Hut 8 Corp. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

HUT 8 Mining Corp. Q4 & Full Year 2021 Earnings Summary

Overview: 2021 was a transformative year for HUT 8, marked by NASDAQ listing (first Canadian digital asset miner), surpassing 2 EH/s hash rate, holding over 5,000 BTC in reserve, and acquisition of TeraGo's data center business. The company emphasized its "hurdle strategy" of holding Bitcoin without sales and diversification into data centers/cloud for Web 3.0 infrastructure.

Annual Financial Performance (2021 vs 2020)

  • Revenue: CAD 173.8 million (more than tripled from CAD 40.7 million in 2020), with sequential quarterly increases driven by higher hash rate and Bitcoin price.
  • Mining Revenue: CAD 165.4 million from mining 2,786 BTC at average ~CAD 59,400 per BTC (vs 2,798 BTC at ~CAD 13,900 in 2020).
  • Hosting Revenue: CAD 8.4 million (vs CAD 1.7 million in 2020), benefiting from a second customer onboarded in May 2021.
  • Cost of Revenue: CAD 85 million (vs CAD 59.2 million in 2020), due to higher electricity/site costs from fleet expansion and increased depreciation from CAD 85M+ in new miners; partially offset by extending infrastructure asset life from 4 to 10 years in Q2 2021.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good morning, ladies and gentlemen, and welcome to the Fourth Quarter HUT 8 2021 Earnings Call. My name is Brandon and I'll be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session [Operator Instructions]. Please note this conference is being recorded. I will now turn it over to Shane Downey. And Shane you may begin. Shane Downey: Thank you, and good morning, ladies and gentlemen, and welcome to the 2021 annual earnings call for HUT 8 Mining Corp. I'm joined this morning by Jaime Leverton, CEO of HUT 8. It was a transformative year for the business becoming the first Canadian miner to list its common shares on the NASDAQ, surpassing two exahash and hash rate and well in excess of 5,000 Bitcon held in reserve at the end of 2021. I will run through some short disclaimer language and then jump into a summary of our annual results. I'll then turn things over to Jamie and we'll open it up to Q&A. In addition to the press release issued earlier today, you can find our financial statements, MD&A, and annual information form on SEDAR and shortly on both EDGAR and our website at hut8mining.com. Unless noted otherwise, all amounts referred to are denominated in Canadian dollars. I like to remind you that comments made during this call may include forward-looking statements within the meaning of applicable securities legislation regarding the future performance of Hut 8 Mining Corp. and its subsi

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional