Slides
Page 1
Hut 8 November 4, 2026 Q3 2026 Earnings Presentation
Page 2
Disclaimer Cautionary Note Regarding Forward - Looking Information This presentation includes “forward - looking information” and “forward - looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward - looking information”). All information, other than statements of historical facts, included in this presentation that address activities, events or developments Hut 8 Corp. (“Hut 8” or the “Company”) expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of Hut 8’s businesses, operations, plans and other such matters is forward - looking information. Forward looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “is designed to”, “likely” or similar expressions. In addition, any statements in this presentation that refer to expectations, projections or other characterizations of future events or circumstances contain forward - looking information. Specifically, forward - looking information in this presentation includes, among other things, statements regarding the expected timing and cost of the development, construction, delivery and commissioning of the Company’s River Bend and Beacon Point data centers; expected lease value, including assumptions regarding lease renewals; the Company’s ability to complete and finance construction; the capacity, stage, commercialization and potential expansion of the Company’s development platform and pipeline; anticipated liquidity sufficiency; and future capital needs. Statements containing forward - looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this presentation, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward - looking information, including, but not limited to, risks related to the construction of new data centers, data center expansions, or data center redevelopment; liquidity constraints and indebtedness; predicting facility requirements; strategic alliances, joint ventures or launching or spinning out other businesses, including with American Bitcoin and the King Mountain joint venture; entering into new offerings or lines of business; failure of critical systems; significant power requirements; attracting and retaining customers; geographic concentration and market - specific conditions; competition from current and future competitors; changes in leasing arrangements; obtaining, maintaining, and complying with permits and approvals; hazards and operational risks; cybersecurity threats and breaches; Internet - related disruptions; political, social, economic, and other events and circumstances; operating and expanding internationally; dependence on key personnel; operating as a growth - stage company with an evolving business model and strategy; concentration of Bitcoin holdings; uncertainty in the development and acceptance of the Bitcoin network; price fluctuations and rapidly changing technologies; legal, regulatory, governmental, and technological uncertainties; legislative or regulatory changes, including environmental or energy regulations; involvement in legal proceedings; trading volatility; dilution; and other risks described from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward - looking statements prove incorrect, actual results may vary materially from those described in this presentation as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward - looking statements included in this presentation should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward - looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on management’s assessment of all information at the relevant time. The forward - looking statements contained in this presentation are made as of the date of this presentation, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward - looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date of preparation. No Offer or Solicitation This presentation is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”) or in a transaction exempt from the registration requirements of the Securities Act. Non - GAAP Financial Measures This presentation includes Adjusted EBITDA and Adjusted EBITDA, inclusive of digital assets mark - to - market, which are non - GAAP financial measures. Net income (loss) and operating income are the most directly comparable GAAP measures to Adjusted EBITDA and Adjusted EBITDA, inclusive of digital assets mark - to - market, respectively. These measures should not be considered in isolation or as substitutes for GAAP results. See the Appendix for the definition and reconciliation of Adjusted EBITDA. Third Party Information This presentation includes market and industry data which was obtained from various publicly available sources and other sources believed by Hut 8 be true. Although Hut 8 believes it to be reliable, it has not independently verified any of the data from third party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. Hut 8 does not make any representation as to the accuracy of such information. Notice Regarding Logos and Trademarks All logos, trademarks, and brand names used throughout this presentation belong to their respective owners. Hut 8
