Hut 8 (HUT) Q3 2026 earnings summary

Executive summary

• 949 MW of IT capacity contracted under long-term AI data-center leases with or backed by investment-grade counterparties, representing $27B of contracted revenue.

• Strategy prioritizes power origination, on-schedule project delivery and project-level financing to limit parent-level risk and dilution.

• River Bend and Beacon Point Phase 1 construction remained on schedule and funded through completion, without expected equity issuance for delivery.

Financial highlights

• Q3 revenue was $71.1M versus $83.5M YoY; Adjusted EBITDA was $33.026M versus $30.481M.

• Net income was $189.5M, including $131.1M attributable to Hut 8, and a $413.8M primarily unrealized digital-asset gain; prior-year net income was $50.6M.

• Nine-month revenue rose to $217.0M from $146.6M, while net loss was $240.8M; nine-month Adjusted EBITDA excluding digital-asset mark-to-market was $40.7M versus $29.4M.

• Reported G&A was $99.6M versus $25.9M YoY; $64.7M was stock-based compensation, including one-time long-term incentive awards.

Outlook and guidance

• Beacon Point Phase 2 lease added 352 MW and ~$9.8B of expected base-term contract value; portfolio expected base-term value reached ~$26.6B.

• Initial data-hall delivery targets are River Bend Q2 2027, Beacon Point Phase 1 Q3 2027 and Phase 2 Q2 2028.

• Two West Texas energized-site acquisitions could provide up to 230 MW at full energization for up to $180M, subject to approvals and infrastructure work; closing targeted by year-end 2026.

• Development pipeline totaled 7,859 MW, including 3,180 MW under exclusivity and 1,330 MW under construction; 710 MW was under management.

• Beacon Point Phase 1 baseload classification awaits audit; 700 MW is expected in Q1 2027, with unconditional classification anticipated Dec. 17.