Hut 8 Reports First Quarter 2026 Results

Rhea-AI Summary

Hut 8 (NASDAQ, TSX: HUT) reported Q1 2026 results highlighting a $16.8 billion contracted lease backlog across two hyperscale AI campuses (597 MW IT capacity) and a 15-year, 352 MW Beacon Point lease valued at $9.8 billion on a triple-net, take‑or‑pay basis.

Q1 revenue was $71.0 million; the company closed a $3.25 billion senior secured note financing for River Bend and completed a 310 MW power-plant sale and a Bitcoin facility refinancing that lowered cost of debt to 7.0% and released ~3,300 BTC.

Positive

• $16.8B contracted lease revenue across two AI campuses
• 352 MW / $9.8B Beacon Point 15-year triple-net lease
• $3.25B investment-grade senior secured notes to fund River Bend (95% loan-to-cost)
• 8,375 MW development pipeline
• Refinanced Bitcoin facility to 7.0% cost of debt and freed ~3,300 BTC

Negative

• Net loss of $253.1M in Q1 2026
• Unrealized digital asset losses of $295.7M increased reported loss
• Adjusted EBITDA of $(250.5)M for the quarter

Key Figures

Contracted lease revenue: $16.8 billion Beacon Point lease value: $9.8 billion River Bend notes: $3.25 billion +5 more

8 metrics

Contracted lease revenue $16.8 billion Triple-net, take-or-pay leases across two hyperscale AI campuses

Beacon Point lease value $9.8 billion 15-year triple-net, take-or-pay AI data center lease for 352 MW IT capacity

River Bend notes $3.25 billion Fully amortizing 16.5-year investment-grade senior secured notes for River Bend

Development pipeline 8,375 MW Energy capacity under diligence, exclusivity, development, and construction

Q1 2026 revenue $71.0 million Three months ended March 31, 2026 vs $21.8 million prior year

Q1 2026 net loss $253.1 million Includes $295.7 million of primarily unrealized losses on digital assets

Q1 2026 Adjusted EBITDA $(250.5) million Three months ended March 31, 2026, includes losses on digital assets

Liquidity $1.3 billion Cash and Bitcoin holdings as of March 31, 2026 (Hut 8 and American Bitcoin)

Market Reality Check

Price: $80.50 Vol: Volume 3,668,169 is 0.76x...

normal vol

$80.50 Last Close

Volume Volume 3,668,169 is 0.76x the 20-day average of 4,813,292, suggesting no unusual trading pressure pre-release. normal

Technical Shares at $80.495 are trading above the $45.69 200-day MA and sit 3.23% below the 52-week high of $83.18.

Peers on Argus

HUT gained 3.11% ahead of earnings while key crypto peers like CIFR (20.92%), RI...

1 Up

HUT gained 3.11% ahead of earnings while key crypto peers like CIFR (20.92%), RIOT (5.96%), and WULF (3.12%) also traded higher. However, momentum scanner data flags this as a stock-specific move rather than a broad sector rotation.

Previous Crypto,earnings Reports

5 past events · Latest: Feb 25 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 25	Q4/FY 2025 earnings	Neutral	-6.6%	Reported full-year 2025 results and a $7.0B, 15-year AI lease plus pipeline.
Nov 04	Q3 2025 earnings	Positive	-12.5%	Strong Q3 profit, high Adjusted EBITDA, large development pipeline, big ATM and debt lines.
Aug 07	Q2 2025 earnings	Positive	-3.2%	Strong Q2 results, high EBITDA, expanded Bitcoin credit facility and American Bitcoin launch.
May 08	Q1 2025 earnings	Negative	+11.9%	Low revenue, large net loss and high cost to mine Bitcoin despite capacity growth.
Mar 03	Q4/FY 2024 earnings	Positive	-4.5%	Strong FY 2024 profitability, large development pipeline and diversified revenue streams.

