Hut 8 (HUT) Cost of Revenue (2022 - 2026)
Hut 8's Cost of Revenue was $26.89 million in Q2 2026, up 23.5% from $21.78 million a year earlier and up 5.3% from the prior quarter.
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Analysis
Hut 8 (HUT) Cost of Revenue (2022 - 2026) Analysis & Trends
On a trailing twelve-month basis, Hut 8's Cost of Revenue was $119.78 million through Jun 30, 2026, up 53.0% year-over-year; for FY2025, it was $107.77 million, up 24.4% from FY2024.
- Cost of Revenue shows a three-year compound annual growth rate of 61.1% (FY2022 to FY2025).
- In earlier years, Cost of Revenue was $86.66 million in FY2024 (+59.9%), $54.19 million in FY2023 and $25.78 million in FY2022.
- Quarterly Cost of Revenue has moved between -$320,000 (Q4 2023) and $35.01 million (Q4 2025) over five years.
- Compared with a year earlier, Cost of Revenue has increased for five straight quarters, with growth averaging 31.4% over the last six quarters.
- Per Business Quant data, HUT's Cost of Revenue in the three quarters before Q2 2026 was $25.55 million (Q1 2026), $35.01 million (Q4 2025) and $32.33 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Block | 51.56 Bn | 23.34 Bn | 3.24 Bn | 3.48 Bn |
| 2 | PayPal Holdings | 50.29 Bn | 8.99 Bn | - | - |
| 3 | Coinbase Global | 35.53 Bn | -4.11 Bn | - | - |
| 4 | Fiserv | 33.43 Bn | 30.64 Bn | 2.76 Bn | 2.44 Bn |
| 5 | Corpay | 29.86 Bn | 18.68 Bn | - | - |
| 6 | Global Payments | 25.78 Bn | 604.58 Mn | 2.01 Bn | 1.30 Bn |
| 7 | Guidewire Software | 13.57 Bn | 10.14 Bn | 269.68 Mn | 141.41 Mn |
| 8 | Jack Henry & Associates | 12.44 Bn | 12.35 Bn | 273.85 Mn | 370.18 Mn |
| 9 | Chime Financial | 11.95 Bn | 7.64 Bn | 646.07 Mn | 71.94 Mn |
| 10 | Hut 8 | 6.49 Bn | 3.06 Bn | 40.85 Mn | 30.23 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 30.23 Mn |
| Jun 30, 2026 | 26.89 Mn |
| Mar 31, 2026 | 25.55 Mn |
| Dec 31, 2025 | 35.01 Mn |
| Sep 30, 2025 | 32.33 Mn |
| Jun 30, 2025 | 21.78 Mn |
| Mar 31, 2025 | 18.66 Mn |
| Dec 31, 2024 | 20.31 Mn |
| Sep 30, 2024 | 17.56 Mn |
| Jun 30, 2024 | 20.64 Mn |
| Mar 31, 2024 | 28.15 Mn |
| Dec 31, 2023 | -320,000.00 |
| Sep 30, 2023 | 13.53 Mn |
| Jun 30, 2023 | 11.99 Mn |
| Mar 31, 2023 | 8.51 Mn |
| Sep 30, 2022 | 18.40 Mn |
API Access
Hut 8 Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=HUT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "HUT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=HUT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();