Hut 8 Mining Corp. (HUT): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and truly understand how Hut 8 Mining Corp. makes its money now, right? Forget the old narrative; as of late 2025, Hut 8 Mining Corp. is operating as a serious, diversified energy infrastructure platform, not just a Bitcoin miner. This shift is critical: they manage 1,020 MW of energy capacity and back it up with a treasury holding 13,696 BTC, valued near $1.6 billion in Q3 2025, all while locking in power costs around $39.82 per MWh. This isn't your defintely typical miner anymore. Dig into the full Business Model Canvas below to see exactly how their revenue streams from Compute, Power, and Digital Infrastructure are woven together for stability and growth.

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Hut 8 Mining Corp. relies on to power its energy infrastructure platform, so let's break down the hard numbers tied to these alliances as of late 2025.

American Bitcoin Corp. (majority-owned subsidiary and anchor colocation client)

Hut 8 launched American Bitcoin Corp. in March 2025, contributing substantially all of its ASIC miners in exchange for a majority interest, specifically an 80% stake in the entity, which was then renamed. American Bitcoin subsequently completed a reverse merger with Gryphon Digital Mining, Inc., debuting on the Nasdaq under the ticker ABTC on September 3, 2025. Following this transaction, Hut 8 Corp. beneficially owned a majority of the issued and outstanding capital stock, with existing stockholders expected to own approximately 98% of the combined company immediately after closing. This relationship is anchored by long-term commercial agreements where Hut 8 serves as the exclusive infrastructure and operations partner, generating stable, contracted revenue streams for Hut 8's Power and Digital Infrastructure segments. As of September 30, 2025, American Bitcoin accounted for approximately ~25.0 EH/s of Hut 8's total hashrate of ~26.8 EH/s. Furthermore, Hut 8 commenced Managed Services of 130+ MW of capacity for American Bitcoin as of June 30, 2025.

Fortune 200 renewable energy producer (50% partner in King Mountain Joint Venture)

Hut 8 maintains a 50% membership interest in the King Mountain Joint Venture (JV) with a partner identified as one of the world's largest renewable energy producers. This JV operates 280 MW of behind-the-meter self-mining and hosting capacity at a wind farm in McCamey, Texas. For the three months ended September 30, 2025, Hut 8 recognized $31.2 million in Colocation revenue from this unconsolidated joint venture. As of December 31, 2024, the King Mountain JV owned approximately 18,000 miners for self-mining (about 1.8 EH/s) and hosted approximately 68,200 miners (about 7.7 EH/s).

Macquarie Equipment Finance Ltd. (partner in Far North Power Corp. power assets)

Far North Power Corp. was an entity formed by Hut 8 and Macquarie Equipment Finance Ltd., a subsidiary of Macquarie Group. As of April 2025, Hut 8 held an approximately 80% membership interest in the JV that owned this entity. This partnership concluded in November 2025 when Hut 8 and Macquarie agreed to sell the 310-megawatt portfolio of four natural gas-fired power plants in Ontario to TransAlta Corporation for CAD 95 million. The contracts secured for these assets with the Ontario IESO MT2 auction will commence on May 1, 2026, covering the full 310 MW capacity. The Year 1 weighted average capacity payment for these contracts was approximately $390 (CAD $530) per MW-business day.

Utilities and landowners (for securing 1,530 MW of development capacity)

Hut 8's development pipeline is directly tied to securing capacity agreements with utilities and landowners. As of September 30, 2025, the company reported a total development pipeline of 8,650 MW. Within that, the specific category of Energy Capacity Under Development stood at 1,530 MW, which was reclassified in connection with plans to develop four new sites totaling more than 1.5 GW (or 1,500 MW) of capacity. This contrasts with the Total Energy Capacity Under Management, which stood at 1,020 MW as of the same date. Earlier in the year, as of June 30, 2025, the development pipeline was reported at approximately ~10,800 MW.

Banking partners (for project-level financing on new data center builds)

Hut 8 Mining Corp. relies on banking partners for project-level financing to scale its new data center builds. The search results confirm American Bitcoin closed a $220.1 million unregistered private equity placement on June 27, 2025. Separately, TransAlta, the acquirer of the Far North power assets, stated it would finance that transaction using cash on hand and draws on its credit facilities. Specific financial terms or partner names for Hut 8's direct project-level financing on its own new data center builds were not explicitly detailed in the late 2025 filings reviewed.

