Hut 8 Corp.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
HUT$52.65+14.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001558370-25-010631
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001104659-25-105874
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 163 previous paragraphs and 165 current paragraphs.
82 unchanged; 57 reworded; 24 added; 20 removed; 4 previous and 2 current paragraphs rearranged.
Tables are not compared: 23 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
Power constraints
Current report
Expansion into AI infrastructure services and other energy-intensive use cases
Current report
A key factor affecting our performance is our ability to expand into AI infrastructure services and other energy-intensive use cases. We are leveraging our existing development and operational expertise to develop high-density data centers that support GPU-based workloads for enterprise and hyperscale customers and other next-generation, energy-intensive use cases. Success in this area depends on various factors, including our ability to develop future sites, secure and retain customers, manage capital efficiently, and compete effectively in emerging AI markets. While this expansion may increase operating and capital costs and expose us to execution and market risks, management believes our experience in power origination, development, management, and large-scale digital infrastructure development position us to capture long-term growth opportunities in the evolving AI sector and other next-generation, energy-intensive use cases.
Current report
(2) 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.
Current report
Energy Capacity Under Diligence
Current report
Energy Capacity Under Diligence represents sites under active evaluation for large-scale, energy-intensive use cases such as Bitcoin mining, HPC, industrial applications, next-generation manufacturing, and other energy-intensive technologies. At this stage, we engage with utilities, landowners, and other stakeholders to assess critical factors including power availability, infrastructure readiness, fiber connectivity, and overall commercial viability. This metric allows management to better understand our potential opportunities, allowing us to remain selective in our investment decisions while positioning us to respond to market demand signals and emerging opportunities. Energy Capacity Under Diligence as of September 30, 2025 was 5,865 MW compared to 5,553 MW as of September 30, 2024.
Current report
Energy Capacity Under Exclusivity
Current report
Energy Capacity Under Exclusivity represents sites where we have secured a clear path to ownership through either: (i) an exclusivity agreement restricting the sale or use of designated power and/or land capacity by other parties; or (ii) a tendered interconnection agreement, confirming a viable path to securing power and infrastructure for deployment. Management monitors Energy Capacity Under Exclusivity to evaluate potential near-term opportunities prior to making additional investment commitments. Energy Capacity Under Exclusivity as of September 30, 2025 was 1,255 MW compared to 1,458 MW as of September 30, 2024.
Current report
Energy Capacity Under Development
Current report
Energy Capacity Under Development represents sites where we are actively investing in development and commercialization by executing definitive land and/or power agreements, progressing infrastructure design and buildout, and engaging with prospective customers. This phase is monitored by management as it represents the projects that are closest to commencing construction. Energy Capacity Under Development as of September 30, 2025 was 1,530 MW compared to 205 MW as of September 30, 2024. The increase was driven by an increase of 1,325 MW in capacity advancing from exclusivity to development, including 300 MW from our River Bend site, partially offset by 205 MW of energy capacity at our Vega site. Our Vega site advanced from development to the management phase upon energization during the second quarter of 2025.
Current report
In the second quarter of 2025, all four of the power plants were awarded five-year capacity contracts with IESO. The contracts were awarded to the Far North JV following successful bids submitted into the competitive IESO Medium-Term 2 (“MT2”) capacity auction and will commence on May 1, 2026. The contracts include a weighted average capacity payment of approximately CAD $530 per MW-business day in Year 1 with partial inflation indexation that allows for potential increases over time.
Current report
On August 5, 2025, pursuant to the Put Option Agreement, we assigned our option to purchase up to approximately 17,280 Bitmain Antminer U3S21EXPH ASIC miners (collectively, the “Bitmain Miners”), representing a total of approximately 14.86 EH/s, to American Bitcoin. American Bitcoin exercised the option on August 5, 2025 and entered into an On-Rack Sales and Purchase Agreement (the “ABTC Bitmain Purchase Agreement”) with Bitmain to purchase the Bitmain Miners in one or more tranches for a total purchase price of up to approximately $320.0 million, not including any applicable tariffs, duties or similar charges.
Current report
Concurrently with the execution of the ABTC Bitmain Purchase Agreement, American Bitcoin purchased 16,299 of the Bitmain Miners, representing a total of approximately 14.02 EH/s, for a total purchase price of approximately $314 million, paid through the pledge of Bitcoin at a mutually agreed upon fixed price. Such purchase price was reduced by the application of a deposit and certain expenses of approximately $46.0 million we previously paid to Bitmain and which American Bitcoin has agreed to repay us on or prior to December 31, 2025. In September 2025, American Bitcoin purchased the remaining 981 Bitmain Miners for a total purchase price of $18.9 million, also paid through the pledge of Bitcoin at a mutually agreed upon fixed price. In October 2025, American Bitcoin pledged additional Bitcoin at a mutually agreed upon fixed price, and Bitmain refunded the $46.0 million comprising of the deposit and certain expenses to us satisfying American Bitcoin’s repayment obligation. The Bitcoin pledged under the ABTC Bitmain Purchase Agreement has a redemption period of approximately 24 months from each pledge date.
Current report
Digital Infrastructure revenue was $5.1 million and $3.9 million for the three months ended September 30, 2025 and 2024, respectively. This $1.2 million increase was driven by a $1.2 million increase in ASIC Colocation revenue under our colocation agreement with Bitmain as a result of the energization of our Vega site in June 2025. Over August and September 2025, American Bitcoin exercised the option under the ABTC Bitmain Purchase Agreement to purchase all of the Bitmain Miners at our Vega site. Concurrently with American Bitcoin’s initial option exercise, we entered into a service order with American Bitcoin under the CSA for the Bitmain Miners at our Vega site, and our colocation agreement with the Bitmain ceased in September 2025. We generate intercompany revenue under the CSA between us and American Bitcoin, which is eliminated upon consolidation.
Current report
Depreciation and amortization expense was $27.8 million and $10.5 million for the three months ended September 30, 2025 and 2024, respectively. The $17.3 million increase in depreciation was primarily caused by increases in depreciation of (i)$10.8 million in Bitcoin miners owned by American Bitcoin deployed at our Alpha, Medicine Hat, Salt Creek, and Vega sites, (ii)$3.7 million in mining infrastructure primarily due to the Vega site infrastructure being put into service, and (iii) $2.2 million in AI GPUs due to the launch ofour GPU-as-a-Service offering in September 2024.
