liabilities
​
$
—
​
​
$
212
​

​
​
​
​
​
​
​
​
​

​
​
Three Months Ended
​

​
​
March 31,
​

​
  ​ ​ ​
2026
  ​
  ​
2025
  ​ ​ ​

Weighted-average remaining lease term – operating leases (in years)
​
​
8.0
​
​
​
8.3
​

Weighted-average remaining lease term – finance leases (in years)
​
​
—
​
​
​
3.8
​

Weighted-average discount rate (1) – operating leases
​
 
11.8
%  
​
 
11.6
%  

Weighted average discount rate – finance leases
​
 
—
%  
​
 
10.0
%  

(1)
The Company’s operating leases do not provide an implicit rate, therefore the Company uses the incremental borrowing rate at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis for similar assets over the term of the lease.

​
The following table presents the Company’s future minimum operating lease payments as of March 31, 2026:
​
​

​

​

​

​
  ​ ​ ​
Operating

(in USD thousands)
  ​ ​ ​
Leases

Remainder of 2026
​
$
3,663

2027
​
 
4,673

2028
​
 
4,331

2029
​
 
3,334

2030
​
​
1,620

Thereafter
​
​
11,324

Total undiscounted lease payments
​
 
28,945

Less present value discount
​
 
( 10,784 )

Present value of operating lease liabilities
​
$
18,161

​
As of March 31, 2026, there were no future finance lease payments.
​
​

28

Table of Contents

Note 12. Equity
Authorized shares
The Company’s certificate of incorporation, as amended, authorized 1,000,000,000 shares of common stock, par value of $ 0.01 per share, and 25,000,000 shares of preferred stock, par value of $ 0.01 per share.
Common stock
At-the-Market Offering and Stock Repurchase Programs
On December 4, 2024, the Company entered into a Controlled Equity Offering Sales Agreement to establish an at-the-market equity program (the “2024 ATM”), allowing the Company to offer and sell up to $ 500.0 million of its common stock from time to time. Concurrently, the Company launched a $ 250.0 million stock repurchase program enabling the Company to repurchase up to 4,683,936 shares of its common stock (representing 5.0 % of the Company’s issued and outstanding common stock as of December 4, 2024) within twelve months of launch. During the three months ended March 31, 2025, the Company issued and sold 4,205,019 shares of its common stock under the 2024 ATM for gross proceeds of $ 113.1 million, incurred issuance costs of $ 1.1 million, and repurchased nil shares of its common stock under the stock repurchase program.
On August 22, 2025, the Company established a $ 1.0 billion at-the-market equity program (the “2025 ATM”), which replaced the 2024 ATM. During the three months ended March 31, 2026, the Company issued and sold 2,101,363 shares of its common stock under the 2025 ATM for gross proceeds of $ 120.9 million and incurred issuance costs of $ 0.8 million.
Common stock warrants
In connection with the business combination of Hut 8 Mining Corp. (“Legacy Hut”) and U.S. Data Mining Group, Inc. (“USBTC”) on November 30, 2023 (the “Business Combination”), warrants to purchase Legacy Hut common shares outstanding immediately before the Business Combination were assumed by the Company. Post-Business Combination, the warrant holders are entitled to receive, upon exercise, in lieu of Legacy Hut common shares, shares of common stock of the Company at an exchange ratio of 0.2000 , rounded down to the nearest whole share at a warrant agreement level if applicable, and at an exercise price of the original exercise price divided by the exchange ratio of 0.2000 , rounded up to the nearest whole cent if applicable. The warrants include a net share settlement clause at the discretion of the warrant holder, which may result in a variable number of shares being issued for a fixed price due to the use of a certain volume-weighted average price of shares. The Company accounts for its warrants as equity instruments based on the specific terms of the relevant warrant agreements and has recorded them in additional paid-in capital in equity based on their fair value on the date of assumption. The classification of the warrants, including whether such instruments should be recorded as liabilities, is reassessed at the end of each reporting period. The fair value of each warrant was estimated on the date of assumption using the Black-Scholes pricing model.
The warrants assumed in the Business Combination expire on September 17, 2026.
Transactions involving the Company’s equity-classified warrants are summarized as follows:
​
​

​

​

​

​

​

​

​

​

​
​
​
​
Weighted average
​
Weighted average

​
​
Number of
​
exercise price
​
remaining contractual

(in thousands, except share and per share amounts)
  ​ ​ ​
shares
  ​ ​ ​
(per share)
  ​ ​ ​
life (in years)

