Hut 8 Compute Revenue More Than Doubles in Second Quarter
The company reported total revenue of $74.9 million for the quarter ended June 30, 2026.
Hut 8 (HUT), the digital infrastructure and Bitcoin mining company, reported total revenue of $74.9 million in the second quarter of 2026, up from $41.3 million in the prior-year period.
The result followed a strategic pivot toward high-performance computing. Compute revenue grew to $72.5 million in the second quarter, compared to $34.3 million in the same period last year. This growth offset declines in other segments, as power revenue fell to $1.2 million from $5.5 million a year ago and $3.7 million in the first quarter of 2026.
Digital infrastructure revenue remained flat at $1.3 million, matching the level reported in the first quarter. Adjusted EBITDA, which the company revised beginning this quarter to exclude mark-to-market gains and losses on digital assets, increased to $10.4 million from $4.2 million in the prior-year period.
Despite the rise in adjusted EBITDA, the company reported a net loss of $177.1 million for the second quarter, compared to net income of $137.5 million in the prior-year period.
Hut 8 expanded its AI data center footprint, with contracted IT capacity increasing to 949 MW from 597 MW in the first quarter. Its expected aggregate base-term contract value rose to approximately $26.6 billion from $16.8 billion in the prior quarter. The development pipeline also grew to 8,660 MW as of June 30, 2026, up from 8,375 MW.
Energy capacity under construction rose to 1,330 MW in the second quarter due to the addition of 500 MW of utility capacity from Beacon Point.
To fund these expansions, the company secured $7.5 billion of investment-grade project financing, consisting of $3.25 billion for River Bend and $4.25 billion for Beacon Point Phase 1. Hut 8 also reduced the cost of debt on its Bitcoin-backed credit facility from 9.0% to 7.0% through a new agreement with FalconX.