| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 8 | — | 17.6x | Bottom tier | |
Growth | 57 | 129.5% | 7.1% | Around median | |
Quality | 10 | — | — | Bottom tier | |
Safety | 24 | — | — | Bottom tier | |
Capital Return | 7 | — | 2.15% | Bottom tier | |
Momentum | 87 | 245.5% | 2.3% | Top tier | |
Sentiment | 45 | 7 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Hut 8 Corp. operates as an energy infrastructure platform that develops large-scale digital assets around scarce power sites, then directs this capacity toward AI data centers, high-performance computing, and Bitcoin mining. Its model relies on securing sites and power interconnections, contracting with high-credit-quality tenants, financing each project from its contractual cash flows, and then building and operating it. Computing, particularly Bitcoin mining, remains the largest source of operating revenue, while the company seeks to increase the contribution of long-term digital infrastructure contracts upon the delivery of River Bend and Beacon Point.
In Q2 fiscal year 2026, revenue reached $74.9 million, an annual increase of approximately 81%, and gross profit reached $48.0 million, equivalent to a gross margin of approximately 64% versus about 47% in the comparable period. EDGAR filings reported a net loss of $150.2 million and negative earnings per share of $1.27, compared with revenue of $71.0 million and a net loss of $219.8 million in Q1 fiscal year 2026. On a trailing-twelve-month basis, revenue reached $284.3 million and gross profit reached $169.7 million, but the net loss remained high at $312.1 million.
The computing segment accounted for nearly the entire operating mix in Q2 fiscal year 2026, generating $72.5 million in revenue and a gross margin of approximately 66%, driven by an increase in Bitcoin production from about 308 to about 935 units following the launch of Vega and the reactivation of the Drumheller facility. Digital infrastructure generated $1.3 million, while energy revenue declined to $1.2 million from $5.5 million due to the sale of the Far North portfolio in February 2026. Adjusted earnings before interest, taxes, depreciation, and amortization, excluding changes in the market value of digital assets, reached $10.4 million versus $4.2 million in the comparable period.
The analyst consensus is “Buy,” with an average target of $164.3, versus a low of $80 and a high of $263; the average exceeds the $140.8 high recorded within the 52-week range, while the low falls within the $24.202–$140.8 range. No price-to-earnings ratio is available because of net losses, so the valuation depends heavily on converting the expected $26.6 billion of contracts into actual cash flows, weighed against execution risks, losses related to digital asset valuation, and the wide divergence among analyst targets.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
The computing segment was the primary driver, generating revenue of $72.5 million out of the company's total revenue of $74.9 million. The number of Bitcoin units mined increased to approximately 935 from approximately 308 units in the comparable period, supported by the launch of operations at Vega and the reactivation of Drumheller. The segment's gross margin reached approximately 66%, while the contribution from digital infrastructure remained limited at $1.3 million.
Contracted capacity at River Bend and Beacon Point reached approximately 949 megawatts as of the August 4, 2026 call, with an expected base contract value of approximately $26.6 billion. Beacon Point alone represents 704 megawatts and an expected value of approximately $19.6 billion, including 352 megawatts and $9.8 billion for the second building. Management says the three contracts extend for 15 years and are associated with investment-grade-backed counterparties.
EDGAR filings showed a net loss of $150.2 million and negative earnings per share of $1.27 in Q2 fiscal year 2026, despite revenue growth to $74.9 million. Management explained on the August 4, 2026 call that volatility in digital asset valuation was the largest factor and cited a $138 million loss on those assets in its presentation of accounting results. General and administrative expenses also increased to $76.1 million, with $43.6 million of the increase related to stock-based compensation.
Automated analysis for informational purposes only — not investment advice.
The company raised $3.25 billion of secured notes for River Bend and $4.25 billion for Beacon Point, bringing total investment-grade construction financing to $7.5 billion. These obligations reside within independent project companies, are secured by each project's assets and accounts, and are non-recourse to the parent company. As of June 30, 2026, unrestricted cash liquidity was $233.6 million, while restricted liquidity was approximately $6.8 billion and could not be used outside construction, reserves, and project debt service purposes.
The first risk is delivering River Bend and Beacon Point at the agreed scale and on the agreed schedule, as management described completing them on time as its top priority. The sites are also subject to permitting, power interconnection, and support from local communities, and the company discussed on August 4, 2026 Texas requirements related to grid reliability, water, the environment, noise, and traffic. In addition, financing costs are incurred during construction before lease revenue begins, although investing unused funds generated interest income of $27.1 million in Q2 fiscal year 2026.
Management stated on August 4, 2026 that Hut 8 owns approximately 54% of American Bitcoin and that approximately 700 megawatts of its infrastructure supports this affiliated tenant. It said future operating exposure to Bitcoin would be through American Bitcoin, while Hut 8's Bitcoin balance is treated as an asset that can be sold to finance suitable initiatives. At the same time, Bitcoin volatility continues to affect accounting results, as demonstrated by the $138 million digital asset loss that management discussed for Q2 fiscal year 2026.
