| Schedule of revenue and cost of revenue for reportable segments |
| | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | (in USD thousands) | | 2025 | | 2024 | | 2025 | | 2024 | Reportable segment revenue: | | | | | | | | | | | | | Power | | $ | 8,849 | | $ | 10,530 | | $ | 13,229 | | $ | 20,468 | Digital Infrastructure | | | 15,819 | | | 5,264 | | | 17,136 | | | 11,108 | Compute | | | 34,295 | | | 15,795 | | | 50,413 | | | 47,933 | Other | | | — | | | 3,626 | | | — | | | 7,842 | Eliminations | | | (17,664) | | | — | | | (17,664) | | | (395) | Total segment and consolidated revenue | | $ | 41,299 | | $ | 35,215 | | $ | 63,114 | | $ | 86,956 | | | | | | | | | | | | | | Reportable segment cost of revenue (exclusive of depreciation and amortization shown below): | | | | | | | | | | | | | Cost of revenue – Power | | | 5,635 | | | 5,449 | | | 9,263 | | | 9,082 | Cost of revenue – Digital Infrastructure | | | 13,827 | | | 4,331 | | | 15,386 | | | 8,960 | Cost of revenue – Compute | | | 17,516 | | | 8,670 | | | 30,988 | | | 26,356 | Cost of revenue – Other | | | — | | | 2,186 | | | — | | | 4,780 | Eliminations | | | (15,202) | | | — | | | (15,202) | | | (395) | Total segment and consolidated cost of revenue | | $ | 21,776 | | $ | 20,636 | | $ | 40,435 | | $ | 48,783 | | | | | | | | | | | | | | Reconciling items: | | | | | | | | | | | | | Depreciation and amortization | | | (19,458) | | | (11,531) | | | (34,357) | | | (23,003) | General and administrative expenses | | | (32,620) | | | (17,899) | | | (53,679) | | | (37,898) | Gains (losses) on digital assets | | | 217,640 | | | (71,842) | | | 105,246 | | | 202,732 | Gain (loss) on sale of property and equipment | | | 312 | | | — | | | (2,142) | | | 190 | Foreign exchange gain (loss) | | | 3,114 | | | 720 | | | 3,123 | | | (1,679) | Interest expense | | | (8,396) | | | (6,012) | | | (15,865) | | | (12,293) | Asset contribution costs | | | — | | | — | | | (22,780) | | | — | (Loss) gain on derivatives | | | (18,403) | | | 17,219 | | | 2,459 | | | 17,219 | (Loss) gain on other financial liability | | | (181) | | | — | | | 958 | | | — | Equity in earnings of unconsolidated joint venture | | | 1,064 | | | 2,440 | | | 2,429 | | | 6,962 | Income tax (provision) benefit | | | (27,574) | | | 1,874 | | | (7,369) | | | (2,522) | General and administrative expenses eliminations | | | 2,462 | | | — | | | 2,462 | | | — | Net income (loss) from continuing operations | | $ | 137,483 | | $ | (70,452) | | $ | 3,164 | | $ | 187,881 | | | | | | | | | | | | | | Loss from discontinued operations (net of income tax benefit of nil, nil, nil, and nil, respectively) | | | — | | | (1,738) | | | — | | | (9,364) | | | | | | | | | | | | | | Net income (loss) | | | 137,483 | | | (72,190) | | | 3,164 | | | 178,517 | | | | | | | | | | | | | | Less: Net (income) loss attributable to non-controlling interest | | | (171) | | | 324 | | | 259 | | | 493 | Net income (loss) attributable to Hut 8 Corp. | | $ | 137,312 | | $ | (71,866) | | $ | 3,423 | | $ | 179,010 |
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| Schedule of revenue from external customers and long-lived assets, by geographical areas |
| | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | (in USD thousands) | | 2025 | | 2024 | | 2025 | | 2024 | Revenue | | | | | | | | | | | | | United States | | $ | 33,892 | | $ | 23,095 | | $ | 47,427 | | $ | 60,026 | Canada | | | 7,407 | | | 12,120 | | | 15,687 | | | 26,930 | Total revenue | | $ | 41,299 | | $ | 35,215 | | $ | 63,114 | | $ | 86,956 |
| | | | | | | | | June 30, | | December 31, | (in USD thousands) | | 2025 | | 2024 | United States | | $ | 325,801 | | $ | 156,843 | Canada | | | 55,911 | | | 64,838 | Total Long-Lived Assets | | $ | 381,712 | | $ | 221,681 |
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