Outstanding as of December 31, 2025
​
1,895
​
$
53.45
​
​
0.7

Outstanding as of March 31, 2026
​
1,895
​
$
53.45
​
​
0.5

​

29

Table of Contents

American Bitcoin non-controlling interest
On September 3, 2025, American Bitcoin entered into a Controlled Equity Offering Sales Agreement to establish an at-the-market equity program (the “American Bitcoin 2025 ATM”), allowing American Bitcoin to offer and sell up to $ 2.1 billion of its shares of Class A common stock from time to time. During the three months ended March 31, 2026, American Bitcoin issued and sold 84,068,493 shares of its Class A common stock under the American Bitcoin 2025 ATM for gross proceeds of $ 111.0 million and incurred issuance costs of $ 0.5 million. As a result, the Company recorded $ 32.5 million to additional paid-in capital, representing the portion of the shares of American Bitcoin Class A common stock sold under the American Bitcoin 2025 ATM attributable to the Company, and $ 78.0 million to non-controlling interest, representing the portion attributable to the non-controlling interest.
During the three months ended March 31, 2026, American Bitcoin issued shares of its Class A common stock to third parties, as disclosed above in this note, thereby reducing the Company’s ownership percentage in American Bitcoin. The Company continues to maintain control of American Bitcoin after these share issuances, and the issuances were accounted for as equity transactions under FASB ASC Topic 810, Consolidation (“ASC 810”). These share issuances by American Bitcoin are also accounted for under FASB ASC Topic 740, Income Taxes (“ASC 740”) by assessing the deferred tax consequences of the outside basis difference. The tax impact of the difference between the fair value of the consideration received and the amount by which the non-controlling interest is adjusted is recognized in equity. Accordingly, the Company recorded $ 8.5 million as a deferred tax liability, with the offset recognized in additional paid-in capital. No gain or loss was recognized.
Far North JV non-controlling interest
As described in Note 3. Far North JV sale , the Company sold its ownership in the Far North JV on February 2, 2026. Immediately prior to the sale, (1) the non-controlling interest exercised 2,000,000 Penny Warrants of the Far North JV and (2) the non-controlling interest sold its entire ownership in the Far North JV to the Company for $ 10.0 million (C$ 13.9 million) that was paid by TransAlta to the non-controlling interest directly as partial satisfaction of the purchase price of the Far North JV sale. Given the Company maintained control of the Far North JV after both the exercise of the Penny Warrants and acquiring the non-controlling interest, these transactions were accounted for as equity transactions under ASC 810.
The following table summarizes the effect of changes in ownership of American Bitcoin and the Far North JV on equity attributable to Hut 8 Corp. for the periods presented:
​
​

​

​

​

​

​

​

​
​
Three Months Ended

​
​
March 31,

(in USD thousands)
  ​ ​ ​
2026
  ​ ​ ​
2025

Net loss attributable to Hut 8 Corp.
​
$
( 219,849 )
​
$
( 133,889 )

Additional paid-in capital:
​
​
​
​
​
​

Increase in additional paid-in capital from the issuance of Class A common stock by American Bitcoin, net of issuance costs
​
​
32,500
​
​
—

Decrease in additional paid-in capital from deferred income tax on American Bitcoin Corp. – equity transactions
​
​
( 8,539 )
​
​
—

Decrease in additional paid-in capital from the exercise of Penny Warrants issued by the Far North JV
​
​
( 283 )
​
​
—

Decrease in additional paid-in capital from the non-controlling interest acquisition prior to the sale of the Far North JV
​
​
( 7,815 )
​
​
—

Changes from net loss attributable to Hut 8 Corp. and total effect of changes in ownership of American Bitcoin and the Far North JV on equity attributable to Hut 8 Corp.
​
$
( 203,986 )
​
$
( 133,889 )

​

30

Table of Contents

ABTC-Akerna Warrants
In connection with the ABTC Merger on September 3, 2025, warrants to purchase shares of Gryphon common stock originally issued by and assumed from Akerna Corp. (the “ABTC-Akerna Common Warrants”) and warrants issued to underwriters to purchase shares of Gryphon common stock originally issued by and assumed from Akerna Corp. (the “ABTC-Akerna Underwriter Warrants” and, collectively with the ABTC-Akerna Common Warrants, the “ABTC-Akerna Warrants”) outstanding immediately before the ABTC Merger were assumed by American Bitcoin. Post-ABTC Merger, the warrant holders are entitled to receive, upon exercise, in lieu of Gryphon common stock, American Bitcoin Class A common stock, at an exchange ratio of 0.2000 and at an exercise price of the exercise price immediately preceding the ABTC Merger divided by the exchange ratio of 0.2000 . The ABTC-Akerna Warrants include a net share settlement clause at the discretion of the warrant holder, which may result in a variable number of shares being issued for a fixed price. The Company accounts for its ABTC-Akerna Warrants as equity instruments based on the specific terms of the relevant warrant agreements and has recorded them in additional paid-in capital in equity based on their fair value on the date of assumption. The classification of the ABTC-Akerna Warrants, including whether such instruments should be recorded as liabilities, is reassessed at the end of each reporting period. The fair value of each ABTC-Akerna Warrant was estimated on the date of assumption using the Black-Scholes pricing model.
The ABTC-Akerna Common Warrants and ABTC-Akerna Underwriter Warrants assumed in the ABTC Merger expire on July 5, 2027 and June 29, 2027, respectively.
Transactions involving the Company’s equity-classified ABTC-Akerna Warrants are summarized as follows:
​
​

​

​

​

​

​

​

​

​

​
​
​
​
Weighted average
​
Weighted average

​
​
Number of
​
exercise price
​
remaining contractual

(in thousands, except share and per share amounts)
  ​ ​ ​
shares
  ​ ​ ​
(per share)
  ​ ​ ​
life (in years)

Outstanding as of December 31, 2025
​
22,826
​
$
37.00
​
​
1.5

Outstanding as of March 31, 2026
​
22,826
​
$
37.00
​
​
1.3

​
Subsidiary Penny Warrants
In 2025, the Far North JV, a consolidated subsidiary of the Company, issued 2,000,000 Penny Warrants with an exercise price of less than one penny per share. These subsidiary Penny Warrants represented approximately 10 % of Far North JV’s common stock outstanding on a non-diluted basis prior to their exercise, expired three years from issuance date, and entitled the holder to receive shares of a class of common stock of Far North JV upon exercise. All classes of common stock of the Far North JV had equal rights to earnings on a per share basis. The Company accounted for its subsidiary’s Penny Warrants as equity instruments based on the specific terms of the subsidiary Penny Warrant agreements, and recorded them in additional paid-in capital in equity based on their fair value on issuance. The classification of the subsidiary Penny Warrants, including whether such instruments should have been recorded as liabilities, was re-assessed at the end of each reporting period while they were outstanding. The fair values of the subsidiary Penny Warrants were estimated on their dates of issuance and were approximately equal to the fair value of the shares of a class of common stock underlying the subsidiary Penny Warrants given their exercise price represented little cash consideration.
The subsidiary Penny Warrants were issued in connection with finance lease payment deferral elections by a subsidiary of the Far North JV, and accordingly, the corresponding cost was capitalized to the associated right-of-use asset in connection with lease remeasurements. The weighted average issuance-date fair value of the subsidiary Penny Warrants was $ 0.90 per share.
The subsidiary Penny Warrants were exercised in February 2026 in connection with the sale of the Far North JV; refer to Note 3. Far North JV sale for further information on the Far North JV sale.

