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Hut 8 Reports First Quarter 2020 Financial Results
Toronto, Ontario–(Newsfile Corp. – May 11, 2020) – Hut 8 Mining Corp. (TSX: HUT) (OTCQX: HUTMF) (“Hut 8” or “the Company“), one of the world’s largest public cryptocurrency mining companies by operating capacity and market capitalization, today announces its financial results for the first quarter ending March 31, 2020 (“Q1-2020”). Hut 8 reports all amounts in Canadian Dollars unless otherwise stated.
A conference call has been scheduled to discuss the Company’s Q1-2020 financial results, hosted by Interim CEO Jimmy Vaiopoulos, starting at 10:00 a.m. ET on Monday May 11, 2020.
Date: Monday, May 11, 2020
Time: 10:00 a.m. ET
Dial-In: 1 (866) 215-5508, Canada 1 (888) 771-4371, US
Passcode: 4968 1245
Q1-2020 Highlights
- Quarterly revenue of $12.7 million from mining 1,116 bitcoin
- Mining profit margin of 1% was much lower due to the bitcoin price collapse of 48% in two days in mid-March
- Adjusted EBITDA of negative $558k
- Completed the refinancing of the Bitfury debt with a loan extension from Genesis Global Capital, LLC at a 2% lower coupon rate
- Renegotiated master agreements with Bitfury which lowered operating costs and provided autonomy to purchase mining equipment from other suppliers
Selected Quarterly Financial Information
| Three months ended March 31, | ||||||
| 2020 | 2019 | |||||
| Revenue | $ | 12,739,901 | $ | 12,102,014 | ||
| Site operating costs | (12,605,886 | ) | (12,632,795 | ) | ||
| Mining profit | 134,015 | (530,781 | ) | |||
| Mining profit margin | 1% | -4% | ||||
| Depreciation | (5,169,770 | ) | (4,732,305 | ) | ||
| Gross profit | $ | (5,035,755 | ) | $ | (5,263,086 | ) |
| Gross profit margin | -40% | -43% | ||||
| Expenses | (692,068 | ) | (1,101,648 | ) | ||
| Share-based compensation | 707,863 | (746,601 | ) | |||
| Gain (loss) on use of digital assets | 913,996 | (253,081 | ) | |||
| Revaluation of digital assets | (1,281,619 | ) | 1,042,759 | |||
| Net operating income (loss) | (5,387,583 | ) | (6,321,657 | ) | ||
| Net finance expense | (648,892 | ) | (1,183,765 | ) | ||
| Foreign exchange gain (loss) | (2,354,200 | ) | 488,868 | |||
| Gain on share issuance | – | 951,059 | ||||
| Net loss and comprehensive loss | $ | (8,390,675 | ) | $ | (6,065,495 | ) |
| Adjusted EBITDA | $ | (558,053 | ) | $ | (1,277,382 | ) |
| Adjusted EBITDA margin | -4% | -11% | ||||
| Net loss per share – basic and diluted | $ | (0.09 | ) | $ | (0.08 | ) |
Q1-2020 Overview
The coronavirus pandemic of 2020 (“COVID-19”) laid its heaviest tolls across the global economy this year, and Hut 8 was no exception. On March 12, 2020, there was one of the largest drops in global capital markets history when the S&P 500 and Dow decreased by nearly 10% in one day, and bitcoin decreased by 37%. The bitcoin price dropped to a low of US$4,107, a level last seen in April of 2019.
For Q1-2020, the Company mined 1,116 bitcoin, resulting in revenue generation of $12.7 million, an increase of 5% from the three months ended March 31, 2019 (“Q1-2019”) with 2,405 bitcoin mined with revenue of $12.1 million. The increasing network difficulty impacted the Company’s production negatively with much fewer bitcoin mined.
Expenses for Q1-2020 were $692k, compared to Q1-2019 of $747k, excluding a reversal gain of non-cash share-based payments of $708k million, compared to Q1-2019 expense of $1.1 million. The reversal is a result of a forfeiture of Restricted Share Units grant by the outgoing CEO.
For Q1-2020, Hut 8 had a revaluation loss of $1.3 million compared to the same period of the prior year gain of $1.0 million. This was from adjusting the value of the digital assets held in inventory to the market value on the reporting date. This loss is from the decrease in bitcoin price from US$7,194 on December 31, 2019 to the March 31, 2020 price of US$6,439. However, by taking advantage of the increasing bitcoin price during the first half of Q1-2020, the Company was able to sell bitcoin for fiat at a higher market price than its adjusted cost base, resulting in a realized gain on use of $0.9 million for Q1-2020, compared to Q1-2019 loss of $0.3 million.
