Bitcoin miner and AI infrastructure firm Hut 8 reports $74.9 million revenue, missing $76.8 million estimates despite year-over-year growth.
Hut 8 reported second-quarter revenue of $74.9 million, an 81.4% increase from $41.3 million a year earlier. The result fell short of the $76.8 million consensus estimate by $1.9 million, or 2.4%.
The company posted a GAAP loss of $1.27 per diluted share, compared with earnings of $1.18 per share in the prior-year period. Analysts had expected a loss of $0.48 per share. Adjusted EBITDA, excluding cryptocurrency mark-to-market changes, rose to $10.4 million from $4.2 million.
Compute operations contributed $72.5 million, or 96.7% of consolidated revenue. Hut 8 also secured $7.5 billion in project financing during the quarter, including $3.25 billion in senior secured notes.