HUT Stock Falls 8% as Hut 8 Reports Wider Q2 Loss Despite Revenue Growth

TLDR

• HUT stock dropped more than 9% after Hut 8 reported second-quarter earnings and revenue below estimates.
• Hut 8 posted Q2 revenue of $74.9 million, up from $41.3 million in the same quarter last year.
• The company reported a Q2 net loss of $177.1 million, including $138.6 million in unrealized digital asset losses.
• Hut 8 expanded its AI infrastructure development pipeline by 300 MW to approximately 8.7 GW.
• CEO Asher Genoot said future bitcoin exposure will primarily be held through American Bitcoin.

---

Hut 8 Corp. shares fell more than 8% on Tuesday after the company released its second-quarter 2026 financial results. The stock traded at $101.70, down 9.74%, as investors reacted to a wider net loss despite strong year-over-year revenue growth and continued expansion of its AI infrastructure business.

Source: KnockOutStocks

Revenue reached $74.9 million during the quarter, compared with $41.3 million in the same period last year. The result marked solid annual growth but came in below Wall Street expectations of about $80 million. The earnings release also showed a net loss of $177.1 million, driven largely by unrealized losses on digital assets.

Revenue Grows While Net Loss Widens

Hut 8 nearly doubled quarterly revenue compared with a year earlier as the company continued shifting from bitcoin mining toward energy and AI infrastructure. Even with stronger sales, the company reported a larger quarterly loss that weighed on investor sentiment.

The company said $138.6 million of its net loss came from unrealized losses tied to digital asset holdings. Those accounting adjustments contributed to the reported loss even as Hut 8 continued expanding its operating business.

The latest results also repeated several milestones announced in recent weeks. Hut 8 completed commercialization of its 1-gigawatt Beacon Point AI campus and reported an AI infrastructure portfolio with 949 megawatts of contracted capacity. The company said that portfolio represents about $26.6 billion in expected contract value.

Management continued to focus on long-term infrastructure development rather than short-term earnings performance. The company maintained that AI demand remains strong as enterprise customers continue seeking additional computing capacity.

AI Development Pipeline Expands

During the earnings call, Chief Executive Officer Asher Genoot said Hut 8 increased its AI infrastructure development pipeline during the quarter.

“We’ve expanded our development pipeline to approximately 8.7 gigawatts, an increase of about 300 megawatts from last quarter,” Genoot said.

The company said it is evaluating 11 development sites under exclusivity agreements, with each averaging more than 650 megawatts. Management added that potential acquisitions, on-site power projects and a possible River Bend campus expansion are not yet included in the published pipeline because those opportunities remain under evaluation.

Genoot also addressed market concerns about slowing AI infrastructure demand.

“Demand is robust,” he said. “Everyone wants capacity.”

Hut 8 confirmed construction continues at both the River Bend and Beacon Point campuses. The company also said it is preparing financing for Beacon Point Phase 2 and expects to provide additional details in the coming weeks.

Bitcoin Strategy Shifts to American Bitcoin

The company also outlined changes to its bitcoin strategy during the earnings call. Hut 8 said future bitcoin exposure will mainly be held through American Bitcoin, its majority-owned subsidiary, rather than on Hut 8’s own balance sheet.

“Bitcoin on Hut 8’s balance sheet is just like another asset. It’s just like cash,” Genoot said. “Going forward, the bitcoin exposure will primarily be at American Bitcoin.”

The strategy separates Bitcoin holdings from Hut 8’s broader infrastructure operations as the company continues building its AI and energy business.

Despite the share price decline following earnings, Hut 8 maintained its focus on expanding AI data center capacity and securing additional development opportunities. The company continues positioning its infrastructure platform around AI computing while managing its Bitcoin exposure through its subsidiary structure.