Pattern Detected

Earnings and crypto-linked updates have often seen negative or contrary price reactions, even when fundamentals or growth metrics appeared strong.

Recent Company History

Over the past year, Hut 8’s crypto and earnings updates have combined aggressive growth with volatile market reactions. Prior results highlighted large long-term AI and compute contracts, multi-gigawatt development pipelines, and sizeable Bitcoin reserves, yet same-day or next-day moves often skewed negative. Notably, the Q4/FY 2025 results with a $7.0 billion AI lease and Q3 2025 profitability still saw selling. Today’s Q1 2026 release extends that strategy with larger contracted revenue and financing detail.

Historical Comparison

-3.0% avg move · In the past five crypto/earnings releases, HUT’s average move was -2.99%. Today’s 3.11% gain ahead o...

crypto,earnings

-3.0%

Average Historical Move crypto,earnings

In the past five crypto/earnings releases, HUT’s average move was -2.99%. Today’s 3.11% gain ahead of Q1 2026 marks a more constructive setup than prior reports.

Across successive crypto/earnings reports, Hut 8 has moved from highlighting a $7.0B 245 MW AI lease and multi-gigawatt pipeline to a Q1 2026 profile with $16.8B contracted revenue and an 8,375 MW pipeline, reflecting continued scaling of power-first AI infrastructure.

Market Pulse Summary

This announcement highlighted Hut 8’s transition into a large-scale energy and AI infrastructure pla...

Analysis

This announcement highlighted Hut 8’s transition into a large-scale energy and AI infrastructure platform, with Q1 2026 revenue of $71.0 million, a $16.8 billion contracted lease base, and an 8,375 MW development pipeline. Investors may track how sizable unrealized digital asset losses, totaling $295.7 million, influence future profitability. Key metrics to watch include contract additions, execution at River Bend and Beacon Point, and the evolution of net income and Adjusted EBITDA over coming quarters.

Key Terms

triple-net, take-or-pay, senior secured notes, adjusted ebitda, +4 more

8 terms

triple-net financial

"translates into $16.8 billion in triple-net, take-or-pay contracted lease revenue"

triple-net (often shown as NNN) is a type of commercial lease where the tenant pays base rent plus the property’s taxes, insurance and most operating or maintenance costs, leaving the landlord mainly responsible for ownership and financing. For investors it matters because it produces steadier, more predictable cash flow and lower day-to-day expense risk for the owner—like receiving rent from a tenant who also pays for upkeep—affecting yield, valuation and risk profile.

take-or-pay financial

"translates into $16.8 billion in triple-net, take-or-pay contracted lease revenue"

A take-or-pay clause is a contract term that requires a buyer to either take delivery of an agreed amount of a product or pay a penalty if they do not. For investors, it matters because it creates predictable revenue for the seller—like a subscription fee that must be paid whether fully used or not—reducing sales volatility but also introducing counterparty risk if the buyer’s ability to pay is uncertain.

senior secured notes financial

"closed an offering of $3.25 billion of fully amortizing 16.5-year investment-grade senior secured notes"

Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.

adjusted ebitda financial

"Adjusted EBITDA for the three months ended March 31, 2026 was $(250.5) million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

rsus financial

"restricted stock units representing 27,100 RSUs converted into the same number of Hut 8 common shares"

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

convertible note financial

"Assuming conversion of the Company's $150.0 million Coatue convertible note"

A convertible note is a type of loan that a company gets from investors, which can later be turned into company shares instead of being paid back in cash. It matters because it helps startups raise money quickly without setting a fixed value for the company right away, making it easier to grow and attract investors.

rule 10b5-1 trading plan regulatory

"sold 10,518 common shares at a weighted average price ... under a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

rule 144a regulatory

"sold to qualified institutional buyers under Rule 144A and to non‑U.S. investors under Regulation S"

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

AI-generated analysis. Not financial advice.

