Hut 8 Posts $1.27 Q2 Loss Per Share, Widening from Prior Year
HUT has more than doubled off its 52-week low of $18.68.
Summary
Hut 8 reported a Q2 loss of $1.27 per share, a significant miss that deepens the red ink from the prior year. The loss was driven by Bitcoin price declines, echoing the Q1 miss reported in May. Despite the earnings hit, the company has secured $7.5 billion in project financing and fully leased its Beacon Point data center with $19.6 billion in long-term contracts, providing a massive revenue backlog. The loss per share figure is new and materially worse than expected, likely pressuring the stock. The next catalyst is the company's ability to convert its contracted pipeline into cash flow.
At the time of this announcement, HUT was trading at $106.50 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $12.6B. The 52-week trading range was $18.68 to $140.80. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.