Hut 8 Corp.

Revenue increased approximately 81% year over year to $74.9 million. Cost of revenue increased approximately 23%, producing gross profit of approximately $48 million and gross margin of approximately 64%, versus approximately 47% a year ago. Adjusted EBITDA, excluding digital asset mark-to-market movements, was $10.4 million versus $4.2 million in the prior year period. GAAP net loss was $177.1 million, primarily due to a $138 million loss in digital assets. On the segment level, Compute revenue rose to $72.5 million from $34.3 million, driven by bitcoin mined increasing from approximately 308 to approximately 935, and Compute segment gross margin was approximately 66%. Power revenue declined to $1.2 million from $5.5 million, while Digital infrastructure revenue was $1.3 million, broadly consistent with last year. G&A was $76.1 million versus $30.2 million, including approximately $43.6 million of share-based compensation. At June 30, the company had approximately $233.6 million of unrestricted cash and approximately $6.8 billion of restricted cash and cash equivalents, with total debt of approximately $7.6 billion, largely comprised of the $3.25 billion River Bend notes and the $4.25 billion Beacon Point notes. Management reiterated that the project debt is nonrecourse to Hut 8’s parent and that the balance sheet reflects fully financed campuses under construction. There was no next-quarter or full-year quantitative guidance given on the call.

Asher Genoot framed Hut 8 as an energy infrastructure platform built around scarce power, with AI currently the highest-value application. He stressed that the company underwrites power and flexibility, not a single end use, and said the same operating system has already produced River Bend, Beacon Point, and multiple financing wins. His tone was confident and process-driven, repeatedly emphasizing repeatability, capital discipline, and execution as a designed system rather than a one-time event. He also said the company is still early in its journey and wants investors to underwrite its ability to compound capabilities over time.

Sean Glennan focused on the financial transition from compute-heavy results toward long-duration contracted infrastructure cash flows. He cited revenue of $74.9 million, gross margin of about 64%, adjusted EBITDA of $10.4 million, and the $177.1 million GAAP loss driven by a $138 million digital-asset swing. He highlighted the distinction between $233.6 million of unrestricted cash and $6.8 billion of restricted project cash, and said most of the $7.6 billion debt balance sits in bankruptcy-remote subsidiaries and is nonrecourse to the parent. He also pointed to $27.1 million of interest income earned on undrawn project funds, $5.7 million of interest capitalized, the Coatue note conversion, and the refinancing of the $200 million Coinbase facility to a $200 million FalconX term loan at a 7% coupon from 9%.

Analysts focused on execution risk, behind-the-meter generation, permitting/community scrutiny, M&A, and how Beacon Point Phase 2 would be financed. Management said behind-the-meter capacity will happen and is the fastest path to power, but it is not included in the reported pipeline because those megawatts can be hard to track and would make the number less meaningful. On Governor Abbott’s comments and ERCOT-related scrutiny, Asher said Hut 8 welcomes clearer processes, believes tougher oversight can help filter weaker players, and is prepared to work with regulators while emphasizing community protections. On M&A, he said inbound interest is high but only a portion is worth pursuing, and that Hut 8 wants structures where it can preserve low development risk and align with tenants or sellers on backend economics rather than paying upfront for speculative projects.