• Hut 8 Mining Corp (TSE: HUT) reported disappointing results for its fourth financial quarter.
• Digital assets the Toronto-headquartered firm produced in Q4 were 698 versus a much higher 789 in the same quarter last year.
• Wall Street currently has a consensus „overweight“ rating on the Hut 8 Mining stock and sees upside in it to $3.38 on average – about a 75% premium on its current price.
Hut 8 Mining Reports Disappointing Results
Hut 8 Mining Corp (TSE: HUT) is trading down this morning after reporting disappointing results for its fourth financial quarter. Digital assets the Toronto-headquartered firm produced in Q4 were 698 versus a much higher 789 in the same quarter last year.
Financial Figures
Lost C$186.7 million versus the year-ago C$111.2 million, per-share loss also widened from 67 cents to 90 cents, swung to an adjusted EBITDA loss of C$3.9 million and revenue declined about 62% YoY to C$21.8 million compared to analysts‘ forecast of C$24.5 million of revenue for that period.
Wall Street’s Consensus Rating
Wall Street currently has a consensus „overweight“ rating on the Hut 8 Mining stock and sees upside in it to $3.38 on average – about a 75% premium on its current price versus its year-to-date high, which is now down more than 40%.
Merger Announced Last Month
Last month, Hut 8 Mining said it will merge with US Bitcoin Corp in an all-stock transaction according to CEO Jaime Leverton who said they will continue “to uphold our operating principles as we work to close business combination with USBTC and begin operating as a US-domiciled, digital asset mining, hosting organisation”
Conclusion
Hut 8 Mining reports disappointing results for its fiscal Q4 with digital assets mined was also down year-on-year and lost C$186.7 million versus the year-ago C$111.2 million along with swinging to an adjusted EBITDA loss of C$3.9 million and revenue declines about 62% YoY compared to analysts‘ forecasted amount of revenue for that period . Wall Street has consensus „overweight“ rating on the Hut 8 Mining stock and sees upside in it at $3.38 averagely with about 75% premium from their current prices while seeing more than 40% decline from their YTD highs since announcing their merger last month with US Bitcoin Corp..