08:22 AM EDT, 05/08/2025 (MT Newswires) -- Hut 8 ( HUT ) on Thursday reported a swing to a first-quarter loss as revenue fell, with both missing forecasts as the company evolves as an integrated energy infrastructure platform.

The data mining company reported a loss of US$134.3 million, or $1.30 per diluted share, compared with a profit of US$240.7 million or US$2.76 per diluted share, in the prior year period. The result missed the consensus analyst estimate of a loss of US$0.11 per share, according to FactSet.

Revenue of $US21.8 million was also below the US$51.7 million in the prior year period and missed the analyst estimate of US$32.2 million.

"The first quarter of 2025 marked significant advances in Hut 8's ( HUT ) evolution as an integrated energy infrastructure platform," said Asher Genoot, chief executive officer.

"As reflected in our results, the first quarter was a deliberate and necessary phase of investment. We believe the returns on this work will become increasingly visible in the quarters ahead.

"Following a period of disciplined investment and execution, including a major upgrade of our ASIC fleet, we launched American Bitcoin, a majority-owned subsidiary of Hut 8 ( HUT ) focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin accumulation. The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing. With approximately 10,800 megawatts of development capacity in our pipeline and 10,264 Bitcoin retained in reserve as of March 31, 2025, we believe we are well-positioned and capitalized for disciplined growth. And through our ownership in American Bitcoin, we have preserved exposure to Bitcoin while establishing a new vehicle purpose-built for shareholder value creation.

"Building on this foundation, we continue to execute against our 2025 roadmap by advancing potential catalysts for topline growth, including the energization of Vega, the initial sitework at River Bend, and the development of our utility-scale power portfolio. We believe these initiatives will further accelerate our ability to generate resilient near-term cash flows while building toward enduring leadership across next-generation digital infrastructure markets."

Hut 8's ( HUT ) shares were last seen up US$0.25, to US$12.91 in U.S. pre-market trading.