Hut 8 — 2026Q3 earnings

“Scaled expected aggregate base-term contract value across the portfolio to approximately $26.6 billion across 949 MW of contracted AI data center capacity, representing more than $1.75 billion of expected average annual NOI, leased or backstopped exclusively by investment-grade counterparties.”

“Completed the commercialization of Hut 8's first gigawatt-scale AI data center campus, signing, subsequent to quarter-end, a second 15-year, 352 MW IT lease at Beacon Point with the same high-investment-grade tenant as in Beacon Point Phase 1, 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 total base-term contract value across the campus to approximately $19.6 billion and expected average annual NOI to approximately $1.3 billion.”

“Closed $7.5 billion of fully amortizing investment-grade project financing across two offerings in a single quarter, each on a non-dilutive basis and without recourse to Hut 8 Corp.”

“Facilities representing 1,330 MW of utility capacity in active construction across River Bend and Beacon Point, targeted for initial data hall delivery in Q2 2027 and Q3 2027, respectively.”

“Generated $72.5 million in second quarter revenue from ASIC Compute, AI Cloud, and Traditional Cloud solutions.”

“revenue increased approximately 81% year over year to $74.9 million, while cost of revenue increased by approximately 23%. That produced gross profit of approximately $48 million and expanded gross margin to approximately 64%, compared with approximately 47% in the prior year period. Adjusted EBITDA, excluding digital asset mark-to-market movements, was $10.4 million. That compares with $4.2 million in the prior year period.”

“The GAAP net loss of $177.1 million was driven primarily by $138 million loss in digital assets. bitcoin declined during the quarter while it had increased materially in the prior year period.”

“At June 30, we had approximately $233.6 million of unrestricted cash and approximately $6.8 billion of restricted cash and cash equivalents. The cash -- the restricted cash primarily represents proceeds from the River Bend and Beacon Point financings, and those are held in project accounts and can only be used for construction, debt service reserves and other specified project purposes.”

“Reported G&A was $76.1 million, and that compares with $30.2 million in the prior year period. However, approximately $43.6 million of the increase was share-based compensation.”

“the development pipeline now stands at about 8.7 gigawatts, up approximately 300 megawatts from last quarter. We have 11 sites in the under-diligence and under-exclusivity stages, averaging more than 650 megawatts each.”