by Coinstrooper Crypto Articles
Quick Take
  • Hut 8 stock dropped 9.74% to $101.16 on Tuesday after the company reported second-quarter earnings.
  • Revenue climbed 81% year over year to $74.9 million, while net losses reached $177.1 million.
  • The Bitcoin (BTC) miner turned AI data center developer recovered 1.29% to $102.47 in after-hours trading.
  • Investors appear focused on the loss rather than the company’s growing lease book.

What Happened

The Bitcoin (BTC) miner turned AI data center developer recovered 1.29% to $102.47 in after-hours trading. Investors appear focused on the loss rather than the company’s growing lease book.

The build-out extends the AI data center pivot Hut 8 began in December with AI cloud firm Fluidstack. Financing kept pace, as the company closed $7.5 billion in investment-grade project notes split between its River Bend and Beacon Point campuses, with no recourse to the parent.

Market Context

“Adjusted EBITDA inclusive of digital assets mark-to-market for the three months ended June 30, 2026 was $(94.6) million, compared to $221.2 million in the prior-year period,” the firm revealed.

The loss overshadowed a growing commercial pipeline. Contracted IT capacity across Hut 8’s AI campuses reached 949 MW, with a base-term contract value of roughly $26.6 billion.

Why It Matters

Those leases are expected to generate more than $1.75 billion in average annual net operating income. A 352 MW Beacon Point Phase 2 deal, signed after quarter-end, lifted that campus alone to roughly $19.6 billion.

Delivery timelines now define the story. River Bend targets its first data hall in Q2 2027. Beacon Point Phase 1 expects initial energization in Q1 2027. The coming quarters will show whether the construction pace matches the contracted numbers.

Details

Hut 8 stock dropped 9.74% to $101.16 on Tuesday after the company reported second-quarter earnings. Revenue climbed 81% year over year to $74.9 million, while net losses reached $177.1 million.

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Why Hut 8 Stock Fell Despite Revenue Growth

Most of the quarterly loss existed only on paper. The company booked $138.6 million in primarily unrealized losses on digital assets, according to its earnings release.

The comparison with last year sharpened the reaction. Hut 8 posted $137.5 million in net income in Q2 2025, when digital asset gains lifted results.

Core operations moved the other way. Adjusted EBITDA excluding digital assets reached $10.4 million, up from $4.2 million a year earlier.

AI Leases Reach 949 MW and $26.6 Billion

CEO Asher Genoot said execution now takes precedence over deal-making.

“Delivery is now our central priority. We continue to apply the full weight of our organization to deliver River Bend and Beacon Point: operating rigor built through years of developing energy-intensive infrastructure at scale and a team we continue to expand ahead of the growth to come,” the exeutive stated.

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