Hut 8 Reports Third Quarter 2026 Results
Hut 8 Corp. (HUT) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Hut 8 Reports Third Quarter 2026 Results Disciplined execution broadens Hut 8’s origination platform, advances contracted projects toward delivery, and expands committed, non-dilutive funding capacity Hut 8 fully commercializes Beacon Point AI data center campus and
How this was made
The 30-second read
Why it matters
The filing provides fresh insight into the company's liquidity strategy, capital allocation, and growth trajectory, offering traders actionable data.
Market read
New financing and buyback news could drive short‑term price movement and influence sector sentiment.
What to watch
Potential regulatory scrutiny of large Bitcoin disposals and the execution risk of the Texas site acquisitions.
Hut 8 reported lower revenue but higher net income and Adjusted EBITDA, while advancing AI data center projects, expanding its power pipeline, closing a $1.07 billion revolving credit facility, and completing $250.0 million of repurchases.
Revenue declined across Power, Digital Infrastructure, and Compute, while net income increased substantially due primarily to unrealized digital-asset gains. Adjusted EBITDA increased modestly, and the company advanced contracted AI data center capacity, financing flexibility, and shareholder repurchases.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $71.07M | – | – |
| Total cost of revenueGAAP | $30.23M | – | – |
| Depreciation and amortizationGAAP | $40.15M | – | – |
| General and administrative expensesGAAP | $99.56M | – | – |
| Gain on digital assetsGAAP | −$413.8M | – | – |
| (Gain) loss on sale of property, equipment, and other assetsGAAP | −$3.27M | – | – |
| Total operating income (as labeled)GAAP | −$277.4M | – | – |
| Operating incomeGAAP | $318.2M | – | – |
| Foreign exchange gain (loss)GAAP | $392K | – | – |
| Interest expenseGAAP | −$105.5M | – | – |
| Interest incomeGAAP | $61.77M | – | – |
| (Loss) gain on derivatives and other financial liabilitiesGAAP | −$62.75M | – | – |
| Gain on other investmentsGAAP | $23.69M | – | – |
| Equity in earnings of unconsolidated joint ventureGAAP | $5.37M | – | – |
| Total other expensesGAAP | −$77.05M | – | – |
| Net income before income taxesGAAP | $241.2M | – | – |
| Income tax provisionGAAP | −$51.66M | – | – |
| Net incomeGAAP | $189.5M | – | – |
| Net income attributable to non-controlling interestsGAAP | −$58.42M | – | – |
| Net income attributable to Hut 8 Corp.GAAP | $131.1M | – | – |
| Total comprehensive incomeGAAP | $185.2M | – | – |
| Comprehensive income attributable to Hut 8 Corp.GAAP | $126.8M | – | – |
| Adjusted EBITDA, inclusive of digital assets mark-to-marketnon-GAAP | $350.3M | – | $241,284 (in USD thousands) |
| Gain on digital assets attributable to Hut 8 Corp.non-GAAP | −$317.2M | – | $(238,739) (in USD thousands) |
| Adjusted EBITDAnon-GAAP | $33.03M | – | $2,545 (in USD thousands) |
| King Mountain Joint Venture Colocation revenue, including reimbursementsother | $26.9M | – | – |
| Company share of King Mountain Joint Venture revenue recognized in Equity in earnings of unconsolidated joint ventureother | $13.5M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| PowerGenerated $1.3 million in third quarter revenue from Managed Services. | $1.26M | – | – |
| Digital InfrastructureGenerated $1.4 million in third quarter revenue from Colocation services. | $1.38M | – | – |
| ComputeGenerated $68.4 million in third quarter revenue from ASIC Compute, AI Cloud, and Traditional Cloud solutions. | $68.43M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Future targets and expectations outlook
- NoteInitial data hall delivery targeted for Q2 2027 at River Bend.
- NoteInitial data hall delivery targeted for Q3 2027 at Beacon Point Phase 1.
- NoteInitial data hall delivery targeted for Q2 2028 at Beacon Point Phase 2.
- NoteClosing of the acquisition of two energized data center sites in West Texas is expected as early as Q4 2026.
- NoteBeacon Point Phase 2 represents approximately $9.8 billion in expected base-term contract value and approximately $655.0 million of expected average annual NOI on a triple-net, take-or-pay basis.