Hut 8 recognized a loss of $0.6 million in Adjusted EBITDA, compared to Q1-2019 loss of $1.3 million. The Adjusted EBITDA losses from Q1-2020 came from the last two weeks of the quarter when the bitcoin price collapsed.
The upcoming bitcoin halving is a major event for bitcoin this year and is also on management’s radar. The halving, set to occur shortly, will have the impact of cutting miners bitcoin compensation per block reward in half. The impact on Hut 8 is difficult to assess. Certainly, without a corresponding increase in the price of bitcoin, Hut 8’s revenue will be impacted negatively. If the price of bitcoin and the network hashrate remain flat, Hut 8’s corresponding revenue would be cut in half subsequent to the halving. Management’s expectation is that there will be a drop in hashrate as less efficient miners shut down, consequently reducing competition. We also anticipate that the price of bitcoin will appreciate post the halving as it has in the past two halvings. However, how these two factors play out is difficult to forecast. Management is actively seeking ways to mitigate these industry specific factors.
In addition, Hut 8 announced the appointment of Kyle Appleby as Interim CFO in place of Jimmy Vaiopoulos, who was previously appointed Interim CEO. Subsequent to his appointment as Interim CFO, Appleby was relieved of his duties as Corporate Secretary and replaced by Viktoriya Griffin. Griffin has significant experience as CFO of various public companies in Canada and is a member of the Chartered Professional Accountants of British Columbia.
This release should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements and corresponding MD&A for the three months ended March 31, 2020 filed on SEDAR and posted on the Company’s website.
ABOUT HUT 8 MINING CORP.
Hut 8 is a bitcoin mining company with industrial scale operations in Canada. In total, Hut 8 owns and operates two sites in Alberta, Canada utilizing 94 BlockBox AC data centers with current maximum operating capacity of 107 MW and 952 PH/s.
Hut 8 creates value for investors through low production costs and appreciation of its bitcoin inventory. The company provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create online wallets, wire money offshore, and safely store their bitcoin.
The Company’s common shares are listed under the symbol “HUT” on the TSX and as “HUTMF” on the OTCQX Exchange.
Key investment highlights and FAQ’s: https://www.hut8mining.com/investors.
Keep up-to-date on Hut 8 events and developments and join our online communities at Facebook, Twitter, Instagram and LinkedIn.
Hut 8 Corporate Contact:
Jimmy Vaiopoulos
Interim Chief Executive Officer
Tel: (647) 256-1992
Email: [email protected]
Non-GAAP Measures
This press release presents certain non-GAAP (“GAAP” refers to Generally Accepted Accounting Principles) financial measures to assist readers in understanding the Company’s performance. These non-GAAP measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Management uses these non-GAAP measures to supplement the analysis and evaluation of operating performance.
The following terms are used, which are not found in the Chartered Professional Accountants of Canada Handbook and do not have a standardized meaning under GAAP.
EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization)
- “EBITDA” represents net income or loss excluding net finance income or expense, income tax or recovery, depreciation, and amortization.
- “Adjusted EBITDA” represents EBITDA adjusted to exclude share-based compensation, fair value loss or gain on revaluation of digital assets, write-offs, and costs associated with one-time transactions (such as listing fees).
- “Adjusted EBITDA Margin” represents Adjusted EBITDA as a percentage of revenue.
EBITDA is used to show ongoing profitability without the impact of non-cash accounting policies, capital structure, and taxation. This provides a consistent comparable metric for profitability.
“Mining Profit” represents gross profit (revenue less cost of revenue), excluding depreciation. “Mining Profit Margin” represents Mining Profit as a percentage of revenue. Mining Profit and Mining Profit Margin show the cash expenses against the revenue without the impact of non-cash accounting policies such as depreciation.
“Cost per Bitcoin” represents cost of revenue excluding depreciation, divided by the number of bitcoin mined in the period. This metric is commonly referenced in the bitcoin mining industry and is important to gain an understanding of the profitability in reference to the price of bitcoin.