Here's a quick look at the capacity and revenue figures related to the power and JV partnerships:

The strategic alignment with American Bitcoin is central to Hut 8's structure, as evidenced by the hashrate allocation:

• Hut 8 Total Hashrate: ~26.8 EH/s
• Hashrate Owned by American Bitcoin (as of Sept 30, 2025): ~25.0 EH/s
• American Bitcoin Managed Services Capacity: 130+ MW

The broader development pipeline shows the scale of future partnership opportunities:

• Total Development Pipeline (as of Sept 30, 2025): 8,650 MW
• Energy Capacity Under Development (as of Sept 30, 2025): 1,530 MW
• Total Energy Capacity Under Management (as of Sept 30, 2025): 1,020 MW

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Key Activities

You're looking at the core engine of Hut 8 Mining Corp. as of late 2025. The key activities revolve around scaling energy infrastructure and monetizing that power through both digital asset operations and high-performance compute services. It's a dual-track approach, so let's look at the hard numbers driving the action.

The operational focus is clearly on expanding the platform's energy footprint while maximizing the utilization of existing capacity. This means actively managing power assets and deploying capital into the next wave of development projects. Here's the quick math on what Hut 8 Mining Corp. is actively doing:

• Operating a platform with 1,020 MW of total energy capacity under management across 19 distinct sites in the United States and Canada as of September 30, 2025.
• Executing Bitcoin mining primarily through its majority-owned subsidiary, American Bitcoin Corp., which contributed approximately ~25.0 EH/s to the total installed hashrate of ~26.8 EH/s as of Q3 2025.
• Advancing a significant development pipeline, specifically moving 1,530 MW of new energy capacity into the 'Energy Capacity Under Development' stage to fuel future compute and mining needs.
• Generating revenue from diversified compute offerings, including High-Performance Computing (HPC) and GPU-as-a-Service, which contributed to the Compute segment's $70.0 million revenue in Q3 2025.
• Maintaining and managing a strategic Bitcoin reserve totaling 13,696 BTC as of September 30, 2025, which carried a reported market value of approximately $1.6 billion at that time.

To give you a clearer picture of the scale involved in these activities, check out this breakdown of the platform's capacity and treasury as of the end of the third quarter of 2025:

The operational focus also includes continuous efficiency improvements; the average fleet efficiency improved to approximately 16.3 J/TH by September 30, 2025, down from about 20.1 J/TH in Q1 2025, which is defintely a key activity for margin preservation.

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Key Resources

You're looking at the core assets Hut 8 Mining Corp. uses to power its dual strategy across digital infrastructure and Bitcoin mining. These aren't just abstract concepts; they are massive, tangible resources that underpin their revenue generation, so let's lay them out clearly.

The foundation of Hut 8 Mining Corp.'s operational scale is its energy platform. As of the third quarter of 2025, the Total Energy Capacity Under Management stood at exactly 1,020 MW. This capacity is spread across 19 sites in the United States and Canada. Furthermore, the company has a significant development pipeline, with 1,530 MW of Energy Capacity Under Development as of September 30, 2025, which, upon commercialization, could push the total managed capacity past 2.5 gigawatts.

The company's commitment to its strategic treasury position is also a key resource. As of September 30, 2025, the Strategic Bitcoin Reserve held 13,696 BTC, which carried a reported market value of $1.6 billion on that date. Remember, this reserve is split, with 10,278 BTC held by Hut 8 and 3,418 BTC held by its majority-owned subsidiary, American Bitcoin.

For the actual mining and compute power, the ASIC fleet is critical. The total installed hashrate for the ASIC Mining Fleet reached approximately 26.8 EH/s as of the end of Q3 2025, with an operational hashrate of about 23.7 EH/s on the same date. This represents a substantial expansion, up from around 12.0 EH/s previously, driven by next-generation ASIC upgrades.

Here's a quick look at the physical infrastructure footprint as reported for Q3 2025:

The Canadian assets are particularly important for their power sourcing. You should note the specific Canadian infrastructure:

• Five high-performance computing data centers in British Columbia and Ontario.
• Four power generation assets in Ontario, Canada.

