Earnings Recap — Q2 FY2026
CY Q3 2026 · Reported August 4, 2026 · Beat 5 of last 7 quarters
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Hut 8's continued execution of large-scale AI data center campuses with investment-grade financing and contracted leases reinforces the thesis that power is the critical bottleneck in AI infrastructure. The company's ability to secure $7.5 billion in project financing and expand its pipeline to 8.7 GW demonstrates growing institutional confidence in the AI buildout. The second Beacon Point lease and the expansion of existing customer relationships signal sustained demand for AI compute capacity, which could benefit the broader supply chain.
Hut 8 reported Q2 2026 revenue of $74.9 million, up 81% year-over-year, with gross margin expanding to 64% from 47%. Adjusted EBITDA improved to $10.4 million, while GAAP net loss was $177.1 million, driven primarily by a $138 million non-cash loss on digital assets. The company also announced a second Beacon Point lease for 352 MW of IT capacity, bringing total contracted AI data center capacity to 949 MW, and closed $7.5 billion in investment-grade project financing for River Bend and Beacon Point.
Management emphasized the repeatability of its power-first platform, with the development pipeline growing to 8.7 GW and the company advancing multiple greenfield campuses. They highlighted the successful execution of $7.5 billion in investment-grade project financing for River Bend and Beacon Point, with Beacon Point financing achieving better terms than River Bend. They expect the financial profile to shift meaningfully toward long-duration contracted digital infrastructure cash flows as River Bend and Beacon Point are delivered, with the first data halls coming online in the future. Management also noted that behind-the-meter generation and M&A opportunities are being pursued but are not included in the reported pipeline to maintain authenticity. They reiterated confidence in robust customer demand and the ability to finance growth without dilutive equity, while keeping a keen eye on SG&A to avoid overhead creep.
“Power-first is not simply a development strategy. It is the operating system for how we allocate capital, manage risk and build the business.”
on Power-first philosophy
“Customers don't expand because of presentations. They expand because they have confidence in the asset, confidence in our ability to deliver.”
on Customer validation
“Capital follows capability and better capital is earned through better execution.”
on Capital formation
How desired is behind-the-meter generation by your customers, and how important is it to achieving timing and scale objectives?
Asher Genoot said behind-the-meter capacity will happen, citing customer demand and speed to power. He noted that such opportunities are not included in the reported pipeline to avoid inflating numbers, but the company is working on many behind-the-meter and M&A opportunities.
What are your thoughts on Governor Abbott's letter regarding data center development, and how does it affect your pipeline strategy?
Asher Genoot said the company trusts the legislative process and is prepared to work with the PUC and ERCOT. He noted that Hut 8 voluntarily participated in the PUE survey and provided information on Beacon Point. He believes such initiatives will clear out weaker players and favor more established developers.
Can you give an update on your gigawatt diligence agreement with Anthropic and where it sits on your list of priorities?
Asher Genoot said Anthropic is a great example of a customer needing large capacity, and the company works closely with them, building the River Bend campus for them. He mentioned 'down the fairway opportunities' and 'novel fun opportunities' in discussions with Anthropic.