Hut 8 Books $189.5 Million Net Income on Digital-Asset Gains

The Tip Desk · November 4, 2026 · 4 min read

Third-quarter revenue was $71.1 million as Beacon Point’s second lease lifted expected campus contract value to about $19.6 billion.

Hut 8 Corp. (HUT), an energy infrastructure platform integrating power, digital infrastructure, and compute, reported net income of $189.5 million for the three months ended September 30, 2026, compared with $50.6 million a year earlier. The result included $413.8 million of primarily unrealized gains on digital assets, versus $76.6 million in the prior-year period.

Revenue for the quarter was $71.1 million, down from $83.5 million a year earlier. Compute contributed $68.4 million, Power $1.3 million, and Digital Infrastructure $1.4 million. Adjusted EBITDA, which the company recast beginning in the second quarter to exclude mark-to-market gains and losses on digital assets attributable to Hut 8 Corp., was $33.0 million. Adjusted EBITDA inclusive of digital assets mark-to-market was $350.3 million.

The quarter’s defining commercial step was full commercialization of the Beacon Point AI data center campus. A second 352 MW IT lease with the Phase 1 tenant added approximately $9.8 billion of expected base-term contract value and approximately $655.0 million of expected average annual NOI on a triple-net, take-or-pay basis. Campus base-term value rose to approximately $19.6 billion and expected average annual NOI to approximately $1.3 billion. Expected aggregate base-term contract value across the company’s AI data center portfolio stood at approximately $26.6 billion.

Execution of that lease advanced 500 MW of utility capacity at Beacon Point into Energy Capacity Under Construction, lifting total capacity under construction to 1,330 MW: 330 MW at River Bend and 1,000 MW at Beacon Point. Initial data hall delivery is targeted for Q2 2027 at River Bend, Q3 2027 at Beacon Point Phase 1, and Q2 2028 at Beacon Point Phase 2. River Bend progress included completion of structural steel and foundations across four data halls and initial energization of the campus substation; Beacon Point work included commencement of the campus substation, foundation and underground utility work at Phase 1, and civil design for Phase 2.

Energy Capacity Under Exclusivity increased by 1,300 MW to 3,180 MW across multiple regions. The company entered definitive agreements to acquire two energized sites in West Texas with up to 230 MW of utility capacity at full energization, subject to final power approvals and infrastructure development, from affiliates of Poolin Technology Pte. Ltd. through a Chapter 11 sale process, for consideration of up to $180.0 million. Closing is expected as early as Q4 2026.

As of September 30, 2026, the development pipeline totaled approximately 7,859 MW, including 3,300 MW under diligence, 3,180 MW under exclusivity, 49 MW under development, and 1,330 MW under construction. That total excludes 1,000 MW of potential River Bend expansion capacity and 710 MW of Energy Capacity Under Management.

On the balance sheet, Hut 8 closed a four-year, $1.07 billion senior secured revolving credit facility. No borrowings were outstanding as of September 30, 2026; subsequent to quarter-end the company issued $3.9 million of letters of credit. Liquidity included approximately $6.6 billion in unrestricted cash, restricted cash and cash equivalents, and restricted short-term investments, plus Bitcoin holdings of $697.4 million attributable to Hut 8 and $702.9 million attributable to American Bitcoin.

The company repurchased 953,802 shares for $74.7 million during the quarter, funded with net proceeds of $74.8 million from the sale of approximately 954 Bitcoin. Subsequent to quarter-end it repurchased an additional 2,384,677 shares for $175.3 million, funded with net proceeds of $175.4 million from the sale of approximately 2,148 Bitcoin, bringing cumulative repurchases under the program to 3,338,479 shares for approximately $250.0 million. On November 2, 2026, the board approved an additional $750.0 million, increasing total authorization to $1.0 billion.

Chief executive Asher Genoot said construction at both River Bend and Beacon Point remains on track to meet delivery targets and that the company expects those projects to be funded entirely at the project level, without requiring equity issuance or recourse debt at the parent.