Texas Power Play: Hut 8 Sparks a $9.8B AI Infrastructure Deal Hut 8 (NASDAQ:HUT) reported second-quarter 2026 revenue growth and improved adjusted EBITDA as its compute operations expanded, while management highlighted progress on its AI data center development projects and…
oject-level financing strategy. Revenue rose approximately 81% year over year to $74.9 million, while cost of revenue increased about 23%, producing gross profit of roughly $48 million
Gross margin expanded to approximately 64% from 47% a year earlier. Adjusted EBITDA, excluding digital asset mark-to-market movements, increased to $10.4 million from $4.2 million in the prior-year period. – IREN’s $2.8 Billion AI Contract Haul Changes the Stock’s Story The company nevertheless recorded a GAAP net loss of $177.1 million, which Chief Financial Officer Sean Glennan said was primarily driven by a $138 million loss on digital assets as Bitcoin declined during the quarter. Glennan characterized the year-over-year comparison as being dominated by a non-cash mark-to-market swing.
Compute Operations Drive Quarterly Results Hut 8 said its compute segment remained the primary operating contributor. Compute revenue increased to $72.5 million from $34.3 million, supported by Bitcoin production increasing to approximately 935 Bitcoin from about 308 in the year-earlier period. The company attributed the growth to additional operating capacity following the commencement of operations at Vega and the re-energization of its Drumheller facility. – These 3 Bitcoin Miner Stocks Are Riding the AI Data Center Boom Compute cost of revenue increased at a slower rate than segment revenue, resulting in an approximately 66% gross margin, according to Glennan.