Miami, November 4, 2026 /PRNewswire/ — Hut 8 Corp. (Nasdaq, TSX: HUT, referred to as “Hut 8” or the “Company”) today announced its financial results for the third quarter of 2026. Hut 8 is an energy infrastructure platform that integrates electricity, digital infrastructure, and computing power to serve next-generation high-energy-demand technologies.
The company stated that its execution in the third quarter further advanced its "power-first" strategy by expanding project acquisition across different regions and channels, signing definitive agreements to acquire two operational sites in Texas, fully commercializing the Beacon Point campus, and advancing the development of two AI data center campuses, while enhancing its financing capacity in a manner that minimizes parent company recourse and shareholder dilution.
Hut 8 CEO Asher Genoot said: “In the third quarter, we executed our power-first strategy at a larger scale, expanded our project acquisition efforts across regions, signed definitive agreements to acquire two operational sites in Texas, fully commercialized the Beacon Point campus, advanced the construction of two AI data center campuses, and expanded our financing capacity in a manner designed to minimize recourse to the parent company and shareholder dilution.”
He also stated: “Today, our project pipeline is more mature, with constrained capacity increased to over 1 gigawatt and lower concentration in any single region. Construction at River Bend and Beacon Point remains on track, and these projects are expected to be fully financed at the project level without requiring equity financing or parent company recourse debt. Confidence among partners is also growing: Beacon Point’s tenant has doubled its contracted capacity within the campus, and a lending syndicate has committed over $1 billion in future growth credit. With share repurchases funded by Bitcoin held on the balance sheet, shareholders now own a larger portion of an expanding platform.”
We view each project as an obligation to our tenants, lenders, community, and shareholders. The first obligation becomes due in the second quarter of 2027, upon the delivery of River Bend’s first data hall, and fulfilling these obligations throughout our development pipeline is how we build a lasting, intergenerational company rooted at the intersection of energy and technology.
Key Performance Highlights
- The company stated that it has fully commercialized the Beacon Point campus and signed a second 352 MW IT lease (the “Phase II lease”) with a Phase I tenant, bringing the total contracted value of the company’s AI data center portfolio to approximately $26.6 billion over the expected base lease terms.
- The company has expanded its "power-first" project acquisition model to additional regions and channels, increasing its constrained energy capacity by 1,300 MW to a total of 3,180 MW across multiple areas. It has also signed definitive agreements to acquire two operational sites in Texas from an affiliate of Poolin Technology Pte. Ltd. through a Chapter 11 sale process; once fully energized, these sites could provide up to 230 MW of utility capacity, subject to final power approvals and infrastructure development.
- After signing the Beacon Point Phase II lease, the company’s under-construction utility capacity has increased to 1,330 MW, covering its AI data center portfolio; River Bend is expected to deliver its first data hall in the second quarter of 2027, Beacon Point Phase I is scheduled for delivery in the third quarter of 2027, and Beacon Point Phase II is expected to be delivered in the second quarter of 2028.
- The company advanced its capital strategy by closing a $1.07 billion senior secured revolving credit facility, which provides low-cost, non-dilutive capital, enhances financing flexibility, and supports liquidity as the company pursues an investment-grade corporate credit rating. During the quarter, the company repurchased $74.7 million in shares, and following the quarter, an additional $175.3 million in shares, funded by proceeds from Bitcoin sales.
Q3 2026 Highlights
Electricity business
- In the third quarter, custody services generated $1.3 million in revenue.
- After executing the second lease agreement, Beacon Point’s 500 MW of utility capacity entered construction, increasing the total construction capacity to 1,330 MW, with 330 MW at River Bend and 1,000 MW at Beacon Point.
- The company has entered into an agreement with an affiliate of Poolin Technology Pte. Ltd. to acquire two powered data center sites in western Texas through a Chapter 11 sale process, which, when fully powered, could provide up to 230 megawatts of utility capacity, subject to final power approvals and infrastructure development; the maximum transaction consideration is $180 million, with closing currently expected no earlier than the fourth quarter of 2026.
Digital infrastructure
- In the third quarter, co-location revenue amounted to $1.4 million. The co-location revenue (including reimbursements) of King Mountain, a joint venture in which the company holds a 50% interest, was $26.9 million for the third quarter; the company's share of $13.5 million is recorded under "Equity in Earnings of Unconsolidated Joint Ventures."
