Hut 8 Corp. · NASDAQ:HUT
Hut 8 — Q3 2026 Earnings Presentation
24 slides from Hut 8's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation November 4, 2026 Hut 8
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward -Looking Information This presentation includes “forward -looking information” and “forward -looking statements” within the proposed, estimated, forecasted, expected, projected or targeted and such forward -looking statements meaning of Canadian securitie
Slide 3: Agenda
Agenda 01 Business update 02 Financial update Hut 8
Slide 4: Three disciplines guided Hut 8 in the third quarter of 2026
Three disciplines guided Hut 8 in the third quarter of 2026 01 02 03 Origination Delivery Financing Securing and Bringing contracted Funding projects through commercializing power capacity into service completion while limiting on attractive terms on committed dates risk to the parent balance sheet
Slide 5: Origination. Our development platform as of September 30, 2026
01 Origination. Our development platform as of September 30, 2026 710 MW of Energy Capacity Under Management and a ~7,859 MW 1,2 development pipeline Hut 8 Development Platform as of September 30, 2026 710 MW ~8,569 MW ~1,330 MW ~3,180 MW ~49 MW ~3,300 MW Energy Capacity Energy Capacity Energy Capac
Slide 6: Origination. Capacity diversified across regions
01 Origination. Capacity under diligence and exclusivity is diversified across regions, with limited exposure to any single region The largest individually identified region represents ~25% of capacity, and the three largest defined regions together repres ent ~60% Capacity by Stage as of September
Slide 7: Delivery. Construction update
02 Delivery. Construction update River Bend Phase 1 Beacon Point Phase 1 St. Francisville, LA Nueces County, TX Hut 8 7
Slide 8: Delivery. Community-aligned, partnership-driven development
02 Delivery. Community -aligned, partnership -driven development We believe durable projects are built with transparency, and in partnership with the people who live and work nearby ILLUSTRATIVE Investment & Impact River Bend Phase 1 Capital Investment Data center and compute infrastructure Up to $1
Slide 9: Financing. Limit risk to parent balance sheet and avoid dilution
03 Financing. Hut 8 aims to limit risk to the parent balance sheet and avoid dilution for existing shareholders Construction -stage projects funded at the project level and share repurchases funded from the Bitcoin reserve MECHANISM OUTCOME PROJECT LEVEL Project Non-recourse, investment -grade proje
Slide 10: Business update
River Bend Beacon Point Illustrative rendering Illustrative rendering Business update Hut 8
Slide 11: Agenda
Agenda 01 Business update 02 Financial update Hut 8
Slide 12: Q3 2026 financial highlights
Q3 2026 financial highlights Revenue Net Income $189.5M Includes unrealized mark -to- market gain of $413.8M $50.6M Includes unrealized mark -to- $83.5M market gain of $76.6M $71.1M Q3 2025 Q3 2026 Q3 2025 Q3 2026 Adjusted Gross EBITDA 1 Margin 61% 57% $30.5M $33.0M Q3 2025 Q3 2026 Q3 2025 Q3 2026 N
Slide 13: Cost discipline as it scales, with ample liquidity
Hut 8 continues to maintain cost discipline as it scales, with ample liquidity to meet its obligations Cash G&A per megawatt of development pipeline declined year over year, and a new $1.07 billion revolver supports liquidity General & Administrative (G&A) Expense Less Stock -Based Compensation 1 Co
Slide 14: Results by segment: Compute
Results by segment: Compute Segment Results Q3 2026 REVENUE COMMENTARY ASIC Compute (primarily American Bitcoin): Providing ASIC compute to – $1.6 million year -over-year decrease, primarily driven by a $68.4M $2.6 million year -over-year decrease in ASIC Compute revenue, reflecting a decrease in av
Slide 15: Results by segment: Power
Results by segment: Power Segment Results Q3 2026 REVENUE COMMENTARY 1 Power Generation 1 : Power generation facilities supplying – $7.1 million year -over-year decrease in Power Generation $1.3M revenue, primarily attributable to the sale of our 310 MW portfolio of natural gas power plants in Febru
Slide 16: Results by segment: Digital Infrastructure
Results by segment: Digital Infrastructure Segment Results Q3 2026 REVENUE COMMENTARY Building and operating facilities optimized for various – $3.7 million year -over-year decrease, primarily attributable to a $1.4M $3.6 million decrease in ASIC colocation revenue following the termination of the V
Slide 17: Q3 2026 highlights
Q3 2026 highlights Highlight Implication 01 The operating platform remained resilient, as added capacity Adjusted EBITDA 1 rose year over year despite lower revenue and cost discipline offset the Far North sale, lower revenue per Bitcoin mined and the planned runoff of noncore businesses 02 GAAP res
Slide 18: Balance sheet update
Balance sheet update Our balance sheet has been structured to maintain ample parent -level liquidity, allowing us to meet obligations and support furt her development until project lease revenue begins, and to fully fund both construction -stage projects through completion PARENT LEVEL CASH REVOLVIN
Slide 19: Capital structure and allocation update
Capital structure and allocation update Our capital structure has been simplified to maintain flexibility, and we continue to allocate capital with a focus on creating long -term shareholder value while preserving the capital required to deliver our construction -stage projects CAPITAL STRUCTURE COA
Slide 20: Financial update
River Bend Beacon Point Illustrative rendering Illustrative rendering Financial update Hut 8
Slide 21: Q&A
River Bend Beacon Point Illustrative rendering Illustrative rendering Q&A Asher Genoot, Chief Executive Officer Sean Glennan, Chief Financial Officer Mark Eidelman, Head of Investor Relations Hut 8
Slide 22: Appendix
Appendix Hut 8
Slide 23: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Adjusted EBITDA Reconciliation Note on Adjusted EBITDA We define Adjusted EBITDA, inclusive of digital assets mark -to-market, as net income or loss Three Months Ended adjusted for interest expense, interest income, income tax provision or benefit, depreciation and Sep
Slide 24: Investor Relations contact
Hut 8 Investor Relations [email protected] Public Relations [email protected]