Hut 8 (HUT) Q1 2026 earnings summary

Executive summary

• Achieved $16.8 billion in contracted lease revenue across two hyperscale AI campuses, including a 15-year, 352 MW lease at Beacon Point valued at $9.8 billion, with a power-first, infrastructure-focused model and divestiture of non-core assets.

• Institutional ownership increased from under 10% to over 70% by year-end 2025, with stock price appreciating over 1,000% in two years.

• Maintains a 9+ GW development platform, with 710 MW under management and 8,375 MW in the development pipeline as of May 6, 2026.

• Priorities for 2026 include advancing River Bend and Beacon Point for Q2 2027 delivery, accelerating pipeline conversion, optimizing capital efficiency, and scaling with operating discipline.

• Maintained strong liquidity with $1.3 billion in cash and Bitcoin holdings as of March 31, 2026.

Financial highlights

• Q1 2026 revenue grew 226% year-over-year to $71 million, driven by the compute segment.

• Gross margin expanded to 64% from 14% in the prior year.

• Net loss for Q1 2026 was $253.1 million, compared to $134.3 million in Q1 2025, primarily due to unrealized mark-to-market losses on digital assets.

• Adjusted EBITDA for Q1 2026 was $(250.5) million, compared to $(117.7) million in Q1 2025.

• Compute segment generated $66 million in revenue; Power and Digital Infrastructure contributed $3.7 million and $1.3 million, respectively.

Outlook and guidance

• River Bend and Beacon Point are advancing toward Q2 2027 delivery targets, with a focus on demonstrating a repeatable development model.

• 8.4 GW development pipeline targeted for conversion into contracted, high-quality opportunities.

• Continued investment in pipeline conversion and capital efficiency, leveraging a simplified balance sheet post-divestiture of natural gas assets.