Hut 8 Reports Third Quarter 2026 Results
Disciplined execution broadens Hut 8’s origination platform, advances contracted projects toward delivery, and expands committed, non-dilutive funding capacity
Hut 8 fully commercializes Beacon Point AI data center campus and advances 1,300 MW of energy capacity to exclusivity
Company closes $1.07 billion revolving credit facility, returns $250.0 million to shareholders through share repurchases, and increases total repurchase authorization to $1.0 billion subsequent to quarter-end
Fully commercialized the Beacon Point campus, signing a second 352 MW IT lease with the Phase - 1 tenant (the “Phase 2 lease”) bringing expected aggregate base-term contract value across the Company’s AI data center portfolio to approximately $26.6 billion. Broadened the scope of Hut 8’s power-first origination model across geographies and channels, increasing Energy Capacity Under Exclusivity by 1,300 MW to 3,180 MW - across multiple regions, and entered into definitive agreements to acquire two energized sites in Texas with up to 230 MW of utility capacity at full energization, subject to final power approvals and infrastructure development. Increased utility capacity under construction to 1,330 MW across the Company’s AI data center - portfolio following the execution of the Beacon Point Phase 2 lease, with initial data hall delivery targeted for Q2 2027 at River Bend, Q3 2027 at Beacon Point Phase 1, and Q2 2028 at Beacon Point Phase 2. Advanced the Company’s capital strategy, closing a $1.07 billion senior secured revolving credit facility that provides low-cost, non-dilutive capital, increases financing flexibility, - and supports the Company’s liquidity as it pursues an investment-grade corporate credit profile, and repurchasing $74.7 million of shares during the quarter and a further $175.3 million subsequent to quarter-end, funded with proceeds from Bitcoin sales.
MIAMI, November 4, 2026– Hut 8 Corp. (Nasdaq, TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies, today reported its financial results for the third quarter of 2026.
Asher Genoot, CEO of Hut 8, said: “In the third quarter, we executed our power- first strategy at greater scale, broadening our origination program across geographies, entering into definitive agreements to acquire two energized sites in Texas, fully commercializing our Beacon Point campus, advancing the construction of our two AI data center campuses, and expanding our funding capacity in a manner designed to minimize recourse to the parent and dilution to shareholders.
“Today, our pipeline is more advanced, with more than a gigawatt of additional capacity under exclusivity, and more diversified, with less concentration in any single region. Construction at both River Bend and Beacon Point remains on track to meet our delivery targets, and we expect these projects to be funded entirely at the project level, without requiring equity issuance or recourse debt at the parent. Partner conviction has deepened, with our tenant at Beacon Point doubling its contracted capacity at the campus, and with a syndicate of lenders committing more than $1 billion of credit for future growth. And our shareholders now own a larger share of a growing platform following share repurchases funded with Bitcoin from our balance sheet.
“We view each project we undertake as an obligation to the tenants, lenders, communities, and shareholders to whom we have committed. The first of those obligations comes due with the delivery of the first data hall at River Bend in the second quarter of 2027, and meeting each of them across our development pipeline is how we intend to build an enduring, generational business at the intersection of energy and technology.”
Advanced 500 MW of utility capacity at Beacon Point into Energy Capacity Under Construction following - execution of the Phase 2 lease, increasing total Energy Capacity Under Construction to 1,330 MW, comprising 330 MW at the River Bend campus and 1,000 MW at the Beacon Point campus.
Entered into agreements to acquire two energized data center sites in West Texas with up to 230 MW of utility capacity at full energization, subject to final power - approvals and infrastructure development, from affiliates of Poolin Technology Pte. Ltd. through a Chapter 11 sale process, for consideration of up to $180.0 million. Closing is expected as early as Q4 2026.
Generated $1.4 million in third quarter revenue from Colocation services. The King Mountain Joint Venture, in which the Company holds a 50% interest, generated $26.9 million of - Colocation revenue, including reimbursements, in the third quarter. The Company’s $13.5 million share of that revenue is recognized in the “Equity in earnings of unconsolidated joint venture” line item.
Commercialized the Company’s first gigawatt-scale AI data center campus through the execution of the Beacon Point Phase 2 lease, representing approximately $9.8 billion in expected base-term - contract value and approximately $655.0 million of expected average annual NOI on a triple-net, take-or-pay basis and bringing expected base-term contract value across the campus to approximately $19.6 billion and expected average annual NOI to approximately $1.3 billion.
Advanced the buildout of River Bend, with initial data hall delivery targeted for - Q2 2027. Progress during the quarter included completion of structural steel and building foundations across all four data halls and initial energization of the campus substation.
Advanced the buildout of Beacon Point, with initial data hall delivery targeted for Q3 2027 at Phase - 1 and Q2 2028 at Phase 2. Progress during the quarter included commencement of construction of the campus substation, foundation work and underground utility work at Phase 1, and civil design for Phase 2.
Generated - $68.4 million in third quarter revenue from ASIC Compute, AI Cloud, and Traditional Cloud solutions.
