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Hut 8
(NASDAQ:HUT)
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Rating:50Neutral
Price Target:
$112.00
▲(1.83% Upside)
Action:Reiterated
Date:08/04/26
The score is held down primarily by weak recent financial performance (large TTM losses, negative operating/free cash flow, and sharply higher debt). Offsetting this, the latest earnings call highlighted major commercialization and non-recourse financing milestones that improve long-term cash-flow visibility, while technicals are mixed/neutral and valuation support is limited due to negative earnings and no dividend.
Positive Factors
Long‑duration triple‑net lease (Beacon Point)
A 15-year triple-net lease for 352 MW IT with a $9.8B base-term (3% escalator and renewal options) converts greenfield delivery into long-duration, investment-grade cash flows. This materially de-risks revenue timing and supports repeatable project economics and lender confidence over years.
Negative Factors
Rapid rise in debt and leverage
Debt jumped dramatically to ~$7.7B, materially increasing leverage relative to equity. High absolute indebtedness raises refinancing and covenant risk, limits strategic flexibility, and amplifies the impact of interest rate moves and cash‑flow shortfalls over the medium term.
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Positive Factors
Negative Factors
Long‑duration triple‑net lease (Beacon Point)
A 15-year triple-net lease for 352 MW IT with a $9.8B base-term (3% escalator and renewal options) converts greenfield delivery into long-duration, investment-grade cash flows. This materially de-risks revenue timing and supports repeatable project economics and lender confidence over years.
Read all positive factors
Hut 8 (HUT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.12B
Dividend YieldN/A
Average Volume (3M)7.16M
Price to Earnings (P/E)―
Beta (1Y)2.77
Revenue Growth114.65%
EPS Growth-386.24%
CountryUS
Employees248
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-5.41
Shares Outstanding112,594,110
10 Day Avg. Volume8,395,766
30 Day Avg. Volume7,164,584
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)3.40
Price to Sales (P/S)320.85
P/FCF Ratio-6.15
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue>-0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$163.93Price Target Upside49.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
EPS Forecast (FY)-3.15
Revenue Forecast (FY)$316.24M
Hut 8 Business Overview & Revenue Model
Company Description
Hut 8 Corp. (HUT) is a digital infrastructure company focused on Bitcoin mining and high-performance computing/AI-related infrastructure. The company operates and manages large-scale data center capacity and associated compute and energy assets, a...
How the Company Makes Money
Hut 8 primarily makes money through (1) Bitcoin mining, (2) digital infrastructure and hosting/colocation-style services, and (3) Bitcoin-related treasury activities.
1) Bitcoin mining revenue: The company earns revenue by operating specialized m...
Hut 8 Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call communicated substantial operational progress and a transition toward durable, investment-grade contracted cash flows: meaningful top-line growth (+226% YoY), dramatic margin improvement, large AI data center commercialization (Beacon Point) and a landmark $3.25B River Bend financing that validated the development and financing model. Management emphasized repeatability, nonrecourse capital structures, a large 8.4 GW pipeline, improved liquidity (~$1.3B cash & BTC) and meaningful compute segment expansion. Key near-term negatives include a large reported net loss driven by unrealized digital asset mark-to-market adjustments, limited current contribution from digital infrastructure until projects come online (expected ~Q2 2027), some revenue mix pressures (lower avg revenue per BTC) and execution/timing and regulatory risks inherent to large greenfield projects. On balance, the positive operational milestones, financing achievements, and contractually-backed long-duration revenue significantly outweigh the lowlights.Positive Updates
Strong Top-Line Growth and Margin Expansion
Revenue grew ~226% year-over-year to $71.0 million; gross margin expanded to ~64% from 14% in the prior year period, reflecting enhanced operating leverage.
Negative Updates
Large Reported Net Loss and Adjusted EBITDA Loss
Reported net loss of $253.1 million and adjusted EBITDA loss of $250.5 million for the quarter, driven primarily by unrealized mark-to-market losses on digital assets (consolidated Hut 8 and American Bitcoin exposures).
