Hut 8 (HUT) Q2 2026 Earnings Call Transcript

Hut 8’s Q2 2026 call highlighted a major strategic shift from bitcoin mining toward AI/data-center infrastructure built around scarce power. Revenue rose 81% year over year to $74.9 million, gross margin expanded to 64%, and adjusted EBITDA improved to $10.4 million, but GAAP net loss widened to $177.1 million mainly due to noncash bitcoin mark-to-market losses. The company emphasized its repeatable model: secure power, commercialize with investment-grade tenants, and finance projects at the asset level. It reported $7.5 billion of nonrecourse project financing, a $6.8 billion restricted cash balance, and a cleaner parent balance sheet after eliminating recourse debt and refinancing bitcoin-collateralized debt at a lower coupon. Management also detailed 949 MW of contracted AI capacity, an 8.7 GW development pipeline, and strong demand from customers and M&A counterparties. The market takeaway is that Hut 8 is increasingly valued as an infrastructure platform with long-duration contracted cash flows, while execution risk and high construction financing remain the key watchpoints.