STOCKS | Hut 8 Reports $71.07 Million in Q3 Revenue, Sells 2,148 BTC in October for Share Buybacks

Hut 8 reported $71.07 million in revenue for the third quarter of 2026 and said it sold about 2,148 BTC in October to fund share repurchases. According to Foresight News, citing a U.S. SEC filing, revenue fell 14.9% year over year, mainly due to the sale of power-generation assets in Ontario and lower hosting revenue. Net income attributable to Hut 8 was $131 million, compared with $50.11 million a year earlier, and diluted earnings per share were $0.98. The company recorded $414 million in non-cash digital asset gains, as Bitcoin rose from about $59,847 to $83,415 during the quarter. Adjusted EBITDA was $33.03 million, up from $30.48 million, and cash stood at $157 million as of September 30. Compute revenue declined 2.3% to $68.43 million. Bitcoin mining revenue fell by $2.6 million as average revenue per Bitcoin dropped from about $114,121 to $71,087, partly offset by an increase in mined Bitcoin from about 578 to 891. Power revenue was $1.26 million and digital infrastructure revenue was $1.38 million. Quarterly interest expense was $106 million, mainly reflecting increased financing for construction at River Bend Phase I and Beacon Point Phase I. As of September 30, Hut 8 had an energy capacity pipeline of 8,569 MW, including 1,330 MW under construction: 330 MW at the River Bend campus and 500 MW each for Beacon Point Phases I and II. Managed energy capacity was 710 MW. During the third quarter, Hut 8 sold about 954 BTC for net proceeds of $74.8 million and repurchased 953,802 common shares for $74.7 million at an average price of $78.32 per share. In October, it repurchased 2,384,677 shares at an average of $73.49 per share for $175.3 million, using net proceeds of $175.4 million from Bitcoin sales. In November, the board approved an additional $750 million buyback authorization, raising the total to $1 billion. In September, Hut 8 signed a four-year, $1.07 billion senior secured revolving credit agreement with JPMorgan as administrative agent. It also agreed to acquire, through a bankruptcy sale process, two data center sites in West Texas affiliated with Poolin for up to $180 million. The sites have up to 230 MW of energy capacity, with closing expected in December.