- NoteExpected aggregate base-term contract value across the Company’s AI data center portfolio is approximately $26.6 billion.
- NoteThe Company expects River Bend and Beacon Point to be funded entirely at the project level, without requiring equity issuance or recourse debt at the parent.
Capital returns
- Repurchased and retired 953,802 shares of common stock during the quarter for an aggregate purchase price of $74.7 million under the Company's $250.0 million stock repurchase program.
- The quarterly repurchases were funded with net proceeds of $74.8 million from the sale of approximately 954 Bitcoin.
- Subsequent to quarter-end, repurchased and retired an additional 2,384,677 shares for an aggregate purchase price of $175.3 million.
- The subsequent repurchases were funded with net proceeds of $175.4 million from the sale of approximately 2,148 Bitcoin.
- Cumulative repurchases under the program were 3,338,479 shares for approximately $250.0 million.
- On November 2, 2026, the board approved an additional $750.0 million under the Stock Repurchase Program, increasing total authorization to $1.0 billion.
What drove it
- The Beacon Point Phase 2 lease fully commercialized the Beacon Point campus and added 500 MW of utility capacity into Energy Capacity Under Construction.
- Total Energy Capacity Under Construction increased to 1,330 MW, comprising 330 MW at River Bend and 1,000 MW at Beacon Point.
- Energy Capacity Under Exclusivity increased by 1,300 MW to 3,180 MW across multiple regions.
- As of September 30, 2026, the development pipeline totaled approximately 7,859 MW, including 3,300 MW under diligence, 3,180 MW under exclusivity, 49 MW under development, and 1,330 MW under construction.
- The Company entered agreements to acquire two energized data center sites in West Texas with up to 230 MW of utility capacity at full energization for consideration of up to $180.0 million, subject to final power approvals and infrastructure development.
- The Company completed the sale of its Traditional Cloud business as part of its planned exit from businesses no longer central to its strategy; the buyer entered into a multi-year colocation agreement under which the cloud infrastructure remains hosted at the Company’s Canadian data centers.
Concerns
- Total revenue was $71,071 (in USD thousands), compared to $83,510 (in USD thousands) in the prior-year period.
- Power revenue was $1,259 (in USD thousands), compared to $8,367 (in USD thousands) in the prior-year period.
- Digital Infrastructure revenue was $1,384 (in USD thousands), compared to $5,107 (in USD thousands) in the prior-year period.
- Compute revenue was $68,428 (in USD thousands), compared to $70,036 (in USD thousands) in the prior-year period.
- Net income included $413.8 million of primarily unrealized gains on digital assets, compared to $76.6 million in the prior-year period.
- The Texas-site acquisition remains subject to final power approvals and infrastructure development.
- River Bend and Beacon Point construction remains subject to execution against targeted delivery dates and financing plans.
What to watch
- Closing of the West Texas energized-site acquisition, which is expected as early as Q4 2026.
- Delivery of the initial River Bend data hall targeted for Q2 2027.
- Delivery of the initial Beacon Point Phase 1 data hall targeted for Q3 2027.
- Delivery of the initial Beacon Point Phase 2 data hall targeted for Q2 2028.
- Financing plans for Beacon Point Phase 2.
- Further use of the $1.07 billion senior secured revolving credit facility and the expanded $1.0 billion repurchase authorization.
Balance sheet and cash flow
- Approximately $6.6 billion in unrestricted cash, restricted cash and cash equivalents, and restricted short-term investments as of September 30, 2026.
- Bitcoin holdings of $697.4 million attributable to Hut 8 and $702.9 million attributable to American Bitcoin as of September 30, 2026.
- Closed a four-year, $1.07 billion senior secured revolving credit facility.
- No borrowings were outstanding under the facility as of September 30, 2026.
- Subsequent to quarter-end, the Company issued $3.9 million of letters of credit under the facility.
- Terminated the undrawn $200.0 million Two Prime credit facility.
- Subsequent to quarter-end, repaid in full the $26.5 million TZRC Secured Promissory Note.
Analysis
Hut 8 reported third-quarter revenue of $71,071 (in USD thousands), compared with $83,510 (in USD thousands) in the prior-year period. All three reported revenue segments were lower than a year earlier: Power revenue was $1,259 (in USD thousands), Digital Infrastructure revenue was $1,384 (in USD thousands), and Compute revenue was $68,428 (in USD thousands). Compute remained the company’s largest reported revenue contributor, while the reported Power and Digital Infrastructure revenue lines were small relative to the company’s development activity.
GAAP net income was $189,494 (in USD thousands), compared with $50,612 (in USD thousands) in the prior-year period. The release states that net income included $413.8 million of primarily unrealized gains on digital assets, compared with $76.6 million in the prior-year period. Adjusted EBITDA, which excludes digital-asset mark-to-market gains and losses attributable to Hut 8 Corp., was $33,026 (in USD thousands), compared with $30,481 (in USD thousands). Adjusted EBITDA inclusive of digital-assets mark-to-market was $350,268 (in USD thousands), compared with $108,984 (in USD thousands), illustrating the effect of digital-asset valuation gains on reported profitability.
The operating focus was the expansion and commercialization of AI data center capacity rather than current-period revenue growth. Hut 8 executed the Beacon Point Phase 2 lease, bringing Energy Capacity Under Construction to 1,330 MW and expected aggregate base-term contract value across its AI data center portfolio to approximately $26.6 billion. The company also increased Energy Capacity Under Exclusivity by 1,300 MW to 3,180 MW and entered agreements to acquire two energized Texas sites with up to 230 MW of utility capacity at full energization, subject to approvals and infrastructure development.
Capital allocation combined greater financing flexibility with material shareholder repurchases. Hut 8 closed a four-year, $1.07 billion senior secured revolving credit facility with no borrowings outstanding as of September 30, 2026, and reported approximately $6.6 billion of specified cash and investment liquidity alongside Bitcoin holdings attributable to Hut 8 and American Bitcoin. The company repurchased approximately $250.0 million of stock through the quarter and subsequent period using Bitcoin-sale proceeds, then increased total repurchase authorization to $1.0 billion. Investors will focus on the expected Texas acquisition closing, project-level financing for Beacon Point Phase 2, and delivery targets of Q2 2027 at River Bend, Q3 2027 at Beacon Point Phase 1, and Q2 2028 at Beacon Point Phase 2.
Management, verbatim
Today, our pipeline is more advanced, with more than a gigawatt of additional capacity under exclusivity, and more diversified, with less concentration in any single region. Construction at both River Bend and Beacon Point remains on track to meet our delivery targets, and we expect these projects to be funded entirely at the project level, without requiring equity issuance or recourse debt at the parent.
Asher Genoot, CEO of Hut 8
Partner conviction has deepened, with our tenant at Beacon Point doubling its contracted capacity at the campus, and with a syndicate of lenders committing more than $1 billion of credit for future growth. And our shareholders now own a larger share of a growing platform following share repurchases funded with Bitcoin from our balance sheet.
Asher Genoot, CEO of Hut 8
Not in the filing
stated, not guessed- GAAP diluted earnings per share
- Non-GAAP diluted earnings per share
- Gross margin
- Operating cash flow
- Free cash flow
- Cash balance separately identified from restricted cash, cash equivalents, and restricted short-term investments
- Total debt balance
- Formal revenue guidance
- Formal gross-margin guidance
- Formal operating-expense guidance
- Formal tax-rate guidance
- Previous-release outlook for comparison
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Hut 8 Corp., a Nasdaq‑listed AI data‑center and Bitcoin mining operator, disclosed its Q3 2026 financial results and strategic financing actions.
Ticker impact
Hut 8 Corp. filed its Q3 2026 8‑K reporting a $1.07 billion revolving credit facility, $250 million share repurchase program and $26.6 billion contract value for its AI data centers.
likely modest upside as the market prices in stronger balance‑sheet and buyback support
First‑report of a large non‑dilutive financing package and share repurchases funded by Bitcoin sales; investors may view this as a catalyst for near‑term buying.
Market effects
Strengthens the AI‑infrastructure and crypto‑exposure niche, potentially boosting peer data‑center and mining stocks.
Positive for North American tech and energy infrastructure markets.
Highlights growing institutional adoption of Bitcoin as a treasury asset, relevant to global crypto sentiment.
Counterpoint
The heavy capital deployment and reliance on Bitcoin sales could expose the company to crypto price volatility, weighing on valuation.
Key entities
- companyHut 8 Corp.
NASDAQ‑listed AI data‑center and Bitcoin mining firm.
