Net income (loss) per share of common stock

6 Months Ended

Jun. 30, 2025

Net income (loss) per share of common stock

Net income (loss) per share of common stock

Note 15. Net income (loss) per share of common stock

Basic and diluted net income (loss) per share attributable to common stockholders is computed in accordance with Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements – Net income (loss) per share attributable to common stockholders.

The following table presents potentially dilutive securities that were not included in the computation of diluted net (loss) income per share of common stock as their inclusion would have been anti-dilutive and or their issuance upon satisfying a contingency, if applicable, was not satisfied or deemed satisfied as of period end:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2025		2024		2025		2024
Stock options ⁽¹⁾		1,000,000		3,390,914		1,000,000		23,000
Restricted stock units		43,077		1,250,689		95,473		144,200
Deferred stock units		—		73,954		—		—
Performance stock units ⁽²⁾		1,096,707		1,552,432		1,096,707		1,552,432
Warrants		1,895		1,895		1,895		1,895
Convertible note and separated embedded derivative from convertible note		—		9,155,230		9,715,476		—
Total		2,141,679		15,425,114		11,909,551		1,721,527

⁽¹⁾ 1,000,000 stock options with market-based vest conditions that were outstanding during the three and six months ended June 30, 2025 were not included in the computation of diluted net income (loss) per share of common stock given their market-based vest conditions were not met if the reporting period end was deemed the end of the stock options’ performance period for FASB ASC Topic 260, Earnings Per Share (“ASC 260”) purposes.

⁽²⁾ 749,844 performance stock units with performance-based vest conditions that were outstanding during the three and six months ended June 30, 2025 were not included in the computation of diluted net income (loss) per share of common stock given their performance-based vest conditions were not met if the reporting period end was deemed the end of the awards’ vest period for ASC 260 purposes.

The following is a reconciliation of the denominator of the basic and diluted net income (loss) per share of common stock computations for the periods presented:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in USD thousands, except share and per share amounts)		2025			2024			2025			2024
Numerator:
Net income (loss) attributable to Hut 8 Corp.		$	137,312		$	(71,866)		$	3,423		$	179,010
Less: loss from discontinued operations (net of income tax benefit of nil, nil, nil, and nil, respectively)			—			1,738			—			9,364
Subsidiary Penny Warrant adjustment to net income from continuing operations attributable to Hut 8 Corp. – basic ⁽¹⁾			195			—			285			—
Net income (loss) from continuing operations attributable to Hut 8 Corp. – basic		$	137,507		$	(70,128)		$	3,708		$	188,374
Effect of dilutive shares on net income (loss):
Effect of convertible note and separated embedded derivative from convertible note, net of tax			2,366			—			—			45
Net income (loss) from continuing operations attributable to Hut 8 Corp. – diluted		$	139,873		$	(70,128)		$	3,708		$	188,419
Loss from discontinued operations (net of income tax benefit of nil, nil, nil and nil, respectively) attributable to Hut 8 Corp.		$	—		$	(1,738)		$	—		$	(9,364)

Denominator:
Weighted average shares of common stock outstanding – basic			104,246,041			90,192,842			103,554,237			89,671,344
Dilutive impact of outstanding equity awards			5,245,650			—			5,515,971			4,329,951
Dilutive impact of convertible note			9,527,070			—			—			150,844
Weighted average shares of common stock outstanding – diluted			119,018,761			90,192,842			109,070,208			94,152,139
Net income (loss) per share of common stock:
Basic from continuing operations attributable to Hut 8 Corp. ⁽²⁾		$	1.32		$	(0.78)		$	0.04		$	2.10
Basic from discontinued operations attributable to Hut 8 Corp. ⁽³⁾		$	—		$	(0.02)		$	—		$	(0.10)
Diluted from continuing operations attributable to Hut 8 Corp. ⁽⁴⁾		$	1.18		$	(0.78)		$	0.03		$	2.00
Diluted from discontinued operations attributable to Hut 8 Corp. ⁽⁵⁾		$	—		$	(0.02)		$	—		$	(0.10)

⁽¹⁾Calculated as the difference between Far North Power Corp.’s, a consolidated subsidiary that issued Penny Warrants, net loss attributable to Hut 8 Corp. under ASC 260 inclusive of the impact of the Penny Warrants less Far North Power Corp.’s net loss attributable to Hut 8 Corp.

⁽²⁾Calculated as net income (loss) from continuing operations attributable to Hut 8 Corp. – basic, divided by weighted average shares of common stock outstanding – basic

⁽³⁾Calculated as loss from discontinued operations attributable to Hut 8 Corp. divided by weighted average shares of common stock outstanding – basic

⁽⁴⁾ Calculated as net income (loss) from continuing operations attributable to Hut 8 Corp. – diluted, divided by weighted average shares of common stock outstanding – diluted

⁽⁵⁾ Calculated as loss from discontinued operations attributable to Hut 8 Corp. divided by weighted average shares of common stock outstanding – diluted