Hut 8 revenue nearly doubles in Q2 as digital-asset writedown drives $177.1 million loss

Hut 8 reported second-quarter revenue of $74.9 million, up 81% from a year earlier, and posted a net loss of $177.1 million after a roughly $138.6 million digital-asset-related loss reversed the prior year's profit comparison. The company said the quarter marked further progress in its "power-first" strategy spanning energy infrastructure, digital infrastructure and AI compute. Contracted IT capacity across Hut 8's AI data-center business reached 949 MW, representing about $26.6 billion in base contract value. At Beacon Point in the U.S., the company signed a second 352 MW AI data-center lease with the same investment-grade customer as the Phase 1 tenant. Hut 8 said the 15-year lease is expected to generate about $9.8 billion in base contract value and roughly $655 million in average annual NOI, bringing Beacon Point's cumulative base contract value to about $19.6 billion and average annual NOI to about $1.3 billion. The company also refinanced a $200 million Bitcoin-backed credit facility, cutting its debt cost to 7% from 9% and releasing about 3,300 BTC of collateral. Hut 8 said that following the conversion of a $150 million Coatue convertible note, the parent company no longer has general recourse debt. It also completed $7.5 billion of non-dilutive, investment-grade project financing tied to River Bend and Beacon Point Phase 1 without parent-level recourse guarantees. Hut 8 said its energy development pipeline now totals about 8.66 GW, with 1,330 MW under construction, including 330 MW at River Bend and 1,000 MW at Beacon Point. River Bend is scheduled to deliver its first data hall in the second quarter of 2027, while Beacon Point Phase 1 is expected to achieve initial energization in the first quarter of 2027 and deliver its first data hall in the third quarter of 2027.