Hut 8 Corp. (TSE:HUT)
TSX:HUT
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Hut 8
(TSX:HUT)
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Rating:62Neutral
Price Target:
C$194.00
▲(89.07% Upside)
Action:Reiterated
Date:05/21/26
The score balances strong technical momentum and a constructive earnings-call outlook around large contracted, investment-grade-style projects and financing progress against weak underlying financial performance driven by large net losses and persistent negative operating/free cash flow. Valuation is also constrained by negative earnings and no indicated dividend support.
Positive Factors
Long-duration contracted leases
A 15-year triple-net lease for Beacon Point creates highly predictable, long-duration cash flows and a 3% annual escalator. This materially de-risks revenue versus spot crypto exposure, supports project-level financing and provides durable NOI that underpins long-term creditable cash generation.
Negative Factors
Earnings volatility from digital assets
Large unrealized mark-to-market swings on Bitcoin holdings produce headline losses that obscure operating improvements. This persistent non-cash volatility complicates forecasting, can affect perceptions of creditworthiness, and may stress liquidity or covenants if adverse price moves coincide with funding needs.
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Positive Factors
Negative Factors
Long-duration contracted leases
A 15-year triple-net lease for Beacon Point creates highly predictable, long-duration cash flows and a 3% annual escalator. This materially de-risks revenue versus spot crypto exposure, supports project-level financing and provides durable NOI that underpins long-term creditable cash generation.
Read all positive factors
Hut 8 (HUT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$20.04B
Dividend YieldN/A
Average Volume (3M)702.02K
Price to Earnings (P/E)―
Beta (1Y)2.69
Revenue Growth114.22%
EPS Growth-367.82%
CountryCA
Employees222
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-2.73
Shares Outstanding112,594,110
10 Day Avg. Volume527,775
30 Day Avg. Volume702,021
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)4.68
Price to Sales (P/S)27.79
P/FCF Ratio-18.35
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$172.25Price Target Upside67.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
EPS Forecast (FY)-3.96
Revenue Forecast (FY)C$464.00M
Hut 8 Business Overview & Revenue Model
Company Description
Hut 8 Mining Corp. operates as a cryptocurrency mining company in North America. The company engages in industrial scale bitcoin mining operations. It also owns and operates 38 BlockBoxes in Drumheller, Alberta; and 51 BlockBoxes in Medicine Hat, ...
How the Company Makes Money
Hut 8 primarily generates revenue from (1) Bitcoin mining: it deploys specialized mining hardware (ASICs) to perform proof-of-work computations on the Bitcoin network and earns Bitcoin rewards (block subsidies and transaction fees). Those earned B...
Hut 8 Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 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
44
Neutral
Balance Sheet
63
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 284.52M | 239.23M | 671.72M | 81.80M | 156.90M | 173.77M |
| Gross Profit | 91.56M | 25.89M | 585.07M | 21.17M | -41.95M | 88.80M |
| EBITDA | 270.09M | 17.65M | 531.11M | 1.36M | 3.57M | 74.67M |
| Net Income | -312.30M | -230.11M | 331.88M | 6.31M | -242.81M | -72.71M |
Balance Sheet | ||||||
| Total Assets | 2.61B | 3.02B | 1.52B | 976.87M | 412.94M | 720.71M |
| Cash, Cash Equivalents and Short-Term Investments | 160.74M | 47.20M | 85.04M | 47.36M | 30.52M | 140.13M |
| Total Debt | 423.21M | 444.80M | 345.65M | 203.33M | 47.42M | 40.69M |
| Total Liabilities | 920.22M | 1.33B | 538.28M | 252.59M | 55.55M | 154.74M |
| Stockholders Equity | 1.38B | 1.42B | 976.67M | 486.47M | 357.39M | 565.97M |
Cash Flow | ||||||
| Free Cash Flow | -322.41M | -362.39M | -333.13M | -27.30M | -177.74M | -166.67M |
| Operating Cash Flow | -132.45M | -141.66M | -68.53M | -26.48M | -105.03M | -80.24M |
| Investing Cash Flow | -751.37M | -767.41M | -188.47M | 65.70M | -103.61M | -235.07M |
| Financing Cash Flow | 932.49M | 871.11M | 311.95M | -25.19M | 99.83M | 455.84M |
Hut 8 Technical Analysis
Positive
102.61
Price Trends
118.92
Positive
96.45
Positive
76.84
Positive
Market Momentum
16.18
Positive
55.04
Neutral
51.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HUT, the sentiment is Positive. The current price of 102.61 is below the 20-day moving average (MA) of 155.46, below the 50-day MA of 118.92, and above the 200-day MA of 76.84, indicating a bullish trend. The MACD of 16.18 indicates Positive momentum. The RSI at 55.04 is Neutral, neither overbought nor oversold. The STOCH value of 51.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:HUT.
Hut 8 Peers Comparison
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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.