ChainThink reports that on November 4, according to U.S. SEC filings, Bitcoin mining company and energy infrastructure provider Hut 8 released its Q3 2026 financial results, reporting revenue of $71.07 million, a 14.9% year-over-year decline;
Net income attributable to Hut 8 was $131 million, with diluted earnings per share of $0.98 and adjusted EBITDA of $33.03 million. As of September 30, the company’s cash balance was $157 million.
During the reporting period, Hut 8's digital asset gains amounted to $414 million, primarily driven by non-cash gains from the increase in Bitcoin's price from approximately $59,847 to approximately $83,415.
The revenue from computing power services was $68.43 million, a 2.3% year-over-year decline; Bitcoin mining output increased from approximately 578 to about 891 bitcoins, but the average revenue per bitcoin decreased from approximately $114,121 to about $71,087.
In terms of capital management, Hut 8 sold approximately 954 bitcoins in the third quarter, generating net proceeds of $74.8 million, and repurchased 953,802 common shares;
In October, approximately 2,148 bitcoins were sold again, generating net proceeds of $175.4 million, and 2,384,677 shares were repurchased. In November, the board approved an additional $750 million in share repurchase authorization, increasing the total authorization to $1 billion.