HUT · Hut 8 Corp.

Hut 8 Corp. announced first quarter 2026 results highlighting a strategic pivot toward AI data center infrastructure, with revenue surging to $71.0 million from $21.8 million year-over-year, driven by $66.0 million from Compute (ASIC, AI Cloud, Traditional Cloud), $3.7 million from Power Generation and Managed Services, and $1.3 million from Digital Infrastructure Colocation. Despite the top-line growth, a net loss of $253.1 million was reported, primarily due to $295.7 million in unrealized losses on digital assets, compared to $134.3 million loss last year. Adjusted EBITDA was $(250.5) million, also impacted by digital asset losses. CEO Asher Genoot emphasized the power-first model, securing $16.8 billion in triple-net, take-or-pay contracted lease revenue across 597 MW at River Bend and Beacon Point campuses with investment-grade counterparties. Key execution included the Beacon Point 352 MW, 15-year lease for $9.8 billion base value, demonstrating model repeatability. Balance sheet strengthened via divestiture of 310 MW Ontario natural gas plants to TransAlta, post-quarter $3.25 billion 16.5-year notes for River Bend (95% loan-to-cost, non-recourse), and Bitcoin facility refinance dropping debt cost to 7.0% while unencumbering 3,300 BTC. With an 8,375 MW development pipeline, Hut 8 positions for scaled growth in energy-intensive AI and compute, maintaining $1.3 billion liquidity as of March 31, 2026.