Completed the sale of the Company’s Traditional Cloud business as part of its planned exit from - businesses no longer central to its strategy. As part of the transaction, the buyer entered into a multi-year colocation agreement with the Company, under which the cloud infrastructure remains hosted at the Company’s Canadian data centers.
Maintained a strong liquidity position, supported by approximately $6.6 billion in unrestricted cash, - restricted cash and cash equivalents, and restricted short-term investments, in addition to Bitcoin holdings of $697.4 million attributable to Hut 8 and $702.9 million attributable to American Bitcoin, as of September 30, 2026.
Closed a four-year, $1.07 billion senior secured revolving credit facility that - provides low-cost, non-dilutive bank liquidity at the parent level and increases financing flexibility. No borrowings were outstanding under
the facility as of September 30, 2026. Subsequent to quarter-end, the Company issued $3.9 million of letters of credit under the facility.
Repurchased and retired 953,802 shares of common stock during the quarter for an aggregate purchase price of $74.7 million under the Company's $250.0 million stock repurchase program, funded with net proceeds of $74.8 million from the sale of approximately 954 Bitcoin. - Subsequent to quarter-end, repurchased and retired an additional 2,384,677 shares for an aggregate purchase price of $175.3 million, funded with net proceeds of $175.4 million from the sale of approximately 2,148 Bitcoin, bringing cumulative repurchases under the program to 3,338,479 shares for approximately $250.0 million.
Increased, - subsequent to quarter-end, the Company's stock repurchase authorization to $1.0 billion.
Simplified the Company’s debt profile, terminating the undrawn $200.0 million Two - Prime credit facility and, subsequent to quarter-end, repaying in full the $26.5 million TZRC Secured Promissory Note.
Advanced - financing plans for Beacon Point Phase 2, evaluating a range of structures consistent with the Company's disciplined approach to funding campus development.
As of September 30, 2026, Hut 8’s development pipeline totaled approximately 7,859 MW 1, including 3,300 MW of Energy Capacity Under Diligence, 3,180 MWof Energy Capacity Under Exclusivity, 49 MW of Energy Capacity Under Development, and 1,330 MW of Energy Capacity Under Construction.
Excludes 1,000 MW of potential expansion capacity at River Bend (subject to the 1. expansion of power at the site), for which Fluidstack holds a ROFO under the River Bend lease.
Excludes 710 MW of Energy Capacity Under Management, which comprises all 2. power-related assets, including managed services, ASIC and Central Processing Unit (“CPU”) infrastructure, ASIC compute, and non-operational sites.
Revenue for the three months ended September 30, 2026 was $71.1 million, compared to $83.5 million in the prior-year period, and consisted of $1.3 million in Power revenue, $1.4 million in Digital Infrastructure revenue, and $68.4 million in Compute revenue.
Net income for the three months ended September 30, 2026 was $189.5 million, compared to net income of $50.6 million in the prior-year period. Net income for the period included $413.8 million of primarily unrealized gains on digital assets, compared to $76.6 million of primarily unrealized gains on digital assets in the prior-year period.
Adjusted EBITDA for the three months ended September 30, 2026 was $33.0 million, compared to $30.5 million in the prior-year period. Beginning with the three months ended June 30, 2026, the Company revised
its definition of Adjusted EBITDA to exclude mark-to-market gains and losses on digital assets attributable to Hut 8 Corp. and presents Adjusted EBITDA inclusive of digital assets mark-to-market as a separate measure. Prior-period amounts have been recast to conform to the current presentation. Adjusted EBITDA inclusive of digital assets mark-to-market for the three months ended September 30, 2026 was $350.3 million, compared to $109.0 million in the prior-year period. Reconciliations of these non-GAAP measures to net income or net loss, the most comparable GAAP measure, and explanations of these measures are provided in the tables included below in this press release.
On December 4, 2024, as part of its capital management strategy, the Company launched a $250.0 million stock repurchase program (the “Stock Repurchase Program”) with respect to its common stock, par value $0.01 per share (the “Common Stock”) with no expiration date. On November 2, 2026, the Company’s board of directors approved an additional $750.0 million under the Stock Repurchase Program, increasing the total authorization to $1.0 billion. All other terms of the program remain unchanged.
Under applicable Canadian securities regulations, the number of shares that the Company can repurchase at any time may not exceed 5.0% of the Company’s issued and outstanding Common Stock during the preceding 12 month period. As of November 2, 2026, the maximum number of shares of Common Stock available to repurchase under this limit (before reducing for any prior repurchases within 12 months) is 6,001,877. The Company expects that any repurchases will be made through the facilities of Nasdaq at prevailing market prices, in accordance with applicable securities laws.
The Company will host a conference call and webcast to review the results today at 8:30 a.m. ET. To register for the webcast, use the following link: https://app.webinar.net/1GXQV92rWoJ.
The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, hut8.com/investors, and its social media accounts, including on LinkedIn and X. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.
A full list of Hut 8 Corp. analyst coverage can be found at hut8.com/investors/stock-info/.
Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach. For more information, visit hut8.com.
