Energy infrastructure platform Hut 8 Q3 revenue beats estimates
Overview
Hut 8 Q3 revenue of $83.5 mln beats analyst expectations
Adjusted EBITDA for Q3 beats consensus, reaching $109 mln
Company expands Bitcoin mining operations and strategic reserve to 13,696 Bitcoin
Outlook
Company aims to exceed 2.5 GW of energy capacity under management
Hut 8 reclassifies 1,530 MW from exclusivity to development
Company focuses on monetizing 1,530 MW energy capacity under development
Result Drivers
ENERGY CAPACITY DEVELOPMENT - Hut 8 advanced 1,530 MW of capacity from exclusivity to development, aiming to expand energy capacity under management to over 2.5 GW
BITCOIN MINING EXPANSION - Expanded Bitcoin mining operations by ~14.8 EH/s, increasing total hashrate to ~26.8 EH/s
STRATEGIC BITCOIN RESERVE - Increased strategic Bitcoin reserve to 13,696 Bitcoin with a market value of $1.6 bln
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $83.50 mln | $67.40 mln (14 Analysts) |
Q3 Net Income |
| $50.60 mln |
|
Q3 Adjusted EBITDA | Beat | $109 mln | $41.40 mln (12 Analysts) |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"
Wall Street's median 12-month price target for Hut 8 Corp is $32.00, about 71.9% below its November 3 closing price of $55.00
Press Release: ID:nPn34B09Fa
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.
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