Hut 8 Corp. (NASDAQ:HUT) reported earnings on Wednesday before the market open. Here’s a rundown of the report.
- Hut 8 stock is challenging resistance. Why is HUT stock breaking out?
Q1 Highlights
Hut reported a loss of $1.98 per share, missing the consensus estimate of a 17 cent-loss. In addition, it reported revenue of $71.01 million, missing the consensus estimate of $81.27 million.
The company said it secured $16.8 billion in contracted lease revenue across two hyperscale AI campuses backed by triple-net, take-or-pay agreements with investment-grade counterparties.
Hut also highlighted a recently signed 15-year lease at its Beacon Point AI data center campus for 352 megawatts of IT capacity. The agreement carries approximately $9.8 billion in base-term contract value.
CEO Asher Genoot said the company's "power-first development model" continues to scale across tenants and geographies.
"Our initial lease at Beacon Point demonstrates how our distinct power-first development model is repeatable across tenants and geographies," Genoot said.
The company said it continued construction at its River Bend AI data center campus and, subsequent to quarter-end, closed a $3.25 billion offering of investment-grade senior secured notes to finance the project. Hut said the financing was completed on a non-dilutive, non-recourse basis.
Hut also said it refinanced its $200 million Bitcoin-backed credit facility with FalconX, reducing its cost of debt from 9.0% to 7.0% and increasing Bitcoin held outside collateral covenants by approximately 3,300 BTC.
During the quarter, Hut generated $66 million in revenue from ASIC Compute, AI Cloud and Traditional Cloud solutions. The company also maintained approximately $1.3 billion in cash and Bitcoin holdings as of March 31, 2026.
Hut said its development pipeline totaled 8,375 MW as of May 6, 2026.
Hut Shares Soar
HUT Price Action: At the time of publication, Hut shares are trading 29.86% higher at $104.55, according to data from Benzinga Pro.
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