This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the expected contract value and net operating income associated with the Company’s AI data center leases, including the effects of the potential exercise of renewal options; the development, construction, energization, commissioning and delivery of River Bend and Beacon Point, including targeted initial data hall delivery dates and expected capacity; the availability, timing, structure and terms of project financing, including the expectation that these projects can be funded without equity issuance or recourse debt at the parent; the anticipated timing, completion and benefits of the proposed acquisition of the Texas sites, including their potential utility capacity and required power approvals and infrastructure development; the advancement, commercialization and geographic diversification of the Company’s development pipeline; the availability and anticipated use of the revolving credit facility; potential future share repurchases and their funding; and the Company’s pursuit of an
investment-grade corporate credit profile and anticipated financing flexibility; the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “allow,” “believe,” “estimate,” “expect,” “predict,” “can,” “might,” “potential,” “is designed to,” “likely,” or similar expressions.
Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, the risks inherent in the construction of new data centers, data center expansions, or data center redevelopment, such as construction delays and cost overruns, contractor availability, and equipment availability; the availability and terms of financing, including project level financing without recourse to our parent entity; failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements, including the ability to secure regulatory approvals and the timing thereof; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at sec.gov and SEDAR+ profile at sedarplus.ca.
In addition to its results determined in accordance with GAAP, the Company relies on Adjusted EBITDA, inclusive of digital assets mark-to-market, and Adjusted EBITDA, which are non-GAAP financial measures, to evaluate the business, measure the Company’s performance, and make strategic decisions.
The Company defines Adjusted EBITDA, inclusive of digital assets mark-to-market, as net income or loss adjusted for interest expense, interest income, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on the sale of property, equipment, and other assets, loss or gain on derivatives and other financial liabilities, gain on other investments, non- recurring transactions, income or loss attributable to non-controlling interest, and stock-based compensation expense.
The Company defines Adjusted EBITDA as Adjusted EBITDA, inclusive of digital assets mark-to-market, further adjusted to exclude gain or loss on digital assets attributable to Hut 8 Corp., which removes the effect of mark-to-market fluctuations of digital assets held on the Company’s balance sheet. Periodic appreciation or depreciation in the fair value of such digital assets is primarily driven by changes in market prices and does not reflect the results from the Company’s core operations.
The Company defines expected net operating income (NOI) contribution as expected lease revenue attributable to a particular lease, less any non-reimbursable operating expenses attributable to the leased property.
The Company’s board of directors and management team use Adjusted EBITDA, inclusive of digital assets mark-to-market, and Adjusted EBITDA to assess the Company’s financial performance, as these measures allow for the comparison of operating performance on a consistent basis across periods by removing the effects of the Company’s capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above). The Company excludes gains or losses on the sale of assets and gains or losses on other investments because these items arise from transactions or valuation changes outside the Company’s core operating activities and, in management’s view, excluding them facilitates comparisons of the Company’s operating performance across periods. Adjusted EBITDA further excludes the impact of changes in the fair value of the Company’s digital asset holdings, which may otherwise affect the comparability of the Company’s financial results across periods. Investors are encouraged to evaluate each adjustment and the reasons the Company’s board of directors and management believe these measures provide useful supplemental information.
Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA, inclusive of digital assets mark-to-market, and Adjusted EBITDA. In evaluating these measures, you should be aware that the Company may incur expenses in the future that are the same as, or similar to, certain adjustments reflected in the calculation of these measures. Accordingly, the presentation of these measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items.
Operating income is the GAAP measure most directly comparable to expected NOI contribution. In evaluating this measure, you should be aware that the Company may incur non-reimbursable lease operating expenses that are not currently known or quantifiable. Accordingly, the Company's presentation of expected NOI contribution should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. Expected NOI contribution also excludes the impact of selling, general and administrative expenses and depreciation and amortization, each of which has a real economic effect and could materially impact the Company's consolidated financial results. No reconciliation of expected NOI contribution to its most directly comparable GAAP measure is included in this press release because the Company is unable to quantify certain amounts that would be required to be included in operating income without unreasonable effort, and any such quantification would imply a degree of precision that could be confusing or misleading to investors.
