Hut 8 Corp (NASDAQ:HUT),  a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, stock fell 1.10% (As on May 16, 11:23:11 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the first quarter of FY 24. As of March 31, 2024, energy capacity under management in Hut 8’s mining business totaled 884 megawatts (“MW”) across six sites in North America; additionally, the Company had more than 36,000 square feet across five cloud and colocation data centers in Canada and four natural gas power generation facilities in Ontario, Canada totaling 310 MW. The company owned approximately 54,500 miners totaling approximately 5.5 exahash per second (EH/s), including the Company’s net share of the King Mountain joint venture (“King Mountain JV”), as of March 31, 2024.

Further, Net income attributable to Hut 8 increased by $233.5 million to $250.9 million compared to $17.3 million for the three months ended March 31, 2023. Adjusted EBITDA increased by $285.8 million to $297.0 million from $11.1 million for the three months ended March 31, 2023. The increase was primarily driven by the $274.6 million fair value gain on digital assets, higher average price per Bitcoin mined, and additional profitable revenue from Managed Services. During the three months ended March 31, 2024, 716 Bitcoin were mined, versus 524 Bitcoin mined in the three months ended March 31, 2023. As of March 31, 2024, total self-mined Bitcoin balance was 9,102, which represented a market value of approximately $648.9 million. Cost to mine a Bitcoin for owned facilities, including the Company’s net share of the King Mountain JV, was $20,419, versus $9,072 for the three months ended March 31, 2023. Cost to mine including hosted miners was $24,594, versus $12,348 in the three months ended March 31, 2023.

HUT in the first quarter of FY 24 has reported the adjusted earnings per share of -17 cents, missing the analysts’ estimates for the adjusted earnings per share of 59 cents. The company had reported the adjusted revenue decline of 20.48 percent to $51.74 million in the first quarter of FY 24, missing the analysts’ estimates for revenue of $65.07 million. It consisted of $30.4 million in Digital Assets Mining revenue, $9.2 million in Managed Services revenue, $3.3 million in High Performance Computing – Colocation and Cloud revenue, and $8.8 million in Other revenue.