US Market News
3月前
Arevon Closes $920 Million in Financing for its 1,200 Megawatt-Hour Nighthawk Energy Storage Project in CaliforniaMarch 11, 2026 8:00 AM
PR Newswire (US)
The financing package includes a debt facility, preferred equity investment, and tax credit transfer commitment for Arevon's largest standalone energy storage project and contributes to the company's $5.1 billion in project financings closed in the last two yearsSCOTTSDALE, Ariz. and POWAY, Calif., March 11, 2026 /PRNewswire/ -- Arevon Energy, Inc., a leading American energy developer, owner, and operator, today announced it has successfully closed a $920 million financing package for its 300 megawatt (MW)/1,200 megawatt-hour (MWh) Nighthawk Energy Storage Project, currently under construction in Poway, California.
The financing package includes a $482 million debt facility arranged by CIBC as Left Lead Arranger, alongside ING Capital LLC, NORD/LB, Santander, and Zions Bancorporation; a $169 million preferred equity investment structured to simplify the monetization of tax credits with Goldman Sachs Alternatives; and a $268 million tax credit transfer commitment with a corporate purchaser. Arevon was represented by Latham & Watkins and Sheppard. Norton Rose Fulbright and Allen Matkins served as Counsel to the lenders. Milbank LLP and Allen Matkins acted as Counsel to Goldman Sachs, and CG/CRC-IB served as Arevon's tax equity advisor."CIBC is thrilled to have supported Arevon as Left Lead Arranger, Administrative Agent, Coordinating Lead Arranger, and Bookrunner on a unique financing structure for the Nighthawk Energy Storage Project," said Emma Raine, Executive Director, Project Finance at CIBC. "Partnering with leading renewable energy platforms like Arevon underscores CIBC's ongoing commitment to the U.S. renewable energy sector, as we work toward enabling a more sustainable economy.""We are pleased to support Arevon's Nighthawk Energy Storage Project through our Climate Credit strategy," said Vikas Agrawal, Managing Director, and Co-Head of Energy Transition Climate Credit at Goldman Sachs Alternatives. "This preferred equity investment reflects our commitment to providing flexible, tailored financing solutions that help accelerate the deployment of critical infrastructure. Energy storage is essential to grid reliability and the energy transition. Goldman Sach's long history financing Arevon and Arevon's track record as a leading developer and operator makes them an ideal partner. The Nighthawk project exemplifies the type of large-scale, high-impact investment opportunity that our strategy was designed to support, and we look forward to continuing to deploy capital and offering bespoke financing solutions that deliver both strong risk-adjusted returns and meaningful environmental benefits.""Strategically aligning debt, preferred equity, and transferability structures is essential to financing energy storage projects at this scale and profile," said Denise Tait, Chief Investment Officer at Arevon. "This transaction demonstrates how innovative capital solutions can unlock long-term investment in critical grid infrastructure, even amid evolving market and policy conditions. It reflects the strength of our financial partnerships and Arevon's commitment to delivering durable, long-term value."Arevon will own and operate Nighthawk Energy Storage, which, over its lifespan, is expected to deliver more than $30 million in property tax payments, supporting schools, infrastructure improvements, and public services. During peak construction, Nighthawk employed more than 130 workers and generated meaningful economic activity across the region, benefiting local restaurants, hotels, and retail businesses while strengthening the local economy. The project team worked closely with officials from the City of Poway, who have been instrumental in its success. When operational, which is expected this year, the project will be capable of powering 385,000 homes for up to four hours during peak demand periods.The Nighthawk Energy Storage Project utilizes lithium iron phosphate battery technology designed to provide safe, efficient, and flexible storage capabilities. It will strengthen grid reliability in the San Diego region by storing electricity during periods of lower demand and dispatching energy during peak usage hours. Under a long-term agreement, Nighthawk will provide resource adequacy capacity to Pacific Gas and Electric Company (PG&E), supporting California's reliability and clean energy goals.Arevon is a nationwide renewable energy developer and a leader in California with more than 3.7 gigawatts in operation, representing more than $5 billion in capital investments. The company has issued other announcements celebrating achievements at several of its other California projects, including the start of operations at its Peregrine Energy Storage Project, its Eland 1 Solar-plus-Storage Project, its Vikings Solar-plus-Storage Project, and its Condor Energy Storage Project. Arevon also executed offtake agreements for its Cormorant Energy Storage Project and its Avocet Energy Storage Project. Condor Energy Storage received Proximo's North America Storage Deal of the Year Award, and Vikings Solar-plus-Storage was the recipient of IJGlobal's Renewables Deal of the Year – Energy Storage Award and Proximo's North America Solar Deal of the Year Award.About Arevon