FORWARD-LOOKING STATEMENTS
Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology, such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, 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 the factors described in greater detail in the “Risk Factors” section of the Filing Statement dated March 1, 2018 relating to the Qualifying Transaction of Oriana Resources Corporation and Hut 8, which is available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55656
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- Jaehoon Chang is promoted to Vice Chair of Hyundai Motor Group – Automotive Division
- José Muñoz appointed as CEO of Hyundai Motor Company
- Sung Kim appointed as President of Hyundai Motor Company
- Jun Young Choi is promoted to President of Kia Corporation; and Kyoo Bok Lee is promoted to President of Hyundai Glovis
- Appointment of new CEOs for the Group’s affiliates, including Cheol Seung Baek, Hyundai Transys; Joon Dong Oh, Hyundai KEFICO; Hanwoo Lee, Hyundai E&C; Woo Jeong Joo, Hyundai Engineering
SEOUL, South Korea, Nov. 15, 2024 /PRNewswire/ — Hyundai Motor Group (the Group) today announced key executive appointments for the year 2024 as part of its aims to solidify sustainable growth and better prepare for uncertainties in the global business environment.
This appointment reflects its commitment to a performance-based approach that aligns with outstanding achievements. By consolidating the Group’s core competencies and strategically placing proven leaders with verified track records in key positions, the Group aims to strengthen organizational foundations and accelerate our future transformation.
Jaehoon Chang is promoted to Vice Chair of Hyundai Motor Group – Automotive Division, effective Jan. 1st, 2025, to further strengthen the future competitiveness of the Group’s mobility business.
Looking ahead, Chang will oversee the entire value chain, including product planning, supply chain management manufacturing, and quality assessment. He will optimize business operations across the automotive business while securing internal synergies and building foundational systems for cost and quality innovation to ensure sustainable future competitiveness.
José Muñoz is appointed President and CEO of Hyundai Motor Company to advance global management framework and solidify customer-focused mobility innovation through diverse powertrain offerings, including electric, hybrid, ICE and hydrogen technologies, effective Jan. 1st, 2025.
As a result, Muñoz is appointed as the first non-Korean CEO of Hyundai Motor – identified as the ideal fit to further enhance the company’s performance thanks to his merit-based management philosophy and his commitment to recruiting top global talent. Going forward, he is expected to enhance the company’s global management systems and further elevate its stature as a leading global brand.
Sung Kim is appointed as President of Hyundai Motor Company to manage the business effectively through global economic uncertainties, effective Jan. 1st, 2025.
As part of his appointment to enhance the company’s Think Tank capabilities and better navigate various geopolitical challenges, Kim will oversee global external affairs, analyze and research domestic and international policy trends, and lead communications and PR initiatives. He will focus on increasing synergies across the company’s intelligence functions, strengthening external networking and advancing global protocol capabilities.
Jun Young Choi is promoted to President of Kia Corporation from Head of Domestic Production Division and Chief Safety Officer (CSO). Kyoo Bok Lee, CEO of Hyundai Glovis, is promoted to President.
To strengthen sustainable management and accelerate business transformation, the Group has appointed Cheol Seung Baek as CEO of Hyundai Transys and Joon Dong Oh as CEO of Hyundai KEFICO.
To address challenges in the construction industry and accelerate fundamental improvements, the Group has appointed Hanwoo Lee as CEO of Hyundai Engineering & Construction Co., Ltd. (Hyundai E&C) and Woo Jeong Joo as CEO of Hyundai Engineering Co., Ltd.
* Editor’s note: Appointment of all CEOs referenced are subject to approval by the relevant Group affiliate’s Board of Directors
About Hyundai Motor Group
Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all.
More information about Hyundai Motor Group can be found at:
http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Media Center (kianewscenter.com), Genesis Media Center.
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Fintech PR
DC to VC – NatWest Cushon and Future Planet Capital Lead the Charge in UK Pension Access to British Innovation
LONDON, Nov. 14, 2024 /PRNewswire/ — Future Planet Capital (FPC) is delighted to be working with NatWest Cushon, with a view to the Cushon Master Trust potentially making an investment in the British Co-Investment Fund (BCF). Any future investment will be subject to commercial terms, due diligence, and Trustee approval. If approved, NatWest Cushon’s participation would signify a major step forward, creating new avenues for British pension funds to access high-growth, private technology companies at scale. In partnership with pension solutions provider Mobius Life, the Fund will channel pension investment into the UK’s most innovative and impactful businesses.
The BCF closely aligns with the Chancellor of the Exchequer’s vision under the Mansion House Reforms, aiming to unlock large-scale investment in key British industries. It emphasises the private sector’s pivotal role in accelerating innovation and economic growth, through supporting the UK’s most promising and high-impact technology businesses.