Current report
Other income (expense)
Current report
Nine Months Ended September 30, 2025 and 2024
Current report
Compute cost of revenue was $50.2 million and $35.2 million for the nine months ended September 30, 2025 and 2024, respectively. This $15.0 million increase was primarily driven by a $14.1 million increase in Bitcoin mining costs due to increased uptime as American Bitcoin began mining at the Vega site during the quarter ended September 30, 2025, and an increase in the power cost per megawatt hour from $41.45 for the nine months ended September 30, 2024 to $43.26 for the nine months ended September 30, 2025. Additionally, there was a $2.1 million increase in costs related to our GPU-as-a-Service offering that launched in September 2024. The increase was partially offset by a $1.2 million decrease in costs related to Data Center Cloud due to customer churn.
Current report
Depreciation and amortization expense** was$62.2 million and $33.5 million for the nine months ended September 30, 2025 and **2024, respectively. The increase of$28.7 million was primarily driven by (i) a $13.9 million increase in Bitcoin miners deployed at our Medicine Hat, Salt Creek and Vega sites, (ii) a $6.4 million increase in AI GPUs following the launch of our GPU-as-a-Service platform in September 2024, (iii) a $5.5 million increase in mining infrastructure primarily due to the Vega site infrastructure being put into service, and (iv) a $2.2 million increase in power plants through the Far North JV.
Current report
Other income (expense)
Current report
In August 2025, we borrowed the remaining $65.0 million of the available capacity under our Credit Agreement with Coinbase Credit, Inc. (as amended, the “Coinbase Credit Agreement”) to bring our total borrowed amount to $130.0 million.
Current report
On August 25, 2025, we entered into the Two Prime Credit Agreement, which provides for a revolving credit facility of up to $200.0 million. Amounts borrowed under the Two Prime Credit Agreement bear interest at a fixed rate equal to 7.99% per annum. The facility matures 364 days after the date of the first borrowing. We may repay any outstanding amounts borrowed, in whole or in party, without premium or penalty, at any time prior to the Maturity Date. On or prior to a drawdown, we are required to pledge, as collateral, Bitcoin with a custodian to be held in a segregated custody account under our ownership, such that the initial margin ratio of principal outstanding amount of the loan and the fair value of collateral is equal to or greater than 160%. If the value of the collateral under the credit facility decreased past a specified margin, we may be required to post additional Bitcoin as collateral. As of September 30, 2025, we have not borrowed any amount under the Two Prime Credit Agreement.
Current report
On August 22, 2025, we established our $1.0 billion 2025 ATM, which replaced our prior $500 million 2024 ATM program that launched on December 4, 2024. As of August 22, 2025, prior to its termination, we had issued and sold shares under the 2024 ATM for gross proceeds of $299.4 million at a weighted average price of $27.83 per share. For reference, our average share price from commencement of the 2024 ATM until August 22, 2025 was $18.61 per share. As of September 30, 2025, we issued and sold 635,659 shares under the 2025 ATM for gross proceeds of $22.9 million at a weighted average issuance price of $35.97 per share. For reference, our average share price from commencement of the 2025 ATM through September 30, 2025 was $31.04 per share.
Current report
On September 3, 2025, American Bitcoin established a $2.1 billion at-the-market equity program (the “American Bitcoin 2025 ATM”). As of September 30, 2025, American Bitcoin issued and sold 11,017,341 shares of Class A common stock under the American Bitcoin 2025 ATM for gross proceeds of $90.0 million at a weighted average issuance price per share of $8.17.
Removed paragraphs (20)
Previous report
Power Costs
Previous report
Energy cost per MWh
Previous report
Our management reviews the energy cost per MWh to better understand cost efficiency, operational performance, and identify opportunities for overall profitability improvements. Energy cost per MWh is calculated by dividing our total energy expense by the total MWh utilized at our facilities during the respective periods and includes our net share of a 50/50 joint venture for a site with a facility in McCamey, Texas (the “King Mountain JV”).
Previous report
Energy cost per MWh for the three months ended June 30, 2025 was $39.82 compared to $31.71 for the three months ended June 30, 2024. The increase was primarily due to an increase in emission credit purchases, which we purchase in order to offset the emissions from our energy consumption, as well as an uptick in MWhs consumed and higher power prices during the three months ended June 30, 2025.
Previous report
Energy cost per MWh for the six months ended June 30, 2025 was $44.39 compared to $35.40 for the six months ended June 30, 2024, and the increase was primarily due to fixed transmission and distribution charges at our Medicine Hat site that continued during downtime while fleet upgrades occurred, as well as higher seasonal pricing at our sites located in Texas.
Previous report
Digital Infrastructure revenue was $1.5 million and $5.3 million for the three months ended June 30, 2025 and 2024, respectively. This $3.8 million decrease was primarily driven by a $3.8 million decrease in ASIC Colocation revenue as a result of the termination of our colocation agreement with Ionic during the fourth quarter of 2024.
Previous report
Other (expense) income
Previous report
Six Months Ended June 30, 2025 and 2024
Previous report
Other
Previous report
Compute cost of revenue was $28.1 million and $26.4 million for the six months ended June 30, 2025 and 2024, respectively. This $1.7 million increase was primarily driven by a $1.7 million increase in costs related to our new GPU-as-a-Service offering, launched in September 2024.
Previous report
Other
Previous report
Depreciation and amortization expense was $34.4 million and $23.0 million for the six months ended June 30, 2025 and 2024, respectively. The $11.4 million increase was primarily driven by increased depreciation as a result of our fleet upgrade. Additionally, there was increased AI GPU depreciation due to launching the GPU-as-a-Service offering in September 2024.
Previous report
Other expense (income)
Previous report
On December 4, 2024, we entered into a Controlled Equity Offering Sales Agreement establishing an at-the-market offering, allowing us to offer and sell up to $500.0 million of our common stock from time to time (the “2024 ATM”). Concurrently, we launched a $250.0 million stock repurchase program enabling us to repurchase up to 4,683,936 shares of our common stock (representing 5.0% of our issued and outstanding common stock as of December 4, 2024) within twelve months of launch.
