Hut 8’s stock fell 9.74% to $101.16 on Tuesday, even as the bitcoin miner turned AI infrastructure company reported an 81% revenue jump. The quarterly numbers were a mixed bag: revenue hit $74.9 million, but net losses reached $177.1 million, largely driven by unrealized losses on digital assets.
Revenue growth and the digital asset drag
Revenue climbed 81% year over year to $74.9 million. But net losses totaled $177.1 million, with $138.6 million of that coming from unrealized losses on digital assets. That’s a sharp swing from Q2 2025, when Hut 8 posted net income of $137.5 million. Adjusted EBITDA, which excludes digital asset holdings, came in at $10.4 million, up from $4.2 million a year earlier.
AI data center deals top $26 billion
Hut 8’s contracted IT capacity for AI data centers now stands at 949 megawatts, with a base-term contract value of roughly $26.6 billion. The leases are expected to generate more than $1.75 billion in average annual net operating income. A 352 MW Beacon Point Phase 2 deal signed after the quarter ended pushed that campus’s contract value to about $19.6 billion. The company also closed $7.5 billion in investment-grade project notes for the River Bend and Beacon Point campuses, with no recourse to the parent company.
CEO Asher Genoot on delivery
“Delivery is now our central priority,” CEO Asher Genoot said. The company is shifting from signing contracts to building out the infrastructure. The $7.5 billion in project notes, structured without parent recourse, suggests lenders are betting on the projects themselves, not on Hut 8’s balance sheet.
Timelines for River Bend and Beacon Point
River Bend targets its first data hall in Q2 2027. Beacon Point Phase 1 expects initial energization in Q1 2027. After Tuesday’s regular-session drop, Hut 8 shares recovered 1.29% to $102.47 in after-hours trading.
