Earnings Release Highlights (Form 8-K)

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Revenue of $83.5 million, net income of $50.6 million, and Adjusted EBITDA of $109.0 million.

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Total Energy Capacity Under Management¹ of 1,020 megawatts (MW) as of September 30, 2025.

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Development pipeline of 8,650 MW as of September 30, 2025, comprising:

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5,865 MW of Energy Capacity Under Diligence²,

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1,255 MW of Energy Capacity Under Exclusivity³, and

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1,530 MW Energy Capacity Under Development⁴.

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Strategic Bitcoin reserve of 13,696 Bitcoin^5,6 with a market value of $1.6 billion as of September 30, 2025.

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Generated $8.4 million in third quarter revenue from Power Generation and Managed Services.

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Announced plans to develop four new sites with more than 1.5 GW of total capacity. Subject to commercialization, the platform has the potential to exceed 2.5 GW of Energy Capacity Under Management¹ across 19 sites. In connection with the expansion, the Company reclassified 1,530 MW of capacity related to these sites from Energy Capacity Under Exclusivity³ into a new category: Energy Capacity Under Development⁴.

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8,650 MW development pipeline comprising 5,865 MW of Energy Capacity Under Diligence², 1,255 MW of Energy Capacity Under Exclusivity³, and 1,530 MW of Energy Capacity Under Development⁴ as of September 30, 2025.

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Generated $5.1 million in third quarter revenue from Colocation services. In addition, $31.2 million of Colocation revenue from the Company's unconsolidated King Mountain Joint Venture is recognized in the "Equity in earnings of unconsolidated joint venture" line item.

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Generated $70.0 million in third quarter revenue from Bitcoin Mining (primarily through the Company's majority-owned subsidiary, American Bitcoin Corp. ("American Bitcoin")), GPU-as-a-Service (through the Company's wholly owned Highrise AI subsidiary), and Data Center Cloud solutions (delivered under the High Performance Computing brand).

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Completed the go-public transaction for American Bitcoin, which began trading on Nasdaq under the ticker symbol "ABTC" following the completion of its stock-for-stock merger with Gryphon Digital Mining, Inc.

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Expanded Bitcoin mining operations by ~14.8 exahash-per-second (EH/s), bringing the Company's total hashrate from ~12.0 EH/s to ~26.8 EH/s⁷, including American Bitcoin's mining operations, which totaled ~25.0 EH/s with an average fleet efficiency of ~16.3 joules per terahash (J/TH) as of September 30, 2025.

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Launched a new $1 billion at-the-market (ATM) equity program and a new $200 million revolver with Two Prime. The Company's prior ATM program was terminated with approximately 40% of capacity unutilized, with shares issued at an average price approximately 50% higher than the average share price during the program, reflecting a disciplined approach to equity issuance.

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Expanded strategic Bitcoin reserve to 13,696 Bitcoin^5,6 held in reserve with a market value of $1.6 billion as of September 30, 2025.

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Since the appointment of new management in February 2024, Hut 8 has benefitted from approximately $986 million in incremental market value and liquidity from its Bitcoin holdings. This includes contributions from Bitcoin price appreciation of $689.2 million, $265 million in new Bitcoin-backed debt capacity at a weighted average cost of capital of 8.2% through credit facilities with Coinbase and Two Prime, and $31.7 million in premiums realized through covered call option strategies; additionally, this excludes additional value that may be realized from structured purchase options with Bitmain.

1.

Comprises all Power assets: Power Generation, Managed Services, ASIC Colocation, CPU Colocation, Bitcoin Mining, Data Center Cloud, and non-operational sites.

2.

Sites identified for large-load use cases such as high-performance computing and Bitcoin mining, industrial applications such as next-generation manufacturing, and other energy-intensive technologies. At this stage, Hut 8 assesses site potential by engaging with utilities, landowners, and other stakeholders to evaluate critical factors, including power availability, infrastructure readiness, fiber connectivity, and overall commercial viability.

3.

Sites where Hut 8 has secured a clear path to ownership through either: (1) an exclusivity agreement that prevents the sale of designated power and/or land capacity to another party or (2) a tendered interconnection agreement, confirming a viable path to securing power and infrastructure for deployment.

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Sites where Hut 8 is actively investing in development and commercialization by executing definitive land and/or power agreements, advancing site design and infrastructure buildout, and engaging with prospective customers.

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Number of Bitcoin in Strategic Reserve includes Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase under an agreement with Bitmain.

6.

As of September 30, 2025, of the 13,696 Bitcoin in Strategic Reserve, 10,278 Bitcoin were held by Hut 8, and 3,418 Bitcoin were held by American Bitcoin. As of September 30, 2024, all 9,106 Bitcoin in Strategic Reserve were held by Hut 8 as American Bitcoin had not yet been launched.

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Starting April, 1, 2025, the Company's Bitcoin mining operations are generally conducted through the American Bitcoin majority-owned subsidiary. As of September 30, 2025, ~25.0 EH/s of the Company's total hashrate of ~26.8 EH/s was owned by American Bitcoin. Of the total hashrate, ~23.7 EH/s was operational as of September 30, 2025, including ~1.8 EH/s held by Hut 8 through its ownership stake in the King Mountain Joint Venture in which the Company has a 50% membership interest and a Fortune 200 renewable energy producer has the remaining 50% membership interest.