Hut 8 (V71) Q2 2026 Earnings Report

The call emphasized meaningful operational progress (revenue +81% YoY), margin expansion, improved adjusted EBITDA, a sizable and higher-quality development pipeline (8.7 GW), and two landmark investment-grade, nonrecourse project financings totaling ~$7.5B that validate the repeatable capital formation model. Key near-term negatives are a large GAAP net loss driven by bitcoin mark-to-market, a noticeable increase in reported G&A (largely non-cash), higher consolidated debt on the balance sheet (although largely ring-fenced), and regulatory/community development risks in some markets. On balance, the highlights—robust revenue and margin improvement, proof points of scalable financing, and a growing contracted AI data center backlog—outweigh the lowlights tied mainly to non-cash accounting swings and transitional costs, supporting a constructive view of the company’s platform evolution.

Management’s guidance emphasized transitioning to long‑duration contracted digital infrastructure while the operating business strengthens: revenue rose ~81% YoY to $74.9M, gross profit ≈$48M (gross margin ≈64% vs 47% LY), adjusted EBITDA ex‑digital‑asset mark‑to‑market $10.4M (vs $4.2M), and a GAAP net loss of $177.1M driven by a $138M digital‑asset mark‑to‑market swing; compute revenue was $72.5M (bitcoin mined up from ~308 to ~935, segment margin ~66%), digital infrastructure revenue $1.3M and power revenue $1.2M. Capital formation was a focal point: Hut 8 raised ~$7.5B of investment‑grade, nonrecourse, fully amortizing project financing ($3.25B River Bend notes, $4.25B Beacon Point notes), bringing consolidated cash and restricted cash to ~ $7.0B (unrestricted ~$233.6M, restricted ~$6.8B) and total debt to ~ $7.6B; interest income on undrawn proceeds was $27.1M and $5.7M of interest was capitalized. On development, the pipeline is ~8.7 GW (up ~300MW QoQ) with 11 sites in diligence/exclusivity averaging >650MW (exclusivity +200MW), Beacon Point now 704MW (~$19.6B expected base‑term value) including a 352MW Building 2 (~$9.8B), River Bend + Beacon Point total contracted AI capacity ~949MW (~$26.6B aggregate base‑term value), and management reiterated ~99% NOI on triple‑net leases and an expected ≈$1.7B/year cash flow profile from roughly $27B of contracted revenue as the business mix shifts.