HUTHut 8 Corp.

Finance Services

Revenue: $235M; 45% YoY
Operating margin: -136.9%; 148% YoY
EBITDA: −$220M; 143% YoY
Market cap: $7.3B
Employees: 248; $948K revenue each
Net debt / EBITDA: —; $67M net debt
AI in 10-K: 7.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
1 of 3 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
25% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentYes
55% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$948K · 64th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.9 per 10K words · 90th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$15M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$74M	$82M	$162M	$235M	45%
Operating income	−$20M	$9M	$461M	−$322M	170%
Net income	−$32M	$22M	$331M	−$248M	175%
Operating cash flow	−$43M	−$22M	−$69M	−$139M	103%
Stock-based comp	$9M	$14M	$21M	$58M	178%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 30, 2026	Ho Michael	SCHEDULE 13D/A	5.1%	Passive
Dec 7, 2023	Ho Michael	SC 13D	7.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $15M · 16
Net: −$15M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	437	131
FY2024	—	—	195	110
FY2023	—	—	127	134