Hut 8 Reports $74.9 Million Q2 Revenue Amid AI Expansion

Hut 8 Mining Corp. reported second-quarter revenue of $74.9 million, an 81.4% increase from the previous year, although the figure fell short of analyst estimates of $76.8 million. The company recorded a consolidated net loss of $177.1 million and a GAAP loss of $1.27 per diluted share, primarily due to $138.6 million in unrealized cryptocurrency losses. Conversely, adjusted EBITDA excluding cryptocurrency mark-to-market changes rose to $10.4 million.

To support infrastructure growth, the company secured $7.5 billion in project financing for its Beacon Point and River Bend sites. Hut 8 also expanded its contracted AI data center capacity to 949 MW of IT load via a new 15-year lease. CEO Asher Genoot stated that delivery is now the company's central priority, with the first data hall targets scheduled for 2027.