EarningsQ2 2026 Earnings Report
MX:HUT1 Q2 2026 EPS Results
Actual EPS-$22.81
Consensus EPS-$9.88
Beat/MissMissed by -$12.93
One Year Ago EPS$21.20
MX:HUT1 Q2 2026 Revenue Results
Actual Revenue$1.35B
Expected Revenue$1.43B
Beat/MissMissed by -$79.65M
YoY Revenue Growth+81.44%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
MX:HUT1 Upcoming Earnings
Hut 8's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
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.Company Guidance
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.
Compute Segment Operating Leverage
Compute revenue rose to $72.5 million from $34.3 million, driven by bitcoin mined increasing from ~308 to ~935. Compute segment gross margin was ~66%, demonstrating operating leverage from additional operating capacity (Vega, re-energized Drumheller).
Major Investment-Grade Project Financings
Closed ~$7.5 billion of nonrecourse, senior secured, fully amortizing project-level financings for River Bend (~$3.25B) and Beacon Point (~$4.25B). Financing was investment-grade rated, oversubscribed, and structured to remove project refinancing risk—creating a repeatable capital formation template.
Large Contracted AI Data Center Bookings
Beacon Point Building 2 lease: 352 MW IT capacity (~$9.8 billion expected base-term contract value). Beacon Point campus now ~704 MW contracted (~$19.6B expected base-term value). Together with River Bend, total contracted AI data center capacity is ~949 MW representing ~ $26.6 billion of expected aggregate base-term contract value.
Substantial Restricted Liquidity to Fund Construction
Cash and restricted cash increased to ~ $7.0 billion total (unrestricted cash approx $233.6 million; restricted cash approx $6.8 billion) held in project accounts for construction and debt service—ensuring funded construction for financed campuses. Undrawn construction proceeds generated $27.1 million of interest income in the quarter.
Development Pipeline Growth and Quality
Reported development pipeline stands at ~8.7 GW, up ~300 MW from last quarter. 11 sites are in diligence/exclusivity averaging >650 MW each; exclusivity stage increased by ~200 MW. Reported pipeline excludes behind-the-meter and certain M&A opportunities (conservative disclosure approach).
Cleaner Parent Balance Sheet and Parent Liability Reduction
Coatue converted ~$159.3 million of principal into ~9.7 million shares, eliminating remaining parent recourse debt. A $200M Coinbase facility was refinanced with a FalconX term loan at a lower coupon (9% -> 7%) collateralized by bitcoin, simplifying parent obligations.
MX:HUT1 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed