Hut 8 Q2 Revenue Jumps 81% to $74.9M, AI Data Center Capacity Hits 949 MW
HUT has more than doubled off its 52-week low of $18.68 on light trading volume (0.3× avg).
Summary
Hut 8 reported Q2 revenue of $74.9 million, an 81% increase year-over-year, driven by its expanding AI data center business. The company now has 949 MW of contracted IT capacity with $26.6 billion in base contract value, including a fully leased 1 GW Beacon Point campus generating $1.3 billion in annual NOI. A net loss of $177.1 million was driven by $138.6 million in unrealized digital asset losses, overshadowing the revenue growth. The balance sheet strengthened with a credit facility refinancing that cut interest costs and released 3,300 BTC in collateral, plus the conversion of $150 million in convertible notes, leaving the parent debt-free. This follows the recent 10-Q filing and the earlier $7.5 billion in project financing completions, confirming the massive scale-up of its AI infrastructure. The key question is whether the AI revenue ramp can outpace the drag from Bitcoin volatility.
At the time of this announcement, HUT was trading at $98.95 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $12.2B. The 52-week trading range was $18.68 to $140.80. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Binance News.