Hut 8 Corporation (HUT)

[MADDSTACKER]

Operating and Financial Overview:

Revenue growth reflects improvement in the price of Bitcoin, which averaged approximately US$45,300 in the first quarter of 2021, versus approximately US$8,300 in the prior year period.

Total Bitcoin balance of 3,271 had a market value of $242.4 million as of March 31, 2021, consisting of 2,271 Bitcoin held in custody and 1,000 Bitcoin loaned to Genesis.
Based on the strength of Bitcoin price appreciation, the gain on digital assets held in custody and digital asset loan receivables was $110.9 million in Q1-2021:
Unrealized gain on digital assets held as at March 31, 2021 of $66.8 million net of tax ($88.0 million before tax), which flows through other comprehensive income on the Company's balance sheet, plus
Revaluation of digital asset loan receivable of $22.9 million, which flows through the income statement.
Site operating costs for Q1-2021 were $14.6 million, up from the prior year period of $12.6 million, related to increased power consumption.
Net income of $35.5 million, versus a loss of $10.2 million in Q1-2020.
Adjusted EBITDA of $16.0 million in Q1-2021, versus a loss of $0.6 million in the prior year quarter, driven by the improvement in Bitcoin mining economics.
"I am impressed by the progress the team at Hut 8 Mining has made," commented Shane Downey, Chief Financial Officer of the Company. "I'm excited to have joined this dynamic team as we work to deliver on our financial, ESG and sustainability objectives."