The Company may modify the calculation or presentation of these measures in the future, and any such modification could be material. These measures have important limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of the Company’s results as reported in accordance with GAAP. Because other companies, including companies in the Company’s industry, may calculate similarly titled measures differently, the Company’s non-GAAP measures may not be comparable to those reported by other companies, which limits their usefulness for comparative purposes. Hut 8 Corp. and Subsidiaries
Three (in Months Ended USD thousands) September 30, Revenue: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Power $ 1,259 $ 8,367 Digital 1,384 5,107 Infrastructure Compute 68,428 70,036 Total 71,071 83,510 revenue Cost of revenue (exclusive of depreciation and amortization shown below): Cost 757 6,494 of revenue – Power Cost of revenue – Digital 1,437 3,804 Infrastructure Cost 28,031 22,032 of revenue – Compute Total 30,225 32,330 cost of revenue Operating expenses (income): Depreciation 40,146 27,795 and amortization General and administrative 99,555 25,858 expenses Gain (413,789 ) (76,595 ) on digital assets (Gain) loss on sale of property, (3,273 ) 1,467 equipment, and other assets Total (277,361 ) (21,475 ) operating income Operating 318,207 72,655 income Other (expenses) income: Foreign 392 (1,530 ) exchange gain (loss) Interest (105,512 ) (8,616 ) expense Interest 61,769 — income (Loss) gain on derivatives and (62,750 ) 4,930 other financial liabilities Gain 23,686 — on other investments Equity in earnings of 5,365 2,192 unconsolidated joint venture Total (77,050 ) (3,024 ) other expenses Net 241,157 69,631 income before income taxes Income (51,663 ) (19,019 ) tax provision Net $ 189,494 $ 50,612 income Less: Net income attributable to (58,423 ) (503 ) non-controlling interests Net income attributable to Hut $ 131,071 $ 50,109 8 Corp. Net $ 189,494 $ 50,612 income Other comprehensive income (loss): Foreign currency translation (2,480 ) (16,442 ) adjustments Unrealized loss on restricted (1,841 ) — short-term investments, net of tax Total 185,173 34,170 comprehensive income Less: Comprehensive income (58,423 ) (494 ) attributable to non-controlling interest Comprehensive income attributable to Hut $ 126,750 $ 33,676 8 Corp.
Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited (1) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 9. Investment in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail.
There were no non-recurring transactions for the three months ended September (2) 30, 2026. Non-recurring transactions for the three months ended September 30, 2025 primarily represent approximately $2.9 million of American Bitcoin related transaction costs.
Full text with the tables
Exhibit 99.1
Hut 8 Reports Third Quarter 2026 Results
Disciplined execution broadens Hut 8’s origination platform, advances contracted
projects toward delivery, and expands committed, non-dilutive funding capacity
Hut 8 fully commercializes Beacon Point AI data center campus and advances 1,300
MW of energy capacity to exclusivity
Company closes $1.07 billion revolving credit facility, returns $250.0 million
to shareholders through share repurchases, and increases total repurchase
authorization to $1.0 billion subsequent to quarter-end
Earnings Release Highlights
Fully
commercialized the Beacon Point campus, signing a second 352 MW IT lease
with the Phase
- 1 tenant (the “Phase 2 lease”) bringing expected aggregate base-term
contract
value across the Company’s AI data center portfolio to approximately
$26.6 billion.
Broadened
the scope of Hut 8’s power-first origination model across geographies and
channels,
increasing Energy Capacity Under Exclusivity by 1,300 MW to 3,180 MW
- across multiple regions,
and entered into definitive agreements to acquire two energized sites in
Texas with up to
230 MW of utility capacity at full energization, subject to final power
approvals and infrastructure
development.
Increased
utility capacity under construction to 1,330 MW across the Company’s AI
data center
- portfolio following the execution of the Beacon Point Phase 2 lease, with
initial data
hall delivery targeted for Q2 2027 at River Bend, Q3 2027 at Beacon Point
Phase 1, and Q2
2028 at Beacon Point Phase 2.
Advanced
the Company’s capital strategy, closing a $1.07 billion senior secured
revolving
credit facility that provides low-cost, non-dilutive capital, increases
financing flexibility,
- and supports the Company’s liquidity as it pursues an investment-grade
corporate credit
profile, and repurchasing $74.7 million of shares during the quarter and
a further $175.3
million subsequent to quarter-end, funded with proceeds from Bitcoin
sales.
MIAMI, November 4, 2026– Hut 8 Corp. (Nasdaq, TSX: HUT) (“Hut 8” or the
“Company”), an energy infrastructure platform integrating power, digital
infrastructure, and compute at scale to fuel next-generation, energy-intensive
technologies, today reported its financial results for the third quarter of
2026.
Asher Genoot, CEO of Hut 8, said: “In the third quarter, we executed our power-
first strategy at greater scale, broadening our origination program across
geographies, entering into definitive agreements to acquire two energized sites
in Texas, fully commercializing our Beacon Point campus, advancing the
construction of our two AI data center campuses, and expanding our funding
capacity in a manner designed to minimize recourse to the parent and dilution to
shareholders.
“Today, our pipeline is more advanced, with more than a gigawatt of additional
capacity under exclusivity, and more diversified, with less concentration in any
single region. Construction at both River Bend and Beacon Point remains on track
to meet our delivery targets, and we expect these projects to be funded entirely
at the project level, without requiring equity issuance or recourse debt at the
parent. Partner conviction has deepened, with our tenant at Beacon Point
doubling its contracted capacity at the campus, and with a syndicate of lenders
committing more than $1 billion of credit for future growth. And our
shareholders now own a larger share of a growing platform following share
repurchases funded with Bitcoin from our balance sheet.
“We view each project we undertake as an obligation to the tenants, lenders,
communities, and shareholders to whom we have committed. The first of those
obligations comes due with the delivery of the first data hall at River Bend in
the second quarter of 2027, and meeting each of them across our development
pipeline is how we intend to build an enduring, generational business at the
intersection of energy and technology.”