Arevon is a U.S. energy leader committed to powering America with affordable, reliable, and secure homegrown energy. Headquartered in Scottsdale, Arizona, and with a regional office in New York City, the company's experienced and dedicated team develops, finances, builds, owns, and operates renewable energy projects nationwide. With a strong track record in utility-scale solar and energy storage, Arevon is a trusted partner to utilities and businesses seeking cost-effective, sustainable energy solutions. By prioritizing American manufacturing and domestic energy production, the company invests in U.S. jobs, strengthens local economies, and advances the country's energy independence.Arevon owns and operates more than 6 gigawatts (GW) of solar and energy storage projects across 18 states, representing more than $11 billion in capital investment, and is currently constructing more than 600 megawatts (MW) of new capacity. The company also partnered with local utilities to develop and build 480 MW of solar energy, ensuring each project was successfully integrated into their communities. In the last two years, Arevon has completed $5.1 billion in project financings and closed on a $600 million corporate revolver to fund continued company growth. With a 7 GW development portfolio and continued investment in new projects, Arevon is solidifying its role as a leader in powering an American energy future. For more information, visit arevonenergy.com.About Private Credit at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $625 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.6 trillion in assets under supervision globally as of December 31, 2025.Established in 1996, Private Credit at Goldman Sachs Alternatives is one of the world's largest private credit investors with over $180 billion in assets across direct lending, mezzanine debt, hybrid capital and asset-based lending strategies. The team's deep industry and product knowledge, extensive relationships and global footprint position the firm to deliver scaled outcomes with speed and certainty, supporting companies from the lower middle market to large cap in size.Follow us on LinkedIn.
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Original: Arevon Closes $920 Million in Financing for its 1,200 Megawatt-Hour Nighthawk Energy Storage Project in California
US Market News
3月前
Mace Consult Launches as a Standalone Company to Set New Standards for Program and Project DeliveryMarch 5, 2026 11:29 AM
PR Newswire (US)
Majority investment from Goldman Sachs Alternatives in Mace Consult completed, creating a new and independent leading program and project management services providerBegins new phase as client-centric partner, providing seamless collaboration and certainty across the world's most impactful infrastructure and capital programs and projectsNew structure and investment to enable accelerated global growth, enhanced digital offering and expanded leadership in the industry.LONDON and NEW YORK, March 5, 2026 /PRNewswire/ -- Mace Consult, a leading independent company focused on delivering impactful infrastructure and capital programs, today announced the successful completion of the majority private equity investment by Goldman Sachs Alternatives and carve-out from Mace Group.
With more than 5,500 specialist professionals operating across six continents, Mace Consult delivers certainty, working with clients from strategy through execution to deliver projects and programs on time, on budget, and on scope.The transaction, first announced in July 2025, has now closed and establishes Mace Consult as one of the largest independent project and program consulting businesses in the world and creates a strong platform for its future. Led by CEO Davendra Dabasia, Mace Consult will retain the Mace brand and is well-positioned to scale its operations and growth around the globe.Mace Consult CEO Davendra Dabasia said: "Today marks the beginning of an exciting new chapter for Mace Consult. Our partnership with Goldman Sachs Alternatives gives us the capital and strategic backing to scale our operations, particularly in North America, and to invest in digital tools that provide greater predictability, automation and control to set new standards for program and project delivery, unlocking value across the lifecycle. Our success is built on the talent and dedication of our people, who retain specialist knowledge, for whom this investment offers meaningful career growth as we expand globally."Mace Consult prioritises outcomes and has partnered with clients on some of the world's most iconic infrastructure programs including the London 2012 Olympic Games, and is currently playing leading roles on the New Hospital Programme in the UK, Hudson Tunnel Project in New York, United States, Metrolinx's GO Expansion program in Toronto, Canada, and major programs in Saudi Arabia including Diriyah and Qiddiya.Mace Consult was also appointed program management partner for MTR Corporation's new rail network, and the Civil Engineering and Development Department's (CEDD's) Northern Metropolis program in Hong Kong, marking the most significant wins for the business in Asia to date. Mace Consult provides its holistic suite of services to Fortune 500 clients' commercial, industrial, life science and technology portfolios.Following years of double-digit growth, Mace Consult generated close to US$1 