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olivLaw · US equity research

Hut 8 Corp. HUT

Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)

48.94USD−23.23% · 1 dayClose 04 Nov 2026

Hut 8 is an energy infrastructure platform that combines power, digital infrastructure and compute for energy-intensive uses such as AI. In 2026 the company shifted from Bitcoin mining toward long-term data center leases, with about $26.6 billion of expected base-term value and 949 MW of contracted IT capacity.

At the close of 04 Nov 2026, Hut 8 Corp. (HUT) stock was 48.94 USD (−23.23% on the day), with market capitalisation 6.0 bn USD, beta 3.36, 52-week range 33.76–133.02 USD. Latest reported quarter (Q2 2026): revenue of 74.9 m USD (+81.4% YoY), net income of -150.2 m USD (−209.4% YoY), diluted EPS -1.27 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
6.0 bn USD
shares as of 31 Jul 2026
P/E (TTM)
unavailable
Diluted EPS TTM -5.88 · TTM to 30 Jun 2026
E/P (TTM)
-12.02%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
3.36
Volatility (1y) 109%
52-week range
33.76133.02

Price history

Loading chart…

Technical reading

RSI (14)
32.4
weak (30–45)
Bollinger (20, 2)
50.14 – 87.73
below the lower band · %B -0.03 · band width 54.5%
SMA 50 / 200
82.41 / 82.47
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-7.93 / -6.89
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−45.2%−2.0%−43.2 pp—
3 months−47.2%−2.2%−45.1 pp—
6 months−55.1%+4.3%−59.3 pp—
Year to date+6.5%+10.6%−4.0 pp—
1 year+1.7%+10.5%−8.7 pp−47.5%
3 years+314.7%+73.7%+241.1 pp−48.3%
5 years−32.6%+61.7%−94.3 pp—
Max drawdown (1y)
−63.2%
02 Jun 2026 → 04 Nov 2026
Max drawdown (5y)
−95.0%
08 Nov 2021 → 27 Dec 2022
Compound annual growth (5y)
−7.6%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
74.9 m USD
+81.4% YoY
Net income
-150.2 m USD
−209.4% YoY
Diluted EPS
-1.27
−207.6% YoY
net / operating
-200.4% / -275.4%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue43.7 m31.7 m21.8 m41.3 m83.5 m88.5 m71.0 m74.9 m
Cost of revenue17.6 m20.3 m18.7 m21.8 m32.3 m35.0 m25.5 m26.9 m
Operating income-1.6 m281.9 m-147.7 m187.9 m72.7 m-434.9 m-370.4 m-206.3 m
Depreciation & amortisation10.5 m14.3 m14.9 m19.5 m27.8 m39.7 m38.4 m39.7 m
Interest expense7.9 m9.6 m7.5 m8.4 m8.6 m5.6 m9.2 m51.2 m
Pre-tax income1.4 m260.1 m-154.5 m165.1 m69.6 m-380.0 m-302.1 m-208.6 m
Income tax453.0 k110.5 m-20.2 m27.6 m19.0 m-78.2 m-48.9 m-31.5 m
Net income647.0 k152.2 m-133.9 m137.3 m50.1 m-279.7 m-219.8 m-150.2 m
Diluted EPS0.011.38 ≈-1.301.180.43-3.06 ≈-1.98-1.27
Operating cash flow-4.2 m ≈-21.6 m-33.8 m-48.8 m ≈770.0 k ≈-57.4 m-27.2 m-5.6 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2022202320242025
Revenue73.7 m96.0 m162.4 m235.1 m
Revenue YoYunavailable+30.3%+69.1%+44.8%
Net income-31.8 m21.9 m331.9 m-226.1 m
Net income YoYunavailableunavailable+1,418.9%−168.1%
Diluted EPS-0.940.443.40-2.14
Diluted EPS YoYunavailableunavailable+672.7%−162.9%
net %-43.1%22.7%204.4%-96.2%
Free cash flowunavailableunavailableunavailableunavailable