Third Quarter 2026 Highlights
Power
- Generated
$1.3 million in third quarter revenue from Managed Services.
Advanced
500 MW of utility capacity at Beacon Point into Energy Capacity Under
Construction following
- execution of the Phase 2 lease, increasing total Energy Capacity Under
Construction to 1,330
MW, comprising 330 MW at the River Bend campus and 1,000 MW at the Beacon
Point campus.
Entered
into agreements to acquire two energized data center sites in West Texas
with up to 230 MW
of utility capacity at full energization, subject to final power
- approvals and infrastructure
development, from affiliates of Poolin Technology Pte. Ltd. through a
Chapter 11 sale process,
for consideration of up to $180.0 million. Closing is expected as early
as Q4 2026.
Digital Infrastructure
Generated
$1.4 million in third quarter revenue from Colocation services. The King
Mountain Joint Venture,
in which the Company holds a 50% interest, generated $26.9 million of
- Colocation revenue,
including reimbursements, in the third quarter. The Company’s $13.5
million share of
that revenue is recognized in the “Equity in earnings of unconsolidated
joint venture”
line item.
Commercialized
the Company’s first gigawatt-scale AI data center campus through the
execution of the
Beacon Point Phase 2 lease, representing approximately $9.8 billion in
expected base-term
- contract value and approximately $655.0 million of expected average
annual NOI on a triple-net,
take-or-pay basis and bringing expected base-term contract value across
the campus to approximately
$19.6 billion and expected average annual NOI to approximately $1.3
billion.
Advanced
the buildout of River Bend, with initial data hall delivery targeted for
- Q2 2027. Progress
during the quarter included completion of structural steel and building
foundations across
all four data halls and initial energization of the campus substation.
Advanced
the buildout of Beacon Point, with initial data hall delivery targeted
for Q3 2027 at Phase
- 1 and Q2 2028 at Phase 2. Progress during the quarter included
commencement of construction
of the campus substation, foundation work and underground utility work at
Phase 1, and civil
design for Phase 2.
Compute
Generated
- $68.4 million in third quarter revenue from ASIC Compute, AI Cloud, and
Traditional Cloud
solutions.
Completed
the sale of the Company’s Traditional Cloud business as part of its
planned exit from
- businesses no longer central to its strategy. As part of the transaction,
the buyer entered
into a multi-year colocation agreement with the Company, under which the
cloud infrastructure
remains hosted at the Company’s Canadian data centers.
Capital Strategy and Balance Sheet
Maintained
a strong liquidity position, supported by approximately $6.6 billion in
unrestricted cash,
- restricted cash and cash equivalents, and restricted short-term
investments, in addition
to Bitcoin holdings of $697.4 million attributable to Hut 8 and $702.9
million attributable
to American Bitcoin, as of September 30, 2026.
Closed
a four-year, $1.07 billion senior secured revolving credit facility that
- provides low-cost,
non-dilutive bank liquidity at the parent level and increases financing
flexibility. No borrowings
were outstanding under
the facility as of September 30, 2026. Subsequent to quarter-end, the Company
issued $3.9 million of letters of credit under the facility.
Repurchased
and retired 953,802 shares of common stock during the quarter for an
aggregate purchase price
of $74.7 million under the Company's $250.0 million stock repurchase
program, funded with
net proceeds of $74.8 million from the sale of approximately 954 Bitcoin.
- Subsequent to quarter-end,
repurchased and retired an additional 2,384,677 shares for an aggregate
purchase price of
$175.3 million, funded with net proceeds of $175.4 million from the sale
of approximately
2,148 Bitcoin, bringing cumulative repurchases under the program to
3,338,479 shares for
approximately $250.0 million.
Increased,
- subsequent to quarter-end, the Company's stock repurchase authorization
to $1.0 billion.
Simplified
the Company’s debt profile, terminating the undrawn $200.0 million Two
- Prime credit
facility and, subsequent to quarter-end, repaying in full the $26.5
million TZRC Secured
Promissory Note.
Advanced
- financing plans for Beacon Point Phase 2, evaluating a range of
structures consistent with
the Company's disciplined approach to funding campus development.
Development Pipeline
As of September 30, 2026, Hut 8’s development pipeline totaled approximately
7,859 MW 1, including 3,300 MW of Energy Capacity Under Diligence, 3,180 MWof
Energy Capacity Under Exclusivity, 49 MW of Energy Capacity Under Development,
and 1,330 MW of Energy Capacity Under Construction.
Excludes
1,000 MW of potential expansion capacity at River Bend (subject to the
1. expansion of power
at the site), for which Fluidstack holds a ROFO under the River Bend
lease.
Excludes
710 MW of Energy Capacity Under Management, which comprises all
2. power-related assets, including
managed services, ASIC and Central Processing Unit (“CPU”)
infrastructure, ASIC
compute, and non-operational sites.
Select Third Quarter 2026 Financial Results
Revenue for the three months ended September 30, 2026 was $71.1 million,
compared to $83.5 million in the prior-year period, and consisted of $1.3
million in Power revenue, $1.4 million in Digital Infrastructure revenue, and
$68.4 million in Compute revenue.