Historically, British pension funds have had limited access to high-growth investment opportunities within the UK, meaning that overseas investors have been the primary beneficiaries of the nation’s flourishing innovation economy. Indeed, according to the BVCA, 86% of venture capital investment comes from overseas investors. To redress the balance, the BCF will be one of the first funds designed specifically for UK regular savings pension funds. It will offer direct and ongoing access to investments in the strategic technologies of the future.
Examples of companies likely to benefit from the Fund’s investments include Tokamak Energy, a world-record holder in nuclear fusion technology. The government-backed UK Innovation and Science Seed Fund (UKI2S), managed by Future Planet Capital, was the first investor in Tokamak Energy, which has since gone on to raise over $250m. This demonstrates the role of public-private partnership in supporting British technology to drive both economic growth and environmental impact. With the support of mainstream British capital, much more can now be done.
Lord Norman Foster, Chair of Future Planet Capital’s Advisory Board shared, “One of our most important tasks is to anticipate the future and find ways to have a positive impact on the wellbeing of people and the planet. We will need intellectual and financial capital to make that happen. This partnership supports the excellent work that is being done to invest in ground-breaking technologies which offer incredible potential.”
Douglas Hansen-Luke, Executive Chairman and Co-founder of Future Planet Capital, commented, “This collaboration enables British pension savers to support the next generation of British innovation, ensuring that UK capital not only backs but also benefits from the country’s technological and sustainable advancements.”
Julius Pursaill, Pensions expert and advisor to the Cushon Master Trust, said:
“There are a number of good reasons to support the UK Growth agenda. Innovations like the British Co-Investment Fund play an important role in delivering on this objective by driving financial growth whilst also offering access to innovative, impact-focused sectors such as climate technology and artificial intelligence, which can help secure the future for pension savers and broader society.”
About Future Planet Capital
Future Planet Capital is an impact-led venture capital firm built to back growth companies from the world’s top universities and research ecosystems. Founded in Britain with global outlook and reach, Future Planet Capital manages over $460m for public and private investors and has deployed a further $200m of co-investment. With 140 portfolio companies across geographies and stages their mission is to invest in high-growth companies solving global challenges. Mapped against the UN Sustainable Development Goals, these include climate change, education, health, security, and sustainable growth.
For more information visit: https://futureplanetcapital.com/
Other potential investments include:
Tropic Biosciences, founded in 2016 with an initial investment from Future Planet Capital’s UKI2S fund, is reshaping agriculture to improve resilience, efficiency, and sustainability in food production.
Roslin Technologies, spun out of the University of Edinburgh, pioneers the development of pluripotent stem cells for cultivated meat. Their technology addresses the global protein gap by enabling scalable, sustainable meat production without raising animals. By providing genetically stable, self-replicating stem cells, Roslin delivers solutions that reduce production costs to less than $15/kg, positioning itself as a leader in a $2BN cell market by 2035.
Beam (formally known as Rovco) is a growth-stage autonomous robotics company specialising in subsea services for the offshore wind sector. With £19 million in 2023 revenue, the company is rapidly scaling, leveraging cutting-edge AI and computer vision to lead the way in subsea autonomy.
Quotes of Support:
Lord Wei of Shoreditch
”Changing the world and making an impact at scale is really tough and at times can be a lonely place. Future Planet Capital has managed to pull together globally an immense network of investors, founders, and experts to tackle the biggest challenges facing the world today. It is truly a fellowship, and a font of innovation, as well as being a premier fund platform. In these fast changing times it is so reassuring to know that there are innovators working on making the world a safer, cooler, and better place, whose chances of success are being supercharged through the FPC community.”
Jim Wilkinson, Chief Financial Officer, Oxford Science Enterprises
‘Future Planet Capital’s investment strategy offers not only something different, but something that has been lacking in this space. Its approach as well as its scope -involving a remarkable series of partnerships with leading universities and university venture funds – make it a very valuable strategic partner for anyone active in this field.’
Paul Abberley, Investment Governance Board Chair
CEO at Charles Stanley, one of the oldest firms on the London Stock Exchange. Previously the CEO / CIO of Aviva Investors.
‘Successful innovations deliver superior investment returns. When those innovations have a positive impact on broader society, the capital investments which makes them possible benefit all stakeholders. Responsible investing of this type is easy to envisage but harder to implement, because identification of suitable opportunities is so challenging. The Future Planet approach bridges that gap.’
