Hut 8 Corp.

What they do

Hut 8 operates through three layers: Power, Digital Infrastructure, and Compute. The Power layer manages 1,020 MW of energy capacity across 15 sites in the US and Canada as of December 31, 2025, with approximately 310 MW associated with power generation assets divested in Q1 2026. Digital Infrastructure includes five ASIC compute data centers, five traditional cloud and colocation data centers, and one non-operational site, plus AI data center development at River Bend, Louisiana. The Compute layer includes American Bitcoin (majority-owned, Nasdaq: ABTC), Hut 8 Canada (cloud and colocation services across five Canadian data centers serving over 200 customers), and Highrise AI (AI cloud with 1,000 NVIDIA H100 and 96 H200 GPUs as of December 31, 2025).

Revenue drivers

• Digital Infrastructure (Colocation) — Generates revenue from colocation services; Q2 2026 colocation revenue was $1.3 million, with an additional $27.0 million from the King Mountain Joint Venture recognized in equity in earnings.
• Power (Generation and Managed Services) — Generates revenue from power generation and managed services; Q2 2026 revenue was $1.2 million.
• Compute (American Bitcoin, Hut 8 Canada, Highrise AI) — Compute layer includes American Bitcoin (Bitcoin accumulation), Hut 8 Canada (cloud and colocation for over 200 customers), and Highrise AI (AI cloud platform).
• AI Data Center Leasing (contracted) — Contracted 949 MW of AI data center capacity with approximately $26.6 billion aggregate base-term value and more than $1.75 billion expected average annual NOI, leased or backstopped by investment-grade counterparties.

Recent performance

Q2 2026 revenue was $74.9 million, down from $88.5 million in Q4 2025. Full-year 2025 revenue was $235.1 million with a net loss of $248.0 million, compared to 2024 revenue of $162.4 million and net income of $331.4 million. Operating cash flow was negative $139.2 million in 2025. Total assets were $9.98 billion and total liabilities were $8.22 billion as of June 30, 2026, with cash and equivalents of $233.6 million.

Strategy

Hut 8 is commercializing its power-first platform through large-scale AI data center development. In July 2026, it signed a second 15-year lease at Beacon Point for 352 MW, bringing total contracted capacity to 949 MW and expected aggregate base-term contract value to approximately $26.6 billion. The company closed $7.5 billion of investment-grade project financing in Q2 2026, including $4.25 billion senior secured notes due 2042 for Beacon Point Phase 1. Facilities representing 1,330 MW of utility capacity are in active construction, with initial data hall delivery targeted for Q2 2027 at River Bend and Q3 2027 at Beacon Point.

Risks

• Construction and delivery risk — Data center construction delays could result in penalties, reputational harm, or inability to satisfy customer or financing obligations.
• Power procurement risk — Access to competitively priced electrical power is critical, and there is no guarantee additional power can be procured on similar terms.
• Customer concentration — Beacon Point's two leases are with the same high-investment-grade technology company, creating concentration risk.
• Bitcoin price exposure — The company is migrating toward AI but still has exposure to Bitcoin price through American Bitcoin and ASIC compute operations.

Outlook

Management states that delivery is now the central priority, with nearly a gigawatt of contracted IT capacity targeted to come online. Initial data hall delivery is expected in Q2 2027 at River Bend and Q3 2027 at Beacon Point. The company expects its contracted portfolio to generate more than $1.75 billion of average annual NOI.