Hut 8 Reports Second Quarter 2026 Results
Rhea-AI Summary
Hut 8 (Nasdaq, TSX: HUT) reported Q2 2026 revenue of $74.9 million, up from $41.3 million, driven by $72.5 million from Compute, while posting a net loss of $177.1 million, largely due to $138.6 million of primarily unrealized losses on digital assets.
The company completed commercialization of its first gigawatt-scale AI data center campus at Beacon Point by signing, after quarter-end, a second 15-year, 352 MW IT lease, bringing total campus base-term contract value to $19.6 billion and expected average annual NOI to $1.3 billion. Across River Bend and Beacon Point, Hut 8 now has 949 MW of contracted IT capacity, about $26.6 billion of expected base-term contract value and more than $1.75 billion of expected average annual NOI.
The company closed $7.5 billion of fully amortizing, investment-grade, non-recourse project financing in the quarter and held approximately $8.1 billion in cash and Bitcoin as of June 30, 2026. Adjusted EBITDA (excluding digital asset mark-to-market) rose to $10.4 million from $4.2 million.
Positive
- Revenue growth to $74.9M in Q2 2026 from $41.3M in 2025
- Compute revenue increased to $72.5M from $34.3M year over year
- Adjusted EBITDA (ex digital mark-to-market) rose to $10.4M from $4.2M
- Beacon Point Phase 2 lease: 352 MW, $9.8B base-term value, $655M expected annual NOI
- Total contracted AI capacity 949 MW with $26.6B base-term value and >$1.75B expected annual NOI
- $7.5B investment-grade, fully amortizing, non-recourse project financing closed in the quarter
- Liquidity of about $8.1B in cash and Bitcoin as of June 30, 2026
- Refinanced $200M Bitcoin-backed facility, cutting rate from 9.0% to 7.0% and releasing ~3,300 BTC collateral
- No general recourse parent-level debt after Coatue convertible note conversion
- Development pipeline totals 8,660 MW across diligence, exclusivity, development, and construction
Negative
- Net loss of $177.1M in Q2 2026 versus $137.5M net income in 2025
- Digital asset impact: $138.6M primarily unrealized loss versus $217.6M prior-year gain
- Adjusted EBITDA inclusive of digital mark-to-market was $(94.6)M versus $221.2M
- Power revenue decline to $1.2M from $5.5M year over year
- Higher operating costs: G&A $76.1M vs $30.2M; depreciation $39.7M vs $19.5M
- Interest expense increased to $51.2M from $8.4M, partly offset by $27.1M interest income
News Explained
Hut 8 reports refinancing from 9.0% to 7.0%, collateral release upon closing, and 1,330 MW under construction with 2027 delivery targets.
Hut 8 reports that it refinanced its
For this release, “Energy Capacity Under Construction” means sites with definitive commercial agreements where construction activities have commenced.
Following conversion of the
Market reaction after 2Q26 earnings report: HUT -3.19%
Following this news, HUT has declined 3.19%, reflecting a moderate negative market reaction. Our momentum scanner has triggered 9 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $108.50.
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Key Figures
Previous Crypto,earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 06 | Q1 2026 earnings | Positive | +35.3% | AI lease backlog expansion, financing closure, and Bitcoin facility refinancing |
| Feb 25 | Q4 2025 earnings | Negative | -6.6% | Full-year net loss and negative adjusted EBITDA despite lease and pipeline progress |
| Nov 04 | Q3 2025 earnings | Positive | -12.5% | Revenue, net income, adjusted EBITDA, and development pipeline were reported |
| Aug 07 | Q2 2025 earnings | Positive | -3.2% | Revenue, net income, adjusted EBITDA, and long-term capacity contracts increased |
| May 08 | Q1 2025 earnings | Negative | +11.9% | Net loss, negative adjusted EBITDA, higher mining cost, and lower Bitcoin production |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were mixed, with stronger reported results sometimes followed by negative price reactions.
Key Terms
adjusted ebitda financial
investment-grade financial
triple-net financial
take-or-pay financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Power-first execution model compounds across the Company's first two AI data center campuses
949 MW of contracted IT capacity, approximately
Earnings Release Highlights
- Completed the commercialization of Hut 8's first gigawatt-scale AI data center campus, signing, subsequent to quarter-end, a second 352 MW IT lease at Beacon Point.
- Closed
$7.5 billion - Scaled expected aggregate base-term contract value across the portfolio to approximately
$26.6 billion $1.75 billion - Facilities representing 1,330 MW of utility capacity in active construction across River Bend and Beacon Point, targeted for initial data hall delivery in Q2 2027 and Q3 2027, respectively.
