Hut 8 Corp.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today bets that two campuses come online on schedule in 2027, that the nameless multi-trillion-dollar tenant and the Fluidstack-Google tandem deliver — and that Bitcoin sabotages the transition neither through the income statement nor through the loan covenants before then. Whoever waits checks three things in every quarterly report (10-Q): construction progress and punctuality at River Bend and Beacon Point, the naming and firming-up of the tenants — and whether operating cash flow changes direction. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Hut 8 is that rare transformation story with signed receipts: two triple-net mega leases, a placed $3.25 billion project financing, and a site that proves the construction speed. But until the rents flow from 2027, the Bitcoin price writes the income statement (−$226.1 million in 2025 after +$331.9 million in 2024), the group's best asset is now only a little more than half-owned, and growth is continuously paid for with new shares and debt — at 46 times trailing revenue. Not investment advice.
Mega leases & project pipeline
Beacon Point (roughly $9.8 billion of base contract value over 15 years with a multi-trillion-dollar tech company, expected average annual net operating income of about $655 million) and River Bend (245 MW, Fluidstack/Google as expected partners, $3.25 billion financing placed) give the stock a contracted future foundation for the first time — deliveries from Q2/Q3 2027 (10-Q as of 03/31/2026, 10-K for 2025).
Earnings quality & Bitcoin dependency
Fair-value accounting for the 16,331 Bitcoin dictates the group result: +$331.9 million (2024), −$226.1 million (2025), −$219.8 million (Q1 2026), with valuation swings from +$509.3 to −$401.9 million per period — the 10-K explicitly names the Bitcoin concentration as a central risk (Item 1A).
Governance & group structure
Growth driver American Bitcoin is separately listed, and Hut 8's stake fell to roughly 55.3 percent (ABTC 10-K, 03/25/2026); the 10-K warns of conflicts of interest with minority shareholders and records a board-approved purchase of 23.2 million ABTC Class B shares at $1.40 by an LLC of the two group chiefs (related-party footnote).
Financing & dilution
Cleverly structured project debt ($3.25 billion non-recourse, investment-grade ratings) meets negative operating cash flow (−$139.2 million in 2025), ongoing ATM dilution (share count +10.7 percent in 2025, another $120.1 million raised in Q1 2026) and a Bitcoin-collateralized loan with margin calls from 130 percent coverage (FalconX, May 2026).
Valuation & technicals
17 scanner hits, a relative strength of 98 and a stage-2 trend meet roughly 46 times trailing revenue, price-to-book around 9.5 and absent trailing profits (data as of July 8, 2026) — the market prices the rents from 2027, not the present; an average daily range around 9 percent makes the stock fast in both directions.
Worth Noting
HUT reached the research list through the momentum/stage-2 run of our in-house stock scanner on July 17, 2026 (17 hits, including Stan Weinstein stage 2, RS leader 90, Oliver Kell doublers, Qullamaggie top gainers 6M); price and valuation data carry the July 8, 2026 cut-off.
The stored quarterly series for HUT contains fair-value artifacts (including "negative revenue" for Q4 2025); the revenue and results series in this analysis are therefore derived directly from the SEC filings, with Q4 2025 as the difference between full-year and nine-month figures.
