Hut 8
ConvictionWeak
Vertically integrated energy-to-compute: acquires/develops power capacity, then monetizes it across three segments — Power (generation & managed services), Digital Infrastructure (colocation), and Compute (ASIC Bitcoin self-mining via ~80%-owned American Bitcoin, plus AI cloud via Highrise AI). Shifting revenue mix from BTC self-mining toward long-term contracted AI data center leases.
Revenue
$235.1M FY2025+45% YoY); $71.0M Q1 2026 (+226% YoYRev growth
+45% FY2025 YoY+226% Q1 2026 YoYGross margin
~64%Q1 2026, up from ~14% a year earlierOp margin
Deeply negative — Q1 2026 operating loss $370.4Mdriven by $295.7M digital-asset mark-to-market loss + heavy D&ACapex intensity
Very high — multi-hundred-MW AI data center constructionRiver Bend 245 MW; Beacon Point 352 MW); River Bend funded by $3.25B investment-grade senior secured notes (6.192%, due 2042, BBB-Market cap
~$11.5BNasdaq: HUT, ~$102.48/sh, 2026-07-06 closeThe read
Where our coverage leans
Bull & bear in tension
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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (price/market cap as of 2026-07-06 close; latest reported quarter Q1 2026 ended 2026-03-31, reported 2026-05-06; latest full year FY2025 ended 2025-12-31, reported 2026-02-25)· sign in (free) for the analyst summary; Pro unlocks full intelligence