Odaily Planet Daily reports: Bitcoin mining company Hut 8 (NASDAQ/Toronto Stock Exchange ticker: HUT) announced its second-quarter 2026 financial results. The company stated that significant progress has been made in its “power-first” strategy centered on energy infrastructure, digital infrastructure, and AI computing power. Its AI data center business has now secured 949 MW of contracted IT capacity, corresponding to approximately $26.6 billion in underlying contract value. The Beacon Point campus in the United States has signed its second 352-MW AI data center lease agreement with the same high-investment-grade tenant as the first phase. This 15-year lease is expected to generate approximately $9.8 billion in underlying contract value and an annual NOI of about $655 million, bringing the campus’s total underlying contract value to approximately $19.6 billion and annual NOI to approximately $1.3 billion.
In bitcoin asset management, Hut 8 refinanced its $200 million bitcoin-backed credit facility, reducing its debt cost from 9% to 7% and releasing approximately 3,300 BTC in collateral. The company stated that, following the conversion of its $150 million Coatue convertible note, there is no longer any general recourse debt at the parent company level.
Financially, Hut 8 generated revenue of $74.9 million in the second quarter, representing an approximate 81% year-over-year increase. Of this, ASIC hashing power, AI cloud, and traditional cloud services contributed $72.5 million; digital infrastructure services contributed $1.3 million; and electricity generation and management services generated $1.2 million. The company reported a net loss of $177.1 million for the second quarter, compared to a net profit of $137.5 million in the same period last year, primarily due to unrealized losses on digital assets, which amounted to approximately $138.6 million this quarter. Adjusted EBITDA was $10.4 million, representing year-over-year growth.
In terms of infrastructure development, Hut 8 currently has an energy development pipeline totaling approximately 8.66 GW, with 1,330 MW under construction, including the 330 MW River Bend site and the 1,000 MW Beacon Point site. The River Bend project is scheduled to deliver its first data hall in the second quarter of 2027; the first phase of Beacon Point is expected to achieve initial power-on in the first quarter of 2027, with its first data hall scheduled for delivery in the third quarter of 2027.
In addition, Hut 8 completed $7.5 billion in investment-grade project financing in the second quarter, including $3.25 billion in senior secured bonds for the River Bend project and $4.25 billion in financing for Phase One of Beacon Point. The company stated that this financing is non-dilutive and does not require recourse guarantees from its parent company.
Hut 8 stated that it will continue to expand its AI data center infrastructure, aiming to build a large-scale energy and computing infrastructure platform for the AI era. (PRNewswire)