billion in revenue in 2025. The majority investment by GS Alternatives injects capital to accelerate growth in buoyant target markets, such as infrastructure, clean energy and climate resilience, sports and entertainment, advanced manufacturing and technology, and digital connectivity. Jose Barreto, Partner within Private Equity at Goldman Sachs Alternatives, added: "We are excited to partner with Mace Consult into the next phase of its growth journey. The company's entrepreneurial culture, focus on client outcomes, and commitment to excellence set it apart in the industry. We're looking forward to supporting Mace Consult as it continues to deliver enduring value for clients and communities worldwide."Major infrastructure programs often involve dozens of organisations, thousands of decisions, and billions of dollars moving in parallel. Mace Consult manages this integration challenge through four service offerings – Strategic Advisory, Cost and Commercial Management, Program Management Office (PMO) and Planning, and Program and Project Management. This holistic service offering establishes governance and delivery frameworks that enable timely and well-informed decisions, early and pre-emptive resolution of problems, prioritisation of safety and sustainability, and active coordination between interfaces to maintain program momentum. Now independent from Mace Group and with ownership of the Mace brand, Mace Consult is focused purely on managing delivery for clients. Mace Consult represents the best interests of clients' programs, challenging timelines, mitigating risks, holding stakeholders accountable, as a fully integrated delivery partner across the lifecycle.Goldman Sachs Alternatives was advised by Lazard (M&A and Financing), Jefferies International Limited (M&A), and White & Case (Legal). Mace Group was advised by UBS (M&A) and Linklaters (Legal).About Mace Consult:
Mace Consult brings certainty to the world's most impactful infrastructure and capital programs. For more than 30 years, Mace has set the industry standard for program and project management, PMO (program management office) and planning, cost and commercial management, responsible business, advisory services, and digital solutions. From Olympic Parks, airport expansions, and hospitals to data center campuses, transportation systems, energy networks, and urban developments, our teams help shape infrastructure and places that endure for generations.
With more than 5,500 professionals across six continents, we partner with clients to deliver projects and programs on time, on budget, and on scope. Mace Consult generated close to US$1 billion in revenue in 2025.Find out more at www.maceglobal.com.About Private Equity at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $625 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.6 trillion in assets under supervision globally as of December 31, 2025.Established in 1986, Private Equity at Goldman Sachs Alternatives has invested over $75 billion since inception. The business combines a global network of relationships, unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across its portfolios.Follow us on LinkedIn.Logo - https://mma.prnewswire.com/media/2736849/ART_14_04_22_JW_Mace_Black_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/mace-consult-launches-as-a-standalone-company-to-set-new-standards-for-program-and-project-delivery-302705598.html
Original: Mace Consult Launches as a Standalone Company to Set New Standards for Program and Project Delivery
US Market News
3月前
Hut 8 Reports Fourth Quarter and Full Year 2025 ResultsFebruary 25, 2026 6:30 AM
PR Newswire (US)
Power-first model delivers first AI infrastructure transaction and advances multi-gigawatt growth strategy8,500 MW1 development pipeline as of December 31, 2025 sets foundation for scalable, repeatable execution in 2026Earnings Release HighlightsCommercialized AI infrastructure at scale, signing a 15-year, 245 MW IT lease with Fluidstack at the River Bend campus, representing $7.0 billion in base-term contract value.Refined portfolio structure and streamlined capital allocation framework through the sale of a 310 MW portfolio of four natural gas-fired power plants, which closed in February 2026, and the launch and public listing of American Bitcoin Corp., a majority-owned Bitcoin accumulation subsidiary.Reduced cost of capital and strengthened financial flexibility through capital formation initiatives including (i) a new $200 million revolving credit facility with Two Prime and the upsizing of the Coinbase revolving credit facility to $200 million, bringing total credit capacity to $400 million at a weighted average cost of capital of 8.5% and (ii) up to 85% loan-to-cost in project-level financing for River Bend, expected to be funded by J.P. Morgan as lead left loan underwriter and loan structurer, and Goldman Sachs & Co. LLC, both of whom are expected to serve as loan underwriters2.Designed and deployed next-generation data center architecture at Vega, a 205 MW Tier I data center featuring a proprietary, rack-based, direct-to-chip liquid cooling system that enables ASIC compute deployments at densities of up to 180 kilowatts per rack.MIAMI, Feb. 25, 2026 /PRNewswire/ -- Hut 8 Corp. (Nasdaq, TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases, today reported its financial results for the fourth quarter and full year of 2025.