To be fair, the operational profile is now heavily weighted toward the U.S. expansion, which includes a 300 MW campus in Louisiana and two Texas sites totaling 1,180 MW, plus a 50 MW facility in Illinois, all part of the 1,530 MW under development. Still, the Canadian footprint provides a stable, power-first base for their platform strategy.

Finance: review the Q3 2025 operational data against the planned 2.5 GW commercialization timeline by end of Q1 2026.

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Hut 8 Mining Corp. stands out in the energy and digital infrastructure space as of late 2025. The value propositions aren't just about mining Bitcoin anymore; it's about monetizing power at scale.

Diversified Revenue Model

Hut 8 Mining Corp. has successfully layered its business beyond pure mining, creating a more resilient structure. For the third quarter of 2025, total revenue hit $83.5 million. This was not a one-trick pony; the Compute segment, which includes Bitcoin mining, GPU-as-a-Service, and Data Center Cloud solutions, generated $70.0 million of that total. Still, the other segments provide crucial diversification. The Power segment brought in $8.37 million, and the Digital Infrastructure segment, which includes Colocation services, contributed $5.11 million for the quarter. This mix helps smooth out the volatility you see when relying only on block rewards.

Access to Large-Scale, Low-Cost Energy

The foundation of Hut 8 Mining Corp.'s strategy is securing energy access at a competitive price point. You see this reflected in their operational costs, with recent energy costs averaging $39.82 per MWh. This cost advantage is critical for long-term profitability in energy-intensive computing. Furthermore, the scale of their energy platform is substantial. As of September 30, 2025, the company reported 1,020 megawatts (MW) of Energy Capacity Under Management. They are actively growing this, with a development pipeline totaling 8,650 MW, of which 1,530 MW has already been advanced from exclusivity into the Energy Capacity Under Development stage.

Here's a quick look at the scale and cost structure as of the third quarter of 2025:

Scalable Platform for Energy-Intensive Use Cases

Hut 8 Mining Corp. offers a platform ready for the next wave of compute demand, not just Bitcoin mining. The total installed hash rate reached approximately 26.8 exahash (EH/s) by the end of Q3 2025, with the American Bitcoin subsidiary accounting for about 25.0 EH/s of that. The efficiency of this fleet is a key differentiator, sitting at approximately 16.3 joules per terahash (J/TH) as of September 30, 2025. This infrastructure is designed to scale further; upon full commercialization, the platform has the potential to exceed 2.5 gigawatts (GW) across 19 sites.

Financial Stability from a Large, Unencumbered Bitcoin Treasury

Holding a significant, unencumbered Bitcoin treasury provides a massive capital advantage. As of September 30, 2025, Hut 8 Mining Corp. held 13,696 Bitcoin in its strategic reserve, valued at approximately $1.6 billion. This reserve acts as a balance sheet cornerstone, providing liquidity and collateral options. Since February 2024, the company has benefitted from nearly $986 million in incremental market value and liquidity derived from these holdings. This financial cushion allows for disciplined capital allocation, which is a major value driver.

High Asset Commercialization Rate

The shift toward long-term contracted revenue is a clear value proposition, reducing exposure to spot market fluctuations. You can see this in their contracted capacity. Nearly 90% of the current 1,020 MW platform capacity is secured under long-term contracts. A concrete example of this is the managed services agreement with its subsidiary, American Bitcoin, which was expanded to 325 megawatts (MW) of contracted capacity during the third quarter. This focus on locking in revenue streams is a deliberate move away from purely merchant exposure.

• Compute segment revenue was $70.0 million in Q3 2025.
• Total Bitcoin reserve value was $1.6 billion on September 30, 2025.
• The company advanced 1,530 MW into the Energy Capacity Under Development stage.
• Fleet efficiency improved to 16.3 J/TH by Q3 2025.
• Managed services contract reached 325 MW.

Finance: draft 13-week cash view by Friday.

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Customer Relationships

You're looking at how Hut 8 Mining Corp. structures its ongoing interactions with its key stakeholders, which is heavily weighted toward long-term, committed relationships now. This is a deliberate pivot away from merchant exposure.

Long-term, contracted agreements for infrastructure and managed services

The shift toward stability is clear in the contract book. Strategic wins across the Power and Digital Infrastructure segments pushed the share of energy capacity under management commercialized under executed agreements with terms of one year or longer to nearly 90% at the end of the second quarter of 2025. That's a massive jump from less than 30% just one year prior, which really locks in recurring fees.

