Hut 8 Corp reported $74.932m of revenue for the quarter to 30 June 2026. American Bitcoin, the mining subsidiary it consolidates but only 53.63 per cent owns, reported $67.015m of its own — 89.4 per cent of the parent's consolidated revenue, in a company whose story is AI data centres.
Hut 8's own external revenue was $2.461m, plus roughly $5.5m of cloud and AI compute. The digital infrastructure segment appears to bill $32.963m, but all but $1.285m is intercompany: $31.678m is eliminated on consolidation as charges to American Bitcoin.
Adjusted EBITDA changed definition this quarter
There are now two measures. “Adjusted EBITDA, inclusive of digital assets mark-to-market” was negative $94.582m. “Adjusted EBITDA”, which further excludes digital-asset mark-to-market attributable to Hut 8, was positive $10.449m. The entire positive number is the new adjustment, and its bridge adds back fourteen items including $51.239m of share-based compensation in one quarter.
The release flags the change; the 10-Q defines both measures but nowhere says the definition changed. The comparative shows what moved: $221.205m was reported as “Adjusted EBITDA” in the original Q2 2025 filing and is now the inclusive measure, while the $4.191m now shown for that quarter has never been reported before.
Every earnings release is furnished under Item 2.02, not filed, and expressly not incorporated into any filing.
Filed, furnished, and neither
That distinction does real work. The revenue, cost, net loss and per-share figures in the release appear verbatim in the 10-Q's financial statements; Adjusted EBITDA appears only in the management discussion; and several headline numbers appear nowhere in the filing at all — the $26.6bn of aggregate base-term contract value, the “more than $1.75bn” of expected average annual net operating income, which the company says it will not reconcile to GAAP, and the 3,300 bitcoin said to have been released from collateral.
Two capacity figures published the same day disagree: the 10-Q's table shows 830 MW under construction and a 9,370 MW pipeline, the release 1,330 and 8,660, pro forma for a July lease and excluding capacity under management.
Two balance sheets inside one
Total assets reached $9.975bn from $2.754bn six months earlier, almost entirely on $7.5bn of 2042 project notes issued by subsidiaries and not guaranteed by the parent. Of the cash, $6.787bn is restricted — 68 per cent of total assets. Unrestricted cash is $233.579m, and first coupons fall due in November.
The Coatue convertible converted in May: $159.3m became 9,715,476 shares at $16.395, against a $89.63 share price, with no capped call ever bought. Shares outstanding rose 16.8 per cent year on year while the reported diluted count fell 0.45 per cent, because the loss made everything anti-dilutive. The excluded overhang is 10,150,096 shares, 4.7 times a year ago.
What a bitcoin costs, and who owns the loss
Hut 8 publishes no cost-to-mine metric, so both figures are ours. Consolidated Compute cost of revenue over the 935 bitcoin Hut 8 reports gives $26,407 of marginal cash cost. Rebuild the stack at the subsidiary instead — its own cost of revenue, depreciation and overhead over the 932 coins it reports — and the fully loaded figure is $75,019 against the $71,932 a coin it realised: a loss of about $3,087 each. Two bases, not one, and the gap is the story.
The treasury compounds it. Consolidated, 17,316 bitcoin carry $1.0365bn against a $1.1415bn cost basis. Split it: Hut 8's own coins are about $198m in the money at a $38,604 average cost, American Bitcoin's 8,002 are $303m under at $97,716 — and minorities own 46.37 per cent of that.
The bull case is the leases: 949 MW contracted, a tenant Hut 8's June notes-pricing release called “a high-investment-grade company (i.e., rated AA- or higher)”, and Moody's at Baa2 on the Beacon Point notes. The bear case is that none of it earns yet, the Anthropic headline rests on capacity the parties “may jointly diligence”, the whole operating AI fleet was 1,000 H100s and 96 H200s in rented Illinois space at the last published count, and the 10-Q reports no material change to risk factors written before any of this existed.
| Total revenue | $74.932m |
| American Bitcoin standalone revenue | $67.015m (89.4%) |
| Hut 8's own external revenue | $2.461m |
| Adjusted EBITDA, old then new definition | −$94.582m, +$10.449m |
| Unrestricted, then restricted cash | $233.579m, $6.787bn |
| Shares outstanding, year on year | 123,259,468 from 105,527,928 |
| Cost per bitcoin, derived: marginal / loaded | $26,407 (935 coins) / $75,019 (932) |
| Contracted capacity, operating AI fleet | 949 MW; 1,000 H100 + 96 H200 |
All figures from Hut 8 Corp's primary SEC filings, retrieved 5 October 2026: the 10-Q for the quarter ended 30 June 2026 (CIK 0001964789, accession 0001104659-26-090025); the FY2025 10-K; the 8-K of 4 June 2026, which is where the “rated AA- or higher” description appears; and American Bitcoin's own 10-Q (CIK 0001755953). Figures are in US dollars and the fiscal year ends 31 December. Cost per bitcoin is not a metric Hut 8 publishes — both figures are our derivation, on the two bases named in the text. Contested: Hut 8 reports about 935 bitcoin mined at $71,905 a coin and American Bitcoin about 932 at $71,932; the press release gives an 8,660 MW pipeline and 1,330 MW under construction against the 10-Q's 9,370 and 830 on the same date; the River Bend tenant is Fluidstack Ltd. in the 10-K and Fluidstack USA IV Inc. in the 10-Q. The 3,300 bitcoin said to be released from collateral is a press-release figure absent from the 10-Q, and is unverified. Share price from the Nasdaq quote API, 2 October 2026 close. Not a recommendation to buy, sell or hold any security or cryptoasset.