Quarterly ResultMay 6, 2026, 06:52 AM
Hut 8 Q1 Revenue Jumps to $71.0M; Net Loss Widens to $(219.8)M
AI Summary
Hut 8 Corp. reported a significant increase in total revenue for Q1 2026, reaching $71.0 million, primarily driven by its Compute segment. However, the company's net loss attributable to Hut 8 Corp. widened to $(219.8) million, up from $(133.9) million in the prior year, largely due to increased losses on digital assets and higher general and administrative expenses. The quarter also saw a gain of $33.6 million from the sale of the Far North Joint Venture and substantial cash generation from financing activities.
Key Highlights
- Total revenue increased to $71.0 million in Q1 2026 from $21.8 million in Q1 2025.
- Compute revenue surged to $66.0 million from $16.1 million year-over-year.
- Net loss attributable to Hut 8 Corp. widened to $(219.8) million from $(133.9) million.
- Basic net loss per share was $(1.98) compared to $(1.30) in the prior year.
- Losses on digital assets increased to $295.7 million from $112.4 million.
- General and administrative expenses rose to $81.7 million from $21.1 million.
- Net cash provided by financing activities was $191.0 million, including $110.5 million from American Bitcoin Corp. stock.
- Realized a gain of $33.6 million from the sale of the Far North Joint Venture.