- By executing the Phase II lease at Beacon Point, the company has commercialized its first gigawatt-scale AI data center campus. The lease corresponds to an expected gross contract value of approximately $9.8 billion over the base lease term, with an expected average annual NOI of approximately $655 million, calculated on a triple-net, take-or-pay structure; this increases the total expected gross contract value of the campus to approximately $19.6 billion over the base lease term and raises the expected average annual NOI to approximately $1.3 billion.
- Construction at River Bend continues to progress, with the first data hall expected to be delivered in the second quarter of 2027. During the quarter, the company completed the structural steelwork and foundation construction for all four data halls and initiated preliminary power supply to the site substation.
- Construction at Beacon Point continues to progress, with the first phase’s initial data hall expected to be delivered in Q3 2027 and the second phase anticipated for Q2 2028. During the quarter, the company began constructing the campus substation, initiated foundation and underground utility work for Phase One, and completed civil design for Phase Two.
Mining power services
- In the third quarter, ASIC computing power, AI cloud, and traditional cloud solutions generated $68.4 million in revenue.
- The company completed the sale of its traditional cloud business as part of its exit from operations no longer aligned with its core strategy. As part of the transaction, the buyer entered into a multi-year colocation agreement with the company, ensuring that the cloud infrastructure remains hosted in the company’s data center in Canada.
Capital Strategy and Balance Sheet
- As of September 30, 2026, the company maintained strong liquidity with approximately $6.6 billion in unrestricted cash, restricted cash, cash equivalents, and restricted short-term investments; additionally, the company held Bitcoin valued at $697.4 million, and American Bitcoin held Bitcoin valued at $702.9 million.
- The company closed a four-year, $1.07 billion senior secured revolving credit facility to provide low-cost, non-dilutive bank liquidity at the parent company level and enhance financing flexibility. As of September 30, 2026, there were no outstanding borrowings under this facility. Following the quarter, the company issued letters of credit totaling $3.9 million under this facility.
- During the quarter, the company repurchased and retired 953,802 ordinary shares under its $250 million share repurchase program at a total cost of $74.7 million, funded by the net proceeds of approximately $74.8 million from the sale of about 954 bitcoins. Following the quarter, the company further repurchased and retired 2,384,677 shares at a total cost of $175.3 million, funded by the net proceeds of approximately $175.4 million from the sale of about 2,148 bitcoins, bringing the total shares repurchased under the program to 3,338,479 shares at an approximate total cost of $250 million.
- After the quarter, the company increased its stock repurchase authorization to $1 billion.
- The company simplified its debt structure, terminated the unused $200 million Two Prime credit facility, and fully repaid the $26.5 million secured TZRC promissory note after the quarter.
- The company continues to advance the Phase II financing plan for Beacon Point and is evaluating multiple structures aligned with its prudent financing approach.
Development pipeline
As of September 30, 2026, Hut 8’s development pipeline totals approximately 7,859 MW, including 3,300 MW of due diligence energy capacity, 3,180 MW of constrained energy capacity, 49 MW of development-stage energy capacity, and 1,330 MW of under-construction energy capacity.
Partial Q3 2026 financial results
For the three months ended September 30, 2026, the company's revenue was $71.1 million, compared to $83.5 million in the same period last year; this included $1.3 million in power revenue, $1.4 million in digital infrastructure revenue, and $68.4 million in computing power revenue.
For the three months ended September 30, 2026, the company's net profit was $189.5 million, compared to $50.6 million in the same period last year. The net profit for this period included $413.8 million in unrealized gains, primarily from digital assets, compared to $76.6 million in unrealized gains primarily from digital assets in the same period last year.
For the three months ended September 30, 2026, adjusted EBITDA was $33 million, compared to $30.5 million for the same period last year. Beginning with the three months ended June 30, 2026, the company revised its definition of adjusted EBITDA to exclude the fair value gains and losses on digital assets held by Hut 8 Corp. and now presents adjusted EBITDA inclusive of the fair value impact of digital assets as a separate metric. Prior period data has been restated to conform to the current presentation. Adjusted EBITDA inclusive of the fair value impact of digital assets was $350.3 million for the three months ended September 30, 2026, compared to $109 million for the same period last year. A reconciliation of these non-GAAP metrics to the most comparable GAAP metrics, net income or net loss, and related disclosures can be found in the table below this press release.
