Hut 8 shares drop 5% after second quarter revenue misses estimates

Via thenew.money The company reported $74.9 million in revenue while its contracted AI infrastructure portfolio reached 949 MW and $26.6 billion in expected contract value. Hut 8 shares fell 5% in Tuesday trading after the Bitcoin miner turned AI infrastructure developer reported second quarter revenue below Wall Street expectations. The stock had dropped as much as 8% earlier in the session. The company generated $74.9 million in revenue during the quarter, up 81% from $41.3 million a year earlier but below analyst expectations of about $80 million. Compute operations accounted for $72.5 million of total revenue, while power and digital infrastructure contributed $1.2 million and $1.3 million respectively. Hut 8 reported a net loss of $177.1 million, reversing a $137.5 million profit in the same period last year. The loss included $138.6 million in primarily unrealized losses on digital assets, compared with unrealized gains of $217.6 million a year earlier. Adjusted EBITDA, excluding changes in the market value of digital assets, increased to $10.4 million from $4.2 million. Including those changes, adjusted EBITDA was negative $94.6 million. Shares touched an intraday low of $10...