Analyses are evergreen, daily prices are not a buy argument: price (~$117.70) and market value (~$13.0 billion) dated July 8, 2026; Bitcoin holdings and balance sheet as of 03/31/2026. Hut 8 Corp. has existed as a U.S. entity only since 2023 — longer time series are only comparable to a limited degree because of the business combination.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at HUT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 33.20 $ to 133.00 $ · Last price: 91.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Capital Markets
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Hut 8 Corp. HUT | 10.0 | – | 11.6 | 62.3 | -521.5 | -90.7 | 140.8 |
| Morgan Stanley MS | 321.0 | 17.6 | 0.0 | 87.6 | 40.6 | 11.5 | 32.2 |
| Goldman Sachs Group Inc GS | 280.7 | 17.4 | 0.0 | 82.1 | 38.6 | -1.4 | 22.2 |
| Charles Schwab Corp SCHW | 179.7 | 21.3 | 0.0 | 97.5 | 49.4 | 6.5 | 15.1 |
| Interactive Brokers Group Inc IBKR | 149.9 | 38.1 | 3.4 | 93.0 | 76.8 | 9.8 | 39.4 |
| Robinhood Markets Inc HOOD | 100.1 | 53.2 | 45.6 | 91.9 | 38.5 | 51.6 | -7.4 |
| Nomura Holdings Inc NMR | 29.8 | 12.1 | 0.0 | 78.0 | 30.8 | 5.6 | 43.7 |
| LPL Financial Holdings Inc LPLA | 26.6 | 28.7 | 13.5 | 29.9 | 11.1 | 37.2 | -1.5 |
| Circle Internet Group, Inc. CRCL | 23.1 | – | 45.7 | 22.0 | 6.5 | 63.9 | -35.1 |
| Median of companies shown | 100.1 | 21.3 | 3.4 | 82.1 | 38.5 | 9.8 | 22.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | 0 | 0 | -9.32 | 0 | 0 | 0 |
| 2017 | 7 | 1 | 1 | 49.88 | 49 | 0 | 0 |
| 2018 | 49 | -48 | -137 | -8.11 | -7 | 33 | 83 |
| 2019 | 82 | 6 | 2 | 0.12 | 15 | 43 | 71 |
| 2020 | 9 | -23 | -19 | -1.02 | -1 | 37 | 43 |
| 2021 | 79 | -26 | -32 | -1.19 | -80 | 566 | 721 |
| 2022 | 65 | -52 | -50 | -1.32 | -79 | 270 | 312 |
| 2023 | 72 | 7 | 16 | 0.33 | -20 | 643 | 977 |
| 2024 | 162 | 461 | 332 | 3.28 | -69 | 977 | 1,519 |
| 2025 | 15 | -317 | -226 | -2.15 | -139 | 1,422 | 2,754 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.51 | 841.80 | 340 | 1,082.70 | 44.80 | -22 | -208 |
| 2025: Q1 | -1.30 | -148.60 | 22 | -57.80 | -613.70 | -34 | -98 |
| 2025: Q2 | 1.15 | – | 41 | – | 332.50 | -49 | -94 |
| 2025: Q3 | 0.41 | 6,032.10 | 84 | 91.10 | 60.00 | 1 | -351 |
| 2025: Q4 | -2.66 | -276.30 | 89 | -74.00 | – | -57 | -244 |
| 2026: Q1 | -1.98 | – | 71 | 225.50 | -309.60 | -27 | -63 |
| 2026: Q2 | -1.27 | -210.40 | 75 | 81.40 | -200.50 | -6 | -6 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 22 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Oliver Kell: Doublers
- Oliver Kell: Strength on Down Day
- Qullamaggie: Top Gainers 6M
- RS Leader (≥90)
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 2
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.59 | 0.59 – 0.59 | 292 | 128.7% | 1 |
| 12/31/2027 | -5.19 | -15.13 – 1.85 | 586 | -980.1% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 17.07.2026 gegen den Geschäftsbericht (10-K) für 2025 (eingereicht 25.02.2026), den 10-K für 2024 (03.03.2025) und die vier jüngsten Quartalsberichte (10-Q, zuletzt zum 31.03.2026, eingereicht 06.05.2026): KI-Produkte und -Dienste sind bei Hut 8 nachweislich Umsatzquelle. Erstens betreibt der Konzern mit Highrise AI eine hundertprozentige KI-Cloud-Marke, die laut 10-K (Item 1 „Business“) eine „cloud infrastructure platform purpose-built for AI“ an Entwickler und Unternehmen vermietet und zum 31.12.2025 1.000 Nvidia-H100- und 96 H200-GPUs betrieb. Zweitens kommerzialisiert Hut 8 KI-Rechenzentrums-Infrastruktur direkt: Am River-Bend-Campus soll laut 10-K Fluidstack als Mieter einziehen (mit finanzieller Absicherung durch Google über die 15-jährige Grundmietzeit), am Beacon-Point-Campus wurde laut 10-Q zum 31.03.2026 ein Triple-Net-Mietvertrag über rund 9,8 Milliarden US-Dollar Basisvolumen mit einem „multi-trillion-dollar market capitalization“ Technologiekonzern geschlossen — ausdrücklich als „AI infrastructure“ deklariert. Nach der Vorrang-Regel gewinnt „Verkauft KI“ vor allen anderen Kategorien.