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
44.9 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
1.7 bn USD
Total assets
2.8 bn USD
Debt / equity
unavailable
Current ratio
1.09x
ROE
-16.9%
ROA
-10.6%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
96.0 m
2024
162.4 m
2025
235.1 m

SEC (XBRL)· 25 Feb 2026verified

Cost of revenue
2023
54.2 m
2024
86.7 m
2025
107.8 m

SEC (XBRL)· 25 Feb 2026verified

Gross profit
2023
41.9 m ≈
2024
75.7 m ≈
2025
127.3 m ≈

SEC (XBRL)· 25 Feb 2026derived

Operating income
2023
9.4 m
2024
460.5 m
2025
-322.0 m

SEC (XBRL)· 25 Feb 2026verified

Depreciation & amortisation
2023
17.5 m
2024
47.8 m
2025
101.9 m

SEC (XBRL)· 25 Feb 2026verified

EBITDA
2023
26.9 m ≈
2024
508.3 m ≈
2025
-220.1 m ≈

SEC (XBRL)· 25 Feb 2026derived

Interest expense
2023
24.9 m
2024
29.8 m
2025
30.1 m

SEC (XBRL)· 25 Feb 2026verified

Pre-tax income
2023
22.0 m
2024
451.9 m
2025
-299.8 m

SEC (XBRL)· 25 Feb 2026verified

Income tax
2023
190.0 k
2024
113.5 m
2025
-51.8 m

SEC (XBRL)· 25 Feb 2026verified

Net income
2023
21.9 m
2024
331.9 m
2025
-226.1 m

SEC (XBRL)· 25 Feb 2026verified

Diluted EPS
2023
0.44
2024
3.40
2025
-2.14

SEC (XBRL)· 25 Feb 2026verified

Weighted average diluted shares
2023
49.1 m
2024
101.0 m
2025
105.3 m

SEC (XBRL)· 25 Feb 2026verified

Balance sheet · USD

Cash
2023
30.5 m
2024
85.0 m
2025
44.9 m

SEC (XBRL)· 25 Feb 2026verified

Receivables
2023
3.3 m
2024
7.0 m
2025
31.1 m

SEC (XBRL)· 25 Feb 2026verified

Current assets
2023
61.6 m
2024
256.8 m
2025
408.2 m

SEC (XBRL)· 25 Feb 2026verified

Goodwill
2023
57.6 m
2024
53.1 m
2025
210.1 m

SEC (XBRL)· 25 Feb 2026verified

Intangibles (excl. goodwill)
2023
17.3 m
2024
13.3 m
2025
11.1 m

SEC (XBRL)· 25 Feb 2026verified

Total assets
2023
740.8 m
2024
1.5 bn
2025
2.8 bn

SEC (XBRL)· 25 Feb 2026verified

Accounts payable
2023
15.0 m
2024
11.3 m
2025
15.8 m

SEC (XBRL)· 25 Feb 2026verified

Short-term debt
2023
64.1 m
2024
65.0 m
2025
—

SEC (XBRL)· 03 Mar 2025verified

Long-term debt
2023
123.3 m
2024
235.6 m
2025
—

SEC (XBRL)· 03 Mar 2025verified

Current liabilities
2023
112.6 m
2024
154.0 m
2025
375.6 m

SEC (XBRL)· 25 Feb 2026verified

Total liabilities
2023
253.2 m
2024
538.3 m
2025
1.1 bn

SEC (XBRL)· 25 Feb 2026verified

Equity
2023
487.6 m
2024
980.6 m
2025
1.7 bn

SEC (XBRL)· 25 Feb 2026verified

Shares outstanding at year end
2023
89.0 m
2024
—
2025
—

SEC (XBRL)· 19 Dec 2023verified

Cash flow · USD

Operating cash flow
2023
-22.2 m
2024
-68.5 m
2025
-139.2 m

SEC (XBRL)· 25 Feb 2026verified

Investing cash flow
2023
87.0 m
2024
-188.5 m
2025
-754.2 m

SEC (XBRL)· 25 Feb 2026verified

Financing cash flow
2023
-40.9 m
2024
311.9 m
2025
856.1 m

SEC (XBRL)· 25 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
44.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
47.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-169.9%
computed by olivLawFY 2025
Net income growth (YoY)
-168.1%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-162.9%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
62.3%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-249.5%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-295.3%
computed by olivLawTTM to 30 Jun 2026
Net margin
-188.6%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
-44.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-10.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-9.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-12.6x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
19.3x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.6x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-89.4 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