31

Table of Contents

Transactions involving the Company’s equity-classified subsidiary Penny Warrants are summarized as follows:
​
​

​

​

​

​

​

​

​

​

​

​

​

​
​
Number of
​
Weighted average
​
Aggregate
​
Weighted average

​
​
shares of
​
exercise price
​
intrinsic
​
remaining contractual

(in USD thousands, except share and per share amounts)
  ​ ​ ​
Far North JV
  ​ ​ ​
(per share)
  ​ ​ ​
value
  ​ ​ ​
life (in years)

Outstanding as of December 31, 2025
​
2,000,000
​
$
(1)
​
$
1,823
​
​
2.1

Exercised
​
( 2,000,000 )
​
​
(1)
​
​
3,421
​
​
​

Outstanding as of March 31, 2026
​
—
​
$
—
​
$
—
​
​
—

(1)
Represents little cash consideration of less than a penny per share.

​
Accumulated other comprehensive loss
The changes in accumulated other comprehensive loss, net of tax, is as follows:
​
​

​

​

​

​

​

​

​

​

​

​
​
December 31,
​
Net
​
March 31,

(in USD thousands)
  ​ ​ ​
2025
  ​ ​ ​
Change
  ​ ​ ​
2026

Foreign currency translation adjustment loss
​
$
( 10,432 )
​
$
( 9,248 )
​
$
( 19,680 )

Total
​
$
( 10,432 )
​
$
( 9,248 )
​
$
( 19,680 )

​
​
Note 13. Stock-based compensation
In connection with the Business Combination, the Company adopted the 2023 Plan, the Hut 8 Corp. Rollover Option Plan (the “2021 Plan”), and the Hut 8 Mining Corp. Omnibus Long-Term Incentive Plan (the “2018 Plan”). Under the 2023 Plan, stock options, stock appreciation rights, restricted stock, restricted stock units, performance stock units, deferred stock units, other stock-based awards, and stock bonuses of the Company can be granted to employees, consultants, and directors of the Company and its affiliates. Cancelled and forfeited awards are returned to the 2023 Plan for future awards. 17,644,625 shares of the Company’s common stock have been authorized and registered to be issued under the 2023 Plan.
On March 16, 2021, USBTC established the USBTC 2021 Equity Incentive Plan. This plan allowed USBTC to award stock options, stock appreciation rights, restricted awards, and performance awards to employees, consultants, and directors of USBTC and its affiliates and cancelled and forfeited awards were returned to the plan for future awards. The 2021 Plan is identical to the USBTC 2021 Equity Incentive Plan except for conforming changes to account for the Business Combination. 4,490,400 shares of the Company’s common stock have been authorized and registered to be issued under the 2021 Plan, and no further awards are available for grant under the 2021 Plan.
The 2018 Plan was originally established by Legacy Hut on February 15, 2018 to allow Legacy Hut to award stock options and restricted share units to employees, consultants, service providers, and directors of Legacy Hut and its affiliates, as well as deferred share units to employees and directors of Legacy Hut. 1,553,254 shares of common stock have been authorized and registered to be issued under the 2018 Plan.
In connection with the Business Combination, USBTC stock options outstanding immediately before the Business Combination were exchanged for 0.6716 stock options of the Company under the 2021 Plan (the “USBTC Replacement Options”). Upon the Business Combination, fractional stock options, if any, were rounded down to the nearest whole stock option at an award level. The exercise price of any USBTC Replacement Option was equal to the exercise price of the replaced USBTC stock option immediately before the Business Combination divided by 0.6716 , rounded up to the nearest whole cent, if applicable.
In connection with the Business Combination, equity awards outstanding under the 2018 Plan were amended such that (1) restricted share units and deferred share units were amended to settle in shares of the Company’s common stock under the 2018 Plan and (2) stock options were cancelled and reissued under the 2023 Plan, all at an exchange ratio of 0.2000 effective November 30, 2023. The exercise price of stock options immediately before the Business Combination was divided by the exchange ratio of 0.2000 , rounded up to the nearest whole cent, if applicable, to obtain the exercise price of the reissued stock options. Fractional awards, if any, were rounded down to the nearest whole award unit at a holder level.

32

Table of Contents

As of March 31, 2026, restricted stock units, deferred stock units, performance stock units, and stock options have been granted under the 2023 Plan.
The Company’s stock-based compensation expense recognized during the three months ended March 31, 2026 and March 31, 2025 in the Consolidated Statements of Operations and Comprehensive Loss is as follows:
​
​

​

​

​

​

​

​

​
​
Three Months Ended

​
​
March 31,

(in USD thousands)
  ​ ​ ​
2026
  ​ ​ ​
2025

Stock options
​
$
1,137
​
$
180

Restricted stock units
​
​
12,359
​
​
1,293

Performance stock units
​
​
37,378
​
​
2,320

Total stock-based compensation expense recognized in the Consolidated Statements of Operations and Comprehensive Loss
​
$
50,874
​
$
3,793

Stock-based compensation capitalized in property and equipment, net
​
$
106
​
$
—