Previous report
In June 2025, American Bitcoin sold and issued 11,002,954 shares of its Class A common stock for aggregate gross proceeds in cash and Bitcoin of $220.1 million, and aggregate net proceeds of approximately $215.3 million after deducting certain fees and expenses incurred in connection with the issuance, including aggregate commissions of $4.8 million. $10.0 million worth of the shares were sold for consideration of Bitcoin in lieu of cash at an exchange rate of one Bitcoin to $104,000. In July 2025, American Bitcoin used $200.0 million of these proceeds to purchase approximately 1,677 Bitcoin at an average price of approximately $119,280.
Previous report
In June 2025, we amended our Credit Agreement with Coinbase to, among other things: (i) extend the final maturity date to June 16, 2026; (ii) increase the principal amount by up to $65.0 million of additional borrowings available through July 30, 2025, if any, resulting in a total principal amount of up to $130.0 million; (iii) modify the interest rate such that amounts that are borrowed will bear interest at a rate equal to 9.0%; and (iv) remove the right for Coinbase to receive an early termination fee for any repayment or prepayment by the Company prior to the final maturity date.
Previous report
During the six months ended June 30, 2025, we issued and sold 4,205,019 shares of our common stock under the 2024 ATM for gross proceeds of $113.1 million, incurred issuance costs of $1.1 million, and repurchased nil shares of our common stock under the stock repurchase program.
Previous report
During the period from July 1, 2025 to August 6, 2025, the Company issued and sold 1,000,000 shares of its common stock under the 2024 ATM for gross proceeds of $21.1 million and incurred issuance costs of $0.2 million.
Previous report
Regulatory Update
Previous report
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law, which includes a broad range of tax reform provisions, including extending and modifying certain key Tax Cuts and Jobs Act provisions (both domestic and international), and provisions allowing accelerated tax deductions for qualified property and research expenditures. We are currently evaluating the potential impacts that the OBBBA may have on our financial position.
Reworded paragraphs (57)
Previous wording
Hut 8 is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin Mining and HPC. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Beginning April 1, 2025, Bitcoin Mining operations reported under our Compute segment generally operate through our majority owned subsidiary, American Bitcoin Corp. (“American Bitcoin”).
Current wording
Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. As of September 30, 2025, our platform spanned 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta; 1,530 megawatts of energy under development across four sites in Louisiana, Texas, and Illinois; 1,255 megawatts of energy capacity under exclusivity; and 5,865 megawatts of energy capacity under diligence.
Previous wording
Power is the foundation of our platform. We acquire, develop, and manage critical energy assets such as interconnects, powered land, and other electrical infrastructure to address the load demands of energy-intensive applications such as Bitcoin mining and HPC. We currently maintain a portfolio which has access to competitively priced electrical power based on the regions in which we operate. However, there is no guarantee that we will be able to procure additional power on similar terms, or at all. Market prices for power, capacity, and other ancillary services are unpredictable and tend to fluctuate substantially. See “Risk Factors—Risks Related to Our Business and Operations—We are subject to risks associated with our need for significant electrical power” in the Annual Report.
Current wording
Access to energy is a key factor affecting our ability to meet growing demand for HPC, AI, and Bitcoin mining and to scale our digital infrastructure platform. Power is the foundation of our operations. We acquire, develop, and manage critical energy assets such as interconnects, powered land, and other electrical infrastructure to address the load demands of energy-intensive applications. As competition for power intensifies, our performance depends on originating, commercializing, and optimizing energy capacity at scale. We believe our experience in power origination, infrastructure design, and load optimization positions us to manage these constraints and support continued growth. Our portfolio currently provides access to competitively priced electrical power in the regions where we operate; however, there is no guarantee that we will be able to procure additional power on similar terms, or at all. Market prices for power, capacity, and ancillary services are unpredictable and tend to fluctuate substantially. See “Risk Factors—Risks Related to Our Business and Operations—We are subject to risks associated with our need for significant electrical power” in the Annual Report.
Previous wording
Our business is heavily dependent on the price of Bitcoin, which has historically experienced significant volatility. We generate revenue from Bitcoin rewards that we earn through mining in our facilities. We have also acquired, and may in the future acquire, additional Bitcoin through at-market purchases to build our strategic reserve of Bitcoin. Under ASU 2023-08,Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), Bitcoin is revalued at fair value at the end of each reporting period, with changes in fair value recognized in net income. As a result, fluctuations in the price of Bitcoin may significantly impact our results of operations.
Current wording
Our business is heavily dependent on the price of Bitcoin, which has historically experienced significant volatility. We hold a significant amount of Bitcoin in our strategic reserve and have also acquired, and may in the future acquire, additional Bitcoin through at-market purchases. Furthermore, American Bitcoin is a Bitcoin accumulation platform, and its results are consolidated in our financials. In addition, we generate revenue from Bitcoin rewards that are earned through mining operations at our facilities, the majority of which are conducted through American Bitcoin. Under ASU 2023-08,Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), Bitcoin is revalued at fair value at the end of each reporting period, with changes in fair value recognized in net income. As a result, fluctuations in the price of Bitcoin may significantly impact our results of operations.
Previous wording
Our business is not only impacted by the volatility in Bitcoin prices, but also by increases in the competition for Bitcoin production. This increased competition is described as the network hashrate resulting from the growth in the overall quantity and quality of miners working to solve blocks on the Bitcoin blockchain, and the difficulty index associated with the secure hashing algorithm employed in solving the blocks. Increased difficulty reduces the mining proceeds of the equipment proportionally and eventually requires Bitcoin miners like us to upgrade their equipment to remain profitable and compete effectively with other miners. Conversely, a decline in network hashrate results in a decrease in difficulty, increasing mining proceeds and profitability.
Current wording
Our business is not only impacted by the volatility in Bitcoin prices, but also by increases in the competition for Bitcoin production, specifically for Bitcoin mining. This increased competition is described as the network hashrate resulting from the growth in the overall quantity and quality of miners working to solve blocks on the Bitcoin blockchain, and the difficulty index associated with the secure hashing algorithm employed in solving the blocks. Increased difficulty reduces the mining proceeds of the equipment proportionally and eventually requires Bitcoin miners like American Bitcoin, to upgrade their equipment to remain profitable and compete effectively with other miners. Conversely, a decline in network hashrate results in a decrease in difficulty, increasing mining proceeds and profitability.