Stock repurchase plan
On December 4, 2024, as part of its capital management strategy, the company initiated a $250 million share repurchase program (the “Share Repurchase Program”) with no expiration date. On November 2, 2026, the company’s board of directors approved an additional $750 million under this program, increasing the total authorized amount to $1 billion. All other terms of the program remain unchanged.
Under applicable Canadian securities regulations, the company may repurchase at any time no more than 5.0% of its outstanding common shares over the preceding 12-month period. As of November 2, 2026, the maximum number of common shares the company may repurchase under this limit, prior to deducting any prior repurchases made during the prior 12 months, is 6,001,877 shares. The company expects that any repurchases will be conducted through Nasdaq facilities at prevailing market prices and in compliance with applicable securities laws.
Conference call
The company will hold a conference call and webcast at 8:30 AM Eastern Time today to review its earnings. Register for the webcast here: https://app.webinar.net/1GXQV92rWoJ.
Supplementary Materials and Follow-up Communication
The company expects to make available on its website materials accompanying its earnings discussion, along with certain supplemental financial information and other data. For important news and information about the company, including investor presentation materials and upcoming investor meeting schedules, please visit the Investor Relations page at hut8.com/investors, as well as its social media accounts on LinkedIn and X. The company uses its website and social media accounts as primary channels for disclosing key information, some of which may contain material and previously non-public information.
Analyst coverage
The full list of analyst coverage for Hut 8 Corp. is available at hut8.com/investors/stock-info/.
About Hut 8
Hut 8 is an energy infrastructure platform that integrates electricity, digital infrastructure, and computing power to support next-generation, high-energy technologies such as AI, high-performance computing, and ASIC mining. The company develops, commercializes, and operates industrial-grade energy and data center infrastructure through a power-first, innovation-driven approach. For more information, visit hut8.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" and "forward-looking statements" as defined under Canadian securities laws and U.S. securities laws. All information in this press release, other than statements of historical fact, regarding Hut 8’s expectations or anticipations of future activities, events, or developments, including the expected contract value and net operating income related to the company’s AI data center lease and the potential impact of renewal options; the development, construction, energization, commissioning, and delivery of River Bend and Beacon Point, including targeted first data hall delivery timelines and expected capacity; the availability, timing, structure, and terms of project financing, including the expectation that these projects can be financed without equity issuance or recourse to the parent company; the anticipated timing, completion, and proceeds of the proposed acquisition of the Texas site, including its potential utility capacity and required power approvals and infrastructure development; the advancement, commercialization, and geographic diversification of the company’s development pipeline; the availability and intended use of the revolving credit facility; the possibility of future share repurchases and their funding sources; the company’s pursuit of an investment-grade corporate credit rating and expected financing flexibility; and the company’s future business strategy, competitive advantages, expansion, and broader business and operational growth, as well as other similar matters, constitute forward-looking information. Forward-looking information is typically identified by words such as “may,” “will,” “could,” “should,” “would,” “intend,” “plan,” “expect,” “allow,” “believe,” “estimate,” “anticipate,” “predict,” “able,” “possibly,” “potential,” “aim,” or “might,” or similar expressions.
Statements containing forward-looking information are not historical facts but rather expectations, estimates, and projections regarding future events made by management based on various significant factors and assumptions existing at the time such statements are made. Although Hut 8 believes these statements are reasonable as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by the forward-looking information, including but not limited to inherent risks associated with the construction of new data centers, expansions of existing data centers, or reconstruction of data centers—such as construction delays and cost overruns, contractor availability, and equipment availability; the availability and terms of financing, including project-level financing without recourse to the parent company; critical system failures; geopolitical, social, economic, and other events and conditions; competition from existing and future competitors; risks related to power demand, including the ability to obtain regulatory approvals and the timing thereof; cybersecurity threats and vulnerabilities; hazards and operational risks; changes in leasing arrangements; internet-related disruptions; dependence on key personnel; limited operating history; attracting and retaining customers; entry into new products or business lines; price volatility and rapid technological change; forecasts of demand for facilities; strategic alliances or joint ventures; international operations and expansion; failure to increase hashing power; purchases of mining rigs; reliance on third-party mining pool service providers; uncertainty regarding the development and adoption of the Bitcoin network; Bitcoin halving events; competition with other Bitcoin investment methods; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; transaction volatility; and other risks periodically described in filings made by the Company with the U.S. Securities and Exchange Commission. In particular, please refer to the Company’s most recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available on the EDGAR database at sec.gov and on the SEDAR+ database at sedarplus.ca.
