Hut 8 reports third quarter 2026 results
Analysis
A clearly positive quarter: GAAP net income swung to $189.5M from $50.6M a year ago (helped by unrealized Bitcoin gains), while core Adjusted EBITDA also improved to $33.0M from $30.5M even as revenue dipped to $71.1M from $83.5M. Strategically the quarter was strong — Hut 8 fully commercialized its 1 GW Beacon Point campus, grew its power pipeline by 1,300 MW, signed a new Texas site acquisition, and both closed a $1.07B credit facility and expanded its buyback authorization to $1.0B.
Key points
- Q3 2026 revenue was $71.1 million, down from $83.5 million a year earlier, with $1.3 million from Power, $1.4 million from Digital Infrastructure, and $68.4 million from Compute.
- Net income was $189.5 million (vs. $50.6 million a year earlier), including $413.8 million of primarily unrealized digital-asset gains (vs. $76.6 million).
- Adjusted EBITDA was $33.0 million (vs. $30.5 million); Adjusted EBITDA inclusive of digital-assets mark-to-market was $350.3 million (vs. $109.0 million).
- Fully commercialized the 1 GW Beacon Point AI data center campus by signing a second 352 MW IT lease with the Phase 1 tenant, bringing campus base-term contract value to approximately $19.6 billion.
- Increased Energy Capacity Under Exclusivity by 1,300 MW to 3,180 MW, and entered agreements to acquire two energized data center sites in West Texas (up to 230 MW) from affiliates of Poolin Technology Pte. Ltd. for up to $180.0 million.
- Closed a four-year, $1.07 billion senior secured revolving credit facility; repurchased $74.7 million of shares during the quarter and a further $175.3 million after quarter-end, and increased the buyback authorization to $1.0 billion.
- Maintained approximately $6.6 billion of cash, restricted cash, and restricted short-term investments, plus Bitcoin holdings of $697.4 million (Hut 8) and $702.9 million (American Bitcoin), as of September 30, 2026.
- Development pipeline totaled approximately 7,859 MW, including 1,330 MW of Energy Capacity Under Construction (330 MW at River Bend, 1,000 MW at Beacon Point).
Acquisition
Two energized data center sites in West Texas, together offering up to 230 MW of utility capacity at full energization.
- Up to 230 MW of utility capacity at full energization, subject to final power approvals and infrastructure development
- Consideration of up to $180.0 million
- Acquired from affiliates of Poolin Technology Pte. Ltd. through a Chapter 11 sale process
- Closing expected as early as Q4 2026
Disclosed in Q3 2026 earnings release: definitive agreements entered to acquire two energized West Texas data center sites (up to 230 MW) from Poolin Technology Pte. Ltd. affiliates via Chapter 11 sale process, for up to $180.0 million; closing expected as early as Q4 2026.
Site updates (2)
| Site | Status | Active | In build | Theoretical |
|---|---|---|---|---|
Beacon PointNueces County, TX Energy Capacity Under Construction at Beacon Point per Q3 2026 earnings release (1,000 MW, utility/gross basis), advanced by 500 MW during the quarter following execution of the Phase 2 lease. Commencement of campus substation construction, Phase 1 foundation/underground utility work, Phase 2 civil design. Phase 1 delivery targeted Q3 2027, Phase 2 targeted Q2 2028. | Under construction | — | 1,000 MWgross | — |
River BendSt. Francisville, LA Energy Capacity Under Construction at River Bend per Q3 2026 earnings release (330 MW, utility/gross basis). Structural steel and building foundations completed across all four data halls; initial energization of campus substation. Initial data hall delivery targeted Q2 2027. | Under construction | — | 330 MWgross | — |