Hut 8 (HUT) Q2 2026 earnings summary

Executive summary

• Achieved commercialization of the first gigawatt-scale AI data center campus, with Beacon Point fully leased and total contracted IT capacity reaching 949 MW, supported by $7.5 billion in investment-grade, non-recourse project financing.

• Revenue for Q2 2026 rose to $74.9 million, up from $41.3 million year-over-year, driven by Compute segment growth and new site operations.

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

• Major strategic milestones included the sale of the Far North JV, reducing Power segment revenue and costs, and the conversion of convertible notes to equity, strengthening the balance sheet.

• Maintained robust liquidity with $8.1 billion in unrestricted and restricted cash, cash equivalents, and Bitcoin holdings as of June 30, 2026.

Financial highlights

• Q2 2026 revenue was $74.9 million, with Compute contributing $72.5 million, Power $1.2 million, and Digital Infrastructure $1.3 million.

• Adjusted EBITDA (excluding digital asset mark-to-market) was $10.4 million, up from $4.2 million year-over-year.

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

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

• Six-month revenue reached $146.0 million, up from $63.1 million year-over-year, but net loss for the period was $430.3 million.

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, respectively.

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

• 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.