Asher Genoot, CEO of Hut 8, said: "Over the past two years, we have rebuilt Hut 8 around a power-first strategy centered on high-velocity origination, disciplined greenfield development, first-principles infrastructure design, and capital-efficient execution. In 2025, this work translated into tangible growth and commercial progress across our platform.""River Bend demonstrates the strength of our model and our ability to execute with blue-chip counterparties. As AI continues to drive incremental power demand, our focus is on converting this early success into a repeatable development flywheel: advancing projects across our multi-gigawatt pipeline to deliver stable and predictable long-term cash flows supported by creditworthy counterparties.""2026 is about execution. We aim to advance River Bend for delivery beginning in Q2 2027 while accelerating conversion across our broader pipeline. With enhanced capital allocation clarity following the carveout of our legacy ASIC compute business and the sale of our 310-megawatt portfolio of power generation assets, we believe we are positioned to scale with greater discipline, compound long-term value for shareholders, and build an enduring, generational business at the intersection of energy and technology."2025 HighlightsPower Generated $23.2 million in full-year revenue from Power Generation and Managed Services.Entered into a definitive share purchase agreement to sell the Company's 310 MW portfolio of natural gas-fired power plants in Ontario (the "Portfolio") to TransAlta Corporation, concluding a multi-phase program through which Hut 8 stabilized and strengthened the Portfolio following its acquisition out of bankruptcy, including the securing of five-year capacity contracts with the Ontario Independent Electricity System Operator. The Company intends to redeploy capital from the transaction, which closed in February 2026, for general corporate purposes, including the execution of the Company's data center development pipeline.Announced plans to develop four new sites with more than 1,500 MW of total capacity across the United States, including 330 MW of utility capacity at the Company's River Bend campus in Louisiana. The expansion positions the Company to meet growing demand from energy-intensive use cases while scaling and diversifying its platform across strategic energy markets.Digital Infrastructure Generated $9.6 million in full-year revenue from Colocation services. An additional $57.3 million of Colocation revenue, including reimbursements, from the Company's share of the unconsolidated King Mountain Joint Venture is recognized in the "Equity in earnings of unconsolidated joint venture" line item.Launched a partnership with Anthropic and Fluidstack to accelerate the deployment of hyperscale AI infrastructure in the United States, under which Hut 8 will develop and deliver at least 245 MW and up to 2,295 MW of AI data center infrastructure.Signed a 15-year, $7.0 billion lease with Fluidstack for 245 MW of IT capacity at River Bend, with the lease payments and related pass-through obligations for the base term financially backstopped by Google. The agreement grants Fluidstack a Right of First Offer for up to an additional 1,000 MW of IT capacity at future expansion phases at River Bend, subject to the expansion of power at the site.Energized Vega, a 205 MW data center that commercializes a next-generation Tier 1 form factor for ASIC compute, featuring a proprietary, rack-based, direct-to-chip liquid cooling system designed by Hut 8 to support ASIC deployments at densities of up to 180 kilowatts ("kW") per rack.Compute Generated $202.3 million in full-year revenue from ASIC Compute, primarily through the Company's majority-owned subsidiary, American Bitcoin Corp. ("American Bitcoin"); AI Cloud through the Company's wholly owned Highrise AI subsidiary; and Traditional Cloud solutions delivered under the Hut 8 Canada brand.Launched and completed the public listing of American Bitcoin, creating a dedicated, majority-owned Bitcoin accumulation vehicle that can scale independently and provide Hut 8 stockholders with long-term exposure to potential Bitcoin upside.Capital Strategy and Balance Sheet Established a balance sheet and capital structure designed to support disciplined execution across the Company's development pipeline, providing the financial flexibility to advance projects while maintaining selectivity and capital efficiency. This foundation is supported by: (i) approximately $1.4 billion of cash and Bitcoin held in reserve as of December 31, 2025, including $899.3 million attributable to Hut 8 and $472.6 million attributable to American Bitcoin; (ii) the launch of a $1.0 billion at-the-market ("ATM") program; (iii) revolving credit facilities with Two Prime and Coinbase with up to $400 million of borrowing capacity at a weighted average cost of capital of 8.5%; and (iv) up to 85% loan-to-cost in project-level financing for River Bend, expected to be funded by J.P. Morgan (NYSE: JPM) as lead left loan underwriter and loan structurer, and Goldman Sachs & Co. LLC (NYSE: GS), both of whom are expected to serve as loan underwriters2.Deepened institutional alignment, supporting growth in institutional ownership from approximately 55% at year-end 2024 to approximately 70% at year-end 2025.Development PipelineDevelopment pipeline totaling 8,500 MW1 as of December 31, 2025, including 5,185 MW of Energy Capacity Under Diligence, 1,755 MW1 of Energy Capacity Under Exclusivity, 1,230 MW of Energy Capacity Under Development, and 330 MW of Energy Capacity Under Construction.Energy Capacity Under Diligence: Sites identified for large-load use cases
