Hut 8 stock fell 9.74% to $101.16 on Tuesday after the company reported second-quarter earnings showing an 81% year-over-year revenue increase to $74.9 million alongside net losses of $177.1 million. The decline occurred despite growing AI data center lease commitments, as investors reacted to the reported loss figure. The Bitcoin miner turned AI infrastructure developer has pivoted toward high-performance computing facilities, with contracted capacity reaching 949 MW and a base-term contract value of approximately $26.6 billion.
The stock recovered 1.29% to $102.47 in after-hours trading. Adjusted EBITDA excluding digital assets reached $10.4 million, up from $4.2 million in the prior-year period.
Hut 8 Reports $138.6 Million Unrealized Digital Asset Losses in Q2
Most of the quarterly loss existed only on paper. The company booked $138.6 million in primarily unrealized losses on digital assets, according to its earnings release. The comparison with last year sharpened the market reaction—Hut 8 posted $137.5 million in net income in Q2 2025, when digital asset gains lifted results.
Adjusted EBITDA inclusive of digital assets mark-to-market for the three months ended June 30, 2026 was negative $94.6 million, compared to $221.2 million in the prior-year period.
Hut 8 AI Leases Reach 949 MW with $26.6 Billion Contract Value
Contracted IT capacity across Hut 8's AI campuses reached 949 MW, with a base-term contract value of roughly $26.6 billion. Those leases are expected to generate more than $1.75 billion in average annual net operating income. A 352 MW Beacon Point Phase 2 deal, signed after quarter-end, lifted that campus alone to roughly $19.6 billion in contract value.
The build-out extends the AI data center pivot Hut 8 began in December with AI cloud firm Fluidstack. Financing kept pace, as the company closed $7.5 billion in investment-grade project notes split between its River Bend and Beacon Point campuses, with no recourse to the parent.
CEO Asher Genoot stated that execution now takes precedence over deal-making: "Delivery is now our central priority. We continue to apply the full weight of our organization to deliver River Bend and Beacon Point: operating rigor built through years of developing energy-intensive infrastructure at scale and a team we continue to expand ahead of the growth to come."
Hut 8 Targets River Bend Q2 2027 and Beacon Point Q1 2027 Energization
River Bend targets its first data hall in Q2 2027. Beacon Point Phase 1 expects initial energization in Q1 2027.
FAQ
What caused Hut 8 stock to drop on Tuesday?
Hut 8 stock dropped 9.74% to $101.16 on Tuesday after the company reported second-quarter net losses of $177.1 million, despite revenue climbing 81% year over year to $74.9 million. Most of the loss—$138.6 million—consisted of primarily unrealized losses on digital assets.
How much contracted capacity does Hut 8 have for AI data centers?
Hut 8 has contracted IT capacity of 949 MW across its AI campuses, with a base-term contract value of approximately $26.6 billion. Those leases are expected to generate more than $1.75 billion in average annual net operating income.
When does Hut 8 plan to energize its River Bend and Beacon Point facilities?
Hut 8 targets its first River Bend data hall in Q2 2027 and expects initial energization of Beacon Point Phase 1 in Q1 2027.