Priya Guha OBE, Member of the Future Planet Capital Investment Governance Board
‘With the Chancellor firing the starting gun on this Government’s pension reforms in yesterday’s Mansion House Speech, I am delighted Future Planet Capital are able to announce they are in discussion with NatWest Cushon for an investment into the British Co-Investment Fund. With their strong reputation for investing in high-growth high-impact companies in the technology sector, Future Planet Capital’s BCF is exactly the right vehicle through which pension funds can back the scaling companies of the future; a win-win for British scale-ups and for British pensioners.’
Matthew Hurn OBE, Deputy Chair of Future Planet Capital’s Advisory Board
‘The UK Growth agenda presents an exciting opportunity and it is vital that we have in place the tools needed to fulfil this potential. I strongly welcome this partnership which signals an important step forward – helping to pave the way to greater financial growth while offering savers access to world leading, impactful innovation.’
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Fintech PR
Universal Consulting Opportunities (UCO), a Stellar MLS Subsidiary, Signs Agreement with NAR India As Advisor to Develop a National MLS
ALTAMONTE SPRINGS, Fla., Nov. 14, 2024 /PRNewswire/ — UCO, a subsidiary of Stellar MLS, a leading multiple listing service (MLS) in the U.S. and the fastest-growing in the world, has entered into a landmark agreement with the National Association of REALTORS® (NAR) India as an advisor to successfully launch an MLS across India. This milestone signifies Stellar MLS’s commitment to enhance the real estate industry on a global scale, expanding UCO’s presence worldwide, and furthers NAR India’s journey to modernize and elevate the Indian real estate industry.
Founded in 2008, NAR India is a nonprofit organization that facilitates the professional development of its members and promotes the highest standards and accreditation in the national real estate industry. It is one of only two countries to hold the NAR designation; Canada is the other. UCO will consult with NAR India’s team to guide in areas including the establishment of an MLS, technology, business strategy, organizational setup, and vendor management.
“We are delighted to align with NAR India, a highly respected organization that shares our values of quality customer service, trust and data integrity to benefit the burgeoning real estate market in India,” said Merri Jo Cowen, CEO of UCO and Stellar MLS. “This is a significant nationwide initiative, and we are proud to share our expertise in establishing the MLS concept across India and be a part of NAR India’s mission to utilize the power of collaboration, transparency and an efficient marketplace.”
Cowen also noted the alignment’s potential benefits to Stellar MLS’s Florida customers, such as through referral opportunities: Florida is home to many Non-Resident Indians (NRIs). Current trends highlight the increasing influence of NRIs in shaping India’s real estate landscape, driven by both emotional connections to their homeland and the pursuit of investment opportunities. On the flipside, India is one of the largest foreign investors in Florida real estate, with $5.4 billion in investments in 2020.
“The partnership between UCO and NAR India marks a pivotal moment for the Indian real estate industry,” said Amit Chopra, President, NAR India. “It brings cutting-edge MLS expertise to India, fostering transparency, trust, and professionalism in our market.”
Tarun Bhatia, Vice Chairman and Chair-Global, NAR India, added: “It also creates exciting opportunities for Indian REALTORS® to showcase properties to a global audience, particularly NRIs, fostering stronger international connections.”
Sumanth Reddy, Chairman, NAR India, concluded: “We are proud to embark on this journey with UCO and look forward to the transformative impact it will have on our members and the industry as a whole, opening up new avenues for growth and collaboration.”
Dr. Mathew Kallumadil, UCO Vice President of Global Markets and Stellar MLS Vice President of Technology and Innovation noted the shared synergies between UCO and NAR India. “India is a complex, diverse market with different languages and cultures within the country, and UCO’s experience in accommodating regional differences and helping build scalable MLS systems will be invaluable in developing a sustainable MLS framework,” Dr. Kallumadil said. “Indian society is very highly digitized, and that is critical to a successful MLS and the ecosystem around it.”
The partnership with NAR India expands UCO’s presence to South Asia, in addition to Europe and the Middle East. UCO recently entered into other strategic global consulting opportunities, including with MLS Leader (Romania) and Arab MLS (Middle East) to optimize real estate practices across their respective regions, and with Igluu, a Prague-based digital technology firm, to expand the MLS concept in Europe. Furthermore, UCO has been actively engaged in global forums to support a forward-thinking approach to transforming the industry and its presence is supported through its partnerships with CEPI, the European Association of Real Estate Professions, and FIABCI, the International Real Estate Federation.
For information about UCO and Stellar MLS, visit stellarmls.com/global.
Media Contact: Caryn McBride
Co-Communications
[email protected]
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