Previous wording
The current Bitcoin reward for solving a block is 3.125 Bitcoin. The Bitcoin network is programmed such that the Bitcoin block reward is halved every 210,000 blocks mined, or approximately every four years. This reduction in reward spreads out the release of Bitcoin over a long period of time as fewer Bitcoin are mined with each halving event. Bitcoin halving events impact the number of Bitcoin that we generally mine through American Bitcoin which, in turn, may have a potential impact on our results of operations. The last halving event occurred in April 2024, and the next halving event is expected to occur in 2028.
Current wording
The current Bitcoin reward for solving a block is 3.125 Bitcoin. The Bitcoin network is programmed such that the Bitcoin block reward is halved every 210,000 blocks mined, or approximately every four years. This reduction in reward spreads out the release of Bitcoin over a long period of time as fewer Bitcoin are mined with each halving event. Bitcoin halving events impact the number of Bitcoin that we mine, including through American Bitcoin which, in turn, may have a potential impact on our results of operations. The last halving event occurred in April 2024, and the next halving event is expected to occur in 2028.
Previous wording
The following table presents our key performance indicators for the three and six months ended June 30, 2025 and 2024.
Current wording
The following table presents our key performance indicators as of September 30, 2025 and 2024.
Previous wording
Energy capacity under management as of June 30, 2025 was 1,020 MW compared to 1,117 MW as of June 30, 2024. The decrease was due to the loss of our Managed Services contract with Ionic for five sites that consisted of 302 MW, partially offset by the addition of our Vega site, which has 205 MW of nameplate capacity.
Current wording
Energy Capacity Under Management comprises all Power assets: Power Generation, Managed Services, ASIC Colocation, CPU Colocation, Bitcoin Mining, Data Center Cloud, and non-operational sites. Management reviews this metric to assess total energy capacity utilization across our operations to drive an efficient allocation of resources. Energy Capacity Under Management as of September 30, 2025 was 1,020 MW compared to 1,117 MW as of September 30, 2024. The decrease was due to the termination of our Managed Services contract with Ionic for five sites that consisted of 302 MW partially offset by the energization of our 205 MW Vega site.
Previous wording
Number of Bitcoin in strategic reserve represents the number of Bitcoin we own as of each reporting period end date, which is the aggregate number of our Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase. We have the ability to leverage our Bitcoin in strategic reserve as a flexible financial asset to fund growth initiatives, optimize our balance sheet, and capitalize on emerging market opportunities. Our management uses this metric to assess the value of our Bitcoin in strategic reserve and determine when and how to deploy said reserve, including whether to continue to hold the Bitcoin. As of June 30, 2025, we had 10,667 Bitcoin in strategic reserve compared to 9,102 Bitcoin held in strategic reserve as of June 30, 2024. The increase was attributable to additional Bitcoin mined over the year as well as an at-market purchase of Bitcoin in December 2024. As of June 30, 2025, of the 10,667 in our strategic reserve, 404 Bitcoin was held by American Bitcoin.
Current wording
Number of Bitcoin in Strategic Reserve represents the number of Bitcoin we own as of each reporting period end date, which is the aggregate number of our Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase, including at American Bitcoin. We have the ability to leverage our Bitcoin in strategic reserve as a flexible financial asset to fund growth initiatives, optimize our balance sheet, and capitalize on emerging market opportunities. Our management uses this metric to assess the value of our Bitcoin in Strategic Reserve and determine when and how to deploy said reserve, including whether to continue to hold the Bitcoin. In addition, as a Bitcoin accumulator, this metric is especially important for evaluating the performance of American Bitcoin. As of September 30, 2025, we had 13,696 Bitcoin in Strategic Reserve, comprising 10,278 Bitcoin held by Hut 8 and 3,418 Bitcoin held by American Bitcoin, compared to 9,106 Bitcoin held in Strategic Reserve by Hut 8 as of September 30, 2024. The increase was attributable to additional Bitcoin mined and purchased over the year, including through American Bitcoin.
Previous wording
In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss), adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on sale of property and equipment, gain or loss on derivatives, gain or loss on other financial liability, the removal of non-recurring transactions, asset contribution costs, loss from discontinued operations, (income) loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons our Board and management team consider them appropriate for supplemental analysis.
Current wording
In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income, adjusted for impacts of interest expense, income tax provision, depreciation and amortization, gain on debt extinguishment, our share of unconsolidated joint venture depreciation and amortization, net of basis adjustments, foreign exchange gain or loss, gain or loss on sale of property and equipment, gain on derivatives, gain or loss on other financial liability, gain on warrant liability, the removal of non-recurring transactions, asset contribution costs, loss from discontinued operations, net of taxes, income or loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons our Board and management team consider them appropriate for supplemental analysis.
Previous wording
We generate revenue from our 80.1% interest in a joint venture between us and Macquarie, which provides capacity and energy to the electrical grid through four natural gas power plants in Ontario, Canada that were acquired in February 2024 (the “Far North JV”). The power generation facilities are connected to the Independent Electricity System Operator, which operates Ontario’s power grid, and primarily generate revenue from capacity and electricity sales. Revenue generated from capacity and electricity sales is variable and depends on several factors, including generation capacity in the market, the supply and demand for electricity, and the prevailing price of natural gas.
Current wording
We generate revenue from our 80.1% interest in a joint venture with Macquarie Group Limited (“Macquarie”), a global financial services and infrastructure investment firm, which provides capacity and energy to the electrical grid through four natural gas power plants in Ontario, Canada (the “Far North JV”). The power generation facilities were acquired in February 2024 and are connected to the Independent Electricity System Operator (“IESO”), which operates Ontario’s power grid. The power generation assets primarily generate revenue from capacity payments and electricity sales, both of which are variable and depend on several factors, including generation capacity in the market, the supply and demand for electricity, and the prevailing price of natural gas.
Previous wording
Cash flows are generated through a fee structure that is typically fixed based on power capacity under management, with reimbursement of passthrough costs. In addition to the fixed fee, under certain agreements, further cash flows may be driven from incentive bonuses and certain energy management services.
Current wording
Cash flows in our Managed Services business are generated through a fee structure that is typically fixed based on power capacity under management, with reimbursement of passthrough costs. In addition to the fixed fee, under certain agreements, further cash flows may be driven from incentive bonuses and certain energy management services.
