Hut 8 Corp 2025年季度报告

(Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromtoCommission file number001-41864Hut 8 Corp.(Exact name of registrant as specified in its charter) 92-2056803 (305)224-6427(Registrant’s telephone number, including area code)Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file suchreports); and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (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 smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-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 forcomplying with any new or revised financial accounting standards provided pursuant to Section13(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 7, 2025, the registrant had104,220,084shares of its common stock outstanding. TABLE OF CONTENTS Cautionary Statement Regarding Forward-Looking Statements3 PART I – FINANCIAL INFORMATION4Item 1. Financial Statements4Item 2. Management’s Discussion and Analysis of Financial Condition and Results ofOperations39Item 3. Quantitative and Qualitative Disclosures About Market Risk52Item 4. Controls and Procedures53 PART II – OTHER INFORMATION56 Item 1. Legal Proceedings56Item 1A. Risk Factors56Item 2. Unregistered Sales of Equity Securities and Use of Proceeds56Item 3. Defaults Upon Senior Securities56Item 4. Mine Safety Disclosures56Item 5. Other Information56Item 6. Exhibits57 Signatures58 Cautionary Statement Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statementswithin the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks anduncertainties, as well as assumptions, that, if proven incorrect or do not materialize, could cause ourresults 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 thatcould be deemed forward-looking statements. Such statements are based on management’s currentexpectations and are subject to a number of factors and uncertainties that could cause actual results todiffer materially from those described in the forward-looking statements. There can be no assurancethat actual results or business conditions will not differ materially from those projected or suggestedin 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 31,2024 (the “Annual Report”) and in Part II, Item 1A, “Risk Factors” of this Quarterly Report. Exceptas required by law, we do not assume any obligation to update or revise these forward-lookingstatements for any reason, even if new information becomes available in the future. PART I – FINANCIAL INFORMATIONItem 1. Financial Statements Hut 8 Corp. and SubsidiariesCondensed Consolidated Balance Sheets(in USD thousands, except share and per share data) Current liabilitiesAccounts payable and accrued expenses$32,264$41,786Miner purchase liability100,91015,096Deferred revenue4,5626,199Operating lease liability, current portion2,7702,689Finance lease liability, current portion6,8504,783Derivative liability89618,437Loans, notes payable, and other financial liabilities, current portion64,98364,965Total current liabilities213,235153,955 Operating lease liability, less current portion18,17518,675Finance lease liability, less current portion1