Hut 8 (HUT) Q2 FY2026 Earnings Call | Earnings Call Intelligence

Bottom line

The sleeper story is that HUT's actual operating business is decelerating sharply (revenue growth fell from +226% to +81% YoY) while the market is fixated on the $26.6B contracted backlog headline, while the current digital infrastructure segment reported $1.3M of revenue; that segment figure is not revenue recognized from the future AI leases. The binding constraint right now isn't demand, it's conversion: construction timing (Riverbend/BeaconPoint data halls not due until 2027) and corporate equity funding capacity, the latter of which management explicitly refused to quantify when asked directly, saying only 'we'll share more on that in the coming weeks'. Also notable: the CFO's own 'North Star' of a corporate investment-grade rating, stated with conviction last quarter, simply vanished from this call. My view changes if next quarter either (1) management discloses the withheld pipeline megawattage they admitted exists but won't quantify, or (2) they give an actual CFFO figure and a specific equity structure for BeaconPoint Phase 2, both of which would convert today's narrative into real binders.

The 30-second version

Growth is decelerating hard but the framing hides it
Signed AI contracts still await delivery; current segment revenue is $1.3M
The equity-funding question for BeaconPoint Phase 2 got stonewalled

What changed this quarter

Metric	Q1'26	Q2'26	Change
Revenue (YoY growth)	$71.0M, +226% YoY	$74.9M, +81% YoY	YoY growth rate collapsed 145pts; QoQ nearly flat
Gross margin	~64% (vs 14% PY)	~64% (vs 47% PY)	Stable sequentially, tougher prior-year margin comparison
Adjusted EBITDA (methodology)	$(250.5)M incl. digital asset MTM	$10.4M excl. digital asset MTM, vs $4.2M PY	Definition changed quarter to quarter, not comparable
Net loss	$(253.1)M, driven by unrealized MTM	$(177.1)M, driven by $138M digital asset loss	Smaller loss but still dominated by BTC mark-to-market
Compute segment revenue	~$66.0M (vs $16.1M PY)	$72.5M (vs $34.3M PY)	+~10% QoQ, still the dominant operating segment
Digital infrastructure segment revenue	$1.3M, flat YoY	$1.3M, flat YoY	Zero growth despite $26.6B of signed contracts
BTC mined (quarterly)	817 (vs 135 PY)	935 (vs 308 PY)	+14% QoQ volume growth
Revenue per BTC mined	$76,077 (down from $91,512 PY)	Not disclosed	Metric disappeared entirely this quarter
Total contracted AI data center capacity	~352MW BeaconPoint Ph1 + Riverbend, $16.8B NOI over 15yr	949MW, $26.6B aggregate base term value	Capacity increased; prior NOI and current contract value are different measures, not a comparable backlog growth rate
Expected annual NOI from contracted leases	~$1.1B/year	~$1.7B/year	+55% on paper, zero realized to date

Accountability tracked

3 new promises made4 narrative shifts flagged3 prior promises scored

Inside the full report

The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.

Read the full HUT Q2'26 report Subscribe

Hut 8 (HUT)

The 30-second version

What changed this quarter

Accountability tracked

Follow what management promises next