Two years of foundation-building translates into $16.8 billion in triple-net, take-or-pay contracted lease revenue across two hyperscale AI campuses underpinned by blue-chip, investment-grade counterparties

Recently announced Beacon Point lease demonstrates repeatability of Hut 8's power-first model across tenants and geographies

Earnings Release Highlights

• Demonstrated the repeatability of Hut 8's power-first development model, signing a 15-year, 352 MW IT AI data center lease at Beacon Point with a high-investment-grade tenant, representing $9.8 billion in base-term contract value on a triple-net, take-or-pay basis.
• Continued construction of the River Bend AI data center campus, and, subsequent to quarter-end, closed an offering of $3.25 billion of fully amortizing 16.5-year investment-grade senior secured notes to finance the project — the first single-sponsor data center project to access the investment-grade construction bond market — at approximately 95% loan-to-cost, on a non-dilutive, non-recourse basis to Hut 8.
• Simplified and strengthened the balance sheet through the divestiture of the Company's 310 MW portfolio of natural gas power plants and, subsequent to quarter-end, the refinancing of the Company's Bitcoin-backed credit facility, reducing cost of debt from 9.0% to 7.0%, unencumbering approximately 3,300 BTC, and releasing balance sheet liquidity to fund growth.
• Entered the Company's next phase of platform growth with a 8,375 MW development pipeline, underpinned by continued investment in the power-first development talent and program infrastructure required to convert pipeline to contracted revenue at scale.

MIAMI, May 6, 2026 /PRNewswire/ -- Hut 8 Corp. (Nasdaq, TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases, today reported its financial results for the first quarter of 2026.

Asher Genoot, CEO of Hut 8, said: "In the first quarter of 2026, we continued to execute against our conviction that power is the foundational layer for the next generation of energy-intensive technologies, and that those who secure it at scale will build and compound a durable competitive advantage. That conviction has produced a contracted revenue base of $16.8 billion underpinned by triple-net, take-or-pay data center leases with 597 MW of IT capacity across two hyperscale AI campuses, and diversified blue-chip, investment-grade counterparties."

"Our initial lease at Beacon Point demonstrates how our distinct power-first development model is repeatable across tenants and geographies. We identified a site that incumbents and peers overlooked and delivered a lease structured on the same triple-net, take-or-pay terms that defined our first AI data center lease at River Bend. Within five months, we have more than doubled our contracted capacity and secured $9.8 billion in incremental base-term contract value.

"With River Bend advancing toward Q2 2027 delivery and a development pipeline spanning 8,375 MW, our focus is on continuing to scale with the rigor and quality we believe distinguishes our platform from others in the market. We believe our proven model, strong balance sheet, and utility-scale development pipeline position us to continue executing with uncompromising discipline as we build what we believe will become an enduring, generational business at the intersection of energy and technology."

First Quarter 2026 Highlights

Power

• Generated $3.7 million in first quarter revenue from Power Generation and Managed Services. Revenue generated by Hut 8 through its Managed Services agreement with the Company's majority-owned subsidiary, American Bitcoin Corp. ("American Bitcoin"), is eliminated in consolidation, as these transactions are treated as intercompany so long as American Bitcoin remains a consolidated entity.
• Completed the sale of the Company's 310 MW portfolio of four natural gas-fired power plants in Ontario to TransAlta Corporation. The transaction concludes a multi-phase value creation program that began with acquisition out of bankruptcy proceedings in partnership with Macquarie Equipment Finance Ltd. (a subsidiary of Macquarie Group Limited), advanced through stabilization and operational improvements driven by the Company's in-house power expertise, and culminated in five-year capacity contracts with the Ontario Independent Electricity System Operator.
• Completed critical path development work required to commercialize Beacon Point, including contracting utility capacity with AEP, advancing interconnection through the ERCOT process, funding the Contribution in Aid of Construction (CIAC), and commencing substation construction.
• Recommissioned the Drumheller facility, deploying 42 MW of previously non-operational capacity into ASIC Colocation capacity and expanding the Company's revenue-generating infrastructure footprint.

