Hut 8 Shares Plummet as Revenue Misses Estimates

Hut 8's shares fell 5% on Tuesday after the company reported second-quarter revenue that missed Wall Street estimates. The Bitcoin miner and AI infrastructure developer generated $74.9 million in revenue, an 81% increase from the same period last year but below analyst expectations of about $80 million.

The majority of Hut 8's revenue came from compute operations at $72.5 million, with power and digital infrastructure contributing less. The company reported a net loss of $177.1 million, reversing a profit of $137.5 million in the same period last year due to significant unrealized losses on digital assets.

Despite this, Hut 8's adjusted EBITDA excluding changes in market value increased to $10.4 million from $4.2 million. However, including those changes, adjusted EBITDA was negative $94.6 million.