Hut 8 Corp. (NASDAQ: HUT) posted Q2 revenue of $74.9 million. That’s an 81% jump from $41.3 million a year ago, yet it missed the $79.4 million analyst estimate. The headline GAAP loss of $1.27 per diluted share, far steeper than the consensus $0.55 loss, tells a dramatic story. But the real driver was a $138.6 million unrealized loss on digital assets. Strip that out, and the operating story is about a company in transition from Bitcoin miner to AI data center landlord.
All the revenue growth came from the Compute segment, which hit $72.5 million, up from $34.3 million a year ago. Power revenue, meanwhile, fell to $1.2 million from $5.5 million, and Digital Infrastructure revenue slipped to $1.3 million from $1.5 million. The company’s legacy mining operations are shrinking as capital and attention shift toward the two large AI campus builds at River Bend (330 MW) and Beacon Point (1,000 MW).
Management’s preferred metric, adjusted EBITDA, climbed to $10.4 million from $4.2 million a year ago. This figure excludes the digital asset mark-to-market, interest, taxes, depreciation, stock-based compensation, and other items. It’s a slim margin on $74.9 million of revenue. But it reflects the early-stage cost structure of a company that spent $76.1 million on general and administrative expenses in the quarter, up from $30.2 million a year ago, and recorded $39.7 million in depreciation and amortization. The G&A line includes $51.2 million in stock-based compensation, a figure that will draw scrutiny from investors focused on shareholder dilution.
The real story this quarter isn’t the print. It’s the post-quarter lease signing. Hut 8 announced that the same high-investment-grade tenant that committed to Beacon Point Phase 1 returned within months to sign a second 15-year, 352 MW IT lease at the campus, commercializing the full 1 GW site. The company now has 949 MW of contracted IT capacity across its portfolio. The expected aggregate base-term contract value is approximately $26.6 billion, with expected average annual NOI of more than $1.75 billion. Those numbers are enormous relative to current revenue. They are also forward-looking and contingent on construction completion.
Construction is the risk. River Bend (330 MW) targets initial data hall delivery in Q2 2027, and Beacon Point Phase 1 targets Q3 2027. The company closed $7.5 billion in investment-grade project financing during the quarter, $3.25 billion for River Bend and $4.25 billion for Beacon Point Phase 1, on a non-recourse, non-dilutive basis. That’s a significant validation of the business model by credit markets. Beacon Point Phase 2 financing is still being evaluated. The balance sheet held approximately $8.1 billion in unrestricted cash, restricted cash, and Bitcoin as of June 30. The company also refinanced its Bitcoin-backed facility, reducing the cost of debt from 9.0% to 7.0% and releasing 3,300 BTC from collateral. There is no general recourse debt at the parent level.
The Q2 miss against estimates is unlikely to be the dominant narrative for this stock. The market is pricing Hut 8 on the trajectory of its AI data center pipeline, not on quarterly Bitcoin mining revenue. The key question is whether the company can deliver River Bend and Beacon Point on schedule and on budget. The lease commitments and financing are in place. Execution is now the only variable that matters.