Hut 8 Achieves $189.5 Million Q3 Profit and Secures $1.07 Billion Credit Facility
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Key Takeaways
- Net income reached $189.5 million in Q3 2026, supported by $413.8 million in digital asset gains.
- Beacon Point AI campus is now fully commercialized with a total portfolio contract value estimated at $26.6 billion.
- Secured a $1.07 billion senior revolving credit facility to provide non-dilutive growth capital.
- Acquiring two Texas data center sites with 230 MW capacity for $180 million.
- Completed $250 million in share buybacks and increased total authorization to $1.0 billion.
Hut 8 (NASDAQ: HUT) Corp. (Nasdaq, TSX: HUT) reported its financial performance for the quarter ended September 30, 2026, highlighting a net income of $189.5 million. This figure represents a sharp rise from the $50.6 million recorded in the prior year's third quarter, primarily attributed to $413.8 million in gains from digital asset holdings. Revenue for the period stood at $71.1 million, while Adjusted EBITDA improved slightly to $33.0 million.
The company reached a milestone in its AI infrastructure segment by fully leasing the Beacon Point campus. A second 352 MW IT lease was finalized, bringing the total projected contract value for the company's AI data center portfolio to roughly $26.6 billion. Currently, Hut 8 has 1,330 MW of capacity under construction, with phased deliveries scheduled between the second quarter of 2027 and the second quarter of 2028.
Expansion efforts continued in Texas, where the firm agreed to buy two energized sites for up to $180.0 million through a bankruptcy-related sale. These locations offer up to 230 MW of potential utility capacity. This acquisition contributes to a broader development pipeline that now totals approximately 7,859 MW, including over 3,100 MW currently held under exclusive agreements.
On the capital management front, Hut 8 finalized a $1.07 billion senior secured revolving credit facility to enhance liquidity and support its transition toward an investment-grade credit profile. The company also executed $250.0 million in share repurchases, funded by Bitcoin liquidations, and subsequently raised its total buyback authorization to $1.0 billion. As of September 30, 2026, the company held $6.6 billion in cash and equivalents, with Bitcoin holdings of $697.4 million attributable to Hut 8 and $702.9 million attributable to American Bitcoin (NASDAQ: ABTC).
