Hut 8 shares fell as much as 8% in early trading Tuesday after the bitcoin miner-turned-AI infrastructure developer reported second-quarter revenue that mildly missed analyst expectations while outlining continued growth in its AI data center pipeline.
The company reported revenue of $74.9 million for the quarter, up from $41.3 million a year earlier but slightly below Wall Street estimates of around $80 million.
Hut posted a net loss of $177.1 million, much of which was tied to $138.6 million of unrealized losses on digital assets.
The earnings report mostly reiterated milestones that the company announced in recent weeks, including the full commercialization of its 1-gigawatt Beacon Point AI campus and AI infrastructure portfolio of 949 MW in contracted capacity with around $26.6 billion in expected contract value.
On the earnings call, management spoke on a handful of updates, including the expansion of Hut's development pipeline.
"We've expanded our development pipeline to approximately 8.7 gigawatts, an increase of about 300 megawatts from last quarter," CEO Asher Genoot said, adding that the company is currently evaluating 11 sites under exclusivity averaging more than 650 MW each.
Genoot said Hut (HUT) intentionally leaves acquisitions, on-site power projects and a possible expansion of its River Bend campus out of its pipeline until those opportunities are further along.
The CEO also pushed back on concerns that demand for AI infrastructure is cooling off.
"Demand is robust," Genoot said. "Everyone wants capacity."
The company added that it continues to advance construction at its River Bend and Beacon Point campuses while preparing financing for Beacon Point Phase 2, with further details to come "in the coming weeks."
Genoot also outlined a shift in Hut's bitcoin strategy, expecting future bitcoin exposure to reside in American Bitcoin, Hut's majority-owned subsidiary.
"Bitcoin on Hut 8's balance sheet is just like another asset. It's just like cash," Genoot said. "Going forward, the bitcoin exposure will primarily be at American Bitcoin."
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