Hut 8 stock dropped 9.74% to $101.16 on Tuesday following the company's second-quarter earnings announcement. According to reports from CoinDesk, the stock recovered 1.29% to $102.47 in after-hours trading, though investors appeared focused on the company's net losses rather than its growing lease book. The Bitcoin miner turned AI data center developer faced market pressure despite showing strong operational growth metrics, with the market reacting to both the quarterly loss and a rich price-to-sales multiple near 35.8x that reflects heavy growth expectations.
The company reported revenue of $74.9 million, representing an 81% year-over-year increase from $41.3 million in Q2 2025. However, the company swung from a $137.3 million profit to a $150.2 million net loss compared to the previous year. As reported by CoinDesk, adjusted EBITDA excluding digital assets reached $10.4 million, up from $4.2 million a year earlier, though the quarterly loss overshadowed the strong operational performance. The basic EPS moved from $1.32 earnings per share to a $1.27 loss per share, confirming earnings are moving in the wrong direction just as the capital plan ramps up.
Hut 8's AI data center operations continued to expand significantly, with contracted IT capacity across AI campuses reaching 949 MW and a base-term contract value of approximately $26.6 billion. According to CoinDesk, these leases are expected to generate more than $1.75 billion in average annual net operating income. A 352 MW Beacon Point Phase 2 deal signed after quarter-end lifted the Beacon Point campus alone to roughly $19.6 billion in contracted value. The bullish narrative is now supported mainly by secured leases and financing rather than current earnings, with the company securing $4.25 billion of non-recourse bonds for Beacon Point and about $7.5 billion of fully amortizing, investment-grade project financing overall.
The company successfully closed $7.5 billion in investment-grade project notes split between its River Bend and Beacon Point campuses, with no recourse to the parent company. As reported by CoinDesk, CEO Asher Genoot emphasized that delivery now takes precedence over deal-making, stating that the company continues to apply full organizational resources to deliver River Bend and Beacon Point projects. River Bend targets its first data hall in Q2 2027, while Beacon Point Phase 1 expects initial energization in Q1 2027. However, bears worry that multi-year build schedules leave investors funding heavy construction while cash flows lag, with the stalled $5 billion Logan Prairie project facing permitting delays and political pushback.