Net income for the three months ended September 30, 2026 was $189.5 million,
compared to net income of $50.6 million in the prior-year period. Net income for
the period included $413.8 million of primarily unrealized gains on digital
assets, compared to $76.6 million of primarily unrealized gains on digital
assets in the prior-year period.
Adjusted EBITDA for the three months ended September 30, 2026 was $33.0 million,
compared to $30.5 million in the prior-year period. Beginning with the three
months ended June 30, 2026, the Company revised
its definition of Adjusted EBITDA to exclude mark-to-market gains and losses on
digital assets attributable to Hut 8 Corp. and presents Adjusted EBITDA
inclusive of digital assets mark-to-market as a separate measure. Prior-period
amounts have been recast to conform to the current presentation. Adjusted EBITDA
inclusive of digital assets mark-to-market for the three months ended September
30, 2026 was $350.3 million, compared to $109.0 million in the prior-year
period. Reconciliations of these non-GAAP measures to net income or net loss,
the most comparable GAAP measure, and explanations of these measures are
provided in the tables included below in this press release.
Stock Repurchase Program
On December 4, 2024, as part of its capital management strategy, the Company
launched a $250.0 million stock repurchase program (the “Stock Repurchase
Program”) with respect to its common stock, par value $0.01 per share (the
“Common Stock”) with no expiration date. On November 2, 2026, the Company’s
board of directors approved an additional $750.0 million under the Stock
Repurchase Program, increasing the total authorization to $1.0 billion. All
other terms of the program remain unchanged.
Under applicable Canadian securities regulations, the number of shares that the
Company can repurchase at any time may not exceed 5.0% of the Company’s issued
and outstanding Common Stock during the preceding 12 month period. As of
November 2, 2026, the maximum number of shares of Common Stock available to
repurchase under this limit (before reducing for any prior repurchases within 12
months) is 6,001,877. The Company expects that any repurchases will be made
through the facilities of Nasdaq at prevailing market prices, in accordance with
applicable securities laws.
Conference Call
The Company will host a conference call and webcast to review the results today
at 8:30 a.m. ET. To register for the webcast, use the following link:
https://app.webinar.net/1GXQV92rWoJ.
Supplemental Materials and Upcoming Communications
The Company expects to make available on its website materials designed to
accompany the discussion of its results, along with certain supplemental
financial information and other data. For important news and information
regarding the Company, including investor presentations and timing of future
investor conferences, visit the Investor Relations section of the Company's
website, hut8.com/investors, and its social media accounts, including on
LinkedIn and X. The Company uses its website and social media accounts as
primary channels for disclosing key information to its investors, some of which
may contain material and previously non-public information.
Analyst Coverage
A full list of Hut 8 Corp. analyst coverage can be found at
hut8.com/investors/stock-info/.
About Hut 8
Hut 8 is an energy infrastructure platform integrating power, digital
infrastructure, and compute at scale to fuel next-generation, energy-intensive
technologies such as AI, high-performance computing, and ASIC compute. The
Company develops, commercializes, and operates industrial-scale energy and data
center infrastructure through a power-first, innovation-driven approach. For
more information, visit hut8.com.
Cautionary Note Regarding Forward-Looking Information
This press release includes “forward-looking information” and “forward-looking
statements” within the meaning of Canadian securities laws and United States
securities laws, respectively (collectively, “forward-looking information”). All
information, other than statements of historical facts, included in this press
release that address activities, events, or developments that Hut 8 expects or
anticipates will or may occur in the future, including statements relating to
the expected contract value and net operating income associated with the
Company’s AI data center leases, including the effects of the potential exercise
of renewal options; the development, construction, energization, commissioning
and delivery of River Bend and Beacon Point, including targeted initial data
hall delivery dates and expected capacity; the availability, timing, structure
and terms of project financing, including the expectation that these projects
can be funded without equity issuance or recourse debt at the parent; the
anticipated timing, completion and benefits of the proposed acquisition of the
Texas sites, including their potential utility capacity and required power
approvals and infrastructure development; the advancement, commercialization and
geographic diversification of the Company’s development pipeline; the
availability and anticipated use of the revolving credit facility; potential
future share repurchases and their funding; and the Company’s pursuit of an
investment-grade corporate credit profile and anticipated financing flexibility;
the Company’s future business strategy, competitive strengths, expansion, and
growth of the business and operations more generally, and other such matters is
forward-looking information. Forward-looking information is often identified by
the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,”
“anticipate,” “allow,” “believe,” “estimate,” “expect,” “predict,” “can,”
“might,” “potential,” “is designed to,” “likely,” or similar expressions.
