HUT - Hut 8 Mining Corp. (HUT) Q4 2023 Earnings Call Transcript
2024-03-28 13:55:26 ET
Hut 8 Mining Corp. (HUT)
Q4 2023 Earnings Conference Call
March 28, 2024, 08:30 AM ET
Company Participants
Asher Genoot - Chief Executive Officer
Shenif Visram - Chief Financial Officer
Mike Ho - Chief Strategy Officer
Conference Call Participants
Mike Colonnese - HC Wainwright
Joseph Vafi - Canaccord Genuity.
Josh Siegler - Cantor Fitzgerald
John Todaro - Needham and Company
Bill Papanastasiouj - Stifel
Presentation
Operator
Good afternoon 2023 Financial Results Conference Call. [Operator Instructions] Please note that this event is being recorded and a transcript will be available on Hut 8's website. In addition to the press release issued earlier today when filed, you can find Hut 8's transition report on form 10-K on the company's website at www.hut8.com under the company's EDGAR profile at www.sec.com, and under the company's SEDAR plus profile at www.cedarplus.ca .
Unless noted otherwise, all amounts referred to during the call are denominated in US dollars. Any comments made during this call may include forward-looking statements within the meanings of the applicable securities laws regarding Hut 8's Corp and its subsidiaries.
The statements made reflect current expectations as such are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, factors discussed in Hut 8 Form 10-K for the year ended December 31, 2023, and the Company's other continuous disclosures documents.
Except as required by applicable law, Hut 8 undertakes no obligation to publicly update or review any forward-looking statements. During the call, management may also make reference to certain non-GAAP measures that are not separately defined under GAAP, such as adjusted EBITDA. Management believes that non-GAAP measures taken in conjunction with GAAP financial measures provide useful information for both management and investors.
Reconciliations between GAAP and non-GAAP results are presented in the tables accompanying the press release, which can be viewed on Hut 8's website.
I would like to turn the call over to Asha Janut, CEO of Hut 8.
Asher Genoot
The second half of 2023 was an inflection point for Hut 8 Corp. On November 30, Hut 8 Mining Corp. And US Bitcoin Corp completed a merger. Our thesis was to combine the operating scale and discipline of US Bitcoin Corp with the strong balance sheet, access to capital markets and liquidity of Hut 8 Mining Corp.
Our results this period clearly demonstrate the strength and potential of the combined business. First, for some context, from an accounting perspective, US Bitcoin Corp. acquired Hut 8 Mining Corp. We adopted the Hut 8 brand name in Ticker, but our historical and year end financials represent US Bitcoin Corp's results through November 2023 and the combined company's results for the month of December 2023.
With that, I'll turn to our results for the period. Our revenue grew 32% year over year to $60.6 million for the six month period ending in December 2023. Today, 68% of our revenue is generated by our digital assets mining or self mining business....
Hut 8 Mining Corp. (HUT) Q4 2023 Earnings Call Transcript