View the full file — quotes, sources, reviewed filings
„Highrise AI is an AI Cloud business wholly owned by Hut 8, offering a cloud infrastructure platform purpose-built for AI. Designed for developers and enterprises operating in performance-critical and security-sensitive domains, Highrise AI delivers bare-metal performance with full-stack orchestration to support the training and deployment of production-scale AI models. As of December 31, 2025, Highrise AI operated 1,000 NVIDIA H100 GPUs and 96 NVIDIA H200 GPUs."
Highrise AI ist ein KI-Cloud-Geschäft im vollständigen Besitz von Hut 8 und bietet eine eigens für KI gebaute Cloud-Infrastruktur-Plattform an. Ausgelegt für Entwickler und Unternehmen in leistungskritischen und sicherheitssensiblen Bereichen liefert Highrise AI Bare-Metal-Leistung mit vollständiger Orchestrierung, um das Training und den Einsatz von KI-Modellen im Produktionsmaßstab zu unterstützen. Zum 31. Dezember 2025 betrieb Highrise AI 1.000 NVIDIA-H100- und 96 NVIDIA-H200-GPUs.
10-K · 2026-02-25 · View SEC filing
„We are advancing scaled AI infrastructure development at our River Bend campus in Louisiana, where Fluidstack is expected to serve as tenant and Google is expected to provide a financial backstop that covers the lease payments and related pass-through obligations for the 15-year base lease term."
Wir treiben die Entwicklung skalierter KI-Infrastruktur an unserem River-Bend-Campus in Louisiana voran; dort soll Fluidstack als Mieter auftreten, und Google soll eine finanzielle Absicherung stellen, die die Mietzahlungen und die zugehörigen Durchleitungsverpflichtungen für die 15-jährige Grundmietzeit abdeckt.
10-K · 2026-02-25 · View SEC filing
„Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute."
Hut 8 ist eine Energie-Infrastruktur-Plattform, die Strom, digitale Infrastruktur und Rechenleistung im großen Maßstab integriert, um Technologien der nächsten Generation mit hohem Energiebedarf wie KI, High-Performance-Computing und ASIC-Rechenleistung zu versorgen.
10-Q · 2026-05-06 · View SEC filing
Filings Reviewed: 10-Q 2026-05-06 · 10-Q 2025-11-04 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-02-25 · 10-K 2025-03-03
Rated on July 17, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -38.7%
- More than 10% revenue growth is expected for the coming year 91.8%
- Share count grows by less than 3% a year 41.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -5,311.3%
- Gross margin at 40% or higher and without meaningful erosion -614.6%
- Goodwill from acquisitions does not grow faster than revenue 7.6%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years -350 m
- Return on capital at 15% or higher, or up versus two years ago -13.4%
- Insiders hold at least 10% or are net buyers 9.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 523.5%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 523.5%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 4
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -18.8%
- ROCE > 15% -13.3%
- Expected return > 10% 474.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | Glennan Sean Joseph | Chief Financial Officer | Sell | 638 | 79.33 | 50,613 |
| Aug 24, 2026 | Glennan Sean Joseph | Chief Financial Officer | Sell | 5,807 | 78.70 | 457,011 |
| Aug 21, 2026 | Glennan Sean Joseph | Chief Financial Officer | Other | 12,355 | 0.00 | – |
The company
About the Company
Hut 8 Corp. ist mit ihren Tochtergesellschaften eine Energieinfrastrukturplattform, die Strom, digitale Infrastruktur und Rechenleistung im großen Maßstab integriert, um energieintensive Anwendungsfälle in den USA und Kanada zu bedienen.
- Employees
- 248
- Headquarters
- Miami, FL
- Address
- 1101 Brickell Avenue, 33131 Miami, United States
- Phone
- 305 224 6427
- Website
- hut8.com
- IPO Date
- 03/08/2018
- ISIN
- US44812J1043
- Stock Split
- 1:5 on 12/04/2023
Management
| Name | Title | Birth Year |
|---|---|---|
| Asher Kevin Genoot | Co-Founder, CEO & Non-Independent Director | 1996 |
| Michael Ho | Co-Founder, Chief Strategy Officer & Non-Independent Director | 1994 |
| Sean Glennan | Chief Financial Officer | 1984 |
| Victor Semah J.D. | Chief Legal Officer & Corporate Secretary | 1983 |
| Mark Eidelman | Head of Investor Relations & Senior Vice President of Strategic Finance | – |
| Matthew Saxon | Chief People Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.