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Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth and Margin Expansion
Revenue grew ~226% year-over-year to $71.0 million; gross margin expanded to ~64% from 14% in the prior year period, reflecting enhanced operating leverage.
Read all positive updates
Company Guidance
Management’s guidance centered on execution and disciplined scaling: Beacon Point Phase 1 is commercialized as a 15‑year triple‑net lease covering 352 MW IT (500 MW utility) after redesign from 224 MW IP, with $9.8B base‑term contract value (3% annual escalator) and three 5‑year renewal options taking potential value to >$25B, CapEx guidance of $9–$11M/MW and ~99.9% revenue-to‑NOI drop‑through under the triple‑net; River Bend closed post‑quarter with $3.25B of non‑recourse senior secured, fully amortizing 16.5‑year notes (~95% loan‑to‑cost, 6.192% coupon, BBB‑ S&P/Fitch, non‑callable), recycling $184M of equity and targeting initial data‑hall delivery Q2 2027. The two leases are expected to produce ~ $16.8B of contracted revenue flowing to NOI over the initial 15‑year terms and about $1.1B of annual NOI, while the company advances an 8.4 GW development pipeline and asks investors to track delivery execution, deal/credit quality and balance‑sheet discipline; quarter metrics included $71M revenue (+226% YoY), compute revenue ~$66M (Bitcoin mined up 135 → 817 YoY; ARP/BTC ~$91,512 → ~$76,077), net loss $253.1M and adjusted EBITDA loss $250.5M driven by unrealized mark‑to‑market on digital assets, parent liquidity ~ $1.3B (cash + BTC) with ~5,600 unencumbered BTC and a refinanced $200M FalconX facility at 7% (vs 9% prior).Hut 8 Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
24
Negative
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -7.33M | 15.08M | 162.38M | 72.32M | 65.48M | 79.19M |
| Gross Profit | -101.04M | -92.69M | 75.73M | 31.51M | 32.93M | 53.40M |
| EBITDA | -611.14M | -165.25M | 528.71M | 43.60M | -14.95M | -7.82M |
| Net Income | -599.61M | -226.15M | 331.88M | 16.45M | -49.53M | -31.80M |
Balance Sheet | ||||||
| Total Assets | 9.98B | 2.75B | 1.52B | 976.87M | 311.72M | 720.71M |
| Cash, Cash Equivalents and Short-Term Investments | 7.02B | 44.91M | 85.04M | 47.36M | 23.04M | 140.13M |
| Total Debt | 7.67B | 429.33M | 345.65M | 203.33M | 35.80M | 40.69M |
| Total Liabilities | 8.22B | 1.06B | 538.28M | 333.87M | 41.93M | 154.74M |
| Stockholders Equity | 1.44B | 1.42B | 976.67M | 643.00M | 269.79M | 565.97M |
Cash Flow | ||||||
| Free Cash Flow | -1.24B | -787.31M | -333.13M | -27.30M | -134.17M | -166.67M |
| Operating Cash Flow | -89.44M | -139.23M | -68.53M | -26.48M | -79.29M | -80.24M |
| Investing Cash Flow | -1.29B | -754.21M | -188.47M | 64.65M | -78.21M | -235.07M |
| Financing Cash Flow | 8.18B | 856.13M | 311.95M | -24.78M | 75.36M | 455.84M |
Hut 8 Technical Analysis
Negative
109.99
Price Trends
111.69
Negative
91.79
Positive
70.59
Positive
Market Momentum
-0.88
Negative
47.36
Neutral
59.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HUT, the sentiment is Negative. The current price of 109.99 is above the 20-day moving average (MA) of 103.45, below the 50-day MA of 111.69, and above the 200-day MA of 70.59, indicating a neutral trend. The MACD of -0.88 indicates Negative momentum. The RSI at 47.36 is Neutral, neither overbought nor oversold. The STOCH value of 59.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HUT.
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.