​
Stock options
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model for stock option grants without any market-based vest conditions, and using a Monte Carlo simulation model for stock option grants with any market-based vest condition.
In March 2025, the Company granted 1,000,000 stock options with an exercise price of $ 15.00 per share under the 2023 Plan with service-based and market-based vest conditions. These stock options vest upon the later of the end of each tranche’s service period and the satisfaction of the market-based vest condition per tranche, which is if the Company’s stock price, on a 20 -consecutive-day volume-weighted average price basis, reaches a certain price during the period from grant date to approximately three years after grant date. The Company recognizes stock-based compensation expense associated with these stock options on a graded basis over the later of the stock options’ time-based service condition and market-based derived service period per tranche. Stock-based compensation expense associated with stock options with market-based vest conditions is not adjusted in future periods for the success or failure to achieve the specified market conditions. These stock options were modified shortly after their grant date to amend a termination vest clause, and the Company determined that there was no incremental fair value to recognize as additional compensation expense as of the modification date given only a termination vest clause was modified and accordingly no incremental compensation expense was required to be recognized.
The market-based vest conditions of the stock options granted during March 2025 are considered “market conditions” under FASB ASC Topic 718, Compensation—Stock Compensation (“ASC 718”), and as such, the Company used a Monte Carlo simulation model to determine the grant-date fair value of stock options with a market condition. The Monte Carlo simulation takes into account the probability that the market condition will be achieved based on predicted stock price paths of the Company in addition to the assumptions in the table below. No stock options were granted by the Company during the three months ended March 31, 2026.
​
​

​

​

​

​
​
Three Months Ended
​

​
​
March 31,
​

​
  ​ ​ ​
2025
  ​

Dividend yield
​
—
%

Expected price volatility
​
120.00
%

Risk-free interest rate
​
4.05
%

Expected term (in years)
​
6.0
​

​
As of March 31, 2026, there were 261,314 unvested service-based options and 333,334 unvested service and market-based options.

33

Table of Contents

A summary of stock options for the three months ended March 31, 2026 and March 31, 2025 is as follows:
​
​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
​
​
​
Weighted

​
​
​
​
Weighted average
​
​
​
​
average remaining

​
​
Number of
​
exercise price
​
Aggregate
​
contractual life

(in USD thousands, except share and per share amounts)
​
shares
​
(per share)
​
intrinsic value
​
(in years)

Outstanding as of December 31, 2025
​
2,866,678
​
$
5.63
​
$
115,553
​
6.2

Exercised
​
( 124,619 )
​
​
0.39
​
​
6,171
​
​

Forfeited, canceled, or expired
​
( 19,308 )
​
​
0.39
​
​
​
​
​

Outstanding as of March 31, 2026
​
2,722,751
​
$
5.91
​
$
111,638
​
5.9

Vested and exercisable as of March 31, 2026
​
2,128,103
​
$
5.16
​
$
88,845
​
6.0

​
​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
​
​
​
Weighted

​
​
​
​
Weighted average
​
​
​
​
average remaining

​
​
Number of
​
exercise price
​
Aggregate
​
contractual life

(in USD thousands, except share and per share amounts)
​
shares
​
(per share)
​
intrinsic value
​
(in years)

Outstanding as of December 31, 2024
​
2,961,929
​
$
0.53
​
$
59,120
​
7.7

Granted
​
1,000,000
​
​
15.00
​
​
​
​
​

Exercised
​
( 327,204 )
​
​
0.39
​
​
4,182
​
​

Forfeited, canceled, or expired
​
( 17,786 )
​
​
0.39
​
​
​
​
​

Outstanding as of March 31, 2025
​
3,616,939
​
$
4.54
​
$
29,130
​
7.0

Vested and exercisable as of March 31, 2025
​
1,818,295
​
$
0.62
​
$
8,931
​
7.4

​
The Company had approximately $ 0.1 million and $ 1.5 million of total unrecognized compensation expense expected to be recognized over a weighted-average remaining vesting period of approximately 0.8 years and 1.0 years related to stock options under the Hut 8 Corp. Rollover Option Plan and stock options under the 2023 Plan, respectively, as of March 31, 2026. The Company had approximately $ 0.5 million and $ 9.4 million of total unrecognized compensation expense expected to be recognized over a weighted-average remaining vesting period of approximately 1.1 years and 1.1 years related to stock options under the Hut 8 Corp. Rollover Option Plan and stock options under the 2023 Plan, respectively, as of March 31, 2025.
No stock options were granted during the three months ended March 31, 2026. The weighted average grant-date fair value of stock options granted during the three months ended March 31, 2025 was $ 9.44 per share.
Restricted stock units
Restricted stock units granted under the 2023 Plan, and those governed under the 2018 Plan that may settle in shares of common stock of the Company, entitle recipients to receive a number of shares of the Company’s common stock over a vesting period, according to each respective restricted stock unit agreement. At the Company’s discretion, restricted stock units may be settled in shares of common stock or cash in lieu of settling in shares or a combination of shares of common stock and cash. The Company currently does not intend to settle any restricted stock units in cash or in a combination of shares of common stock and cash.
For restricted stock units under the 2023 Plan, stock-based compensation expense related to share-settled restricted stock units is based on the fair value of the Company’s common stock on the date of grant. For restricted stock units under the 2018 Plan, the stock-based compensation expense is based on the fair value of the Company’s common stock on the date of the consummation of the Business Combination. The Company recognizes stock-based compensation expense associated with such share-settled restricted stock unit awards on a graded basis over the awards’ service-based vesting tranches. Share-settled restricted stock unit awards generally vest in equal annual installments over a three-year period or fully vest by certain dates for non-employee directors and certain employees (unless accelerated in connection with a change in control event under specified conditions as set forth in the applicable restricted stock unit agreement or otherwise in accordance with provisions of the award’s governing plan or applicable agreement).

