Overview
Hut 8 Q2 revenue rises to $41.3 mln, but missed analysts' expectations
Adjusted EBITDA of $221.2 mln beat estimates, per LSEG data
Net income for Q2 was $137.5 mln, reversing loss last year
Outlook
Company shifts to long-term contracted fees in Power and Digital Infrastructure
Hut 8 secures five-year contracts for 310 MW with Ontario IESO
Company advancing AI data center opportunities with 430 MW capacity
American Bitcoin to trade on Nasdaq under ticker symbol 'ABTC'
Hut 8 shares gained 4.2% in premarket trading.
Result Drivers
LONG-TERM CONTRACTS - Shift from merchant exposure to long-term contracted fees, nearly 90% of energy capacity under management commercialized under agreements, per CEO Asher Genoot
AI DATA CENTER DEVELOPMENT - Advanced AI data center opportunities with 430 MW of total capacity, including Vega's initial energization
AMERICAN BITCOIN - Restructuring of mining business with launch of American Bitcoin as anchor tenant for Power and Digital Infrastructure segments
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Miss | $41.30 mln | $51.20 mln (11 Analysts) |
Q2 EPS | $1.18 | ||
Q2 Net Income | $137.50 mln | ||
Q2 Adjusted EBITDA | Beat | $221.20 mln | $33.20 mln (9 Analysts) |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"
Wall Street's median 12-month price target for Hut 8 Corp is $25.50, about 18.9% above its August 6 closing price of $20.69