Hut 8 Q3 Financial Report: Total Revenue of $71.07 Million, Sold Approximately 2,148 BTC in October for Stock Buyback

According to SEC filings, Bitcoin mining and energy infrastructure company Hut 8 released its Q3 2026 financial report, showing total revenue of $71.07 million, a decrease of 14.9% year-on-year, primarily due to the sale of power generation assets in Ontario and a decline in revenue from custody services. The net profit attributable to shareholders was $131 million, compared to $50.11 million in the same period last year, with diluted earnings per share of $0.98. Digital asset revenue was $414 million (non-cash), mainly due to the price of Bitcoin rising from approximately $59,847 to about $83,415 during the quarter. Adjusted EBITDA was $33.03 million, compared to $30.48 million in the same period last year. As of September 30, the cash balance was $157 million.

By business segment, revenue from the computing power business was $68.43 million, a decrease of 2.3% year-on-year, with Bitcoin mining revenue decreasing by $2.6 million, primarily due to the average revenue per Bitcoin falling from about $114,121 to approximately $71,087, partially offset by an increase in mined output from about 578 BTC to approximately 891 BTC. Revenue from the power business was $1.26 million, and revenue from the digital infrastructure business was $1.38 million. Interest expenses during the quarter were $106 million, mainly due to increased financing for the construction of River Bend Phase I and Beacon Point Phase I. Operationally, as of September 30, total energy capacity reserves reached 8,569 MW, with 1,330 MW under construction, including 330 MW at the River Bend site and 500 MW each for Phase I and II of Beacon Point; managed energy capacity was 710 MW.

In terms of capital operations, approximately 954 BTC were sold in Q3, generating net income of $74.8 million, and 953,802 shares of common stock were repurchased at an average price of $78.32, totaling $74.7 million. In October, approximately 2,148 BTC were sold, generating net income of $175.4 million, and 2,384,677 shares were repurchased at an average price of $73.49, totaling $175.3 million. In November, the board approved an additional $750 million stock buyback authorization, increasing the total authorization limit from $250 million to $1 billion. Additionally, in September, a $1.07 billion four-year senior secured revolving credit agreement was signed with JPMorgan as the administrative agent, and it was agreed to acquire two data center sites located in West Texas from Poolin affiliates through a bankruptcy sale process for up to $180 million, with an energy capacity of up to 230 MW, expected to close in December.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.