| Schedule of antidilutive securities |
| | | | | | | | | | | 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.
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| Schedule of basic and diluted net income (loss) per share |
| | | | | | | | | | | | | | | 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
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