Second Quarter 2026
Filed Aug 4, 2026Hut 8 reported $74.9 million of second-quarter revenue and a $177.1 million net loss while expanding contracted AI data center capacity to 949 MW and closing $7.5 billion of project financing.
Revenue and Adjusted EBITDA increased from the prior-year period, and the Company secured major AI data center contracts and financing. However, the Company reported a $177.1 million net loss, driven in part by $138.6 million of primarily unrealized losses on digital assets.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $74.9 million | – | – |
| Net lossGAAP | $177.1 million | – | – |
| Primarily unrealized losses on digital assetsGAAP | $138.6 million | – | – |
| Adjusted EBITDAnon-GAAP | $10.4 million | – | – |
| Adjusted EBITDA inclusive of digital assets mark-to-marketnon-GAAP | $(94.6) million | – | – |
| Contracted AI data center capacityother | 949 MW | – | – |
| Expected aggregate base-term contract value across the portfolioother | approximately $26.6 billion | – | – |
| Expected average annual NOI across the portfolioother | more than $1.75 billion | – | – |
| Energy Capacity Under Constructionother | 1,330 MW | – | – |
| Development pipelineother | approximately 8,660 MW | – | – |
| Liquidityother | approximately $8.1 billion in unrestricted cash, restricted cash and cash equivalents, and Bitcoin holdings | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Power Generation and Managed ServicesGenerated $1.2 million in second quarter revenue from Power Generation and Managed Services. | $1.2 million | – | – |
| Colocation servicesAn additional $27.0 million of Colocation revenue, including reimbursements, from the Company’s share of the unconsolidated King Mountain Joint Venture is recognized in the “Equity in earnings of unconsolidated joint venture” line item. | $1.3 million | – | – |
| ASIC Compute, AI Cloud, and Traditional Cloud solutionsGenerated $72.5 million in second quarter revenue from ASIC Compute, AI Cloud, and Traditional Cloud solutions. | $72.5 million | – | – |
Future development targets outlook
- NoteRiver Bend is targeted for initial data hall delivery in the second quarter of 2027.
- NoteBeacon Point Phase 1 is targeted for initial energization in the first quarter of 2027 and initial data hall delivery in the third quarter of 2027.
- NoteFacilities representing 1,330 MW of utility capacity in active construction across River Bend and Beacon Point are targeted for initial data hall delivery in Q2 2027 and Q3 2027, respectively.
- NoteThe second 15-year, 352 MW IT lease at Beacon Point represents approximately $9.8 billion in expected base-term contract value and approximately $655.0 million of expected average annual NOI.
- NoteRenewal options increase potential campus-level contract value to $50.2 billion.
What drove it
- Revenue consisted of $1.2 million in Power revenue, $1.3 million in Digital Infrastructure revenue, and $72.5 million in Compute revenue.
- The Company completed commercialization of its first gigawatt-scale AI data center campus by signing, subsequent to quarter-end, a second 15-year, 352 MW IT lease at Beacon Point with the same high-investment-grade tenant as Beacon Point Phase 1.
- The second Beacon Point lease brought total base-term contract value across the campus to approximately $19.6 billion and expected average annual NOI to approximately $1.3 billion.
- The Company advanced 500 MW of utility capacity from Beacon Point into Energy Capacity Under Construction following execution of the Phase 2 lease subsequent to quarter-end.
- Energy Capacity Under Construction comprised 330 MW at River Bend and 1,000 MW at Beacon Point.
- The development pipeline included 5,400 MW of Energy Capacity Under Diligence, 1,880 MW of Energy Capacity Under Exclusivity, 50 MW of Energy Capacity Under Development, and 1,330 MW of Energy Capacity Under Construction.
Concerns
- Net loss was $177.1 million, compared to net income of $137.5 million in the prior-year period.
- Net loss included $138.6 million of primarily unrealized losses on digital assets, compared to $217.6 million of primarily unrealized gains on digital assets in the prior-year period.
- Adjusted EBITDA inclusive of digital assets mark-to-market was $(94.6) million, compared to $221.2 million in the prior-year period.
- River Bend and Beacon Point remain under construction, with initial data hall deliveries targeted for 2027.
- The Company is evaluating a range of structures for Beacon Point Phase 2 financing.
What to watch
- Execution of River Bend, where vertical construction commenced, the campus substation continued under construction, and initial deliveries of long-lead equipment were received.
- Beacon Point Phase 1 construction and campus-substation progress toward targeted initial energization in the first quarter of 2027.
