Hut 8 Q4 2025: Revenue up 179% to $88.5M, $301.8M net loss as AI pivot deepens

On February 25, Hut 8 reported Q4 and full‑year 2025 results, with revenue rising 179% year over year to $88.5 million but coming in below an approximately $95.6 million consensus. The company posted a $301.8 million net loss, driven largely by a $401.9 million non‑cash Bitcoin revaluation, while gross margin improved to 60% as AI and compute contributed 92% of Q4 sales.