Hut 8 Mining 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% in the prior-year period. 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 capital side, Hut 8 said it raised $7.5 billion of investment-grade long-duration project financing for River Bend and Beacon Point. 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 about $7.6 billion of debt largely tied to the project subsidiaries. Management said interest income was $27.1 million and $5.7 million of interest was capitalized into construction in progress. Forward, management did not give formal next-quarter or full-year financial guidance on this call, but said the mix should shift meaningfully toward long-duration contracted digital infrastructure cash flows as River Bend and Beacon Point are delivered.

Asher Genoot framed Hut 8 as an energy infrastructure platform built around scarce power, not just a bitcoin miner moving into data centers. He stressed that the company underwrites power, preserves optionality in how it commercializes it, and tries to build repeatable systems for origination, financing, construction and operations. His tone was confident and strategic, with repeated emphasis that execution, customer signings and capital-market validation show the model is working. He also said the company is still early and that every campus and financing strengthens the platform.

Sean Glennan focused on how the quarter showed operating leverage and a cleaner financial structure. He highlighted revenue of $74.9 million, gross profit of about $48 million, gross margin of about 64%, adjusted EBITDA of $10.4 million, and the $177.1 million net loss being dominated by a non-cash $138 million digital asset loss. He explained that $6.8 billion of restricted cash primarily sits in project accounts for River Bend and Beacon Point, while the $7.6 billion debt balance is mostly nonrecourse project debt, not parent-level leverage. He also noted that the Coatue note conversion eliminated the remaining parent recourse debt and that the Coinbase facility was refinanced to a $200 million FalconX term loan at a 7% coupon from 9%.

Analysts focused on execution risk, behind-the-meter generation, the impact of Texas regulatory scrutiny, financing the equity piece for Beacon Point Phase 2, and whether the market for project debt remains open. Management said behind-the-meter capacity will happen and can be a faster path to power, but it was left out of the reported pipeline because including every possible option would make the numbers less meaningful. On regulation, Asher said tighter processes could actually help established developers by filtering noise and protecting communities and ratepayers. On financing, Sean said the market remains open but is more selective, and issuers need quality leases, quality operators and quality structures to get favorable pricing.