The restaurant company owns Taco Bell, KFC and Pizza Hut.
Hut 8 Corp. , a leading North American Bitcoin miner, announced its financial results for the second quarter ending June 30, 2024.
The company reported a net loss of $106.9 million, compared to a net income of $35.2 million in the same period last year. This loss was primarily driven by a $71.8 million loss resulting from the fair value adjustment of its digital assets, reflecting the impact of new Financial Accounting Standards Board rules and a decline in Bitcoin prices.
Hut 8’s revenue for the quarter amounted to $96.1 million, up from $70.2 million in Q2 2023. This growth was mainly attributed to the company's expanding energy and Bitcoin mining operations, which led to an increase in its realized mining revenue.
During the quarter, the company mined 279 Bitcoin, down from 740 in the same period last year, as the company shifted its focus on maximizing cash flow and profitability. The weighted average cost to mine a BTC rose to $26,232, compared to $14,907 in Q2 2023.
The company's operating expenses increased to $126.9 million, compared to $49.3 million in the second quarter of 2023. This rise was mainly due to higher mining costs, administrative expenses and depreciation.
Despite the net loss, the company highlighted the positive aspects of its ongoing restructuring efforts.
“Our results this quarter reflect the ambitious restructuring program we set in motion six months ago,” said Genoot.
“With our strengthened operating foundation and recent advancements in ASIC efficiencies, we believe that now is the right time to upgrade our fleet,” said Asher Genoot, Hut 8's executive chair.
The company's total debt decreased to $234.3 million at the end of June 30, 2024, from $246.8 million at the end of March 31, 2024. Hut 8 had $11.2 million in cash on hand as of June 30, 2024.
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