These contractual relationships are foundational to the current revenue profile. Consider the scale of capacity under management:

Also, you see this long-term view in the power generation side. Hut 8, through its entity Far North Power Corp. ("Far North"), secured five-year capacity contracts with the Ontario Independent Electricity System Operator ("IESO") for 310 MW of Power Generation assets, which start on May 1, 2026.

Dedicated subsidiary model (American Bitcoin Corp.) for mining operations

The relationship with American Bitcoin Corp. ("American Bitcoin" or ABTC) is central, as it's a majority-owned subsidiary that went public on Nasdaq under the ticker "ABTC." Hut 8 acts as the exclusive infrastructure and operations partner for ABTC under long-term commercial agreements. This structure is designed to generate stable, contracted revenue for Hut 8's Power and Digital Infrastructure segments, effectively separating the capital needs of the mining operation from the parent company's balance sheet.

Here's the breakdown of the operational split as of late Q3 2025:

• ABTC owned ~25.0 EH/s of the total company hashrate of ~26.8 EH/s as of September 30, 2025.
• The managed services agreement with ABTC expanded to 325 megawatts of contracted capacity in the third quarter of 2025, marking the largest in Hut 8's history.
• Hut 8's Q3 Power segment revenue was $8.4 million, which includes this managed services component, though revenue generated directly through the Managed Services agreement with ABTC is eliminated in consolidation.

It's a symbiotic relationship; ABTC gets dedicated infrastructure support, and Hut 8 gets contracted, non-merchant revenue streams.

Enterprise-level sales and support for HPC and colocation clients

Beyond the internal ABTC relationship, Hut 8 is actively pursuing external enterprise compute and colocation customers. This is where you see the focus on high-performance computing (HPC) and GPU-as-a-Service.

For the third quarter of 2025, the Compute segment-which includes Bitcoin Mining (via ABTC), GPU-as-a-Service, and Data Center Cloud-delivered $70.0 million in revenue. For the second quarter of 2025, the Compute revenue was $34.3 million.

Key external customer engagements include:

• A major ASIC colocation contract with BITMAIN Technologies Ltd. is expected to generate ~$125 million in annualized revenue upon full ramp.
• Hut 8 launched Highrise AI, a wholly-owned subsidiary for GPU-as-a-Service, backed by an initial five-year customer agreement with an AI cloud services provider.
• Revenue specifically from ASIC Colocation and CPU Colocation services in Q2 2025 was $1.5 million, though this figure is subject to consolidation adjustments with ABTC.

The focus here is on high-density, specialized compute, like the proprietary, rack-based, direct-to-chip liquid cooling system developed for the Vega facility.

Investor relations for Nasdaq and TSX listed shareholders

Hut 8 Mining Corp. maintains its listing on both Nasdaq and TSX under the ticker HUT, which necessitates clear, consistent communication with a broad base of shareholders. The company's capital management strategy directly impacts investor perception of its customer relationships and asset stability.

The strategic Bitcoin reserve is a key asset highlighted to investors:

The company also reports on its equity issuance discipline. The prior ATM program (At-The-Market equity offering) was terminated with approximately 40% of capacity unutilized, with shares issued at an average price approximately 50% higher than the average share price during that program. This signals a selective approach to raising capital from the market, which ties back to the stability provided by the contracted customer base.

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Channels

You're looking at how Hut 8 Mining Corp. gets its infrastructure and compute services to market as of late 2025. It's a multi-pronged approach, moving well beyond just mining to become a broader energy infrastructure platform.

The physical footprint is the core channel for delivering capacity, which is segmented across their operational sites and the new development pipeline.

The company uses its physical assets to deliver services through direct agreements and partnerships, which is where the sales effort translates into committed revenue streams.

• Managed Services agreement with American Bitcoin expanded to 325 megawatts (MW) of contracted capacity in Q3 2025.
• Secured five-year capacity contracts with the Ontario Independent Electricity System Operator (IESO) for 310 MW of Power Generation assets.
• As of June 30, 2025, nearly 90% of the 1,020 MW platform was contracted under agreements of one year or longer.
• Power segment revenue, which includes Power Generation and Managed Services, was $8.4 million in the third quarter of 2025.