Asher Genoot, CEO of Hut 8, said: "In the second quarter, our power-first model drove significant commercial and financial milestones across our first two AI data center campuses. To date, it has produced data center leases representing 949 MW of contracted IT capacity, approximately
"Three milestones during the quarter and the weeks that followed demonstrated our momentum. At Beacon Point, our existing high-investment-grade tenant returned within months of the Phase 1 lease to commit to a second 352 MW IT lease, commercializing the campus's full one-gigawatt of utility capacity. In the credit markets, we closed
"Delivery is now our central priority. We continue to apply the full weight of our organization to deliver River Bend and Beacon Point: operating rigor built through years of developing energy-intensive infrastructure at scale and a team we continue to expand ahead of the growth to come. Bringing these campuses online will put nearly a gigawatt of contracted IT capacity into service and establish the foundation from which we intend to build the defining infrastructure platform of the AI era."
Second Quarter 2026 Highlights
Power
- Generated
$1.2 million - Advanced, following the execution of the Phase 2 lease subsequent to quarter-end, 500 MW of utility capacity from Beacon Point into Energy Capacity Under Construction, increasing total Energy Capacity Under Construction to 1,330 MW, comprising 330 MW at the River Bend campus and 1,000 MW at the Beacon Point campus.
Digital Infrastructure
- Generated
$1.3 million $27.0 million - Advanced the buildout of River Bend, targeted for initial data hall delivery in the second quarter of 2027. Progress during the quarter included the commencement of vertical construction, continued construction of the campus substation, and receipt of initial deliveries of long-lead equipment.
- Commenced the buildout of Beacon Point, with construction of Phase 1 and the campus substation underway, targeted for initial energization in the first quarter of 2027 and initial data hall delivery in the third quarter of 2027.
- Completed the commercialization of Hut 8's first gigawatt-scale AI data center campus, signing, subsequent to quarter-end, a second 15-year, 352 MW IT lease at Beacon Point with the same high-investment-grade tenant as in Beacon Point Phase 1, representing approximately
$9.8 billion $655.0 million $19.6 billion $1.3 billion $50.2 billion
Compute
- Generated
$72.5 million
Capital Strategy and Balance Sheet
- Maintained a strong liquidity position, supported by approximately
$8.1 billion $7.6 billion $497.2 million - Closed
$7.5 billion $3.25 billion $4.25 billion - Refinanced the Company's
$200.0 million 9.0% to7.0% and, upon the closing of the new facility, releasing approximately 3,300 BTC from collateral. Following the conversion of the Company's$150.0 million - Advanced financing plans for Beacon Point Phase 2, evaluating a range of structures consistent with the Company's disciplined approach to funding campus development.
Development Pipeline
As of June 30, 2026, Hut 8's development pipeline totaled approximately 8,660 MW, including 5,400 MW of Energy Capacity Under Diligence, 1,880 MW of Energy Capacity Under Exclusivity, 50 MW of Energy Capacity Under Development, and 1,330 MW of Energy Capacity Under Construction.
Stage | Description | Utility Capacity |
Energy Capacity Under | Greenfield 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 generally invests limited development capital to evaluate critical factors, including power availability, infrastructure readiness, fiber connectivity, and overall commercial viability. | 5,400 MW |
Energy Capacity Under | Sites where Hut 8 has secured site control and completed a suitable power study indicating a viable path to the power and infrastructure required for deployment. | 1,880 MW1 |
Energy Capacity Under | Sites where Hut 8 is actively investing in development and commercialization by executing definitive land and/or power agreements, advancing site design and infrastructure development, and engaging with prospective customers. | 50 MW |
Energy Capacity Under | Sites where Hut 8 has executed definitive commercial agreements for the relevant capacity and commenced construction activities. | 1,330 MW2 |
Total | All sites under diligence, exclusivity, development, and construction. | 8,660 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. |
2. | Includes 500 MW of energy capacity at Beacon Point Phase 2, which advanced to Energy Capacity Under Construction subsequent to June 30, 2026. |
Select Second Quarter 2026 Financial Results
Revenue for the three months ended June 30, 2026 was
Net loss for the three months ended June 30, 2026 was
Adjusted EBITDA for the three months ended June 30, 2026 was
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: app.webinar.net/aA6jEPYlwy5
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 expected aggregate base-term contract value and expected average annual net operating income associated with the Company's contracted data center capacity; the potential contract value associated with the exercise of renewal options at the Company's leased data center sites; the development and construction of the Company's River Bend and Beacon Point sites, including the targeted timing of initial energization and data hall delivery; the anticipated completion and operation of the Company's leased data center sites and the expected benefits thereof; the Company's plans and potential financing structures for Beacon Point Phase 2; 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 the 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 sec.gov and SEDAR+ profile at sedarplus.ca.
