Hut 8

We are incredibly excited to announce a $150 million strategic investment from Coatue to partner in building a next generation AI infrastructure platform. This investment will accelerate growth in our data center portfolio and provides access to Coatue's extensive network of companies and relationships across energy, data centers, and AI. “We are committed to supporting innovators advancing AI and believe that compute capacity is crucial to unlocking significant growth across the ecosystem. We believe that Hut 8 is well-positioned to accelerate new compute capacity and can capitalize on the opportunity it will bring.” - Philippe Laffont, Founder & Portfolio Manager of Coatue “We are thrilled to be partnering with Coatue, given the firm’s deep expertise and long track record of investments in the AI ecosystem. We believe this partnership will allow us to unlock significant opportunities and connectivity to the broader space as we enter this next phase of growth." - Asher Genoot, CEO of Hut 8 Read the full release here: https://ow.ly/jxX050SnWxP. A presentation with additional information is available on our website here: https://ow.ly/c2fZ50So6Iq

Six months ago, we launched an ambitious restructuring program designed to center the business on operational excellence and bottom-line economics. This program has driven significant improvements to unit economics in our Digital Assets Mining segment despite the halving event in April. "If there’s a takeaway, it’s this: We prioritize fundamentals above all else, and we invest capital only when we believe it will create enduring shareholder value. This philosophy has guided us in the past and it will continue to guide us in the future." - Asher Genoot, CEO of Hut 8

Today we announced our financial results for the three and six months ended June 30, 2024, which reflect the ambitious restructuring program we set in motion six months ago. Despite the impact of the halving, our revenue grew 72% year-over-year to $35.2 million in the quarter, and gross margins in our Digital Assets Mining segment expanded from 34% to 46% over the same period.     During the second quarter, we also energized our 63-megawatt Salt Creek site and entered into a $150 million partnership with Coatue. Shortly after the close of the quarter, we announced plans for a new 205-megawatt site in the Texas Panhandle, which can power up to 16.5 exahash of next-generation ASICs. Read the full release here: https://ow.ly/UcYN50SWogK

On Wednesday, the Hut 8 team attended the Data Center Investment Conference & Expo (DICE): South in Dallas, TX, where Riley Trettel joined a panel titled ‘From Cryptocurrency to AI: How Are Crypto Mining Facilities Supporting the Need for AI Compute?’ It was a full house as Riley discussed how taking a novel approach to sourcing interconnects and managing large loads can drive rapid, scaled access to new capacity as we aim to support the rising energy demands of AI compute.

We will be hosting our Q2 2024 Earnings Conference Call on Tuesday, August 13 at 8:30 AM ET.

Today we announced that Sean Glennan will become CFO on August 21, 2024 as we continue executing on our power-first thesis. “Sean brings a wealth of strategic, financial, and capital markets knowledge that, together with his rolodex of relationships in the space, will be a significant asset in shaping and realizing our future plans. In particular, his experience advising on transformative M&A deals with some of the largest players in power and utilities will be instrumental as we scale our platform with a focus on creative structuring and prudent capital allocation." - Asher Genoot, CEO of Hut 8 Shenif Visram will be stepping down from his role as CFO for personal, family-related reasons and will remain with the company until Glennan assumes his role. Read the full release here: https://ow.ly/WRi550SRHKq

July highlights - Continued realizing the impact of optimization efforts; average energy cost has declined materially since bringing Salt Creek online and completing the planned deployment of our curtailment software - Announced plans for a site in the Texas Panhandle with 205 megawatts of immediately available power capacity; site will be able to pull power directly from the ERCOT grid when the wind farm is not generating power - Further progress in developing Cedarvale, with new capacity being brought online in tranches of 50 MW - Now own or manage energy infrastructure representing access to 1.3 gigawatts of power capacity We look forward to sharing more details on the new site and our second quarter 2024 results during our earnings call on August 13th. Read our full July Operations Update here: https://ow.ly/OtwG50SRyLv

We will be hosting our Q2 2024 Earnings Conference Call on Tuesday, August 13 at 8:30 AM ET. The webcast can be viewed here: https://ow.ly/OH2K50SIr5f Analysts can register here: https://ow.ly/aSng50SIsiG Read the full release here: https://ow.ly/182v50SIKhe

Meet Gregory Irwin, Senior Vice President of Corporate Development at Hut 8. Greg joined the team in July 2023 after nearly a decade in the energy sector to lead development efforts for Hut 8's next-generation energy infrastructure platform. Prior to joining Hut 8, he was Senior Director at NextEra Energy Resources, where he co-founded the firm's Digital Infrastructure practice. Swipe to read more about why Greg joined Hut 8, his role at the organization, and his thoughts on our team and culture.

Hut 8 has executed definitive agreements for a 205 MW greenfield site in West Texas, expanding our energy infrastructure platform to approximately 1.3 gigawatts.   This transaction marks several firsts, including: - The first transaction to convert from our previously announced development pipeline of 1,100 MW of energy capacity under exclusivity; - The first time a large data center load has been approved under the complex regulatory framework in this particular market, a testament to the expertise, diligence, and creativity of our corporate development organization; and - The first project to be announced following our investment from Coatue to support the buildout of our next generation energy infrastructure platform.   Stay tuned for more, and read the full release here: https://ow.ly/qp1I50SxitA