Overview

* Hut 8 ( HUT ) Q2 revenue rises to $41.3 mln, but missed analysts' expectations

* Adjusted EBITDA of $221.2 mln beat estimates, per LSEG data

* Net income for Q2 was $137.5 mln, reversing loss last year

Outlook

* Company shifts to long-term contracted fees in Power and Digital Infrastructure

* Hut 8 ( HUT ) secures five-year contracts for 310 MW with Ontario IESO

* Company advancing AI data center opportunities with 430 MW capacity

* American Bitcoin to trade on Nasdaq under ticker symbol 'ABTC'

Result Drivers

* LONG-TERM CONTRACTS - Shift from merchant exposure to long-term contracted fees, nearly 90% of energy capacity under management commercialized under agreements, per CEO Asher Genoot

* AI DATA CENTER DEVELOPMENT - Advanced AI data center opportunities with 430 MW of total capacity, including Vega's initial energization

* AMERICAN BITCOIN - Restructuring of mining business with launch of American Bitcoin as anchor tenant for Power and Digital Infrastructure segments

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Miss $41.30 $51.20

Revenue mln mln (11

Analysts

)

Q2 EPS $1.18

Q2 Net $137.50

Income mln

Q2 Beat $221.20 $33.20

Adjusted mln mln (9

EBITDA Analysts

)

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

* Wall Street's median 12-month price target for Hut 8 Corp ( HUT ) is $25.50, about 18.9% above its August 6 closing price of $20.69

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)