Non-GAAP Financial Measures
In addition to its results determined in accordance with GAAP, the Company relies on Adjusted EBITDA, inclusive of digital assets mark-to-market; Adjusted EBITDA; and expected net operating income (NOI) contribution, which are non-GAAP financial measures, to evaluate its business, measure its performance, and inform strategic decision-making.
Adjusted EBITDA, Inclusive of Digital Assets Mark-to-Market
The Company defines Adjusted EBITDA, inclusive of digital assets mark-to-market, as net loss or income adjusted for interest expense, interest income, income tax benefit or provision, depreciation and amortization, our share of depreciation and amortization from unconsolidated joint ventures, net of basis adjustments, foreign exchange loss or gain, gain on the sale of property and equipment, gain or loss on derivatives, loss on other financial liability, gain on warrant liability, gain on the sale of the Far North joint venture, net of transaction costs, non-recurring transactions, loss or income attributable to non-controlling interests, and stock-based compensation expense.
Adjusted EBITDA
The Company defines Adjusted EBITDA as Adjusted EBITDA, inclusive of digital assets mark-to-market, further adjusted to exclude loss or gain on digital assets attributable to Hut 8 Corp., thereby removing the effect of mark-to-market fluctuations of digital assets held on the Company's balance sheet. The Company's digital assets are considered primarily long-term holdings, and periodic appreciation or depreciation in the fair value of such holdings does not reflect the results of the Company's core operations.
Expected Net Operating Income (NOI) Contribution
The Company defines expected net operating income (NOI) contribution as expected lease revenue attributable to a particular lease, less any non-reimbursable operating expenses attributable to the leased property.
How the Company Uses These Measures
The Company's board of directors and management team use Adjusted EBITDA, inclusive of digital assets mark-to-market, and Adjusted EBITDA to assess the Company's financial performance, as these measures allow for the comparison of operating performance on a consistent basis across periods by removing the effects of the Company's capital structure, such as varying levels of interest expense and income, its asset base, such as depreciation and amortization, and other items, including the non-recurring transactions described above. Adjusted EBITDA further excludes the impact of changes in the fair value of the Company's digital asset holdings, which may otherwise affect the comparability of the Company's financial results across periods.
The Company's management team uses expected NOI contribution to evaluate the anticipated operating performance of a particular lease, independent of the Company's consolidated capital structure or asset base, allowing management to assess the economics of individual leasing arrangements on a comparable basis. Investors are encouraged to evaluate each adjustment described above and the reasons the Company's Board and management team believe these measures provide useful supplemental information.
Limitations
Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA, inclusive of digital assets mark-to-market, and Adjusted EBITDA. In evaluating these measures, you should be aware that the Company may incur expenses in the future that are the same as, or similar to, certain adjustments reflected in the calculation of these measures. Accordingly, the presentation of these measures should not be construed as an inference that the Company's future results will be unaffected by unusual or non-recurring items.
Operating income is the GAAP measure most directly comparable to expected NOI contribution. In evaluating this measure, you should be aware that the Company may incur non-reimbursable lease operating expenses that are not currently known or quantifiable. Accordingly, the Company's presentation of expected NOI contribution should not be construed as an inference that the Company's future results will be unaffected by unusual or non-recurring items. Expected NOI contribution also excludes the impact of selling, general and administrative expenses and depreciation and amortization, each of which has a real economic effect and could materially impact the Company's consolidated financial results. No reconciliation of expected NOI contribution to its most directly comparable GAAP measure is included in this press release because the Company is unable to quantify certain amounts that would be required to be included in operating income without unreasonable effort, and any such quantification would imply a degree of precision that could be confusing or misleading to investors.
The Company may modify the calculation or presentation of these measures in the future, and any such modification could be material. These measures have important limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of the Company's results as reported in accordance with GAAP. Because other companies, including companies in the Company's industry and Real Estate Investment Trusts, may calculate similarly titled measures differently, the Company's non-GAAP measures may not be comparable to those reported by other companies, which limits their usefulness for comparative purposes.
