Hut 8 reports Q2 EPS (78c), consensus (3c)

Reports Q2 revenue $35.2M, consensus $64.39M. “Our results this quarter reflect the ambitious restructuring program we set in motion six months ago,” said Asher Genoot, CEO. “Despite the network halving, gross margins in our Digital Assets Mining segment rose to 46% for the three months ended June 30, 2024 from 34% in the prior year period. Restructuring and optimization initiatives, together with the energization of Salt Creek, enabled a 21% reduction in our energy cost per kilowatt-hour from 4c in Q1 2024 to 3.2c in Q2 2024. With our strengthened operating foundation and recent advancements in ASIC efficiencies, we believe that now is the right time to upgrade our fleet. We are also on track to commercialize our GPU-as-a-service vertical in the third quarter, further bolstering our compute-layer economics…”