such as AI, HPC, ASIC compute, industrial applications such as next
generation manufacturing, and other energy-intensive technologies. At this
stage, Hut 8 assesses site potential by engaging with utilities, landowners,
and other stakeholders to evaluate critical factors, including power
availability, infrastructure readiness, fiber connectivity, and overall
commercial viability. 5,185 MWEnergy Capacity Under Exclusivity: Sites where Hut 8 has secured a clear
path to ownership through either: (i) an exclusivity agreement that prevents
the sale of designated land and power capacity to another party or (ii) a
tendered interconnection agreement, confirming a viable path to securing
power and infrastructure for deployment. 1,755 MW1Energy Capacity Under Development: Sites where Hut 8 is actively investing
in development and commercialization by executing definitive land and/or
power agreements, advancing site design and infrastructure buildout, and
engaging with prospective customers. 1,230 MWEnergy Capacity Under Construction: Sites where Hut 8 has executed a
definitive offtake agreement and commenced construction activities. 330 MWTotal: All sites under diligence, exclusivity, development, and construction. 8,500 MW1 Key Performance Indicators
As of
December 31,
2025
2024
Energy Capacity Under Diligence
5,185 MW
8,599 MW
Energy Capacity Under Exclusivity
1,755 MW1
2,768 MW
Energy Capacity Under Development
1,230 MW
— MW
Energy Capacity Under Construction
330 MW
205 MW
Energy Capacity Under Management(3)
1,020 MW
815 MW
1.Excludes 1,000 MW of potential expansion capacity at River Bend (subject to the expansion of power at the site), for which Fluidstack holds a ROFO under the River Bend lease2.Subject to the negotiation and execution of definitive transaction agreements and customary closing conditions.3.Comprises all Power assets: Power Generation, Managed Services, Digital Infrastructure, ASIC Compute, Traditional Cloud, and non-operational sitesSelect Fourth Quarter 2025 Financial ResultsRevenue for the three months ended December 31, 2025 was $88.5 million, compared to $31.7 million in the prior year period, and consisted of $5.0 million in Power revenue, $1.6 million in Digital Infrastructure revenue, $81.9 million in Compute revenue, and nil in Other revenue. As American Bitcoin is a consolidated subsidiary, all revenue generated through our Managed Services agreement, ASIC Colocation agreement, and Shared Services agreement with American Bitcoin is eliminated in consolidation.Net loss for the three months ended December 31, 2025 was $301.8 million, compared to net income of $152.0 million in the prior year period. Net loss for the period included $401.9 million of primarily unrealized losses on digital assets, compared to $308.2 million of primarily unrealized gains on digital assets in the prior year period.Adjusted EBITDA for the three months ended December 31, 2025 was $(347.8) million, compared to $310.6 million in the prior year period. Adjusted EBITDA for each period includes the impact of the gains and losses on digital assets described above. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income, and an explanation of this measure has been provided in the table included below in this press release.Select Full Year 2025 Financial ResultsRevenue for the twelve months ended December 31, 2025 was $235.1 million, compared to $162.4 million in the prior year period, and consisted of $23.2 million in Power revenue, $9.6 million in Digital Infrastructure revenue, $202.3 million in Compute revenue, and nil in Other revenue. As American Bitcoin is a consolidated subsidiary, all revenue generated through our Managed Services agreement, ASIC Colocation agreement, and Shared Services agreement with American Bitcoin is eliminated in consolidation.Net loss for the twelve months ended December 31, 2025 was $248.0 million, compared to net income of $331.4 million in the prior year period. Net loss for the period included $220.0 million of primarily unrealized losses on digital assets, compared to $509.3 million of primarily unrealized gains on digital assets in the prior year period.Adjusted EBITDA for the twelve months ended December 31, 2025 was $(135.4) million, compared to $555.7 million in the prior year period. Adjusted EBITDA for each period includes the impact of the primarily unrealized gains and losses on digital assets described above. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income, and an explanation of this measure has been provided in the table included below in this press release.All financial results are reported in U.S. dollars.Conference Call The Company will host a conference call and webcast to review the results today at 8:30 a.m. ET. To register for the webcast, use the following link: https://app.webinar.net/DlYvdNZd4aN.Supplemental Materials and Upcoming CommunicationsThe Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.Analyst Coverage A full list of Hut 8 Corp. analyst coverage can be found at hut8.com/investors/stock-info/. About Hut 8Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 710 megawatts of energy capacity under management, 330 megawatts of energy capacity under construction, and 1,230 megawatts of energy capacity under development across 15 sites in the United States and Canada: five ASIC compute, hosting, and Managed Services sites in Alberta, New York, and Texas; five cloud and colocation data centers in British Columbia and Ontario; one non-operational site in Alberta; one site under construction in Louisiana; and three sites under development across Texas and Illinois. For more information, visit hut8.com and follow us on X at @Hut8Corp.Cautionary Note Regarding Forward-Looking InformationThis press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company's multi-gigawatt growth strategy, ability to achieve scalable and repeatable execution in 2026, advancement of construction of its River Bend site under its lease with Fluidstack including advancement of development at the campus for delivery beginning in Q2 2027, acceleration of conversion across its broader pipeline, ability to scale, ability to compound long-term value for shareholders, ability to build an enduring, generation business at the intersection of energy and technology, plans for the use of proceeds from the sale of the Portfolio, anticipated benefits from its simplified capital allocation framework, expected project-level financing for the River Bend campus led by J.P. Morgan and Goldman Sachs & Co. LLC, 1,000 MW of potential expansion capacity at the Company's River Bend campus, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "allow", "believe", "estimate", "expect", "predict", "can", "might", "potential", "predict", "is designed to", "likely," or similar expressions.Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.Adjusted EBITDAIn addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net loss or income, adjusted for impacts of interest expense, income tax benefit or provision, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, net of basis adjustments, foreign exchange gain or loss, loss or gain on sale of property and equipment, gain on debt extinguishment, gain or loss on derivatives, gain on other financial liability, gain on warrant liability, gain on bargain purchase, the removal of non-recurring transactions, asset contribution costs, impairment charges, income or loss from discontinued operations, net of taxes, loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons our Board and management team consider them appropriate for supplemental analysis.Our board of directors and management team use Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period.Net (loss) income is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in such presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.Hut 8 Corp. and SubsidiariesCondensed Consolidated Statements of Operations and Comprehensive Income(Unaudited, in USD thousands, except share and per share data)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
(in USD thousands)
2025
2024
2025
2024
Revenue:
Power
$
4,973
$
9,949
$
23,212
$
56,602
Digital Infrastructure
1,641
2,520
9,577
17,482
Compute
81,880
19,225
202,329
80,701
Other
—
—
—
7,600
Total revenue
88,494
31,694
235,118
162,385
Cost of revenue (exclusive of depreciation and
amortization shown below):
Cost of revenue – Power
5,387
7,465
20,509
21,538
Cost of revenue – Digital Infrastructure
1,408
2,929
8,891
15,556
Cost of revenue – Compute
28,214
9,919
78,374
44,977
Cost of revenue – Other
—
—
—
4,584
Total cost of revenue
35,009
20,313
107,774
86,655
Operating expenses (income):
Depreciation and amortization
39,749
14,308
101,901
47,773
General and administrative expenses
45,732
18,844
122,807
72,917
Loss (gain) on digital assets
401,878
(308,157)
220,037
(509,337)
Loss (gain) on sale of property and equipment
984
—
4,593
(634)
Impairment – other
—
4,472
—
4,472
Total operating expenses (income)
488,343
(270,533)
449,338
(384,809)
Operating (loss) income
(434,858)
281,914
(321,994)
460,539
Other income (expense):
Foreign exchange gain (loss)
1,803
(4,024)
3,396
(5,000)
Interest expense
(5,592)
(9,563)
(30,073)
(29,794)
Asset contribution costs
—
—
(22,780)
—
Gain on debt extinguishment
—
—
—
5,966
Gain (loss) on derivatives
53,950
(13,143)
61,550
6,780
Gain on other financial liability
235
—
956
—
Gain on warrant liability
358
—
384
—
Gain on bargain purchase
—
3,060
—
3,060
Equity in earnings of unconsolidated joint venture
4,106
1,902
8,727
10,359
Total other income (expense)
54,860
(21,768)
22,160
(8,629)
(Loss) income from continuing operations before
taxes
(379,998)
260,146
(299,834)
451,910
Income tax benefit (provision)
78,224
(110,482)
51,836
(113,457)
Net (loss) income from continuing operations
$
(301,774)
$
149,664
$
(247,998)
$
338,453
Income (loss) from discontinued operations
—
2,320
—
(7,044)
Net (loss) income
(301,774)
151,984
(247,998)
331,409
Less: Net loss attributable to non-controlling interests
22,093
241
21,849
473
Net (loss) income attributable to Hut 8 Corp.