Hut 8 Corp. and Subsidiaries | ||||||
Three Months Ended | ||||||
June 30, | ||||||
2026 | 2025 | |||||
Revenue: | ||||||
Power | $ | 1,176 | $ | 5,492 | ||
Digital Infrastructure | 1,285 | 1,512 | ||||
Compute | 72,471 | 34,295 | ||||
Total revenue | 74,932 | 41,299 | ||||
Cost of revenue (exclusive of depreciation and amortization shown below): | ||||||
Cost of revenue – Power | 826 | 5,000 | ||||
Cost of revenue – Digital Infrastructure | 1,374 | 2,120 | ||||
Cost of revenue – Compute | 24,691 | 14,656 | ||||
Total cost of revenue | 26,891 | 21,776 | ||||
Operating expenses: | ||||||
Depreciation and amortization | 39,727 | 19,458 | ||||
General and administrative expenses | 76,080 | 30,158 | ||||
Loss (gain) on digital assets | 138,597 | (217,640) | ||||
Gain on sale of property and equipment | (33) | (312) | ||||
Total operating expenses (income) | 254,371 | (168,336) | ||||
Operating (loss) income | (206,330) | 187,859 | ||||
Other (expense) income: | ||||||
Foreign exchange (loss) gain | (3,219) | 3,114 | ||||
Interest expense | (51,160) | (8,396) | ||||
Interest income | 27,085 | — | ||||
Gain (loss) on derivatives | 18,315 | (18,403) | ||||
Loss on other financial liability | (98) | (181) | ||||
Gain on warrant liability | 22 | — | ||||
Gain on sale of the Far North JV, net of transaction costs | 1,110 | — | ||||
Equity in earnings of unconsolidated joint venture | 5,671 | 1,064 | ||||
Total other (expense) income | (2,274) | (22,802) | ||||
Net (loss) income before income taxes | (208,604) | 165,057 | ||||
Income tax benefit (provision) | 31,462 | (27,574) | ||||
Net (loss) income | (177,142) | 137,483 | ||||
Less: Net loss (income) attributable to non-controlling interests | 26,951 | (171) | ||||
Net (loss) income attributable to Hut 8 Corp. | $ | (150,191) | $ | 137,312 | ||
Net (loss) income per share of common stock: | ||||||
Basic attributable to Hut 8 Corp. | $ | (1.27) | $ | 1.32 | ||
Diluted attributable to Hut 8 Corp. | $ | (1.27) | $ | 1.18 | ||
Weighted average number of shares of common stock outstanding: | ||||||
Basic | 118,483,238 | 104,246,041 | ||||
Diluted | 118,483,238 | 119,018,761 | ||||
Net (loss) income | $ | (177,142) | $ | 137,483 | ||
Other comprehensive (loss) income: | ||||||
Foreign currency translation adjustments | (12,701) | 39,892 | ||||
Total comprehensive (loss) income | (189,843) | 177,375 | ||||
Less: Comprehensive loss (income) attributable to non-controlling interests | 26,951 | (227) | ||||
Comprehensive (loss) income attributable to Hut 8 Corp. | $ | (162,892) | $ | 177,148 | ||
See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements. | ||||||
Adjusted EBITDA reconciliation: | ||||||
Three Months Ended | ||||||
June 30, | ||||||
(in USD thousands) | 2026 | 2025 | ||||
Net (loss) income | $ | (177,142) | $ | 137,483 | ||
Interest expense | 51,160 | 8,396 | ||||
Interest income | (27,085) | — | ||||
Income tax (benefit) provision | (31,462) | 27,574 | ||||
Depreciation and amortization | 39,727 | 19,458 | ||||
Share of unconsolidated joint venture depreciation, amortization, net of basis adjustments (1) | 2,159 | 5,543 | ||||
Foreign exchange loss (gain) | 3,219 | (3,114) | ||||
Gain on sale of property and equipment | (33) | (312) | ||||
(Gain) loss on derivatives | (18,315) | 18,403 | ||||
Loss on other financial liability | 98 | 181 | ||||
Gain on warrant liability | (22) | — | ||||
Gain on sale of the Far North JV, net of transaction costs | (1,110) | — | ||||
Non-recurring transactions (2) | — | 3,739 | ||||
Loss (income) attributable to non-controlling interest | 12,985 | (3,786) | ||||
Stock-based compensation expense | 51,239 | 7,640 | ||||
Adjusted EBITDA, inclusive of digital assets mark-to-market | $ | (94,582) | $ | 221,205 | ||
Loss (gain) on digital assets attributable to Hut 8 Corp. | 105,031 | (217,014) | ||||
Adjusted EBITDA | $ | 10,449 | $ | 4,191 | ||
(1) | Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint |
(2) | There were no non-recurring transactions for the three months ended June 30, 2026. Non-recurring transactions for the three months ended |
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SOURCE Hut 8 Corp.