Overview
- Net income reached about $3.47 million versus a year-ago loss, marking the company’s first full quarter reporting after the Gryphon merger and Hut 8 spinout.
- Mining capacity scaled to roughly 25 EH/s with fleet efficiency near 16.3 J/TH, supporting stronger profitability including a ~56% gross margin and ~$27.7 million in adjusted EBITDA.
- The firm added about 3,000 BTC in Q3 to end the quarter at 3,418 BTC, then reported 4,004 BTC as of November 5, equal to roughly 432 satoshis per share, with a portion pledged as collateral per filings.
- Management highlighted a dual accumulation approach that combines producing coins below spot through asset-light mining with disciplined at-market purchases.
- Shares dropped as much as 13% in premarket trading alongside a bitcoin decline below roughly $95,000, then rebounded intraday to trade higher on the session.