34

Table of Contents

The following table presents a summary of the activity of the service-based restricted stock units:
​
​

​

​

​

​

​

​

​

​

​
​
​
​
Weighted average
​
​

​
​
Number of
​
grant-date
​
Aggregate

(in USD thousands, except share and per share amounts)
  ​ ​ ​
units
  ​ ​ ​
fair value
  ​ ​ ​
intrinsic value

Unvested as of December 31, 2025
​
3,385,210
​
$
39.22
​
$
155,517

Granted
​
225,099
​
​
54.03
​
​
​

Vested
​
( 228,910 )
​
​
10.45
​
​
11,873

Forfeited
​
( 33,570 )
​
​
27.04
​
​
​

Unvested as of March 31, 2026
​
3,347,829
​
$
42.31
​
$
157,047

​
​

​

​

​

​

​

​

​

​

​
​
​
​
Weighted average
​
​

​
​
Number of
​
grant-date
​
Aggregate

(in USD thousands, except share and per share amounts)
  ​ ​ ​
units
  ​ ​ ​
fair value
  ​ ​ ​
intrinsic value

Unvested as of December 31, 2024
​
1,141,453
​
$
10.62
​
$
23,388

Granted
​
101,717
​
​
14.12
​
​
​

Vested
​
( 140,275 )
​
​
8.72
​
​
2,235

Forfeited
​
( 87,183 )
​
​
11.94
​
​
​

Unvested as of March 31, 2025
​
1,015,712
​
$
11.12
​
$
11,803

​
The Company had approximately $ 118.7 million of total unrecognized compensation expense related to restricted stock units granted under the 2023 Plan that are settleable in shares of common stock of the Company as of March 31, 2026, which is expected to be recognized over a weighted-average remaining vesting period of approximately 2.3 years. The Company had approximately $ 5.4 million of total unrecognized compensation expense related to restricted stock units granted under the 2023 Plan and 2018 Plan that are settleable in shares of common stock of the Company as of March 31, 2025, which is expected to be recognized over a weighted-average remaining vesting period of approximately 1.1 years.
Deferred stock units
Deferred stock units granted under the 2023 Plan, and those governed under the 2018 Plan that are settleable in shares of common stock of the Company, entitled recipients to receive a number of shares of the Company’s common stock over a vesting period if applicable, as per each respective deferred stock unit agreement. At the Company’s discretion, deferred stock units may be settled in shares of common stock or cash in lieu of settling in shares or a combination of shares of common stock and cash. The Company currently does not intend to settle any deferred stock units in cash or in a combination of shares of common stock and cash.
For deferred stock units under the 2023 Plan, the stock-based compensation expense related to share-settled deferred stock units is based on the fair value of the Company’s common stock on the date of grant. For deferred stock units under the 2018 Plan, the stock-based compensation expense is based on the fair value of the Company’s common stock on the date of the consummation of the Business Combination. The Company recognizes stock-based compensation expense associated with such share-settled deferred stock unit awards on a graded basis over the awards’ vesting tranches. Share-settled deferred stock unit awards granted to date were granted in vested state and can only be settled for shares of common stock of the Company upon the participant’s departure from the Company.
The following table presents a summary of the activity of the deferred stock units:
​
​

​

​

​

​

​

​

​

​

​
​
​
​
Weighted average
​
​

​
​
Number of
​
grant-date
​
Aggregate

(in USD thousands, except share and per share amounts)
  ​ ​ ​
units
  ​ ​ ​
fair value
  ​ ​ ​
intrinsic value

Vested and outstanding as of December 31, 2025
​
73,954
​
$
9.72
​
$
3,397

Vested and outstanding as of March 31, 2026
​
73,954
​
$
9.72
​
$
3,469

​

35

Table of Contents

​

​

​

​

​

​

​

​

​

​
​
​
​
Weighted average
​
​

​
​
Number of
​
grant-date
​
Aggregate

(in USD thousands, except share and per share amounts)
  ​ ​ ​
units
  ​ ​ ​
fair value
  ​ ​ ​
intrinsic value

Vested and outstanding as of December 31, 2024
​
73,954
​
$
9.72
​
$
1,515

Vested and outstanding as of March 31, 2025
​
73,954
​
$
9.72
​
$
859

​
There was no remaining unrecognized compensation expense related to deferred stock units as of March 31, 2026 and March 31, 2025.
Performance stock units
Performance stock units granted under the 2023 Plan entitle recipients to receive a number of shares of the Company’s common stock based on market, performance, and/or service conditions as per each respective performance stock unit agreement. At the Company’s discretion, performance stock units may be settled in shares of common stock or cash in lieu of settling in shares or a combination of shares of common stock and cash. The Company currently does not intend to settle any performance stock units in cash or in a combination of shares of common stock and cash.
In February 2026, the Company granted 8,168 performance stock units to an employee with an approximately three-year service period and performance-based vest conditions as follows: one third of units are eligible to vest for each of the three performance conditions and the three payout tiers for each performance condition are 80 %, 100 %, or 300 % of the units eligible to vest, with linear interpolation between 100 % and 300 % on the first and second of the three performance conditions noted below. The three performance conditions are as follows: (1) the Company enters into agreements to commercialize new facilities based on the achievement of certain target levels for the energy capacity of such commercialized sites, (2) the Company achieves certain earnings targets, and (3) a Company site achieves certain operational milestones.
The Company recognizes stock-based compensation expense associated with performance stock unit awards on a graded basis over the later of the awards’ time-based service condition and, if applicable, market-based derived service period per tranche. Stock-based compensation expense associated with performance stock units with market-based vest conditions is not adjusted in future periods for the success or failure to achieve the specified market conditions, and for awards with performance-based vest conditions, it is only recognized if the performance-based vest conditions are considered probable of being satisfied.
The following table presents a summary of the activity of the performance stock units:
​
​