12 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
173 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
6.0 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-12.0%
computed by olivLawTTM to 30 Jun 2026
P/B
4.2x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
19.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 25.0% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

48.94 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 6.0 bn USD

Key indicators

Market capitalisation
6.0 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
4.2x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-44.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-188.6%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
44.8%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 04 Aug 2026
verified 547derived 25

Score by group

25% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Finance Services (SIC 6199)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-188.6%34 (vs peers)25%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth47.2%100 (on a fixed band)33%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-12.6x0 (on a fixed band)25%
Current ratio · Balance sheet19.3x100 (on a fixed band)17%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partial34/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Hut 8 Corp. (HUT). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 235.1 m USD in 2025; YoY growth 44.8%; net margin -188.6%; ROE -44.3%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 47.2%
  • Current ratio: 19.3x

What contradicts it

  • Interest coverage: -12.6x

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 23.7x
EV/EBITDA
—
vertical median —
P/S
19.0x
vertical median 4.7x
above median (+305.0%)
P/B
4.2x
vertical median 1.3x
above median (+219.0%)
ROE
-44.3%
vertical median -17.4%
below median
Net margin
-188.6%
vertical median -99.7%
below median
EBIT margin
-295.3%
vertical median -116.6%
below median
Revenue YoY
44.8%
vertical median 21.9%
above median (+104.6%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 0.6%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AXPAmerican Express Co218.3 bn18.335.9%27.9%+6.4%−11% / +91%
ARBKArgo Blockchain PLC45.2 bn——-117.2%−7.0%−97% / −99%
COINCoinbase Global, Inc.38.5 bn—-4.7%-12.5%+9.4%−47% / +17%
SOFISoFi Technologies, Inc.21.7 bn35.07.1%104.3%+23.1%−44% / +130%
HUTHut 8 Corp.6.0 bn—-44.3%-188.6%+44.8%+2% / +315%
MARAMara Holdings, Inc.2.7 bn—-107.2%-430.2%+38.2%−42% / −43%
UPSTUpstart Holdings, Inc.2.3 bn39.98.0%4.9%+64.0%−48% / −13%
PURRHyperliquid Strategies Inc1.9 bn3.032.6%3,229.8%unavailableunavailable / unavailable
CLSKCleanSpark, Inc.1.7 bn—-68.6%-130.2%+102.2%−55% / +9%
BTDRBitdeer Technologies Group1.5 bn—-196.7%-171.3%−5.1%−51% / +45%
RHLDResolute Holdings Management, Inc.1.0 bn24.1—4.2%+9.9%−26% / unavailable
CDChaince Digital Holdings Inc.741.4 m—-12.3%-182.5%+277.9%−30% / +622%
GDOTGreen Dot Corp727.1 m—-2.8%-1.1%+20.7%+2% / +59%
TRONTron Inc.664.1 m96.83.8%135.6%+10.0%−24% / −48%
JFU9F Inc.536.7 m23.24.7%125.2%+12.2%−52% / −43%
BTBTBit Digital, Inc.300.9 m—-56.7%-237.2%+5.1%−65% / −68%
CANGCango Inc.272.7 m—-130.8%-90.4%+524.3%−92% / −76%
CNTNCanton Strategic Holdings, Inc.172.1 m—-43.1%—unavailable−17% / −83%
USBCUsbc, Inc.166.5 m—-414.1%—−100.0%−47% / −97%
SNFCASecurity National Financial Corporation166.1 m6.59.0%11.1%+3.0%+15% / +37%
TONXTon Strategy Company159.7 m—-75.5%-532.8%+1,327.8%−15% / −93%
BMHLBluemount Holdings Limited79.0 m61,098.226.2%18.8%unavailable−8% / unavailable
UPXIUpexi, Inc.62.9 m—-1,356.3%-984.3%+58.1%−73% / −95%
SGRXSangrix Inc.40.8 m—-300.3%-36,190.3%−98.6%−99% / −100%
AVXAvax One Technology Ltd.34.9 m—-189.6%-1,533.9%+8,709.3%−80% / −100%

