Hut 8 (HUT) Q1 2026 earnings summary

Executive summary

• Achieved $16.8 billion in contracted lease revenue across two hyperscale AI campuses with blue-chip, investment-grade tenants, including a 15-year, 352 MW lease at Beacon Point valued at $9.8 billion.

• Commercialized Beacon Point and advanced River Bend construction, both underpinned by long-term, investment-grade contracts and innovative financing structures.

• Transitioned to a contracted infrastructure model, divested non-core assets, spun out the Bitcoin business, and maintained strong liquidity with $1.3 billion in cash and Bitcoin holdings as of March 31, 2026.

• Institutional ownership increased from under 10% to over 70% in two years, reflecting market confidence.

• Maintains a 9+ GW development platform, with 710 MW under management and 8,375 MW in the development pipeline as of May 6, 2026.

Financial highlights

• Q1 2026 revenue surged 226% year-over-year to $71.0 million, driven by the compute segment.

• Compute segment generated $66.0 million in revenue; Power and Digital Infrastructure contributed $3.7 million and $1.3 million, respectively.

• Gross margin expanded to 64% from 14% in the prior year.

• Net loss for Q1 2026 was $253.1 million, compared to $134.3 million in Q1 2025, primarily due to unrealized mark-to-market losses on digital assets.

• Adjusted EBITDA for Q1 2026 was $(250.5) million, compared to $(117.7) million in Q1 2025.

Outlook and guidance

• River Bend campus is on track for Q2 2027 delivery, with Beacon Point lease expected to generate $655 million average annual NOI.

• Focus remains on execution of signed projects and disciplined scaling of the 8,375 MW development pipeline.

• Guidance for Beacon Point CapEx is $9–$11 million per MW, consistent with River Bend.