- Delivery of initial data halls at River Bend in the second quarter of 2027 and Beacon Point in the third quarter of 2027.
- Financing plans for Beacon Point Phase 2.
- Digital asset mark-to-market effects on reported net income and Adjusted EBITDA inclusive of digital assets mark-to-market.
Balance sheet and cash flow
- Maintained a strong liquidity position, supported by approximately $8.1 billion in unrestricted cash, restricted cash and cash equivalents, and Bitcoin holdings, including $7.6 billion attributable to Hut 8 and $497.2 million attributable to American Bitcoin, as of June 30, 2026.
- Closed $7.5 billion of fully amortizing investment-grade project financing across two offerings.
- The project financing comprised $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.
- Refinanced the Company's $200.0 million Bitcoin-backed credit facility through a new facility with FalconX, reducing facility cost of debt from 9.0% to 7.0% and, upon the closing of the new facility, releasing approximately 3,300 BTC from collateral.
- Following the conversion of the Company's $150.0 million Coatue convertible note, Hut 8 carries no general recourse debt at the parent level.
Analysis
Hut 8 reported $74.9 million of revenue for the three months ended June 30, 2026, compared with $41.3 million in the prior-year period. Compute generated $72.5 million, while Power Generation and Managed Services generated $1.2 million and Colocation services generated $1.3 million. The Company also stated that an additional $27.0 million of Colocation revenue, including reimbursements, from its share of the unconsolidated King Mountain Joint Venture is recognized in equity in earnings of unconsolidated joint venture.
Reported profitability was affected materially by digital asset mark-to-market results. Net loss was $177.1 million, compared with net income of $137.5 million in the prior-year period, and included $138.6 million of primarily unrealized losses on digital assets. Adjusted EBITDA was $10.4 million, compared with $4.2 million in the prior-year period, while Adjusted EBITDA inclusive of digital assets mark-to-market was $(94.6) million, compared with $221.2 million. The Company revised its definition of Adjusted EBITDA beginning with the three months ended June 30, 2026 to exclude mark-to-market gains and losses on digital assets, with prior-period amounts recast to conform to the current presentation.
The central operating development was the expansion of the AI data center lease portfolio. Subsequent to quarter-end, Hut 8 signed a second 15-year, 352 MW IT lease at Beacon Point with the same high-investment-grade tenant as Beacon Point Phase 1. The Company stated that this commercialized the campus's full one-gigawatt of utility capacity and brought portfolio contracted IT capacity to 949 MW, with approximately $26.6 billion of expected aggregate base-term contract value and more than $1.75 billion of expected average annual NOI.
Construction activity is expanding, with 1,330 MW of Energy Capacity Under Construction across 330 MW at River Bend and 1,000 MW at Beacon Point. River Bend is targeted for initial data hall delivery in the second quarter of 2027. Beacon Point Phase 1 is targeted for initial energization in the first quarter of 2027 and initial data hall delivery in the third quarter of 2027. The development pipeline totaled approximately 8,660 MW as of June 30, 2026, excluding 1,000 MW of potential expansion capacity at River Bend.
The balance-sheet and funding strategy centered on $7.5 billion of fully amortizing investment-grade project financing across River Bend and Beacon Point Phase 1, structured on a non-dilutive basis and without recourse to Hut 8 Corp. The Company reported approximately $8.1 billion in unrestricted cash, restricted cash and cash equivalents, and Bitcoin holdings. It also refinanced its $200.0 million Bitcoin-backed credit facility, reduced its facility cost of debt from 9.0% to 7.0%, and stated that conversion of the $150.0 million Coatue convertible note left no general recourse debt at the parent level.
Management, verbatim
In the second quarter, our power-first model drove significant commercial and financial milestones across our first two AI data center campuses. To date, it has produced data center leases representing 949 MW of contracted IT capacity, approximately $26.6 billion of expected aggregate base-term value leased or backstopped by investment-grade counterparties, more than $1.75 billion of expected average annual NOI, and $7.5 billion of investment-grade construction financing.
Asher Genoot, CEO of Hut 8
Delivery is now our central priority. We continue to apply the full weight of our organization to deliver River Bend and Beacon Point: operating rigor built through years of developing energy-intensive infrastructure at scale and a team we continue to expand ahead of the growth to come.
Asher Genoot, CEO of Hut 8
Not in the filing
stated, not guessed- GAAP gross profit
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- GAAP diluted earnings or loss per share
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- Prior-quarter revenue, profitability, segment revenue, and cash flow comparisons
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- Formal revenue, gross margin, operating expenses, and tax rate guidance
AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.