For securing the large-scale enterprise contracts, Hut 8 Mining Corp. is actively advancing design and commercialization initiatives for its 1,530 MW development pipeline with prospective customers. The company also offers GPU-as-a-Service through Highrise AI, a cloud infrastructure platform purpose-built for artificial intelligence.

The Managed Services agreements are a key channel for monetizing infrastructure expertise, extending services to institutional asset owners through end-to-end infrastructure development partnerships.

Finance: review Q3 2025 Power segment revenue against Q2 2025 Power Generation and Managed Services revenue of $5.5 million by Monday.

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Customer Segments

You're looking at how Hut 8 Mining Corp. monetizes its massive energy and compute footprint as of late 2025. It's not just one type of customer anymore; the business is clearly segmented to capture value from different energy-intensive workloads.

The customer base is structured around four main pillars, moving the company from a pure miner to an integrated energy infrastructure platform.

Majority-owned Bitcoin mining subsidiary (American Bitcoin Corp.)

This segment represents the core Bitcoin mining operation, now largely housed within the publicly-traded, majority-owned subsidiary, American Bitcoin Corp. (ABTC). This entity acts as a primary customer for Hut 8's power and managed services, while also serving as a strategic Bitcoin accumulator for the group.

• American Bitcoin holds 3,418 Bitcoin as part of the total Strategic Reserve of 13,696 Bitcoin as of September 30, 2025.
• The managed services agreement supporting American Bitcoin's operations reached 325 megawatts of contracted capacity in the third quarter of 2025.
• This subsidiary accounts for approximately 25 EH/s of the total installed hash rate of 26.8 EH/s as of Q3 2025.
• ABTC debuted on Nasdaq in September 2025 with an implied valuation around $5 billion.

Enterprise clients requiring High-Performance Computing (HPC) and AI workloads

This is the growth vector, focusing on non-crypto, high-density compute demand. Hut 8 is dedicating significant capacity to secure long-term, contracted revenue from these enterprise users, which is key to re-rating the business for infrastructure investors.

The company is aggressively developing capacity to meet this demand, with a development pipeline of 1,530 MW advanced into the development phase as of Q3 2025. The flagship River Bend Campus in Louisiana is a 300-megawatt site designed to support a 200-megawatt dedicated IT load for these workloads.

Large-scale third-party Bitcoin miners (colocation clients like BITMAIN)

This segment involves hosting third-party miners, including a major agreement with a chip-maker. This provides a steady, fee-based revenue stream independent of Hut 8's self-mining performance.

• Digital Infrastructure segment revenue, which includes ASIC colocation, was $5.1 million for the three months ended September 30, 2025.
• This represented a 31% year-over-year increase in segment revenue, driven by the ramp-up at the Vega site.
• Hut 8 has an ASIC Colocation agreement with BITMAIN for approximately 15 EH/s capacity.

Utility companies and grid operators (via power generation assets)

This customer group is served by Hut 8's power generation assets, which provide contracted, predictable revenue, often through capacity agreements with grid operators. This segment is being strategically streamlined.

Revenue from Power Generation and Managed Services was $8.4 million in Q3 2025. A significant portion of this was tied to a 310 MW portfolio of four natural gas-fired power plants in Ontario, which were subject to five-year capacity contracts with the Ontario Independent Electricity System Operator (IESO). However, Hut 8 announced the sale of this 310 MW portfolio to TransAlta in November 2025, signaling a shift to prioritize digital infrastructure development while maintaining a strategic interest in power generation.

As of June 30, 2025, nearly 90% of the total 1,020 MW Energy Capacity Under Management was covered by agreements of one year or longer, showing a strong shift from merchant exposure to contracted fees.

Finance: draft 13-week cash view by Friday.

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Hut 8 Mining Corp.'s operations as of late 2025. For a company scaling energy infrastructure alongside digital compute, cost control is everything, especially after the recent Bitcoin halving.

Power and energy costs remain the primary variable expense, the lifeblood of the entire operation. Hut 8 Mining Corp. has managed to lock in favorable terms, with recent reports indicating an average energy cost managed at $39.82/MWh. To give you context on volatility, during the first quarter of 2025, this cost temporarily rose to $51.71/MWh, which management attributed to fixed transmission and distribution charges spread over lower consumption during planned fleet upgrades. That difference matters a lot when you're talking about megawatts.

Capital expenditures for new site development show the scale of future commitments. Hut 8 Mining Corp. is aggressively advancing its pipeline. As of August 2025, the company moved 1,530 MW (or 1.53 GW) of capacity from exclusivity into the development stage, part of a larger pipeline that could eventually exceed 2.5 GW across its sites. For specific projects, like the Vega data center, the all-in cost was targeted around $400,000 per megawatt, totaling roughly $80,000,000 for that initial phase. You saw a concrete spend of $63.3 million in Q1 2025 covering Vega completion and initial work at the River Bend campus.

Operating expenses for sites are spread across a growing footprint. As of late 2025, Hut 8 Mining Corp.'s platform capacity is expected to exceed 2.5 GW upon full commercialization, supported by a network that includes 19 sites. While specific total OpEx isn't always broken out clearly due to the American Bitcoin carve-out, the sheer scale of infrastructure maintenance, security, and personnel needed to support this footprint is substantial. The shift toward contracted revenue, like the 325 megawatts managed services agreement with American Bitcoin in Q3 2025, helps stabilize these fixed and semi-fixed operational costs.

Interest expense on debt is now more predictable thanks to recent financing actions. Hut 8 Mining Corp. upsized and repriced its Bitcoin-backed credit facility with Coinbase to a maximum of $130 million. Crucially, this facility was transitioned to a fixed interest rate of 9.0%. If you calculate the maximum annual interest based on that facility alone, you're looking at an annual cash cost of $11,700,000 ($130,000,000 multiplied by 9.0%). This fixed rate is an improvement over the prior floating structure, which ranged up to 11.5%.

Depreciation and amortization (D&A) of ASIC miners and infrastructure represents a significant non-cash charge. While a precise D&A line item for Q3 2025 isn't immediately available, the magnitude of non-cash costs impacting the bottom line is evident from earlier results. For instance, the Q1 2025 net loss of $134.3 million included a massive $112.4 million non-cash loss on digital assets, showing how asset valuation swings hit the income statement, separate from the regular depreciation of physical hardware.

Here's a quick look at the financial context surrounding these costs as of Q3 2025:

• Total Energy Capacity Under Management: 1,020 megawatts (MW) as of September 30, 2025.
• Energy Capacity Under Development: 1,530 MW as of September 30, 2025.
• Q3 2025 Revenue: $83.5 million.
• Q3 2025 Adjusted EBITDA: $109.0 million.
• Strategic Bitcoin Reserve: 13,696 Bitcoin as of September 30, 2025.

The cost structure is heavily influenced by the mix of mining versus infrastructure revenue, as seen in the Q3 2025 revenue breakdown:

Finance: draft 13-week cash view by Friday.

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Revenue Streams

You're looking at how Hut 8 Mining Corp. actually brings in the cash flow, and Q3 2025 shows a clear shift toward high-performance compute services. Honestly, the numbers tell you where the focus is right now.

The total reported revenue for the third quarter of 2025 hit $83.5 million, which was a 91% jump year-over-year. This revenue streams from three main operational segments: Compute, Digital Infrastructure, and Power.

Here's the quick math on the segment revenue breakdown for Q3 2025:

The $70.0 million from the Compute segment is the engine, driven by Bitcoin Mining, GPU-as-a-Service through Highrise AI, and Data Center Cloud solutions under the High Performance Computing brand. You defintely need to watch how the Bitcoin sales component of this performs relative to the service revenue.

The Power segment brought in $8.4 million. This revenue stream includes power generation activities and managed services. A key part of this is the contracted fees from long-term hosting and managed service agreements, like the expanded agreement with American Bitcoin Corp. which reached 325 megawatts of contracted capacity in the quarter.

For the Digital Infrastructure segment, the $5.1 million was largely supported by colocation services. This included an ASIC Colocation agreement with BITMAIN that supported nearly 15 exahash of capacity.

The core revenue drivers within the Compute segment include:

• Bitcoin sales from self-mined production.
• Contracted fees from long-term hosting and managed service agreements.
• Revenue from GPU-as-a-Service offerings.
• Data Center Cloud revenue.

Keep in mind that the company held a strategic Bitcoin reserve of 13,696 Bitcoin as of September 30, 2025, with a market value of $1.6 billion. While the reserve itself isn't a recurring revenue stream, the strategic sale of mined Bitcoin is a direct component of the Compute revenue.

Finance: draft 13-week cash view by Friday.