Digital Infrastructure

• Generated $1.3 million in first quarter revenue from Colocation services. An additional $27.7 million of Colocation revenue, including reimbursements, from the Company's share of the unconsolidated King Mountain Joint Venture is recognized in the "Equity in earnings of unconsolidated joint venture" line item. Revenue generated by Hut 8 through its ASIC Colocation agreement with American Bitcoin is eliminated in consolidation, as these transactions are treated as intercompany so long as American Bitcoin remains a consolidated entity.
• Advanced construction at River Bend, the Company's 330 MW AI data center campus in West Feliciana Parish, Louisiana.
• Commercialized the first phase of Beacon Point, the second AI data center campus originated under Hut 8's power-first, greenfield model, through a 15-year, $9.8 billion lease for 352 MW of IT capacity with a high-investment-grade tenant.

Compute

• Generated $66.0 million in first quarter revenue from ASIC Compute, AI Cloud, and Traditional Cloud solutions. ASIC Compute revenue was generated primarily through American Bitcoin; AI Cloud revenue from the Company's wholly owned Highrise AI subsidiary; and Traditional Cloud solutions delivered under the Hut 8 Canada brand.

Capital Strategy and Balance Sheet

• Maintained a strong liquidity position, supported by approximately $1.3 billion in cash and Bitcoin holdings as of March 31, 2026, including $795.6 million attributable to Hut 8 and $489.0 million attributable to American Bitcoin.
• Closed, subsequent to quarter-end, an offering of $3.25 billion of fully amortizing 16.5-year investment-grade senior secured notes to finance the construction of River Bend — the first single-sponsor data center project to access the investment-grade construction bond market — on a non-dilutive, non-recourse basis to Hut 8. The transaction increased loan-to-cost from approximately 85% contemplated at lease announcement to 95% and, through a tenor aligned to the lease term, eliminated refinancing risk, and fully funded the project with $184 million of equity to be returned to Hut 8 at closing for redeployment, with no incremental equity contribution expected from Hut 8.
• Refinanced, subsequent to quarter-end, the Company's $200.0 million Bitcoin-backed credit facility with FalconX, reducing facility cost of debt from 9.0% to 7.0% and increasing Bitcoin held outside collateral covenants by approximately 3,300 BTC, with a market value of $260 million as of May 1, 2026. Assuming conversion of the Company's $150.0 million Coatue convertible note, which is substantially in the money and subject to mandatory redemption beginning in late Q2 2026 (subject to certain conditions), the Company will have no meaningful recourse debt at the parent level.

Development Pipeline

Development pipeline totaling 8,375 MW¹ as of May 6, 2026, including 5,315 MW of Energy Capacity Under Diligence, 1,680 MW¹ of Energy Capacity Under Exclusivity, 550 MW of Energy Capacity Under Development, and 830 MW of Energy Capacity Under Construction.

Stage	Description	Utility Capacity  As of May 6,  2026
Energy Capacity Under Diligence	Sites identified for large-load use cases such as AI, HPC, ASIC compute, industrial applications such as next generation manufacturing, and other energy-intensive technologies. At this stage, Hut 8 assesses site potential by engaging with utilities, landowners, and other stakeholders to evaluate critical factors, including power availability, infrastructure readiness, fiber connectivity, and overall commercial viability.	5,315 MW
Energy Capacity Under Exclusivity	Sites where Hut 8 has secured a clear path to ownership through either: (i) an exclusivity agreement that prevents the sale of designated land and power capacity to another party or (ii) a tendered interconnection agreement, confirming a viable path to securing power and infrastructure for deployment.	1,680 MW1
Energy Capacity Under Development	Sites where Hut 8 is actively investing in development and commercialization by executing definitive land and/or power agreements, advancing site design and infrastructure buildout, and engaging with prospective customers.	550 MW
Energy Capacity Under Construction	Sites where Hut 8 has executed a definitive offtake agreement and commenced construction activities.	830 MW
Total	All sites under diligence, exclusivity, development, and construction.	8,375 MW1