Statements containing forward-looking information are not historical facts, but
instead represent management’s expectations, estimates, and projections
regarding future events based on certain material factors and assumptions at the
time the statement was made. While considered reasonable by Hut 8 as of the date
of this press release, such statements are subject to known and unknown risks,
uncertainties, assumptions and other factors that may cause the actual results,
level of activity, performance, or achievements to be materially different from
those expressed or implied by such forward-looking information, including, but
not limited to, the risks inherent in the construction of new data centers, data
center expansions, or data center redevelopment, such as construction delays and
cost overruns, contractor availability, and equipment availability; the
availability and terms of financing, including project level financing without
recourse to our parent entity; failure of critical systems; geopolitical,
social, economic, and other events and circumstances; competition from current
and future competitors; risks related to power requirements, including the
ability to secure regulatory approvals and the timing thereof; cybersecurity
threats and breaches; hazards and operational risks; changes in leasing
arrangements; Internet-related disruptions; dependence on key personnel; having
a limited operating history; attracting and retaining customers; entering into
new offerings or lines of business; price fluctuations and rapidly changing
technologies; predicting facility requirements; strategic alliances or joint
ventures; operating and expanding internationally; failing to grow hashrate;
purchasing miners; relying on third-party mining pool service providers;
uncertainty in the development and acceptance of the Bitcoin network; Bitcoin
halving events; competition from other methods of investing in Bitcoin;
concentration of Bitcoin holdings; hedging transactions; potential liquidity
constraints; legal, regulatory, governmental, and technological uncertainties;
physical risks related to climate change; involvement in legal proceedings;
trading volatility; and other risks described from time to time in the Company’s
filings with the U.S. Securities and Exchange Commission. In particular, see the
Company’s recent and upcoming annual and quarterly reports and other continuous
disclosure documents, which are available under the Company’s EDGAR profile at
sec.gov and SEDAR+ profile at sedarplus.ca.
Non-GAAP Financial Measures
In addition to its results determined in accordance with GAAP, the Company
relies on Adjusted EBITDA, inclusive of digital assets mark-to-market, and
Adjusted EBITDA, which are non-GAAP financial measures, to evaluate the
business, measure the Company’s performance, and make strategic decisions.
Adjusted EBITDA, Inclusive of Digital Assets Mark-to-Market
The Company defines Adjusted EBITDA, inclusive of digital assets mark-to-market,
as net income or loss adjusted for interest expense, interest income, income tax
provision or benefit, depreciation and amortization, our share of unconsolidated
joint venture depreciation and amortization, foreign exchange gain or loss, gain
or loss on the sale of property, equipment, and other assets, loss or gain on
derivatives and other financial liabilities, gain on other investments, non-
recurring transactions, income or loss attributable to non-controlling interest,
and stock-based compensation expense.
Adjusted EBITDA
The Company defines Adjusted EBITDA as Adjusted EBITDA, inclusive of digital
assets mark-to-market, further adjusted to exclude gain or loss on digital
assets attributable to Hut 8 Corp., which removes the effect of mark-to-market
fluctuations of digital assets held on the Company’s balance sheet. Periodic
appreciation or depreciation in the fair value of such digital assets is
primarily driven by changes in market prices and does not reflect the results
from the Company’s core operations.
Expected Net Operating Income (NOI) Contribution
The Company defines expected net operating income (NOI) contribution as expected
lease revenue attributable to a particular lease, less any non-reimbursable
operating expenses attributable to the leased property.
How the Company Uses These Measures
The Company’s board of directors and management team use Adjusted EBITDA,
inclusive of digital assets mark-to-market, and Adjusted EBITDA to assess the
Company’s financial performance, as these measures allow for the comparison of
operating performance on a consistent basis across periods by removing the
effects of the Company’s capital structure (such as varying levels of interest
expense and income), asset base (such as depreciation and amortization), and
other items (such as non-recurring transactions mentioned above). The Company
excludes gains or losses on the sale of assets and gains or losses on other
investments because these items arise from transactions or valuation changes
outside the Company’s core operating activities and, in management’s view,
excluding them facilitates comparisons of the Company’s operating performance
across periods. Adjusted EBITDA further excludes the impact of changes in the
fair value of the Company’s digital asset holdings, which may otherwise affect
the comparability of the Company’s financial results across periods. Investors
are encouraged to evaluate each adjustment and the reasons the Company’s board
of directors and management believe these measures provide useful supplemental
information.
Limitations
Net income (loss) is the GAAP measure most directly comparable to Adjusted
EBITDA, inclusive of digital assets mark-to-market, and Adjusted EBITDA. In
evaluating these measures, you should be aware that the Company may incur
expenses in the future that are the same as, or similar to, certain adjustments
reflected in the calculation of these measures. Accordingly, the presentation of
these measures should not be construed as an inference that the Company’s future
results will be unaffected by unusual or non-recurring items.
Operating income is the GAAP measure most directly comparable to expected NOI
contribution. In evaluating this measure, you should be aware that the Company
may incur non-reimbursable lease operating expenses that are not currently known
or quantifiable. Accordingly, the Company's presentation of expected NOI
contribution should not be construed as an inference that the Company’s future
results will be unaffected by unusual or non-recurring items. Expected NOI
contribution also excludes the impact of selling, general and administrative
expenses and depreciation and amortization, each of which has a real economic
effect and could materially impact the Company's consolidated financial results.
