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Hut 8
(NASDAQ:HUT)
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Rating:50Neutral
Price Target:
$80.00
▲(0.55% Upside)
Action:Reiterated
Date:10/09/26
HUT scores as a moderate-high risk profile. The biggest drag is weak financial performance (large losses, negative operating/free cash flow, and a sharp rise in debt), reinforced by a technically weak downtrend. Offsetting this, the earnings call pointed to meaningful YoY operational improvement and a major step-up in project financing/contracted AI infrastructure visibility, which supports a better medium-term outlook than the current financial statements alone.
Positive Factors
Revenue and margin expansion
The combination of strong revenue growth, higher gross margin, and improved adjusted EBITDA indicates better operating leverage as capacity expands. If sustained, this progress can strengthen internal earnings power and support Hut 8’s transition toward a more diversified infrastructure platform.
Negative Factors
Large and volatile losses
Hut 8’s reported earnings remain highly volatile because digital-asset mark-to-market movements can overwhelm improving operating results. Persistent or recurring losses make profitability harder to assess, reduce earnings durability, and can complicate capital allocation and investor confidence.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and margin expansion
The combination of strong revenue growth, higher gross margin, and improved adjusted EBITDA indicates better operating leverage as capacity expands. If sustained, this progress can strengthen internal earnings power and support Hut 8’s transition toward a more diversified infrastructure platform.
Read all positive factors
Hut 8 (HUT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.39B
Dividend YieldN/A
Average Volume (3M)4.79M
Price to Earnings (P/E)―
Beta (1Y)2.45
Revenue Growth129.50%
EPS Growth-441.42%
CountryUS
Employees248
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-5.86
Shares Outstanding123,259,470
10 Day Avg. Volume5,692,313
30 Day Avg. Volume4,791,502
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)3.40
Price to Sales (P/S)20.58
P/FCF Ratio-6.15
Enterprise Value/Market Cap1.41
Enterprise Value/Revenue46.04
Enterprise Value/Gross Profit73.86
Enterprise Value/Ebitda-20.94
Forecast
1Y Price Target
$158.06Price Target Upside98.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering18
EPS Forecast (FY)-4.79
Revenue Forecast (FY)$289.62M
Hut 8 Business Overview & Revenue Model
Company Description
Hut 8 Corp., together with its subsidiaries, operates as an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel energy-intensive use cases in the United States and Canada. It operates through ...
How the Company Makes Money
Hut 8 primarily makes money through (1) Bitcoin mining: it earns Bitcoin by contributing hash rate to the Bitcoin network and recognizing revenue based on the value of Bitcoin earned from block rewards and transaction fees at the time they are min...
Hut 8 Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
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.Positive Updates
Strong Revenue Growth and Margin Expansion
Revenue increased ~81% year-over-year to $74.9 million. Gross profit was approximately $48 million and gross margin expanded to ~64% (from ~47% prior year). Adjusted EBITDA (ex digital asset mark-to-market) was $10.4 million versus $4.2 million in the prior year period.
Negative Updates
Large GAAP Net Loss Driven by Digital Asset Mark-to-Market
GAAP net loss was $177.1 million for the quarter, primarily due to a $138 million non-cash mark-to-market loss on digital assets (bitcoin decline this quarter compared to prior year increase). This created a wide disparity between positive operational metrics and GAAP earnings.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth and Margin Expansion
Revenue increased ~81% year-over-year to $74.9 million. Gross profit was approximately $48 million and gross margin expanded to ~64% (from ~47% prior year). Adjusted EBITDA (ex digital asset mark-to-market) was $10.4 million versus $4.2 million in the prior year period.
Read all positive updates
Company Guidance
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.Hut 8 Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
24
Negative
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 317.95M | 235.12M | 162.38M | 72.32M | 65.48M | 79.19M |
| Gross Profit | 198.18M | 127.34M | 75.73M | 31.51M | 32.93M | 53.40M |
| EBITDA | -698.92M | -220.09M | 531.11M | 46.14M | 43.26M | 3.16M |
| Net Income | -675.36M | -248.00M | 331.88M | 16.45M | -49.53M | -31.80M |
Balance Sheet | ||||||
| Total Assets | 9.98B | 2.75B | 1.52B | 976.87M | 311.72M | 720.71M |
| Cash, Cash Equivalents and Short-Term Investments | 7.02B | 44.91M | 85.04M | 47.36M | 23.04M | 140.13M |
| Total Debt | 7.67B | 429.33M | 345.65M | 203.33M | 35.80M | 40.69M |
| Total Liabilities | 8.22B | 1.06B | 538.28M | 333.87M | 41.93M | 154.74M |
| Stockholders Equity | 1.44B | 1.42B | 976.67M | 643.00M | 269.79M | 565.97M |
Cash Flow | ||||||
| Free Cash Flow | -1.24B | -787.31M | -333.13M | -27.30M | -134.17M | -166.67M |
| Operating Cash Flow | -89.44M | -139.23M | -68.53M | -26.48M | -79.29M | -80.24M |
| Investing Cash Flow | -1.29B | -754.21M | -188.47M | 64.65M | -78.21M | -235.07M |
| Financing Cash Flow | 8.18B | 856.13M | 311.95M | -24.78M | 75.36M | 455.84M |
Hut 8 Technical Analysis
Negative
79.56
Price Trends
90.35
Negative
100.76
Negative
81.37
Positive
Market Momentum
-1.80
Positive
43.75
Neutral
25.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HUT, the sentiment is Negative. The current price of 79.56 is below the 20-day moving average (MA) of 92.55, below the 50-day MA of 90.35, and below the 200-day MA of 81.37, indicating a neutral trend. The MACD of -1.80 indicates Positive momentum. The RSI at 43.75 is Neutral, neither overbought nor oversold. The STOCH value of 25.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HUT.
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.