1.	Excludes 1,000 MW of potential expansion capacity at River Bend (subject to the expansion of power at the site), for which Fluidstack holds a ROFO under the River Bend lease

Select First Quarter 2026 Financial Results

Revenue for the three months ended March 31, 2026 was $71.0 million, compared to $21.8 million in the prior year period, and consisted of $3.7 million in Power revenue, $1.3 million in Digital Infrastructure revenue, and $66.0 million in Compute revenue. As American Bitcoin is a consolidated subsidiary, all revenue generated through the Company's Managed Services agreement, ASIC Colocation agreement, and Shared Services agreement with American Bitcoin is eliminated in consolidation.

Net loss for the three months ended March 31, 2026 was $253.1 million, compared to $134.3 million in the prior year period. Net loss for the period included $295.7 million of primarily unrealized losses on digital assets, compared to $112.4 million in the prior year period.

Adjusted EBITDA for the three months ended March 31, 2026 was $(250.5) million, compared to $(117.7) million in the prior year period. Adjusted EBITDA for each period includes the impact of the losses on digital assets described above. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net loss, and an explanation of this measure has been provided in the table included below in this press release.

Conference Call

The Company will host a conference call and webcast to review the results today at 8:30 a.m. ET. To register for the webcast, use the following link: https://app.webinar.net/nqBKZeqZERG

Supplemental Materials and Upcoming Communications

The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

Analyst Coverage

A full list of Hut 8 Corp. analyst coverage can be found at hut8.com/investors/stock-info/.

About Hut 8

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach. For more information, visit hut8.com.

Cautionary Note Regarding Forward-Looking Information

This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the development, construction, financing, and expected delivery timeline of the River Bend and Beacon Point AI data center campuses; the repeatability of the Company's data center development model; the Company's ability to achieve platform growth and execute on its business plan; the anticipated use of proceeds and financial impact of the $3.25 billion senior secured notes offering; the expected benefits of the refinancing of the Company's Bitcoin-backed credit facility; the anticipated conversion of the Coatue convertible note; the expected size, composition, and conversion of the Company's development pipeline into contracted revenue; the Company's capital allocation strategy and competitive positioning; and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "allow", "believe", "estimate", "expect", "predict", "can", "might", "potential", "is designed to", "likely," or similar expressions.

Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

Adjusted EBITDA

In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net loss, adjusted for impacts of interest expense, income tax benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, net of basis adjustments, foreign exchange gain or loss, loss on sale of property and equipment, gain on derivatives, gain or loss on other financial liability, gain on warrant liability, gain on sale of Far North JV, net of transaction costs, the removal of non-recurring transactions, asset contribution costs, loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons our Board and management team consider them appropriate for supplemental analysis.

Our board of directors and management team use Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period.

Net loss is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in such presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