Previous wording
Starting April 1, 2025, we began operating as the exclusive provider of managed services to American Bitcoin via the execution of a Master Managed Services Agreement (“MSA”). Under the MSA, we provide American Bitcoin with management, oversight, strategy, compliance, operational, and the other services for American Bitcoin’s mining operations colocated at our facilities. The fee structure includes a fixed monthly fee based on the power capacity of each facility, as well as designated site level reimbursements. As American Bitcoin is a consolidated subsidiary, all fees under the MSA are eliminated in consolidation.
Current wording
Starting April 1, 2025, we began operating as the exclusive provider of managed services to American Bitcoin via the execution of a Master Managed Services Agreement (“MSA”). Under the MSA, we provide American Bitcoin with management, oversight, strategy, compliance, operational, and the other services for American Bitcoin’s mining operations colocated at our facilities. The fee structure typically consists of (i) a fixed fee of $1.250/kW-month based on the power capacity of each facility, as well as (ii) designated site level reimbursements. As American Bitcoin is a consolidated subsidiary, all fees under the MSA are eliminated in consolidation.
Previous wording
During the fourth quarter of 2024, our agreement with Ionic Digital Inc. (“Ionic”) to host approximately 8,500 miners (0.8 EH/s) at our Alpha site was terminated. As a result, we ceased providing ASIC Colocation services at Alpha and utilize the site solely for self-mining purposes.
Current wording
During the fourth quarter of 2024, our agreement with Ionic Digital Inc. (“Ionic”) to host approximately 8,500 miners (0.8 EH/s) at our Alpha site was terminated. As a result, we ceased providing ASIC Colocation services at Alpha and utilized the site solely for self-mining purposes.
Previous wording
Starting April 1, 2025, we began operating as the exclusive provider of ASIC colocation services to American Bitcoin via the execution of a Master Colocation Services Agreement (“CSA”). Under the CSA, we provide ASIC colocation services for American Bitcoin’s miners at our facilities. The fee structure typically includes a fixed monthly fee based on the power capacity of each facility, as well as infrastructure related site level reimbursements. As American Bitcoin is a consolidated subsidiary, all fees under the CSA are eliminated in consolidation.
Current wording
Starting April 1, 2025, we began operating as the exclusive provider of ASIC colocation services to American Bitcoin via the execution of a Master Colocation Services Agreement (“CSA”). Under the CSA, we provide ASIC colocation services for American Bitcoin’s miners at our facilities. The fee structure typically includes (i) a fixed monthly fee that targets a 25% yield on cost of each facility as of the start of the specific service order under the CSA, subject to an annual increase, as well as (ii) infrastructure-related site level reimbursements. As American Bitcoin is a consolidated subsidiary, all fees under the CSA are eliminated in consolidation.
Previous wording
During 2024, we entered into a new ASIC Colocation contract with BITMAIN. The agreement features a fixed hosting fee with an option for us to purchase all or a portion of the hosted machines in up to three tranches at a fixed price within six months of energization of the relevant tranches. BIMAIN miners will be hosted at our Vega site, which completed its first energization at the end of June 2025.
Current wording
During 2024, we entered into an ASIC Colocation contract with Bitmain Technologies Georgia Limited (“Bitmain”) to host miners at our Vega site. The agreement featured a fixed hosting fee with an option for us to purchase all or a portion of the hosted machines in up to three tranches at a fixed price within six months of energization of the relevant tranches. We completed energization of the miners during June and July 2025. In August 2025, pursuant to our Put Option Agreement with American Bitcoin entered into on March 31, 2025 (the “Put Option Agreement”), we assigned our option to purchase the hosted machines to American Bitcoin. In August 2025, American Bitcoin exercised this option to purchase all of the Bitmain miners hosted at the Vega site, where we then began to provide ASIC colocation services to American Bitcoin under the CSA.
Previous wording
Our Bitcoin Mining business spanned four sites as of June 30, 2025:
Current wording
Our Bitcoin Mining business spanned five sites as of September 30, 2025:
Previous wording
Until April 30, 2024, we also had Bitcoin Mining operations hosted at Kearney, Nebraska and Granbury, Texas. We also previously mined Bitcoin at a site in Drumheller, Alberta, which has been non-operational since March 2024. The closure was due to the site’s lack of profitability as a result of several factors, mostly elevated energy costs and underlying voltage issues. We will consider re-energizing Drumheller if market conditions improve.
Current wording
Until April 30, 2024, we also had Bitcoin Mining operations hosted at sites in Kearney, Nebraska and Granbury, Texas. We also previously mined Bitcoin at a site in Drumheller, Alberta, which has been non-operational since March 2024. The closure was due to the site’s lack of profitability as a result of several factors, mostly elevated energy costs and underlying voltage issues. We will consider re-energizing Drumheller if market conditions improve.
Previous wording
During February and March 2025, our mining activity was reduced due to a planned fleet upgrade, which was completed on April 4, 2025. During the quarter ended June 30, 2025, the fleet upgrade resulted in higher efficiency Antminer S21+ miners which improved Bitcoin Mining operations.
Current wording
During February and March 2025, our mining activity was reduced due to a planned fleet upgrade, which was completed on April 4, 2025. The fleet upgrade resulted in higher efficiency Antminer S21+ miners at our Salt Creek and Medicine Hat sites, which improved Bitcoin Mining operations.
Previous wording
On March 31, 2025, we launched American Bitcoin. Beginning April 1, 2025, Bitcoin Mining operations previously reported under our Compute segment remain under this segment but operate generally through the American Bitcoin brand.
Current wording
On March 31, 2025, we launched American Bitcoin. Beginning April 1, 2025, Bitcoin Mining operations previously reported under our Compute segment remain under this segment but operate generally through our majority-owned subsidiary, American Bitcoin.
Previous wording
Our Data Center Cloud services support both public and private cloud deployments, managed backup, business continuity and disaster recovery services, and high-performance, high-capacity storage solutions. We employ a consumption-based fee structure where customers commit to a baseline level of compute, storage, network, or power usage as defined in their service agreements. Any usage beyond this baseline is typically billed incrementally, so costs are aligned with actual resource consumption and customers are afforded flexibility as their needs evolve.
Current wording
Our Data Center Cloud services support both public and private cloud deployments, managed backup, business continuity and disaster recovery services, and high-performance, high-capacity storage solutions at our five HPC locations across Canada. We employ a consumption-based fee structure where customers commit to a baseline level of compute, storage, network, or power usage as defined in their service agreements. Any usage beyond this baseline is typically billed incrementally, so costs are aligned with actual resource consumption and customers are afforded flexibility as their needs evolve.