Non-GAAP financial metrics
In addition to GAAP-reported results, the company relies on non-GAAP financial metrics such as adjusted EBITDA and adjusted EBITDA including the impact of digital asset fair value measurements to evaluate its business, measure company performance, and make strategic decisions.
Adjusted EBITDA including the impact of digital assets measured at market value
The company defines adjusted EBITDA, which includes the impact of marking digital assets to market, as net income or net loss, adjusted for interest expense, interest income, income tax provisions or benefits, depreciation and amortization, the company’s share of depreciation and amortization from unconsolidated joint ventures, foreign exchange gains and losses, gains and losses on the sale of property, equipment, and other assets, gains and losses on derivatives and other financial liabilities, other investment income, non-recurring items, net income or loss attributable to non-controlling interests, and share-based compensation expenses.
Adjusted EBITDA
The company defines Adjusted EBITDA as Adjusted EBITDA, further excluding the gain or loss on digital assets attributable to Hut 8 Corp., to eliminate the impact of fair value fluctuations of digital assets held on the company’s balance sheet. Periodic increases or decreases in the fair value of such digital assets are primarily driven by market price changes and do not reflect the company’s core operating results.
Expected Net Operating Income (NOI) Contribution
The company defines the projected NOI contribution as the projected rental income attributable to a specific lease, minus non-reimbursable operating expenses associated with the leased property.
How can companies use these metrics?
The company’s board of directors and management use adjusted EBITDA, which includes the impact of digital assets measured at fair value, as well as EBITDA, to evaluate the company’s financial performance, as these metrics allow for consistent comparison of operating performance across periods by excluding the effects of the company’s capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above). The company excludes gains and losses from asset sales and other investment gains and losses because these items arise from transactions or valuation changes outside core operations, and management believes their exclusion facilitates comparison of the company’s operating performance across periods. Adjusted EBITDA further excludes the impact of changes in the fair value of the company’s digital asset holdings, which could otherwise affect the comparability of the company’s financial results across periods. Investors are encouraged to evaluate each adjustment and the reasons the company’s board of directors and management consider these metrics useful.
Limitations
Net income (loss) is the most directly comparable GAAP measure to adjusted EBITDA, which includes the impact of digital assets measured at fair value. When evaluating these metrics, it should be noted that the company may incur future expenses similar to or the same as certain adjustments included in the calculation of these metrics. Therefore, the presentation of these metrics should not be interpreted as an implication that the company’s future results will not be affected by unusual or non-recurring items.
Operating income is the most directly comparable GAAP measure to expected NOI contribution. When evaluating this metric, it should be noted that the company may incur future non-reimbursable lease operating expenses that are currently unknown or not quantifiable. Therefore, the presentation of expected NOI contribution should not be interpreted as an indication that the company’s future results will not be affected by unusual or non-recurring items. Expected NOI contribution also excludes the impact of selling, general, and administrative expenses, as well as depreciation and amortization, all of which have real economic effects and could significantly impact the company’s consolidated financial results. This press release does not provide a reconciliation of expected NOI contribution to its most directly comparable GAAP measure, as the company cannot quantify certain amounts required for operating income without unreasonable effort, and any such quantification could imply a degree of precision that would mislead investors.
The company may modify the calculation or presentation of these metrics in the future, and any such changes could have a material impact. These metrics have important limitations as analytical tools and should not be used in isolation or as a substitute for analyzing the company’s GAAP-reported results. Because other companies, including those in the company’s industry, may calculate similarly named metrics differently, the company’s non-GAAP metrics may not be directly comparable to those reported by other companies, limiting their usefulness for peer comparisons.