Page 3
Hut 8 Agenda 01 Business update 02 Financial update
Page 4
Hut 8 4 Three disciplines guided Hut 8 in the third quarter of 2026 01 02 03 Origination Securing and commercializing power on attractive terms Delivery Bringing contracted capacity into service on committed dates Financing Funding projects through completion while limiting risk to the parent balance sheet or dilution for existing shareholders
Page 5
Hut 8 5 Description Greenfield sites identified for next - generation, energy - intensive technologies. At this stage, Hut 8 invests nominal development capital to evaluate critical factors, including power availability, infrastructure readiness, fiber connectivity, and overall commercial viability. Sites where Hut 8 has secured site control and completed a suitable power study indicating a viable path to the power and infrastructure required for deployment. Sites where Hut 8 is actively investing in development and commercialization by executing definitive land and/or power agreements, advancing site design and infrastructure buildout, and engaging with prospective customers. Sites where Hut 8 has executed definitive commercial agreements for the relevant capacity and commenced construction activities. All power - related assets managed by Hut 8, including power generation, managed services, ASIC and CPU infrastructure, traditional cloud infrastructure, and non - operational sites. Hut 8’s development platform consists of Energy Capacity Under Management and Development Pipeline capacity 710 MW of Energy Capacity Under Management and a ~7,859 MW 1,2 development pipeline Note: All figures represent utility capacity unless otherwise noted; (1) Excludes 1,000 MW of potential IT expansion capacity at River Bend (subject to the expansion of power at the site), for which Fluidstack holds a ROFO under the River Bend lease; (2) Excludes assets under definitive agreement to be acquired from affiliates of Poolin with up to 230 MW of utility capacity upon full energization, subject to closing Energy Capacity Under Diligence ~3,300 MW DEVELOPMENT PIPELINE (7,859 MW 1 ) ~3,180 MW Energy Capacity Under Exclusivity Energy Capacity Under Development Energy Capacity Under Construction Energy Capacity Under Management ~49 MW ~1,330 MW 710 MW ~8,569 MW Development Platform Hut 8 Development Platform as of September 30, 2026 01 Origination. Our development platform as of September 30, 2026
Page 6
Hut 8 6 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% Note: All figures represent utility capacity unless otherwise noted; (1) Excludes 1,000 MW of potential IT expansion capacity at Ri ver Bend (subject to the expansion of power at the site), for which Fluidstack holds a ROFO under the River Bend lease; (2) Excludes assets under definitive agreement to be acquired from affiliates of Poolin with up to 230 MW of utility capacity upon full energization, subject to closing; (3) Projects may comprise more than one sit e; (4) Where regional footprints overlap, each site is assigned to a single region Total Energy Capacity Under Diligence and Exclusivity ~6,480 MW 1,2 Capacity by Stage as of September 30, 2026 Capacity by Power Region 4 as of September 30, 2026 ~3,180 1 MW Under Exclusivity ~3,300 MW Under Diligence Energy capacity under diligence and exclusivity spans 9 projects, averaging ~720 MW per project 3 ~6,480 MW 1,2 MISO Midcontinent Independent System Operator, Central US ~25% ~20% ~35% PJM PJM Interconnection, Mid - Atlantic US ~15% SERC SERC Reliability Corporation region, Southeast US ERCOT Electric Reliability Council of Texas Other Additional regions <5%
Page 7
Hut 8 7 02 Delivery. Construction update River Bend Phase 1 St. Francisville, LA Beacon Point Phase 1 Nueces County, TX
Page 8
