Hut 8 posts $189.5M Q3 profit as revenue falls short of estimates

Digital asset gains lifted the bottom line while a second 352 MW lease at Beacon Point fully commercialized the Texas AI campus Hut 8 just reported a quarter where revenue shrank and profit more than tripled. Both of those things are true at once. The miner-turned-infrastructure company posted third-quarter 2026 revenue of $71.1 million, below consensus expectations of $76-77 million. Net income came in at $189.5 million, powered mostly by a $413.8 million gain on digital assets. Its Bitcoin holdings did the heavy lifting, not its operations. The numbers behind the quarter Hut 8, which trades on NASDAQ and the TSX under the ticker HUT, released results on November 4. Revenue fell from $83.5 million in the third quarter of 2025 to $71.1 million this time around. Profit tells a very different story. Of the $189.5 million in net income, $131.1 million was attributable to Hut 8 itself. A year earlier, the company reported net income of $50.6 million. The driver was that $413.8 million gain on digital assets. The revenue split shows where the money actually comes from today. The Compute segment, made up primarily of Bitcoin mining, brought in $68.4 million. Power and Digital Infrastruct...