Hut 8 Stock Slides 9.7% Despite 81% Revenue Surge in Q2

Hut 8 stock dropped 9.74% to $101.16 on Tuesday after the company reported second-quarter earnings. Revenue climbed 81% year over year to $74.9 million, while net losses reached $177.1 million.

The Bitcoin (BTC) miner turned AI data center developer recovered 1.29% to $102.47 in after-hours trading. Investors appear focused on the loss rather than the company's growing lease book.

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Why Hut 8 Stock Fell Despite Revenue Growth

Most of the quarterly loss existed only on paper. The company booked $138.6 million in primarily unrealized losses on digital assets, according to its earnings release.

The comparison with last year sharpened the reaction. Hut 8 posted $137.5 million in net income in Q2 2025, when digital asset gains lifted results.

Core operations moved the other way. Adjusted EBITDA excluding digital assets reached $10.4 million, up from $4.2 million a year earlier.

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