07:25 AM EST, 11/04/2025 (MT Newswires) -- Hut 8 ( HUT ) was at last look down near 2% in US premarket trade despite reporting a surprise profit for the third quarter on better than expected earnings. But HUT was up 8.5% in regular hours trade on the Nasdaq yesterday.

The company reported Q3 net income Tuesday of US$0.43 per diluted share, up from $0.01 a year earlier. Analysts polled by FactSet expected a loss of $0.12.

Meanwhile, revenue for the quarter ended Sept. 30 was $83.5 million, up from $43.7 million a year earlier. Analysts surveyed by FactSet expected $65.4 million.

"In the third quarter, we reached an inflection point in the scale and maturity of our development flywheel," said Asher Genoot, CEO of Hut 8 ( HUT ). "We advanced 1,530 megawatts of capacity from exclusivity into development, underscoring both the depth of our pipeline and the scalability of our platform. Subject to commercialization, this portfolio has the potential to expand our Energy Capacity Under Management to more than 2.5 gigawatts, which would mark a step change in the scale and earnings power of our platform.

"The newest stage of our development pipeline, Energy Capacity Under Development, is designed to bridge origination and monetization, creating greater visibility into late-stage projects that have advanced beyond exclusivity. This designation applies to sites where we are executing critical development activities, including the execution of land and power agreements, site design and infrastructure buildout, and engagement with prospective customers. Energy Capacity Under Development converts to Energy Capacity Under Management as it is commercialized.

"As we build on this momentum, our focus remains on monetizing our Energy Capacity Under Development, which together with our broader pipeline, collectively exceed eight gigawatts of capacity as of quarter-end. Supported by a fortress balance sheet, disciplined capital framework, and diversified platform spanning Power, Digital Infrastructure, and Compute, we are executing from a position of strength. Together, we believe these developments reflect a business with structural advantage, proven commercial velocity, and a long runway for continued growth and value creation at the intersection of energy and technology."