Previous wording
(1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 9.Investments in unconsolidated joint ventureof our Unaudited Condensed Consolidated Financial Statements for further detail.
Current wording
(1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income in accordance with ASC 323. See Note 10.Investments in unconsolidated joint ventureof our Unaudited Condensed Consolidated Financial Statements and the King Mountain JV section below for further detail.
Previous wording
(2) Non-recurring transactions for the three months ended June 30, 2025 primarily represent approximately $3.5 million of American Bitcoin related transaction costs, and $0.2 million of restructuring costs. Non-recurring transactions for the three months ended June 30, 2024 represent approximately $1.5 million of miner relocation costs, $0.7 million of restructuring costs, offset by a $2.2 million tax refund.
Current wording
(2)Non-recurring transactions for the three months ended September 30, 2025 primarily represent approximately $2.9 million of American Bitcoin related transaction costs. Non-recurring transactions for the three months ended September 30, 2024 represent a $13.5 million contract termination fee received from MARA Holdings and a release of relocation fees that were over-accrued in the prior period.
Previous wording
Total revenue for the three months ended June 30, 2025 and 2024 was $41.3 million and $35.2 million, respectively, and consisted of Power, Digital Infrastructure, Compute, and Other.
Current wording
Total revenue for the three months ended September 30, 2025 and 2024 was $83.5 million and $43.7 million, respectively, and consisted of Power, Digital Infrastructure, and Compute.
Previous wording
Power revenue was $5.5 million and $10.5 million for the three months ended June 30, 2025 and 2024, respectively. This $5.0 million decrease was primarily driven by a $7.8 million decrease in Managed Services revenue due to the termination of the Ionic managed services agreement in December 2024. This decrease was partially offset by a $2.8 million increase in electricity sales through the Far North JV due to an increase in electricity demand in the current year period.
Current wording
Power revenue was $8.4 million and $26.2 million for the three months ended September 30, 2025 and 2024, respectively. This $17.8 million decrease was primarily driven by a $19.7 million decrease in Managed Services revenue due to the termination of the Ionic managed services agreement in December 2024. This decrease was partially offset by a $1.9 million increase in electricity sales through the Far North JV due to an increase in electricity demand in the current year period. We generate intercompany revenue under the MSA between us and American Bitcoin, which is eliminated upon consolidation.
Previous wording
Compute revenue was $34.3 million and $15.8 million for the three months ended June 30, 2025 and 2024, respectively. This $18.5 million increase was primarily driven by a $16.4 million increase in Bitcoin Mining revenue (which is under American Bitcoin beginning April 1, 2025), largely due to increased mining efficiencies at our Medicine Hat and Salt Creek sites as a result of our fleet upgrade, which not only involved the installation of higher-efficiency machines, but also targeted infrastructure upgrades at our sites to support higher rack-level power density. The fleet upgrade led to an increase in the number of Bitcoin mined (308 Bitcoin mined during the three months ended June 30, 2025 versus 212 Bitcoin mined during the three months ended June 30, 2024). Additionally, there was an increase in the average revenue per Bitcoin mined from $65,731 to $98,425 due to an increase in the price of Bitcoin. The increase was also driven by a $2.3 million increase in revenue from our GPU-as-a-Service offering, which launched in September 2024. These increases were partially offset by a $0.2 million decrease in revenue from our Data Center Cloud operations.
Current wording
Compute revenue was $70.0 million and $13.7 million for the three months ended September 30, 2025 and 2024, respectively. This $56.3 million increase was primarily driven by a $54.3 million increase in Bitcoin Mining revenue (which business is generally conducted under American Bitcoin), largely due to increased mining efficiencies at our Medicine Hat and Salt Creek sites as a result of our fleet upgrade, which not only involved the installation of higher-efficiency machines, but also targeted infrastructure upgrades at our sites to support higher rack-level power density. Additionally, American Bitcoin’s purchase of the Bitmain Miners at the Vega site under the ABTC Bitmain Purchase Agreement in August and September 2025 added an additional 14.86 EH/s to American Bitcoin’s mining fleet. Both of these factors led to an increase in Bitcoin mined (578 Bitcoin mined during the three months ended September 30, 2025, 563 of which were mined by American Bitcoin, versus 190 Bitcoin mined during the three months ended September 30, 2024). Additionally, there was an increase in the average revenue per Bitcoin mined from $61,100 to $114,121 due to an increase in the price of Bitcoin. The increase was also driven by a $2.6 million increase in revenue from our GPU-as-a-Service offering, Highrise AI, which launched in September 2024. These increases were partially offset by a $0.5 million decrease in revenue from our Data Center Cloud operations due to customer churn.
Previous wording
Total cost of revenue was $21.8 million and $20.6 million for the three months ended June 30, 2025 and 2024, respectively, and consisted of Power, Digital Infrastructure, Compute, and Other.
Current wording
Total cost of revenue was $32.3 million and $17.6 million for the three months ended September 30, 2025 and 2024, respectively, and consisted of Power, Digital Infrastructure, and Compute.
Previous wording
Power cost of revenue was $5.0 million and $5.4 million for the three months ended June 30, 2025 and 2024, respectively. The cost of revenue decreased, primarily due to a decrease in our Managed Services related operating costs of $2.3 million due to the termination of our Ionic managed services agreement in December 2024, partially offset by a $1.9 million increase in cost of revenue related to the increased electricity sales by the Far North JV in the quarter.
Current wording
Power cost of revenue was $6.5 million and $5.0 million for the three months ended September 30, 2025 and 2024, respectively. The cost of revenue increased primarily due to a $3.6 increase in cost of revenue related to electricity sales by the Far North JV driven by an increase in electricity demand in the quarter. This increase was partially offset by a decrease in our Managed Services-related operating costs of $2.1 million due to the termination of our Managed Services agreement with Ionic in December 2024.
Previous wording
Digital Infrastructure cost of revenue was $3.7 million and $9.0 million for the six months ended June 30, 2025 and 2024, respectively. This $5.3 million decrease was primarily driven by a $6.0 million decrease in ASIC Colocation cost of revenue as a result of the termination of our colocation agreement with Ionic during the fourth quarter of 2024, partially offset by a $0.7 million increase in the cost of revenue related to CPU Colocation operations due to higher electricity and connectivity costs.