Hut 8 Corp. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited, in USD thousands, except share and per share data)
		Three Months Ended
		March 31,
(in USD thousands)		2026					2025
Revenue:
Power		$	‌	3,740			$	‌	4,380
Digital Infrastructure				1,303					1,317
Compute				65,974					16,118
Total revenue				71,017					21,815
Cost of revenue (exclusive of depreciation and amortization shown below):
Cost of revenue – Power				2,107					3,628
Cost of revenue – Digital Infrastructure				1,546					1,559
Cost of revenue – Compute				21,895					13,472
Total cost of revenue				25,548					18,659
Operating expenses:
Depreciation and amortization				38,442					14,899
General and administrative expenses				81,740					21,059
Loss on digital assets				295,657					112,394
Loss on sale of property and equipment				—					2,454
Total operating expense				415,839					150,806
Operating loss				(370,370)					(147,650)
Other income (expense):
Foreign exchange (loss) gain				(2,720)					9
Interest expense				(9,243)					(7,469)
Asset contribution costs				—					(22,780)
Gain on derivatives				40,817					20,862
(Loss) gain on other financial liability				(661)					1,139
Gain on warrant liability				69					—
Gain on sale of Far North JV, net of transaction costs				33,601					—
Equity in earnings of unconsolidated joint venture				6,430					1,365
Total other income (expense)				68,293					(6,874)
Net loss before taxes				(302,077)					(154,524)
Income tax benefit				48,942					20,205
Net loss		$		(253,135)			$		(134,319)
Less: Net loss attributable to non-controlling interests				33,286					430
Net loss attributable to Hut 8 Corp.		$		(219,849)			$		(133,889)
Net loss		$		(253,135)			$		(134,319)
Other comprehensive (loss) income:
Foreign currency translation adjustments				(9,310)					1,187
Total comprehensive loss				(262,445)					(133,132)
Less: Comprehensive loss attributable to non-controlling interest				33,281					431
Comprehensive loss attributable to Hut 8 Corp.		$		(229,164)			$		(132,701)

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
Adjusted EBITDA Reconciliation
		Three Months Ended
		March 31,
(in USD thousands)		2026					2025
Net loss		$	‌	(253,135)			$	‌	(134,319)
Interest expense				9,243					7,469
Income tax benefit				(48,942)					(20,205)
Depreciation and amortization				38,442					14,899
Share of unconsolidated joint venture depreciation, amortization, net       basis adjustments (1)				2,159					5,485
Foreign exchange loss (gain)				2,720					(9)
Loss on sale of property and equipment				—					2,454
Gain on derivatives				(40,817)					(20,862)
Loss (gain) on other financial liability				661					(1,139)
Gain on warrant liability				(69)					—
Gain on sale of Far North JV, net of transaction costs				(33,601)					—
Non-recurring transactions (2)				—					1,485
Asset contribution costs				—					22,780
Loss attributable to non-controlling interest				21,953					473
Stock-based compensation expense				50,874					3,793
Adjusted EBITDA		$		(250,512)			$		(117,696)

1.	Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss in accordance with ASC 323. See Note 8. Investment in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail.
2.	There were no non-recurring transactions for the three months ended March 31, 2026. Non-recurring transactions for the three months ended March 31, 2025 represent approximately $1.5 million of restructuring costs and ABTC related transaction costs.

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SOURCE Hut 8 Corp.

FAQ

What did Hut 8 (HUT) report for Q1 2026 revenue and primary revenue sources?

Hut 8 reported $71.0 million in Q1 2026 revenue. According to the company, revenue comprised $66.0M Compute, $3.7M Power, and $1.3M Digital Infrastructure, with some intercompany eliminations for consolidated subsidiaries.

How large is Hut 8's contracted lease backlog after the Beacon Point lease (HUT, May 6, 2026)?

Hut 8 reported a contracted lease base of $16.8 billion across two hyperscale AI campuses. According to the company, this represents 597 MW of IT capacity including a 352 MW, 15-year Beacon Point lease valued at $9.8B.

What financing did Hut 8 secure to fund River Bend and what are the terms?

Hut 8 closed a $3.25 billion offering of fully amortizing, 16.5-year senior secured notes. According to the company, the financing is investment-grade, non-dilutive, non-recourse to Hut 8, at about 95% loan-to-cost.

How did Hut 8 change its Bitcoin-backed financing and what impact did it report?

Hut 8 refinanced its $200M Bitcoin-backed facility, lowering cost of debt from 9.0% to 7.0%. According to the company, this increased BTC held outside collateral covenants by ~3,300 BTC (market value reported as $260M on May 1, 2026).

What were Hut 8's key profitability and asset‑value headwinds in Q1 2026?

The company reported a Q1 net loss of $253.1M and Adjusted EBITDA of $(250.5M). According to the company, these results included $295.7M of primarily unrealized losses on digital assets.