Overview

* Hut 8 ( HUT ) 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 ( HUT ) 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 ( HUT ) 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/Mis Actual Consensu

s s

Estimate

Q3 Beat $83.50 $67.40

Revenue mln mln (14

Analysts

)

Q3 Net $50.60

Income mln

Q3 Beat $109 mln $41.40

Adjusted mln (12

EBITDA 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 ( HUT ) is $32.00, about 71.9% below its November 3 closing price of $55.00

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)