​

​

​

​

​

​

​

​

​
​
​
​
Weighted average
​
​

​
​
Number of
​
grant-date
​
Aggregate

(in USD thousands, except share and per share amounts)
  ​ ​ ​
units
  ​ ​ ​
fair value
  ​ ​ ​
intrinsic value

Unvested as of December 31, 2025
​
4,556,934
​
$
53.16
​
$
317,062

Granted
​
8,168
​
​
54.03
​
​
​

Forfeited
​
( 19,611 )
​
​
13.74
​
​
​

Unvested as of March 31, 2026
​
4,545,491
​
$
53.33
​
$
322,713

​
​

​

​

​

​

​

​

​

​

​
​
​
​
Weighted average
​
​

​
​
Number of
​
grant-date
​
Aggregate

(in USD thousands, except share and per share amounts)
  ​ ​ ​
units
  ​ ​ ​
fair value
  ​ ​ ​
intrinsic value

Unvested as of December 31, 2024
​
1,602,609
​
$
17.56
​
$
65,675

Unvested as of March 31, 2025
​
1,602,609
​
$
17.56
​
$
37,245

​
As of March 31, 2026 and March 31, 2025, unrecognized stock-based compensation expense related to the Company’s performance stock units with market-based vest conditions and performance-based vest conditions considered probable of vesting was $ 144.4 million and $ 18.9 million, respectively, which is expected to be recognized over a weighted-average remaining vesting period of approximately 1.3 years and 2.0 years, respectively.

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Table of Contents

American Bitcoin stock-based compensation
In connection with the ABTC Merger on September 3, 2025, American Bitcoin adopted the Amended and Restated American Bitcoin Corp. 2025 Omnibus Incentive Plan (the “ABTC 2025 Plan”), which amended and restated the predecessor Gryphon Digital Mining, Inc. 2024 Omnibus Incentive Plan. The ABTC 2025 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance grants, and other stock-based awards to employees, consultants, and directors of American Bitcoin, and its affiliates. As of the ABTC 2025 Plan’s effective date, 181,964,231 shares of the American Bitcoin common stock were reserved for issuance under the ABTC 2025 Plan, subject to an annual automatic increase on each January 1 from 2026 through 2035, equal to the lesser of (a) the excess of 20 % of American Bitcoin’s fully diluted shares outstanding as of the preceding December 31 over the shares then reserved under the ABTC 2025 Plan, and (b) such number as determined by American Bitcoin’s board of directors. Shares subject to awards that are cancelled and forfeited, and shares returned through certain other mechanisms, are returned to the share reserve and become available for future grants.
​
The following table presents a summary of the activity of the American Bitcoin restricted stock units:
​
​

​

​

​

​

​

​

​

​

​
​
​
​
Weighted average
​
​

​
​
Number of
​
grant-date
​
Aggregate

(in USD thousands, except share and per share amounts)
  ​ ​ ​
units
  ​ ​ ​
fair value
  ​ ​ ​
intrinsic value

Unvested as of December 31, 2025
​
—
​
$
—
​
$
​

Granted
​
1,875,007
​
​
1.02
​
​
​

Unvested as of March 31, 2026
​
1,875,007
​
$
1.02
​
$
1,733

​

​
As of March 31, 2026, unrecognized stock-based compensation expense related to the American Bitcoin restricted stock units was $ 1.6 million, which is expected to be recognized over a weighted-average remaining vesting period of approximately 1.2 years.
Note 14. Net loss per share of common stock
Basic and diluted net loss per share attributable to common stockholders is computed in accordance to Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements – Net loss per share attributable to common stockholders .
The following table presents potentially dilutive securities that were not included in the computation of diluted net loss per share of common stock as their inclusion would have been anti-dilutive:
​
​

​

​

​

​

​
​
Three Months Ended

​
​
March 31,

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Stock options
​
2,722,751
​
3,616,939

Restricted stock units
​
3,347,829
​
1,015,712

Deferred stock units
​
73,954
​
73,954

Performance stock units
​
4,545,491
​
1,602,609

Warrants
​
1,895
​
1,895

Convertible note and separated embedded derivative from the convertible note
​
9,715,476
​
9,524,977

Total
​
20,407,396
​
15,836,086

​
​

37

Table of Contents

The following is a reconciliation of the denominator of the basic and diluted net loss per share of common stock computations for the periods presented:
​
​

​

​

​

​

​

​

​
​
Three Months Ended

​
​
March 31,

(in USD thousands, except share and per share amounts)
  ​ ​ ​
2026
  ​ ​ ​
2025

Numerator:
​
​
​
​
​
​

Net loss attributable to Hut 8 Corp.
​
$
( 219,849 )
​
$
( 133,889 )

Subsidiary Penny Warrant adjustment to net loss attributable to Hut 8 Corp. (1)
​
​
( 51 )
​
​
90

Net loss attributable to Hut 8 Corp. – basic and diluted
​
$
( 219,900 )
​
$
( 133,799 )

​
​
​
​
​
​
​

Denominator:
​
​
​
​
​
​

Weighted average shares of common stock outstanding – basic
​
​
111,064,728
​
​
102,854,747

Dilutive impact of outstanding equity awards
​
​
—
​
​
—

Dilutive impact of convertible note
​
​
—
​
​
—

Weighted average shares of common stock outstanding – diluted
​
​
111,064,728
​
​
102,854,747

Net loss per share of common stock:
​
​
​
​
​
​

Basic attributable to Hut 8 Corp. (2)
​
$
( 1.98 )
​
$
( 1.30 )

Diluted attributable to Hut 8 Corp. (3)
​
$
( 1.98 )
​
$
( 1.30 )

(1)
Calculated as the difference between Far North JV’s, a consolidated subsidiary that issued Penny Warrants, net income (loss) attributable to Hut 8 Corp. under ASC 260 inclusive of the impact of the Penny Warrants less Far North JV’s net income (loss) attributable to Hut 8 Corp.

