Hut 8 Mining Corp. (NASDAQ:HUT) Q1 2022 Earnings Conference Call May 12, 2022 10:00 AM ET
Company Participants
Jaime Leverton - Chief Executive Officer
Shane Downey - Chief Financial Officer
Conference Call Participants
George Sutton - Craig-Hallum
Christopher Brendler - D.A. Davidson
Kevin Dede - H.C. Wainwright
Operator
Welcome to the Hut 8 Q1 2022 Earnings Call. My name is James, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions]. As a reminder, this conference is being recorded.
I'd now like to turn the call over to Jaime Leverton. Jaime, you may begin.
Jaime Leverton
Thank you so much, James. And I do apologize. We've actually just done this entire earnings call, but apparently, our audience could not hear. So we are about to do it for a second time and I do so appreciate the patience of everybody on the line given the technical difficulties that our partner company here has had this morning.
So with that, thank you for joining us to discuss Hut 8's financial results for the first quarter of the year. We had a very strong quarter, outperforming our results for the same period in the year prior by a considerable margin with respect to revenue, net income, mining profit and adjusted EBITDA. We our Bitcoin holdings also increased. And as of the end of March, we had 6,460 in reserve. Notably, we advanced our corporate strategy with the strategic acquisition of TeraGo's 5 data centers at the end of January. We are currently blessed with 400 cloud services and colocation clients across a number of sectors and have moved further into the high-performance computing industry, where we are looking forward to offering companies in the blockchain and Web 3.0 space with rendering, artificial intelligence and VFX support that they uniquely need.
We are the only digital asset miner that has diversified in this way. And while we continue to be bullish on Bitcoin, we also believe in a promise of the high-performance computing industry overall.
Before I turn it over to our CFO, Shane Downey, for a second time, who will review our key financial results, I would like to thank our executive team for their leadership, the entire Hut 8 mining team for their execution and our investors for your continued support.
And with that, Shane, back over to you.