Hut 8, a Bitcoin miner turned AI data center developer, saw its stock drop 9.74% to $101.16 after Q2 results showing revenue up 81% to $74.9 million but a $177.1 million net loss largely driven by $138.6 million of unrealized digital asset markdowns while adjusted EBITDA excluding digital assets rose to $10.4 million. The company has 949 MW of contracted AI leases with a base-term value of about $26.6 billion and expected average annual net operating income above $1.75 billion, supported by $7.5 billion of non-recourse project notes, but execution and delivery timelines targeting Q1–Q2 2027 present material execution risk for adoption and market impact.

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In Brief

Hut 8 stock fell 9.74% to $101.16 after its Q2 2026 earnings report.
Revenue climbed 81% to $74.9 million, but net losses reached $177.1 million.
AI data center leases now total 949 MW, worth $26.6 billion in contract value.

Hut 8 stock dropped 9.74% to $101.16 on Tuesday after the company reported second-quarter earnings. Revenue climbed 81% year over year to $74.9 million, while net losses reached $177.1 million.

The Bitcoin (BTC) miner turned AI data center developer recovered 1.29% to $102.47 in after-hours trading. Investors appear focused on the loss rather than the company’s growing lease book.

Hut 8 Stock Chart Showing the 9.74% Drop on August 4. Source: Google Finance

Why Hut 8 Stock Fell Despite Revenue Growth

Most of the quarterly loss existed only on paper. The company booked $138.6 million in primarily unrealized losses on digital assets, according to its earnings release.

The comparison with last year sharpened the reaction. Hut 8 posted $137.5 million in net income in Q2 2025, when digital asset gains lifted results.

Core operations moved the other way. Adjusted EBITDA excluding digital assets reached $10.4 million, up from $4.2 million a year earlier.

“Adjusted EBITDA inclusive of digital assets mark-to-market for the three months ended June 30, 2026 was $(94.6) million, compared to $221.2 million in the prior-year period,” the firm revealed.

AI Leases Reach 949 MW and $26.6 Billion

The loss overshadowed a growing commercial pipeline. Contracted IT capacity across Hut 8’s AI campuses reached 949 MW, with a base-term contract value of roughly $26.6 billion.

Those 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 that campus alone to roughly $19.6 billion.

The build-out extends the AI data center pivot Hut 8 began in December with AI cloud firm Fluidstack. Financing kept pace, as the company closed $7.5 billion in investment-grade project notes split between its River Bend and Beacon Point campuses, with no recourse to the parent.

CEO Asher Genoot said execution now takes precedence over deal-making.

“Delivery is now our central priority. We continue to apply the full weight of our organization to deliver River Bend and Beacon Point: operating rigor built through years of developing energy-intensive infrastructure at scale and a team we continue to expand ahead of the growth to come,” the exeutive stated.

Delivery timelines now define the story. River Bend targets its first data hall in Q2 2027. Beacon Point Phase 1 expects initial energization in Q1 2027. The coming quarters will show whether the construction pace matches the contracted numbers.

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