- Hut 8 Mining has disappointing results in Q4 fiscal.
- This quarter saw a decrease in digital assets, year-over-year.
- Wall Street currently has a consensus overweight rating on HUT.
Hut 8 Mining Corp TSE: HUT is trading lower this morning, after it reported disappointing results for its fourth quarter.
The number of digital assets that were mined was also lower year-on-year
Digital assets the Toronto-headquartered firm produced in Q4 were 698 versus a much higher 789 in the same quarter last year. The Q4 results were 698 versus a much higher 789 in the same quarter last year. earnings press releaseShenif Visram, CFO, stated:
We managed our finances well through the fourth quarter. This enabled us to navigate bitcoin price suppression, fluctuating powers prices, and increased network difficulty.
The crypto company’s installed hashrate currently sits at about 2.5 EH/s. Wall Street currently has a consensus “overweight” rating on the Hut 8 Mining stock and sees upside in it to $3.38 on average – about a 75% premium on its current price.
Notable figures in Hut 8 Mining’s earnings report
- C$186.7million was lost compared to the C$111.2million year-ago
- Also, per-share losses increased from 67 to 90 cents
- A loss in adjusted EBITDA of C$3.9 Million was achieved
- Also, revenue declined by 62% YoY to C$21.8 millions
- Analysts predicted a higher C$24.5million in revenue
Hut 8 Mining announced last month that it would merge with US Bitcoin Corp In an all-stock transaction. Jaime Leverton, CEO of Jaime Leverton stated:
We’ll continue to uphold our operating principles as we work to close business combination with USBTC and begin operating as a US-domiciled, digital asset mining, hosting organisation.
Hut 8 Mining stock has fallen more than 40% since its highest point in the year.