Hut 8 (HUT) reports a smaller Q2 loss and 81.4% revenue growth, though sales miss estimates.
Stock Earnings Results
August 4, 2026
Table of Contents
August 4, 2026
Hut 8 Corp. (NASDAQ: HUT) reported second-quarter 2026 results with a smaller-than-expected loss on the dashboard, strong revenue growth, higher adjusted EBITDA, major AI data center contract milestones, and $7.5 billion of project financing, though revenue came in below estimates.
Hut 8 is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale for AI, high-performance computing, ASIC compute, and other energy-intensive technologies.
The dashboard showed a loss of $0.26 per share, better than estimates for a $0.50 loss, representing a 48.0% earnings surprise. Revenue came in at $74.93 million, below estimates of $79.37 million, though revenue growth was 81.4%.
Revenue increased to $74.9 million from $41.3 million in the prior-year quarter.
Compute revenue was $72.5 million.
Power revenue was $1.2 million.
Digital Infrastructure revenue was $1.3 million.
The company also said its share of unconsolidated King Mountain joint venture colocation revenue, including reimbursements, was recognized through equity in earnings of unconsolidated joint venture rather than consolidated revenue.
Hut 8 reported a net loss of $177.1 million.
That compared with net income of $137.5 million in the prior-year quarter.
Net loss attributable to Hut 8 was $150.2 million.
Basic and diluted net loss per share attributable to Hut 8 was $1.27.
The reported loss included $138.6 million of primarily unrealized losses on digital assets.
That compared with $217.6 million of primarily unrealized gains on digital assets in the prior-year quarter.
Adjusted EBITDA was $10.4 million.
That compared with $4.2 million in the prior-year quarter.
Adjusted EBITDA inclusive of digital assets mark-to-market was negative $94.6 million.
That compared with positive $221.2 million in the prior-year quarter.
The gap between adjusted EBITDA and reported net loss shows how much digital asset mark-to-market movements affected headline results.
Hut 8 completed the commercialization of its first gigawatt-scale AI data center campus.
After quarter-end, the company signed a second 15-year, 352 MW IT lease at Beacon Point with the same high-investment-grade tenant as Phase 1.
The Phase 2 lease represents approximately $9.8 billion of expected base-term contract value.
It also represents approximately $655 million of expected average annual net operating income on a triple-net, take-or-pay basis.
The lease brought total base-term contract value across Beacon Point to approximately $19.6 billion.
Renewal options could increase potential campus-level contract value to $50.2 billion.
Hut 8 said its portfolio now includes 949 MW of contracted AI data center capacity.
That portfolio represents approximately $26.6 billion of expected aggregate base-term contract value.
It also represents more than $1.75 billion of expected average annual NOI.
The capacity is leased or backstopped by investment-grade counterparties.
That is the main reason the quarter matters beyond near-term revenue and EPS.
Hut 8 has facilities representing 1,330 MW of utility capacity in active construction across River Bend and Beacon Point.
River Bend is targeted for initial data hall delivery in the second quarter of 2027.
Beacon Point is targeted for initial energization in the first quarter of 2027 and initial data hall delivery in the third quarter of 2027.
The company said delivery is now its central priority as it works to bring nearly a gigawatt of contracted IT capacity into service.
Hut 8 maintained approximately $8.1 billion in unrestricted cash, restricted cash and cash equivalents, and Bitcoin holdings as of June 30.
Of that amount, $7.6 billion was attributable to Hut 8 and $497.2 million was attributable to American Bitcoin.
The company closed $7.5 billion of fully amortizing investment-grade project financing across two offerings.
That included $3.25 billion of senior secured notes for the River Bend campus and $4.25 billion of senior secured notes for Beacon Point Phase 1.
Hut 8 said both financings were non-dilutive and without recourse to Hut 8 Corp.
The company also refinanced its $200 million Bitcoin-backed credit facility, reducing the facility cost of debt from 9.0% to 7.0%.
Hut 8’s development pipeline totaled approximately 8,660 MW as of June 30.
That included:
The company’s pipeline is focused on large-load use cases such as AI, high-performance computing, ASIC compute, next-generation manufacturing, and other energy-intensive technologies.
Hut 8’s quarter was less about near-term earnings and more about the scale of its AI infrastructure transition.
Revenue grew 81%, adjusted EBITDA improved, and the company secured major project financing while expanding contracted AI data center capacity to 949 MW. The Beacon Point lease also pushed expected aggregate base-term contract value across the portfolio to about $26.6 billion.
The key question is whether Hut 8 can deliver River Bend and Beacon Point on schedule and turn contracted AI capacity into recurring NOI without taking on execution or financing risk that outweighs the opportunity.
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