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Hut 8 reported Q2 FY2026 revenue of $74.9 million, just below the consensus of $75.0 million. Its adjusted loss per share of −$0.26 was narrower than the consensus estimate of −$0.50.
Revenue increased from $41.3 million a year earlier. Hut 8’s filing attributed the increase in Compute revenue primarily to more Bitcoin mined as operating capacity expanded at Vega and Drumheller. Power revenue declined primarily because the prior-year quarter included electricity sales from the Far North joint venture, which Hut 8 sold in February.
Hut 8 reported a diluted loss per share of −$1.27, compared with earnings of $1.18 a year earlier. The filing attributed the swing in digital-asset results to a Bitcoin price decline during the quarter, compared with an increase a year earlier. CFO Sean Glennan said adjusted EBITDA, excluding digital-asset mark-to-market movements, was $10.4 million.
Hut 8’s gross margin was 11.1%, compared with 0.16% a year earlier, while its operating margin was −275.4%, versus 454.9%. Free cash flow was −$585.1 million, compared with −$92.0 million a year earlier.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $74.9 million | $41.3 million | 81.4% |
| Diluted EPS | −$1.27 | $1.18 | −207.6% |
| Gross margin | 11.1% | 0.16% | 10.9 percentage points |
| Operating margin | −275.4% | 454.9% | −730.2 percentage points |
| Free cash flow | −$585.1 million | −$92.0 million | — |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | −$0.26 | −$0.50 | Beat by 48.0% |
| Revenue | $74.9 million | $75.0 million | In line |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
CEO Asher Genoot said Hut 8 builds infrastructure around power access and preserves flexibility over how sites are used. He described the company’s approach as: “We underwrite scarce power.” At Beacon Point, he said, Hut 8 initially considered Bitcoin mining before commercializing the site for AI infrastructure.
Genoot said the second Beacon Point lease fully commercialized the campus and represented about $9.8 billion of expected base-term contract value. He said delivering River Bend and Beacon Point on time was the company’s priority, with permitting, procurement, power delivery and construction coordinated in an integrated schedule.
Asked about demand, Genoot said customers continued to seek capacity, although individual tenants sometimes pause and resume their searches. He said Hut 8 could seek feedback on prospective sites from potential tenants more quickly than in the past. Asked about behind-the-meter power and acquisitions, he said those opportunities were excluded from the reported development pipeline and that teams were working on them separately.
CFO Sean Glennan said Compute was the main operating contributor in the quarter, with mining volumes rising as capacity came online. He said the company had also added staff and capabilities for development, particularly in energy origination, and expected spending on people and systems to be tied to commercial outcomes.
On financing, Glennan said restricted cash from the River Bend and Beacon Point financings was held in project accounts for construction, debt reserves and other specified purposes. “It is not excess corporate cash,” he said. He added that the project notes were nonrecourse to Hut 8’s parent.
Glennan said Coatue converted approximately $159.3 million of note principal into shares, eliminating the company’s remaining parent-recourse debt. Asked about debt markets, he said financing conditions would depend on the issuer, lease, operator and structure.
Guidance
CFO Sean Glennan said Hut 8 expects its financial mix to shift toward long-duration contracted digital infrastructure cash flows as River Bend and Beacon Point are delivered.