$
(279,681)
$
152,225
$
(226,149)
$
331,882
Net (loss) income
$
(301,774)
$
151,984
$
(247,998)
$
331,409
Other comprehensive (loss) income :
Foreign currency translation adjustments
10,536
(46,011)
35,173
(56,390)
Total comprehensive (loss) income
(291,238)
105,973
(212,825)
275,019
Less: Comprehensive loss attributable to non-
controlling interest
22,087
387
21,797
549
Comprehensive (loss) income attributable to Hut 8
Corp.
$
(269,151)
$
106,360
$
(191,028)
$
275,568
See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements. Adjusted EBITDA Reconciliation
Three Months Ended
Twelve Months Ended
December 31,
December 31,
December 31,
December 31,
(in USD thousands)
2025
2024
2025
2024
Net (loss) income
$
(301,774)
$
151,984
$
(247,998)
$
331,409
Interest expense
5,592
9,563
30,073
29,794
Income tax (benefit) provision
(78,224)
110,482
(51,836)
113,457
Depreciation and amortization
39,749
14,308
101,901
47,773
Share of unconsolidated joint venture
depreciation and amortization (1)
2,159
3,120
17,641
21,792
Foreign exchange (gain) loss
(1,803)
4,024
(3,396)
5,000
Loss (gain) on sale of property and
equipment
984
—
4,593
(634)
Gain on debt extinguishment
—
—
—
(5,966)
(Gain) loss on derivatives
(53,950)
13,143
(61,550)
(6,780)
Gain on other financial liability
(235)
—
(956)
—
Gain on warrant liability
(358)
—
(384)
—
Gain on bargain purchase
—
(3,060)
—
(3,060)
Non-recurring transactions (2)
(15,552)
327
(7,432)
(9,882)
Asset contribution costs
—
—
22,780
—
Impairment – other
—
4,472
—
4,472
(Income) loss from discontinued operations
(net of taxes)
—
(2,320)
—
7,044
Loss attributable to non-controlling interest
15,516
241
3,410
473
Stock-based compensation expense
40,050
4,342
57,801
20,783
Adjusted EBITDA
$
(347,846)
$
310,626
$
(135,353)
$
555,675
1.Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 11. Investment in unconsolidated joint venture of the consolidated financial statements included in the Annual Report in Form 10-K for further detail.2.Non-recurring transactions for the three months ended December 31, 2025 represent a $17.6 million sales tax refund, partially offset by $1.1 million of American Bitcoin-related transaction costs and approximately $1.0 million of Far North transaction costs. Non-recurring transactions for the three months ended December 31, 2024 represent approximately $0.2M of restructuring costs, and $0.1M of Far North related costs. Non-recurring transactions for the twelve months ended December 31, 2025 represent approximately $8.7 million of American Bitcoin-related transaction costs, approximately $1.1 million of Far North transaction costs, and approximately $0.4 million of restructuring costs, offset by a $17.6 million sales tax refund. Non-recurring transactions for the twelve months ended December 31, 2024 represent approximately $4.0 million of restructuring costs and $1.9 million related to the Far North transaction costs, offset by a $13.5 million contract termination fee received from MARA, and a $2.2 million tax refund.
View original content to download multimedia:https://www.prnewswire.com/news-releases/hut-8-reports-fourth-quarter-and-full-year-2025-results-302696352.htmlSOURCE Hut 8 Corp.
Original: Hut 8 Reports Fourth Quarter and Full Year 2025 Results