Hut 8 Corp (NASDAQ:HUT) reported second-quarter financial results before the market open on Thursday. Here’s what you need to know from the print.
Q2 Earnings: Bitcoin (CRYPTO: BTC) miner Hut 8 reported second-quarter revenue of $41.3 million, missing estimates of $49.7 million, according to Benzinga Pro. The company reported second-quarter earnings of $1.18 per share.
Hut 8 said its total energy capacity under management was 1,020 megawatts at quarter’s end. The company has a development pipeline of approximately 10,800 megawatts with about 3,100 megawatts under exclusivity.
Hut 8 held a total of 10,667 Bitcoin in reserve as of June 30.
“In the second quarter, we delivered strong revenue and margin performance while advancing a fundamental shift in our asset commercialization profile,” said Asher Genoot, CEO of Hut 8.
“Strategic wins across our Power and Digital Infrastructure segments increased the share of energy capacity under management commercialized under executed agreements with terms of one year or longer to nearly 90% at quarter-end, up from less than 30% a year ago, driving a meaningful shift from merchant exposure to long-term, contracted fees.”
HUT Price Action: Hut 8 shares were down 0.7% at $20.55 at the time of publication, according to Benzinga Pro.
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