Hut 8 Posts $189.5 Million in Third-Quarter Net Income, Boosted by Digital Asset Gains
Key Facts
Hut 8 reported on November 4 net income of $189.5 million in the third quarter of 2026, compared with $50.6 million in the same period a year earlier, according to the company’s statement. Net income included $413.8 million in gains on digital assets, mostly unrealized, versus $76.6 million in the third quarter of 2025. Revenue meanwhile fell to $71.1 million from $83.5 million a year earlier. The reported profit therefore came alongside a year-over-year decline in sales, while a large share of recorded gains was tied to the valuation of digital assets. The company had scheduled the results for release before the market opened on November 4, with a review call later that day.
Computing revenue accounted for most of the company’s sales, reaching $68.4 million in the third quarter, while digital infrastructure generated $1.4 million and power $1.3 million, according to the results statement. Total revenue was $71.1 million, compared with $83.5 million in the same period a year earlier. Before the announcement, analysts expected revenue of $74.5 million, a slight decline from $74.9 million in the second quarter, according to estimates cited by Investing.com from Reuters. After the results were released, MarketBeat reported revenue of $71.07 million against a consensus estimate of $75.78 million, a shortfall of $4.71 million. The company also posted earnings per share of $0.98, compared with a consensus estimate of a loss of $0.7215, according to MarketBeat.
Adjusted EBITDA was $33.0 million in the third quarter, compared with $30.5 million in the same period a year earlier, the company said. Beginning with the quarter ended June 30, 2026, Hut 8 revised its definition of the measure to exclude mark-to-market gains and losses on its digital assets. This means the reported adjusted EBITDA figure is based on a definition the company adopted starting that quarter, while gains from digital asset valuations remained among the components of net income. Those gains included $413.8 million in the third quarter and were mostly unrealized. In the year-earlier quarter, gains on digital assets, also mostly unrealized, totaled $76.6 million.
The company is placing its AI data-center expansion at the forefront of its operating plans. It said the Beacon Point campus was fully commercially leased and announced the addition of 1,300 megawatts to power capacity that had reached the exclusivity stage. It also said a second 352-megawatt IT contract with the Phase I tenant lifted expected contracted base value across its AI data-center portfolio to about $26.6 billion. The company said it had increased capacity under exclusivity by 1,300 megawatts, bringing the total to 3,180 megawatts across multiple regions. It also announced definitive agreements to acquire two power-connected sites in Texas, with facility capacity of up to 230 megawatts at full operation. The sites’ operation remains subject to final power approvals and infrastructure development.
After the quarter ended, Hut 8 said it returned $250.0 million to shareholders through share repurchases and increased its total buyback authorization to $1.0 billion. On September 28, the company had announced an expansion of institutional liquidity through a $1.07 billion senior secured revolving credit facility. As analysts tracked its shift toward AI infrastructure, their focus before the results was on whether the strategy could support profitability and on progress at the River Bend and Beacon Point sites, according to Investing.com coverage cited from Reuters. That coverage said initial delivery of River Bend halls was targeted for the second quarter of 2027, with Beacon Point expected to be energized in the first quarter of 2027. It also reported that the company separated its mining operations into American Bitcoin, its majority-owned subsidiary, and was seeking 949 megawatts of contracted AI capacity.
In the market, HUT closed at $63.75 on November 3, 2026, compared with a close of $55.01 on November 2, according to EL7 data. The November 3 close came before the results were scheduled for release the following day, so it reflects trading in the session before the announcement. The closing data available here did not include the session’s low and high prices. The next step the company set for investors was a third-quarter results review call on November 4 at 8:30 a.m. Eastern Time. According to pre-results coverage, investors are focused on the execution of data-center projects and their target timelines during 2027.