Hut 8 misses estimates as revenue reaches $74.9 million: Q2 Earnings

Hut 8 misses estimates as revenue reaches $74.9 million: Q2 Earnings

Tue, August 4, 2026 at 3:34 PM GMT+3 2 min read

• HUT -8.30%
• BTC-USD +0.86%

Bitcoin miner to AI infrastructure provider Hut 8 (NASDAQ: HUT) reported second-quarter revenue of $74.9 million on Tuesday, up 81.4% from $41.3 million a year earlier. Revenue missed the $76.8 million consensus estimate by about $1.9 million, or 2.4%.

The infrastructure operator posted a GAAP loss attributable to Hut 8 of $1.27 per diluted share, compared with earnings of $1.18 per share last year. Analysts expected a loss of $0.48 per share, resulting in a $0.79-per-share miss.

Hut 8 posted a consolidated net loss of $177.1 million, versus net income of $137.5 million in the prior-year period. The result included $138.6 million of primarily unrealized losses on cryptocurrency values, compared with $217.6 million of primarily unrealized gains last year.

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Adjusted EBITDA excluding cryptocurrency mark-to-market changes rose to $10.4 million from $4.2 million. Hut 8 revised the metric this quarter to exclude those valuation changes and recast the prior-year result, while adjusted EBITDA including them was negative $94.6 million.

Compute contributed $72.5 million, or 96.7% of consolidated revenue, from ASIC Compute, AI Cloud and traditional cloud operations. Outside consolidated revenue, Hut 8 also recorded $27 million of colocation revenue and reimbursements from the unconsolidated King Mountain joint venture.

During the quarter, Hut 8 completed $7.5 billion of fully amortizing, investment-grade project financing. That total included $3.25 billion of senior secured notes for River Bend and $4.25 billion for Beacon Point Phase 1, each without recourse to Hut 8.

After quarter-end, a second 15-year, triple-net, take-or-pay lease pushed Hut 8's contracted AI data center capacity to 949 MW of IT load. By Hut 8's figures, the portfolio carries about $26.6 billion of expected base-term contract value and more than $1.75 billion of expected average annual NOI.

"Delivery is now our central priority," CEO Asher Genoot said. Hut 8 is aiming for initial data hall delivery in Q2 2027 at River Bend and in Q3 2027 at Beacon Point.

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Hut 8 finished June with about $8.1 billion in unrestricted cash, restricted cash and cash equivalents, plus bitcoin holdings. It also refinanced a $200 million bitcoin-backed loan, lowering the cost from 9% to 7% and freeing about 3,300 bitcoin from collateral.