1- and 3-year price returns: for HUT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Hut 8 is an energy infrastructure platform that combines power, digital infrastructure and compute for energy-intensive uses such as AI. In 2026 the company shifted from Bitcoin mining toward long-term data center leases, with about $26.6 billion of expected base-term value 3 and 949 MW of contracted IT capacity 3.

    SWOT

    Strengths

    • Integrated control over power, interconnections and data center development, which reduces reliance on third parties.
    • Long-term contracts with investment-grade customers, with project finance that carries no recourse to the parent company.
    • Solid liquidity backed by cash and Bitcoin holdings, plus no general recourse debt at the parent level.

    Weaknesses

    • Current operating revenue is small compared with contracted amounts, and deliveries depend on construction progress.
    • Net results are sensitive to fair value changes in digital assets, which can produce large losses in quarters when prices fall.
    • Consolidating American Bitcoin brings minority shareholders and possible conflicts of interest.

    Opportunities

    • Expansion on existing campuses and new sites in the development pipeline, if power becomes available.
    • First-offer rights and expansion options that could increase the value of existing contracts.
    • Refinancing assets at lower cost, as with the Bitcoin-backed facility, could improve margins.

    Threats

    • Construction delays or budget overruns could lead to penalties owed to customers.
    • A fall in Bitcoin prices or mining demand could reduce Compute segment revenue.
    • Dependence on a small number of large customers raises risk if a contract is not renewed.

    Risks

    • Construction delayshigh

      Delays or cost overruns at River Bend and Beacon Point could affect deliveries and customer obligations 13.

    • Capital requirementshigh

      Campus development requires large spending, and the company expects to raise additional funds through equity or debt 1.

    • Bitcoin exposuremedium

      Net results can swing sharply because digital assets are revalued at fair value 2.

    • Joint ventures and subsidiariesmedium

      Limited control over King Mountain and American Bitcoin can create conflicts with partners 1.

    • Access to powermedium

      There is no guarantee that additional power can be procured on similar terms, which could limit growth 1.

    Investment thesis

    What would need to be true (bull case)

    • If the River Bend and Beacon Point deliveries happen in 2027, the company could turn existing contracts into recurring long-term revenue.
    • Investment-grade project finance without recourse to the parent could reduce balance sheet risk during construction.
    • Control over energy could offer an edge over developers who depend on buying power on the open market.

    What would break the thesis

    • If construction delays accumulate, promised revenue could be postponed and penalties could rise.
    • Quarterly results could stay volatile if digital asset valuations dominate net income or net loss.
    • Concentration on a small number of large customers could make revenue vulnerable to renewal decisions.

    What to watch

    • River Bend first data hall deliveryQ2 2027
    • Beacon Point first data hall deliveryQ3 2027
    • Financing plan for Beacon Point Phase 22027
    • Change in capacity under construction and the pipeline against 8,660 MWnext 10-Q

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Hut 8 Corp. describes its model as 'power-first', in which control over energy and grid connections comes before site selection and workload choice. The platform has three layers: Power, Digital Infrastructure and Compute 1. As of December 31, 2025, Power managed 1,020 MW of energy capacity across 15 sites in the United States and Canada 1.