(2)
Calculated as net loss attributable to Hut 8 Corp. – basic, divided by weighted average shares of common stock outstanding – basic

(3)
Calculated as net loss attributable to Hut 8 Corp. – diluted, divided by weighted average shares of common stock outstanding – diluted

​
Note 15. Income taxes
For the three months ended March 31, 2026, the Company determined that the estimated annual effective tax rate could not be reliably estimated and, accordingly, computed its tax provision using the discrete method, treating the year - to - date period as if it were an annual period. For the three months ended March 31, 2025, the Company computed its tax provision using the estimated annual effective tax rate method.
​
For the three months ended March 31, 2026, the Company’s income tax benefit and effective tax rate were $ 48.9  million and  16.2 %, respectively. This rate differed from the statutory federal income tax rate of  21.0 % primarily due to the tax on the gain on the sale of the Far North JV and the impact of the IRC Section 162(m) limitation on the deductibility of certain employee compensation.
​
For the three months ended March 31, 2025, the Company’s income tax benefit and effective tax rate were $ 20.2  million and  13.0 %, respectively. This rate differed from the statutory federal income tax rate of  21.0 % primarily due to the Company’s non-taxable portion of gains on digital assets, subpart F income, and a change in valuation allowance.
​
The Company is subject to U.S. federal income taxes as well as income taxes in various state jurisdictions and in Canada. The Company’s tax returns for tax years beginning 2021 remain subject to potential examination by the taxing authorities.
​
Note 16. Concentrations
The Company has only mined Bitcoin during the three months ended March 31, 2026 and March 31, 2025. Therefore, 100 % of the Company’s ASIC compute revenue within its Compute segment is related to one digital asset. The Company used two mining pool operators during the three months ended March 31, 2026 and March 31, 2025.

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Table of Contents

Note 17. Related party transactions
Parties are considered related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. This includes equity method investment entities. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all known related party transactions.
The Company provides services to TZRC, an equity method investment entity (refer to Note 8.  Investment in unconsolidated joint venture  for additional information on the equity method investment entity), in exchange for fees under a PMA. The Company also has a SAFE agreement with a related party as described in Note 9.  Loans, notes payable, and other financial liabilities.
​
Note 18. Commitments and contingencies
Bitmain Purchase Agreement, 2025 ABTC Bitmain Purchase Agreement and 2026 ABTC Bitmain Purchase Agreement
​
The Bitmain Purchase Agreement prior to the expiry of its Bitcoin redemption option, 2025 ABTC Bitmain Purchase Agreement, and 2026 ABTC Bitmain Purchase Agreement include the following financial commitments:  Bitcoin redemption and put options , recognized as derivative assets under ASC 815, measured at fair value at each reporting period,  Miner purchase liability  representing a commitment to settle the obligation in cash if the redemption right is exercised before expiration, and a derecognition of  Digital assets – pledged for miner purchase  if the redemption right is not exercised. See Note 5.  Digital assets  for further information on the purchase agreements with Bitmain.
​
Legal and regulatory matters
​
The Company and its subsidiaries are subject at times to various claims, lawsuits, and governmental proceedings relating to the Company’s business and transactions arising in the ordinary course of business. The Company cannot predict the final outcome of such proceedings. Where appropriate, the Company vigorously defends such claims, lawsuits, and proceedings. Some of these claims, lawsuits, and proceedings seek damages, including consequential, exemplary, or punitive damages, in amounts that could, if awarded, be significant. Certain of the claims, lawsuits, and proceedings arising in ordinary course of business are covered by the Company’s insurance program. The Company maintains property and various types of liability insurance in an effort to protect the Company from such claims. In terms of any matters where there is no insurance coverage available to the Company, or where coverage is available and the Company maintains a retention or deductible associated with such insurance or elects not to purchase such insurance, the Company may establish an accrual for such loss, retention, or deductible based on current available information. In accordance with accounting guidance, if it is probable that an asset has been impaired or a liability has been incurred as of the date of the financial statements and the amount of loss is reasonably estimable, then an accrual for the cost to resolve or settle these claims is recorded by the Company in the accompanying Unaudited Condensed Consolidated Balance Sheets. If it is reasonably possible that an asset may be impaired as of the date of the financial statement, then the Company discloses the range of possible loss. Expenses related to the defense of such claims are recorded by the Company as incurred and included in the accompanying Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. Management, with the assistance of outside counsel, may from time to time adjust such accruals according to new developments in the matter, court rulings, or changes in the strategy affecting the Company’s defense of such matters. On the basis of current information, the Company does not believe there is a reasonable possibility that any material loss will result from any claims, lawsuits, and proceedings to which the Company is subject to either individually or in the aggregate.
​

