Hut 8 — 2026Q3 财报

“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.”

Across the portfolio, Hut 8 now has 949 MW of contracted AI data center capacity, with expected aggregate base-term contract value of approximately $26.6 billion and more than $1.75 billion of expected average annual NOI, all leased or backstopped 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.”

After quarter-end, Hut 8 signed a second 15-year, 352 MW IT lease at Beacon Point with its Phase 1 tenant, worth approximately $9.8 billion of expected base-term contract value and approximately $655.0 million of expected average annual NOI, taking the campus to approximately $19.6 billion of base-term value and approximately $1.3 billion of expected average annual NOI.

“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.”

Hut 8 closed $7.5 billion of fully amortizing investment-grade project financing across two offerings in the quarter, on a non-dilutive basis and without recourse to the parent, 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.”

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

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

The Compute business (ASIC Compute, AI Cloud and Traditional Cloud) generated $72.5 million of second-quarter revenue.

“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.”

CFO Sean Glennan said revenue rose approximately 81% year over year to $74.9 million while cost of revenue rose approximately 23%, lifting gross margin to approximately 64% from approximately 47%, and adjusted EBITDA excluding digital asset mark-to-market movements was $10.4 million versus $4.2 million a year earlier.

“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.”

The GAAP net loss of $177.1 million was driven primarily by a $138 million loss on digital assets, which the CFO attributed to bitcoin falling during the quarter after rising 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.”

The CFO separated corporate liquidity from project capital: at June 30 Hut 8 held approximately $233.6 million of unrestricted cash against approximately $6.8 billion of restricted cash, the latter mainly River Bend and Beacon Point financing proceeds usable only for 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.”

Reported G&A rose to $76.1 million from $30.2 million a year earlier, with approximately $43.6 million of the increase from 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.”

CEO Asher Genoot said the development pipeline stands at about 8.7 gigawatts, up approximately 300 megawatts from the prior quarter, with 11 sites in the under-diligence and under-exclusivity stages averaging more than 650 megawatts each.