Hut 8 Q2: AI data center business accelerates, 949MW capacity lease corresponds to $26.6 billion in contract value

Odaily Planet Daily News Bitcoin mining company Hut 8 (NASDAQ/TSX: HUT) has released its Q2 2026 financial results. The company stated that its "power-first" strategy centered on energy infrastructure, digital infrastructure, and AI compute has made significant progress, with its AI data center business now holding 949MW of contracted IT capacity, corresponding to approximately $26.6 billion in base contract value. The Beacon Point campus in the United States has completed the signing of a second 352MW AI data center lease agreement, with the same high-investment-grade client as the first phase tenant. This 15-year lease is expected to generate approximately $9.8 billion in base contract value and approximately $655 million in annual NOI, bringing the campus's cumulative base contract value to approximately $19.6 billion, with annual NOI of approximately $1.3 billion.

In terms of Bitcoin asset management, Hut 8 has completed the refinancing of a $200 million Bitcoin-collateralized credit facility, reducing debt costs from 9% to 7% and releasing approximately 3,300 BTC in collateral. The company stated that following the conversion of the $150 million Coatue convertible notes, there is no general recourse debt remaining at the parent company level.

Financially, Hut 8 generated $74.9 million in revenue in Q2, up approximately 81% year-over-year. Of this, ASIC compute, AI cloud, and traditional cloud businesses contributed $72.5 million; digital infrastructure contributed $1.3 million; and power generation and management services revenue amounted to $1.2 million. The company recorded a net loss of $177.1 million in Q2, compared to a net profit of $137.5 million in the same period last year, primarily impacted by unrealized losses on digital assets, with digital asset-related losses of approximately $138.6 million in the quarter. Adjusted EBITDA was $10.4 million, up year-over-year.

In terms of infrastructure development, Hut 8's energy development pipeline has reached approximately 8.66GW, with 1,330MW now in the construction phase, including 330MW at the River Bend campus and 1,000MW at the Beacon Point campus. The River Bend project is scheduled to deliver its first data hall in Q2 2027; Beacon Point Phase 1 is expected to achieve initial power-on in Q1 2027, with the first data hall delivered in Q3 2027.

Additionally, Hut 8 completed $7.5 billion in investment-grade project financing during Q2, including $3.25 billion in senior secured bonds for the River Bend project and $4.25 billion in financing for Beacon Point Phase 1. The company stated that the financing is non-dilutive and does not require recourse guarantees from the parent company.

Hut 8 stated that it will continue to expand its AI data center infrastructure footprint, aiming to build a large-scale energy and compute infrastructure platform for the AI era. (PRNewswire)