Canadian cryptocurrency miner Hut 8 Mining (HUT) reported a surprise fourth-quarter adjusted loss of C$0.67 ($0.53) per share on Thursday.
- The average analyst estimate pointed to earnings of C$0.17 ($0.13), according to FactSet data.
- The miner said that the loss was primarily due to noncash revaluation loss on liability warrants of $114.2 million, which was partially offset by increased revenue.
- Revenue more than quadrupled to C$57.9 million ($45.8 million) from a year earlier and was in line with analysts' average estimate.
- As of Dec. 31, the company had a balance of 5,518 bitcoins with a market value of $323.9 million, which includes 2,000 bitcoins loaned as part of its fiat yield strategy.
- The fourth-quarter adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) was C$35.3 million ($27.9 million), which missed analysts' estimate of C$37.1 million ($29.3 million) and was up from C$30.7 million ($24.3 million) in the third quarter.
- Hut 8's hashrate increased to 2.5 exahash/second (EH/s) by Feb. 28 from about 2.0 EH/s on Dec. 31. Its hashrate capacity will be about 3.55 EH/s once all of the mining machines the company has ordered are received and deployed.
- Its shares initially fell 3.5% in the pre-market trading, but recently was trading up about 3%. Bitcoin was flat.
UPDATE (March 17, 16:18 UTC): Updated with latest price information.
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