No reconciliation of expected NOI contribution to its most directly comparable
GAAP measure is included in this press release because the Company is unable to
quantify certain amounts that would be required to be included in operating
income without unreasonable effort, and any such quantification would imply a
degree of precision that could be confusing or misleading to investors.
The Company may modify the calculation or presentation of these measures in the
future, and any such modification could be material. These measures have
important limitations as analytical tools and should not be considered in
isolation or as substitutes for analysis of the Company’s results as reported in
accordance with GAAP. Because other companies, including companies in the
Company’s industry, may calculate similarly titled measures differently, the
Company’s non-GAAP measures may not be comparable to those reported by other
companies, which limits their usefulness for comparative purposes.
Hut 8 Corp. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income
(in USD thousands)
Three
(in Months Ended
USD thousands) September 30,
Revenue: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Power $ 1,259 $ 8,367
Digital 1,384 5,107
Infrastructure
Compute 68,428 70,036
Total 71,071 83,510
revenue
Cost
of revenue (exclusive of
depreciation and
amortization shown below):
Cost 757 6,494
of revenue – Power
Cost
of revenue – Digital 1,437 3,804
Infrastructure
Cost 28,031 22,032
of revenue – Compute
Total 30,225 32,330
cost of revenue
Operating
expenses (income):
Depreciation 40,146 27,795
and amortization
General
and administrative 99,555 25,858
expenses
Gain (413,789 ) (76,595 )
on digital assets
(Gain)
loss on sale of property, (3,273 ) 1,467
equipment, and other
assets
Total (277,361 ) (21,475 )
operating income
Operating 318,207 72,655
income
Other
(expenses) income:
Foreign 392 (1,530 )
exchange gain (loss)
Interest (105,512 ) (8,616 )
expense
Interest 61,769 —
income
(Loss)
gain on derivatives and (62,750 ) 4,930
other financial
liabilities
Gain 23,686 —
on other investments
Equity
in earnings of 5,365 2,192
unconsolidated joint
venture
Total (77,050 ) (3,024 )
other expenses
Net 241,157 69,631
income before income taxes
Income (51,663 ) (19,019 )
tax provision
Net $ 189,494 $ 50,612
income
Less:
Net income attributable to (58,423 ) (503 )
non-controlling interests
Net
income attributable to Hut $ 131,071 $ 50,109
8 Corp.
Net $ 189,494 $ 50,612
income
Other
comprehensive income
(loss):
Foreign
currency translation (2,480 ) (16,442 )
adjustments
Unrealized
loss on restricted (1,841 ) —
short-term investments,
net of tax
Total 185,173 34,170
comprehensive income
Less:
Comprehensive income (58,423 ) (494 )
attributable to
non-controlling interest
Comprehensive
income attributable to Hut $ 126,750 $ 33,676
8 Corp.
Adjusted EBITDA Reconciliation
Three
Months
(in Ended
USD Septem…
thousa… 30, 2026 2025 Increa… (Decre…
──────────────────────────────────────────────────────────────────────────────
Net $ 189,494 $ 50,612 $ 138,882
income
Inter… 105,512 8,616 96,896
expen…
Inter… (61,769 ) — (61,769 )
income
Income
tax 51,663 19,019 32,644
provi…
Depre…
and 40,146 27,795 12,351
amort…
Share
of
uncon…
joint
ventu… 2,159 4,454 (2,295 )
depre…
and
amort…
(1)
Forei…
excha… (392 ) 1,530 (1,922 )
(gain)
loss
(Gain)
loss
on
sale
of (3,273 ) 1,467 (4,740 )
prope…
equip…
and
other
assets
Loss
(gain)
on
deriv… 62,750 (4,930 ) 67,680
and
other
finan…
liabi…
Gain
on (23,686 ) — (23,686 )
other
inves…
Non-r…
trans… — 2,896 (2,896 )
(2)
Income
attri…
to (77,073 ) (8,793 ) (68,280 )
non-c…
inter…
Stock…
compe… 64,737 6,318 58,419
expen…
Adjus…
EBITD…
inclu…
of $ 350,268 $ 108,984 $ 241,284
digit…
assets
mark-…
Gain
on
digit…
assets (317,2… ) (78,503 ) (238,7… )
attri…
to Hut
8
Corp.
Adjus… $ 33,026 $ 30,481 $ 2,545
EBITDA
Net
of the accretion of fair value differences of depreciable and
amortizable assets included
in equity in earnings of unconsolidated joint venture in the Unaudited
(1) Condensed Consolidated
Statements of Operations and Comprehensive Income (Loss) in accordance
with ASC 323. See
Note 9. Investment in unconsolidated joint venture of our Unaudited
Condensed Consolidated
Financial Statements for further detail.
There
were no non-recurring transactions for the three months ended September
(2) 30, 2026. Non-recurring
transactions for the three months ended September 30, 2025 primarily
represent approximately
$2.9 million of American Bitcoin related transaction costs.
Contacts
Hut 8 Investor Relations
ir@hut8.com
Hut 8 Public Relations
media@hut8.com