Current wording
Digital Infrastructure cost of revenue was $3.8 million and $3.7 million for the three months ended September 30, 2025 and 2024, respectively. This $0.1 million increase was primarily driven by a $0.1 million increase in the cost of revenue related to CPU Colocation operations due to higher electricity and connectivity costs.
Previous wording
Compute cost of revenue was $14.6 million and $8.7 million for the three months ended June 30, 2025 and 2024, respectively. This $5.9 million increase was primarily driven by a $5.2 million increase in the cost of revenue related to Bitcoin Mining* *primarily due to the increased uptime and an increase in the cost per megawatt hour from $32.76 to $41.91. Additionally, there was a $0.7 million increase in costs of revenues related to our new GPU-as-a-Service offering, which launched in September 2024.
Current wording
Compute cost of revenue was $22.0 million and $8.9 million for the three months ended September 30, 2025 and 2024, respectively. This $13.1 million increase was primarily driven by a $13.0 million increase in the cost of revenue related to Bitcoin Mining (which is generally conducted under American Bitcoin),* *primarily due to the increased consumption resulting from additional miners operating at our sites, increased uptime of those miners, and an increase in the power cost per megawatt hour from $28.40 for the three months ended September 30, 2024 compared to $39.89 for the three months ended September 30, 2025. Additionally, there was a $0.4 million increase in costs of revenues related to our GPU-as-a-Service offering, which launched in September 2024. These increases were partially offset by a $0.3 million decrease in cost of revenues from our Data Center Cloud operations due to customer churn.
Previous wording
General and administrative (“G&A”) expenses were $30.1 million and $17.9 million for the three months ended June 30, 2025 and 2024, respectively. The $12.2 million increase in G&A expenses was driven by: (i) a $3.5 million increase in transaction costs related to ABTC Merger transaction costs, (ii) a $3.8 million increase in salary and benefit costs due to added headcount to support our growth initiatives, (iii) a $2.1 million increase in professional fees primarily due to legal and tax expenses incurred to support the execution of our growth plans, and (iv) a $2.3 million increase in sales tax expenses, as we received a $2.2 million refund of sales taxes in Canada during the three months ended June 30, 2024.
Current wording
General and administrative (“G&A”) expenses were $25.9 million and $16.2 million for the three months ended September 30, 2025 and 2024, respectively. The $9.7 million increase in G&A expenses was primarily driven by: (i) a $2.6 million increase in marketing, office, and travel costs primarily due to an increase in American Bitcoin-related costs, (ii) a $2.6 million increase in transaction costs related to ABTC Merger, (iii) a $1.8 million increase in professional fees primarily due to legal and tax expenses incurred to support the execution of our growth plan, (iv) a $1.4 million increase in share based payments, and (v) a $1.1 million increase in salary and benefits due to added headcount to support our growth initiatives.
Previous wording
Gains on digital assets were $217.6 million for the three months ended June 30, 2025, compared to losses on digital assets of $71.8 million for the three* *months ended June 30, 2024. The gains were due to the increase in Bitcoin price from approximately $82,534 as of March 31, 2025 to approximately $107,173 as of June 30, 2025. In contrast, the price of Bitcoin as of March 31, 2024 of approximately $71,289 decreased to approximately $62,668 as of June 30, 2024.
Current wording
Gains on digital assets were $76.6 million for the three months ended September 30, 2025, compared to losses on digital assets of $1.6 million for the three* *months ended September 30, 2024. The gains were primarily due to the increase in Bitcoin price from approximately $107,173 as of June 30, 2025 to approximately $114,068 as of September 30, 2025. In contrast, the price of Bitcoin as of June 30, 2024 was approximately $62,668 increased to approximately $63,301 as of September 30, 2024.
Previous wording
Other (expense) income totaled ($22.8) million and $14.4 million for the three months ended June 30, 2025 and 2024, respectively. The decrease of $37.2 million was primarily driven by: (i) a $35.6 million decrease in gain on derivatives related to our Bitcoin redemption option and call options, (ii) a $2.4 million increase in interest expense due to an increase in the amount of average borrowing in 2025, and (iii) a $1.4 million decrease in equity in earnings of King Mountain JV due to the impact of the halving event in April 2024 on Bitcoin Mining revenue. This was slightly offset by a $2.3 million increase in foreign exchange gain due to a strengthening of Canadian dollar to U.S. dollar exchange rate related to our net U.S. dollar denominated liability position in our Canadian dollar functional currency subsidiaries.
Current wording
Other expense totaled $3.0 million for the three months ended September 30, 2025 and other income totaled $2.9 million for the three months ended September 30, 2024. The decrease of $5.9 million was primarily driven by: (i) a $2.2 million loss in foreign exchange gain due to a strengthening of Canadian dollar to U.S. dollar exchange rate related to our net U.S. dollar denominated liability position in our Canadian dollar functional currency subsidiaries, (ii) a $0.7 million increase in interest expense due to an increase in the amount of average borrowing in 2025, (iii) a $6.0 million decrease in gain on debt extinguishment, and (iv) a $0.2 million increase in the loss on other financial liability. The decrease was partially offset by (i) a $2.4 million decrease in gain on derivatives related to our Bitcoin redemption option and call options, and (ii) a $0.7 million increase in equity in earnings of King Mountain due to the impact of the halving event in April 2024 on Bitcoin Mining revenue.
Previous wording
Our income tax provision was $27.6 million and our income tax benefit was $1.9 million for the three months ended June 30, 2025 and 2024, respectively. This $29.5 million increase was primarily due to deferred taxes related to the gain on digital assets for the three months ended June 30, 2025.
Current wording
Our income tax provision was $19.0 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively. This $18.5 million increase was primarily due to an increase in deferred taxes related to the gain on digital assets for the three months ended September 30, 2025.
Previous wording
(1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 9.Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail.
Current wording
(1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income in accordance with ASC 323. See Note 10.Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements and the King Mountain JV section below for further detail.
Previous wording
(2) Non-recurring transactions for the six months ended June 30, 2025 primarily represent approximately $4.8 million of American Bitcoin related transaction costs, and $0.4 million of restructuring costs. Non-recurring transactions for the six months ended June 30, 2024 represent approximately $1.5 million of miner relocation costs, $3.5 million of restructuring costs, $1.5 million related to the Nar North transaction, offset by a $2.2 million tax refund.