39

Table of Contents

Securities Litigation
​
In February and March 2024, two purported securities class actions were filed in the U.S. District Court for the Southern District of New York against the Company and certain of its current and former officers. The two class actions were consolidated into  In re Hut 8 Corp. Securities Litigation , Case No. 24-cv-00904 (VM), and a lead plaintiff was appointed on April 19, 2024. The lead plaintiff filed a consolidated amended complaint on June 14, 2024. The consolidated amended complaint alleges violations of Sections 11 and 15 of the Securities Act of 1933 (the “Securities Act”) and Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, and Section 20(a) of the Exchange Act. On December 2, 2024, the defendants filed a motion to dismiss the consolidated amended complaint. On January 16, 2025, the lead plaintiff opposed the motion. On February 18, 2025, the defendants filed a reply in further support of the motion to dismiss. On September 12, 2025, the U.S. District Court for the Southern District of New York issued a decision, dismissing all fraud-based Exchange Act claims and most Securities Act claims, leaving two Section 11 and Section 15 claims tied to King Mountain disclosures. On October 24, 2025, the defendants answered the surviving allegations in the amended complaint and amended their answer on November 14, 2025. On February 4, 2026, at the parties’ request, the court stayed all proceedings through April 15, 2026. On April 15, 2026, at the parties’ request, the court extended the stay of all proceedings through May 22, 2026.
​
Since the filing of the securities class actions, shareholder derivative suits were filed against the Company, its directors and certain of its current and former officers in the U.S. District Courts for the Southern District of New York, the District of Delaware, the Southern District of Florida, and the Delaware Court of Chancery alleging derivative claims for breach of fiduciary duties, unjust enrichment, waste of corporate assets, and violations of the Exchange Act, including Section 10(b). All derivative actions in the Southern District of New York were voluntarily dismissed or transferred to the District of Delaware. All derivative actions in the District of Delaware were voluntarily dismissed or dismissed by the court without prejudice. The Southern District of Florida consolidated and stayed three of the proceedings before it, pending the resolution of a motion for summary judgment in In re Hut 8 Corp. Securities Litigation .  There are five other derivative actions filed in the Southern District of Florida and the Delaware Court of Chancery.   One of those actions has been stayed and Defendants have not responded (or been obligated to respond) to the complaints in the remaining four cases.  
​
On December 1, 2025, a purported former shareholder filed a putative class action against Hut 8 and certain of its current and former officers in the Ontario Superior Court of Justice in Canada. The statement of claim alleges that Hut 8 made misrepresentations in connection with the November 2023 business combination of Hut 8 Mining Corp. and USBTC and asserts causes of action under the common law and the Ontario Securities Act.
​
The Company disputes the claims in these cases and intends to vigorously defend against them. Based on the preliminary nature of these proceedings, the outcome of these matters remains uncertain, and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time.
Note 19. Subsequent events
The Company has completed an evaluation of all subsequent events after the balance sheet date up to the date that the Unaudited Condensed Consolidated Financial Statements were available to be issued. Except as described above and below, the Company has concluded no other subsequent events have occurred that require disclosure.
In April 2026, the Company’s 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”). Interest on the Notes is payable semi-annually beginning on November 15, 2026, and scheduled amortization begins on May 15, 2028. The Notes are senior secured obligations of the Issuer and are secured with first-priority liens on substantially all assets of the Issuer, other than certain excluded property, as well as a pledge of the equity interests in the Issuer held by Hut 8 DC Member LLC, the direct parent company of the Issuer. The Notes are non-recourse to Hut 8 Corp. The net proceeds from the Notes will be used to fund the development of a data center at the River Bend campus, reimburse prior equity contributions, fund debt service reserves, and transaction costs.
​
In May 2026, the Company entered into a $ 200.0 million Bitcoin-collateralized term loan with FalconX, maturing in April 2027 and bearing a fixed interest rate of 7.00 %. The facility is structured with an initial collateral ratio of 143 %, with margin call and liquidation thresholds at 130 % and 105 %, respectively. The loan includes a prepayment option after six months without penalty, while early repayment prior to that period is subject to a 0.125 %– 0.25 % fee depending on the circumstances. The funds from the loan were used to simultaneously pay off the loan with Coinbase.

40

Table of Contents

​
Item 2. 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 Consolidated Financial Statements included in our Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual business, financial condition, and results of operations could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Quarterly Report and in the Annual Report, particularly under “Item 1A. Risk Factors.” See also “Cautionary Statement Regarding Forward-Looking Statements.” Our historical results are not necessarily indicative of the results that may be expected for any period in the future.
​
Business Overview
​
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 data center infrastructure through a power-first, innovation-driven approach.
​
Q1 2026 Highlights
​
● 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 of approximately $9.8 billion over a 15-year term, inclusive of 3% annual rent escalations and expected to generate average annual net operating income (“NOI”) of approximately $655.0 million. The agreement includes three 5-year renewal options, extending potential total contract value to approximately $25.1 billion. Initial delivery is expected in Q3 2027. We intend to support the development of Beacon Point with non-recourse, project-level financing with the aim of optimizing cost of capital at the asset level and maintaining disciplined long-term leverage metrics at the corporate level.

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 growth.
● $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 245 megawatts of critical IT capacity supported by 330 megawatts of utility capacity, and associated substation at the River Bend campus, reimburse prior equity contributions, and cover debt service reserves and transaction costs. The Notes are rated BBB− with a Positive Outlook by S&P Global Ratings and BBB− with a Stable Outlook by Fitch Ratings, and represent the first investment-grade project bond ever issued for a construction-stage data center project. The Notes carry semi-annual interest payments beginning November 15, 2026, and include scheduled amortization starting May 15, 2028. Structured as senior secured, project-level debt with first-priority liens on substantially all Issuer assets and equity pledges, the Notes are non-recourse to the parent company, reinforcing a financing approach that isolates risk while advancing large-scale digital infrastructure expansion.
● FalconX Master Lender Agreement. In May 2026, we entered into a $200.0 million Bitcoin-collateralized term loan with FalconX Charlie, Inc. (“FalconX”), maturing in April 2027 and bearing a fixed interest rate of 7.00%. The facility is structured with an initial collateral ratio of 143%, with margin call and liquidation thresholds at 130% and 105%, respectively. The loan includes a prepayment option after six months without penalty, while early repayment prior to that period is subject to a 0.125%–0.25% fee depending on the circumstances. The funds from this loan were used to simultaneously pay off the loan with Coinbase Credit, Inc. (“Coinbase”), which carried an interest rate of 9.00%. This resulted in a reduction in borrowing costs and the termination of the Coinbase loan.

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