    The Digital Infrastructure layer develops and operates data centers for AI, high-performance computing and ASIC workloads, aiming for contracted, medium- to long-term cash flows 1. The Compute layer includes American Bitcoin, Hut 8 Canada and Highrise AI, and quarterly revenue in Q2 2026 was $74.9 million 3.

    In 2026 the company signed the Beacon Point Phase 2 lease and financed Beacon Point Phase 1 with a $4.25 billion senior secured notes offering, non-recourse to Hut 8 Corp. 2. The two leases together cover about $19.6 billion of base contract value for the Beacon Point campus 3.

    Segments

    Power

    The Power segment acquires and develops powered land, interconnects, substations and generation assets. In Q2 2026 it generated only $1.2 million from power generation and managed services, which shows it mainly supports the other layers 3.

    Digital Infrastructure

    This segment develops and operates purpose-built data centers under long-term hosting or lease agreements. The River Bend campus in Louisiana and Beacon Point in Texas are under construction, with first data hall delivery scheduled for 2027 3.

    Compute

    The Compute segment covers ASIC mining, traditional cloud and AI cloud, and generated $72.5 million in Q2 2026, the bulk of company revenue 3. Revenue depends on hardware utilization and Bitcoin prices, which makes the segment more volatile than the data center business 2.

    Market context

    Demand for energy-intensive data centers is growing, and access to power has become a key factor in where and how such facilities can be built 1. For companies like Hut 8, the relevant market means large customer leases and project finance, both visible in the 2026 quarterly results 3.

    The Bitcoin market still matters for revenue and the balance sheet through American Bitcoin and the Bitcoin reserves, but the company says it is shifting toward lower-volatility businesses such as data centers 2.

    Trends

    • Power scarcity as a constraintmixed

      Available electricity has become a key factor for AI infrastructure, and companies that control grid connections may have an advantage. If access to energy stays limited, new project development could slow 1.

    • Demand for AI data centerstailwind

      Investment-grade customer contracts for AI capacity could support long-term revenue growth if deliveries stay on schedule 3.

    • Cost of capitalheadwind

      Funding for large projects depends on credit market conditions. If interest rates rise or lending tightens, the cost of new borrowing could increase 1.

    • Bitcoin volatilityheadwind

      Gains and losses on digital assets can dominate quarterly net results. If the Bitcoin price falls, net income could turn negative even while operations grow 2.

    Competitive position

    Hut 8 competes with traditional data center operators, which often have older real estate footprints, and with developers who adapt existing facilities for new workloads 1. The company's stated advantage is integrated control over power and experience from origination to commercialization 1.

    In Bitcoin mining, competition comes from other miners who raise network hashrate and force constant equipment upgrades 2. The sources provided do not name listed competitors with the same combined energy and data center profile.

    • Traditional colocation and data center operators

      Colocation companies with existing real estate portfolios, cited in the filing as a comparison point

    • Developers adapting existing facilities

      Repurpose spaces for AI workloads without integrated control over energy

    • Other Bitcoin miners

      Compete for hashrate and the efficiency of ASIC equipment

    • Other companies building AI infrastructure with their own power

      Compete for the same large customers and grid access

    News & filings

    In the press

    The latest news item in our archive is from 22 Sept 2026; the newest SEC filing is from 28 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    • Current report28 Sept 2026
      Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
    • Current report04 Aug 2026
      Results of operations · Financial statements and exhibits
    • Quarterly report04 Aug 2026
    • Current report20 Jul 2026
      Other events · Financial statements and exhibits
    • Current report12 Jun 2026
      Shareholder vote
    • Current report10 Jun 2026
      Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
    • Current report05 Jun 2026
      Other events · Financial statements and exhibits
    • Current report04 Jun 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report06 May 2026
      Results of operations · Financial statements and exhibits
    • Quarterly report06 May 2026

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Hut 8 Corp. · 25 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Hut 8 Corp. · 04 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Hut 8 Corp. · 04 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

    Hut 8 Corp. (HUT): stock, results, valuation and forecast · olivLaw