Hut 8 — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the three months ended September 30, 2026, was $71.1 million, a decrease from $83.5 million in the prior-year period.
• Revenue breakdown: $68.4 million from Compute (ASIC Compute, AI Cloud, and Traditional Cloud), $1.4 million from Digital Infrastructure (Colocation), and $1.3 million from Power (Managed Services).
• Net income for the quarter was $189.5 million, compared to $50.6 million in the prior-year period.
• Net income included $413.8 million of primarily unrealized gains on digital assets, compared to $76.6 million in the prior-year period.
• Adjusted EBITDA was $33.0 million, an increase from $30.5 million in the prior-year period.
• Adjusted EBITDA inclusive of digital assets mark-to-market was $350.3 million, compared to $109.0 million in the prior-year period.
• Cost of revenue was $30.2 million, compared to $32.3 million in the prior-year period.
• Depreciation and amortization was $40.1 million, compared to $27.8 million in the prior-year period.
• General and administrative expenses were $99.6 million, compared to $25.9 million in the prior-year period.
• Interest expense was $105.5 million, compared to $8.6 million in the prior-year period.
• Interest income was $61.8 million, compared to $0 in the prior-year period.
• As of September 30, 2026, the Company held approximately $6.6 billion in unrestricted cash, restricted cash, cash equivalents, and restricted short-term investments.
• Bitcoin holdings were $697.4 million attributable to Hut 8 and $702.9 million attributable to American Bitcoin.

Guidance and Future Outlook:

• Initial data hall delivery is targeted for Q2 2027 at River Bend, Q3 2027 at Beacon Point Phase 1, and Q2 2028 at Beacon Point Phase 2.
• The Company expects its development pipeline projects to be funded entirely at the project level without requiring equity issuance or recourse debt at the parent.
• The Company is pursuing an investment-grade corporate credit profile.
• Closing of the acquisition of two energized sites in Texas is expected as early as Q4 2026.

Business Segments and Product Lines:

• Power: Generated $1.3 million in revenue from Managed Services. Energy Capacity Under Construction increased to 1,330 MW (330 MW at River Bend, 1,000 MW at Beacon Point).
• Digital Infrastructure: Generated $1.4 million in revenue from Colocation services. The King Mountain Joint Venture (50% interest) generated $26.9 million of Colocation revenue, with $13.5 million recognized by Hut 8.
• Compute: Generated $68.4 million in revenue. The Company completed the sale of its Traditional Cloud business and entered into a multi-year colocation agreement with the buyer.
• Beacon Point Campus: Fully commercialized with the execution of a second 352 MW IT lease (Phase 2), bringing the expected aggregate base-term contract value across the AI data center portfolio to approximately $26.6 billion. The Phase 2 lease represents approximately $9.8 billion in expected base-term contract value and $655.0 million in expected average annual NOI.
• Development Pipeline: Total pipeline is approximately 7,859 MW, comprising 3,300 MW under diligence, 3,180 MW under exclusivity, 49 MW under development, and 1,330 MW under construction.
• Acquisitions: Entered into agreements to acquire two energized data center sites in West Texas with up to 230 MW of utility capacity for consideration of up to $180.0 million.

Market and Competitive Landscape:

• Broadened the power-first origination model across geographies and channels, increasing Energy Capacity Under Exclusivity by 1,300 MW to 3,180 MW.
• Tenant conviction has deepened, with the Beacon Point tenant doubling its contracted capacity at the campus.
• A syndicate of lenders has committed more than $1 billion of credit for future growth.

Risks and Challenges:

• Forward-looking statements regarding project delivery, financing, and acquisitions are subject to risks including construction delays, cost overruns, contractor and equipment availability, and regulatory approval timing.
• Risks include failure of critical systems, geopolitical and economic events, cybersecurity threats, power requirement uncertainties, and Bitcoin price fluctuations.
• The Company faces risks related to liquidity constraints, legal proceedings, and trading volatility.

Management Commentary and Tone:

• CEO Asher Genoot stated the Company executed its power-first strategy at greater scale, broadening the origination program and advancing construction on track to meet delivery targets.
• Management emphasized that the pipeline is more advanced and diversified, with less concentration in any single region.
• Management noted that shareholders own a larger share of the growing platform following share repurchases funded with Bitcoin sales.
• Management views each project as an obligation to tenants, lenders, communities, and shareholders, aiming to build an enduring business at the intersection of energy and technology.

Other Key Points:

• Closed a $1.07 billion senior secured revolving credit facility; no borrowings were outstanding as of September 30, 2026.
• Repurchased and retired 953,802 shares for $74.7 million during the quarter, funded by the sale of approximately 954 Bitcoin.
• Subsequent to quarter-end, repurchased an additional 2,384,677 shares for $175.3 million, funded by the sale of approximately 2,148 Bitcoin.
• Cumulative repurchases under the program reached 3,338,479 shares for approximately $250.0 million.
• Increased the stock repurchase authorization to $1.0 billion subsequent to quarter-end.
• Simplified the debt profile by terminating the undrawn $200.0 million Two Prime credit facility and repaying the $26.5 million TZRC Secured Promissory Note.
• Advanced financing plans for Beacon Point Phase 2, evaluating various structures consistent with a disciplined funding approach.