Hut 8 Stock Dives on $177 Million Net Loss Despite Revenue Surge
Hut 8, a Bitcoin miner turned AI data center developer, reported an 81% surge in revenue to $74.9 million for Q2 2026, but its stock still plummeted by 9.7%. The company's net loss reached $177.1 million, largely due to $138.6 million of unrealized digital asset markdowns.
Adjusted EBITDA excluding digital assets rose to $10.4 million, up from $4.2 million a year earlier. Hut 8 has secured 949 MW of contracted AI leases with a base-term value of approximately $26.6 billion and expects average annual net operating income above $1.75 billion.
The company's focus is now on delivery rather than deal-making, according to CEO Asher Genoot. Delivery timelines for the River Bend and Beacon Point campuses are set for Q2 2027 and Q1 2027 respectively, presenting a material execution risk for adoption and market impact.