Hut 8 (NASDAQ:HUT) Posts Quarterly Earnings Results, Beats Expectations By $1.70 EPS

Key Points

• Hut 8 reported EPS of $0.98, $1.70 above consensus, but quarterly revenue of $71.1 million missed estimates and fell from $83.5 million a year earlier. Reported net income included a $413.8 million gain from digital-asset remeasurement, underscoring Bitcoin price volatility’s effect on results.
• The company said it has contracted 949 MW of AI data-center capacity under long-term leases, representing about $27 billion in contracted revenue. Its power pipeline exceeds 6.4 GW, and management said key projects are funded without an expected equity issuance.
• Adjusted EBITDA rose to $33 million from $30.5 million a year earlier, despite lower revenue; Hut 8 also raised its share-repurchase authorization to $1 billion. Shares fell to $50.32 in Wednesday trading.

Hut 8 (NASDAQ:HUT - Get Free Report) issued its earnings results on Wednesday. The company reported $0.98 EPS for the quarter, beating analysts' consensus estimates of ($0.72) by $1.70, FiscalAI reports. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%. The business had revenue of $71.07 million during the quarter, compared to analyst estimates of $75.78 million.

Here are the key takeaways from Hut 8's conference call:

• Hut 8 said it has contracted 949 MW of AI data-center capacity under long-term leases, representing about $27 billion in contracted revenue. River Bend and Beacon Point Phase 1 remain on schedule and fully funded through non-recourse project financing; management said it does not expect to issue equity to fund those projects.
• The company’s power pipeline exceeds 6.4 GW, with about 1.3 GW moving into exclusivity during the quarter and projects spread across several regions. Hut 8 also agreed to acquire two West Texas sites with up to 230 MW of utility capacity, subject to approvals and development.
• Third-quarter Adjusted EBITDA rose to $33 million from $30.5 million a year earlier, despite lower revenue. Management cited increased Bitcoin production, growth in AI cloud revenue, and cost discipline, while noting that contracted data-center lease revenue has not yet begun.
• Revenue declined to $71.1 million from $83.5 million, while cash G&A increased to $34.8 million from $19.5 million a year earlier as the company expanded its organization. Reported net income of $189.5 million included a $413.8 million digital-asset remeasurement gain, highlighting the impact of Bitcoin price volatility on GAAP results.
• Hut 8 raised its share-repurchase authorization to $1 billion, but management said the increase is intended to preserve flexibility, not signal immediate buying, and that it does not plan to use its revolver for repurchases. The company said maintaining liquidity and pursuing potential growth opportunities are priorities.

Hut 8 Stock Performance

Hut 8 stock traded down $13.43 during mid-day trading on Wednesday, reaching $50.32. 8,595,231 shares of the company's stock were exchanged, compared to its average volume of 4,990,049. The business's fifty day simple moving average is $83.14 and its 200 day simple moving average is $82.32. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. Hut 8 has a one year low of $31.67 and a one year high of $140.80. The firm has a market capitalization of $6.20 billion, a PE ratio of -9.24 and a beta of 4.53.

Wall Street Analyst Weigh In

Several analysts recently issued reports on HUT shares. Canaccord Genuity Group reissued a "buy" rating and issued a $130.00 price target on shares of Hut 8 in a research report on Wednesday, October 7th. Rosenblatt Securities reissued a "buy" rating and set a $124.00 target price on shares of Hut 8 in a research report on Wednesday, August 5th. Cantor Fitzgerald lowered their target price on shares of Hut 8 from $180.00 to $151.00 and set an "overweight" rating on the stock in a report on Friday, October 16th. Compass Point set a $195.00 price target on shares of Hut 8 in a research report on Wednesday, July 22nd. Finally, Rothschild & Co Redburn assumed coverage on Hut 8 in a research note on Monday, September 21st. They set a "neutral" rating and a $96.00 price target for the company. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $146.77.

Insiders Place Their Bets

In related news, Director Mayo A. Shattuck III sold 20,000 shares of the business's stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the transaction, the director directly owned 89,408 shares of the company's stock, valued at approximately $8,940,800. The trade was a 18.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sean Glennan sold 6,445 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the transaction, the chief financial officer owned 17,978 shares of the company's stock, valued at approximately $1,415,947.28. The trade was a 26.39% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is owned by corporate insiders.

Trending Headlines about Hut 8

Here are the key news stories impacting Hut 8 this week:

• Positive Sentiment: Hut 8 fully commercialized its Beacon Point AI data center campus, signing a second 352 MW lease. The company says expected aggregate base-term contract value across its AI data center portfolio is now about $26.6 billion. Hut 8 Reports Third Quarter 2026 Results
• Positive Sentiment: The company increased energy capacity under exclusivity by 1,300 MW to 3,180 MW and agreed to acquire two Texas sites with up to 230 MW of utility capacity, subject to approvals and development. It also closed a $1.07 billion revolving credit facility and announced $250 million in shareholder repurchases, with total authorization raised to $1 billion. Hut 8 Reports Third Quarter 2026 Results
• Positive Sentiment: Blockonomi reports a 7,859 MW AI data center pipeline and a target of $1.3 billion in annual net operating income, offering potential upside if projects are delivered as planned. Hut 8 AI expansion
• Negative Sentiment: Quarterly results were mixed across coverage: Zacks reported a $1.23 per-share loss, worse than its $1.06 loss estimate, and revenue of $71.07 million, below the $75.78 million estimate. This earnings disappointment may be prompting caution despite the company’s longer-term AI growth plans. Another report cited a different EPS figure, so reported EPS coverage is inconsistent. Hut 8 Q3 earnings report

Hut 8 Company Profile

Hut 8 Corp. is a North American energy infrastructure and computing company whose business includes digital asset mining, high-performance computing and data center operations. The company develops and manages power and infrastructure assets intended to support energy-intensive computing applications.

Hut 8's activities have historically centered on Bitcoin mining, supported by company-operated data centers and specialized mining equipment. It also provides infrastructure for emerging computing applications, including artificial intelligence and other high-performance computing workloads, as it seeks to expand beyond cryptocurrency mining.

The company was established in Canada and expanded its operations in the United States through its combination with U.S.

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