Current wording
(2) Non-recurring transactions for the nine months ended September 30, 2025 primarily represent approximately $7.6 million of American Bitcoin-related transaction costs, and $0.5 million of restructuring costs. Non-recurring transactions for the nine months ended September 30, 2024 represent approximately $3.8 million of restructuring costs and $1.7 million related to the Far North transaction costs, offset by a $13.5 million contract termination fee received from MARA Holdings, and $2.2 million tax refund.
Previous wording
Total revenue for the six months ended June 30, 2025 and 2024 was $63.1 million and $87.0 million, respectively, and consisted of Power, Digital Infrastructure, Compute, and Other.
Current wording
Total revenue for the nine months ended September 30, 2025 and 2024 was $146.6 million and $130.7 million, respectively, and consisted of Power, Digital Infrastructure, Compute, and Other.
Previous wording
Power revenue was $9.9 million and $20.5 million for the six months ended June 30, 2025 and 2024, respectively. This $10.6 million decrease was primarily driven by an $16.1 million decrease in Managed Services revenue due to the termination of the Ionic managed services agreement in December 2024. This decrease was partially offset by a $5.5 million increase in electricity sales through the Far North JV due to an increase in electricity demand during 2025.
Current wording
Power revenue was $18.2 million and $46.7 million for the nine months ended September 30, 2025 and 2024, respectively. This $28.5 million decrease was primarily driven by a $35.9 million decrease in Managed Services revenue due to the $13.5 million in contract termination fees received from MARA Holdings in the prior year period, as well as the termination of the Ionic managed services agreement in December 2024. These decreases were partially offset by a $7.4 million increase in electricity sales through the Far North JV due to an increase in electricity demand during 2025. We generate intercompany revenue under the MSA between us and American Bitcoin, which is eliminated upon consolidation.
Previous wording
Digital Infrastructure revenue was $2.8 million and $11.1 million for the six months ended June 30, 2025 and 2024, respectively. This $8.3 million decrease was primarily driven by an $8.3 million decrease in ASIC Colocation revenue as a result of the termination of our colocation agreement with Ionic during the fourth quarter of 2024 and a $0.3 million decrease in CPU Colocation revenue due to customer churn.
Current wording
Digital Infrastructure revenue was $7.9 million and $15.0 million for the nine months ended September 30, 2025 and 2024, respectively. This $7.1 million decrease was primarily driven by a $6.8 million decrease in ASIC Colocation revenue as a result of the termination of our colocation agreement with Ionic during the fourth quarter of 2024, and a $0.3 million decrease in CPU Colocation revenue due to customer churn. We generate intercompany revenue under the CSA between us and American Bitcoin, which is eliminated upon consolidation.
Previous wording
Compute revenue was $50.4 million and $47.9 million for the six months ended June 30, 2025 and 2024, respectively. This $2.5 million increase was primarily driven by a $4.6 million increase in revenue from our GPU-as-a-Service offering, which launched in September 2024. This increase was partially offset by a $1.6 million decrease in Bitcoin mining revenue (which is under American Bitcoin beginning April 1, 2025), largely due to a decrease in Bitcoin mined (443 Bitcoin mined during the six months ended June 30, 2025 versus 803 Bitcoin mined during the six months ended June 30, 2024). The decrease in Bitcoin mined was due to reduced uptime at our Medicine Hat and Salt Creek sites in order to complete our fleet upgrade. The decrease was also due to an increase in network difficulty and the halving event in April 2024. These increases in Bitcoin mining revenue were partially offset by an increase in the average revenue per Bitcoin mined from $55,105 to $96,321. The increase was also offset by a $0.5 million decrease in revenue from our Data Center Cloud operations.
Current wording
Compute revenue was $120.4 million and $61.5 million for the nine months ended September 30, 2025 and 2024, respectively. This $58.9 million increase was primarily driven by a $52.7 million increase in Bitcoin mining revenue (which business is generally conducted under American Bitcoin beginning April 1, 2025), largely due to increase in the average revenue per Bitcoin mined from approximately $56,252 to $106,399 due to the increase in Bitcoin price. There was also a slight increase in Bitcoin mined (1,021 Bitcoin mined during the nine months ended September 30, 2025, 871 of which were mined by American Bitcoin, versus 993 Bitcoin mined during the nine months ended September 30, 2024). The increase was also driven by a $7.1 million increase in revenue from our GPU-as-a-Service offering, which launched in September 2024. The increases were partially offset by a $1.0 million decrease in revenue from our Data Center Cloud operations due to customer churn.
Previous wording
Other revenue was nil and $7.4 million for the six months ended June 30, 2025 and 2024, respectively. This $7.4 million decrease was due to no equipment sales during the six months ended June 30, 2025, while there was $7.4 million of equipment sales during the six months ended June 30, 2024.
Current wording
Other revenue was nil and $7.5 million for the nine months ended September 30, 2025 and 2024, respectively. This $7.5 million decrease was due to no equipment sales during the nine months ended September 30, 2025, while there was $7.5 million of equipment sales during the nine months ended September 30, 2024.
Showing the first 40 of 57 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current report — wording carried from elsewhere
(1) 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.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Energy capacity under management comprises all power assets: Power Generation, Managed Services, ASIC Colocation, CPU Colocation, Bitcoin Mining, Data Center Cloud, and non-operational sites. Management reviews this metric to assess total energy capacity utilization across our operations to drive an efficient allocation of resources.
Previous report — wording carried elsewhere
Other revenue was nil and $3.6 million for the three months ended June 30, 2025 and 2024, respectively. This $3.6 million decrease was due to no equipment sales during the three months ended June 30, 2025, while there were $3.6 million of equipment sales during the three months ended June 30, 2024.
Previous report — wording carried elsewhere
Other cost of revenue was nil and $2.2 million for the three* *months ended June 30, 2025 and 2024, respectively. This $2.2 million decrease was a result of no equipment sold for the three months ended June 30, 2025.
Previous report — wording carried elsewhere
Depreciation and amortization expense was $19.5 million and $11.5 million for the three months ended June 30, 2025 and 2024, respectively. The $8.0 million increase was primarily driven by increased depreciation as a result of our fleet upgrade, which not only involved the installation of higher-efficiency machines, but also targeted infrastructure upgrades at our sites to support higher rack-level power density. Additionally, there was increased AI GPU depreciation due to the launch of our GPU-as-a-Service offering in September 2024.