Hut 8 (HUT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue rose to $137.5M, up from $41.3M year-over-year, driven by Compute/ASIC growth and new site operations, but a $177.1M net loss resulted from a $138.6M unrealized digital asset loss as Bitcoin prices declined.

• Achieved commercialization and full leasing of the Beacon Point gigawatt-scale AI data center campus, with total contracted IT capacity reaching 949 MW and a base-term contract value of $26.6B.

• Secured $7.5B in investment-grade, non-recourse project financing for River Bend and Beacon Point, with no parent-level recourse.

• The business is transitioning from Bitcoin mining to a scalable energy and digital infrastructure platform focused on contracted cash flows and AI/HPC markets.

• Sale of the Far North JV reduced Power segment revenue and costs, aligning the business more closely with digital infrastructure and compute operations.

Financial highlights

• Q2 2026 revenue was $137.5M, up from $41.3M year-over-year; Compute contributed $72.5M, Power $1.2M, and Digital Infrastructure $1.3M.

• Net loss for Q2 2026 was $177.1M, compared to net income of $137.5M in Q2 2025, primarily due to $138.6M in unrealized losses on digital assets.

• Adjusted EBITDA (excluding digital asset mark-to-market) was $10.4M, down from $14.6M in Q2 2025.

• Cash and restricted cash at June 30, 2026 totaled $8.1B, reflecting major project financings and Bitcoin holdings.

• Gross margin declined to 47% from 64% year-over-year, impacted by higher depreciation and digital asset losses.

Outlook and guidance

• River Bend and Beacon Point campuses, totaling 1,330 MW under construction, are targeted for initial data hall delivery in Q2 and Q3 2027.

• Renewal options at Beacon Point could increase potential contract value to $50.2B.

• Management expects continued growth in digital infrastructure and compute, with a focus on AI and high-performance computing, but notes ongoing exposure to Bitcoin price volatility.

• The development pipeline stands at ~8,660 MW, with 11 sites in diligence or exclusivity.

• $1.75B+ in expected average annualized NOI under 15-year NNN leases.