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Hut 8 Q3 revenue falls, misses analyst expectations

By Reuters News


Overview

  • US energy infrastructure and compute platform's Q3 revenue declined year-over-year and missed analyst expectations

  • Adjusted EBITDA rose 8.3% from prior year

  • Company repurchased $74.7 mln in shares in Q3, raising buyback authorization to $1.0 bln after quarter-end


Outlook

  • Company expects River Bend and Beacon Point projects to be funded without parent-level equity or debt

  • Initial data hall delivery targeted for Q2 2027 at River Bend, Q3 2027 at Beacon Point Phase 1

  • Company expects to close Texas site acquisitions as early as Q4 2026


Result Drivers

  • REVENUE MIX - Q3 revenue mainly driven by Compute segment, while Power and Digital Infrastructure revenues declined from a year ago

  • BUSINESS REFOCUS - Co completed sale of Traditional Cloud business, shifting focus to core compute and infrastructure operations

  • DIGITAL ASSET GAINS - Net income boosted by large unrealized gains on digital assets


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Miss

$71.07 mln

$75.93 mln (20 Analysts)

Q3 Net Income

$189.49 mln

Q3 EBIT

-$277.36 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 21 "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 $134.00, about 110.2% above its November 3 closing price of $63.75


Reuters Recommended Reads

  • Nov 2 - Cipher Digital Q3 revenue drops as bitcoin mining declines

  • Nov 3 - Regal Rexnord Q3 sales beat estimates on data center demand

  • Nov 3 - Modine Q2 revenue jumps 35%, beats estimates on data center growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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