Hut 8 8 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 Investment & Impact River Bend Phase 1 Capital Investment Data center and compute infrastructure Up to $10B 1 Water System Investment New well, water main, and other improvements $16M Local Payment Advance Early installment of payments in lieu of taxes (PILOT) $10M Temporary Job Creation Construction workers on site at peak More than 1,200 From left, Santanu Biswas, Head of AI Infrastructure at Broadcom; Giovanni Albertazzi, CEO of Vertiv; Asher Genoot, CEO of Hu t 8 ; Gov. Jeff Landry of Louisiana; James Bradbury, Head of Compute at Anthropic; Bob Pragada, Chair and CEO of Jacobs River Bend Project Partners ILLUSTRATIVE Note: (1) Includes end - user compute infrastructure
Page 9
Hut 8 9 03 Financing. Hut 8 aims to limit risk to the parent balance sheet and avoid dilution for existing shareholders MECHANISM OUTCOME PROJECT LEVEL Project Structure Project Financing Non - recourse, investment - grade project bonds of $3.25B (River Bend) and $4.25B (Beacon Point Phase 1) Both projects funded upfront through completion without equity issuance Cost Commitments Orders placed for all long - lead equipment and execution of all major contracts at River Bend and Beacon Point Phase 1 Largest components of cost fixed, mitigating the effect of future price fluctuations Risk Mitigation Investment - grade equipment and construction partners, comprehensive insurance, and triple - net leases Additional protection for the projects and for bondholders PARENT LEVEL Capital Allocation Share Repurchases Repurchase of approximately 3.3M shares for $250M, funded with approximately 3,100 Bitcoin from balance sheet Capital for delivery preserved and Bitcoin exposure further reduced Construction - stage projects funded at the project level and share repurchases funded from the Bitcoin reserve
Page 10
Business update Hut 8 River Bend Illustrative rendering Beacon Point Illustrative rendering
Page 11
Hut 8 Agenda 01 Business update 02 Financial update
Page 12
Hut 8 12 Q3 2026 financial highlights Note: (1) Adjusted EBITDA is a non - GAAP financial measure; see Appendix for a reconciliation of Adjusted EBITDA to the most comp arable GAAP measure, net income, and an explanation of this measure Revenue Net Income Adjusted EBITDA 1 Gross Margin Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 $83.5M $71.1M $50.6M Includes unrealized mark - to - market gain of $76.6M $189.5M Includes unrealized mark - to - market gain of $413.8M $30.5M $33.0M 57% 61%
Page 13
Hut 8 13 Note: (1) Cash G&A expense is a non - GAAP financial measure, defined as reported general and administrative expense excluding sto ck - based compensation and other non - cash items. Reported general and administrative expense was $99.6M in Q3 2026 and $25.9M in Q3 2025. Reported stock - based compensation was $64.7M in Q3 2026 and $6.3M in Q3 2026. Development pipeline comprises utility capacity under diligence, exc lus ivity, development and construction, totaling approximately 7,859 MW as of September 30, 2026, as presented on page 5; (2) Ex clu des restricted cash and restricted short - term investments held in project accounts. Corporate Liquidity Senior Secured Revolving Credit Facility $1.07B Corporate Cash 2 $156.9M Project Financing Investment - Grade Project Bonds, Non - Recourse to Hut 8 $7.5B Hut 8 continues to maintain cost discipline as it scales, with ample liquidity to meet its obligations General & Administrative (G&A) Expense Less Stock - Based Compensation 1 per megawatt (MW) of development pipeline, indexed to Q3 2025 = 100 Corporate Liquidity and Project Financing as of September 30, 2026 Cash G&A per megawatt of development pipeline declined year over year, and a new $1.07 billion revolver supports liquidity Q3 2025 Q3 2026 100 93
Page 14
Hut 8 14 Q3 2026 REVENUE COMMENTARY – $1.6 million year - over - year decrease, primarily driven by a $2.6 million year - over - year decrease in ASIC Compute revenue, reflecting a decrease in average revenue per Bitcoin mined from ~$114,121 to ~$71,087. This decrease was partially offset by an increase in Bitcoin mined from ~578 to ~891. The increase in Bitcoin mined was primarily attributable to additional operating capacity following the commencement of ASIC Compute operations at the Vega site in August 2025 and the re - energization of the Drumheller site in March 2026 – $0.7 million year - over - year decrease in Traditional Cloud revenue, primarily as a result of the sale of that business in August 2026 – Offset by a $1.7 million year - over - year increase in AI Cloud revenue driven by new customer contracts entered into since the third quarter of 2025 Segment Results Results by segment: Compute ASIC Compute (primarily American Bitcoin): Providing ASIC compute to mining pools that operate nodes and validate blocks on the blockchain Traditional Cloud (Hut 8 Canada): Cloud services supporting private and public cloud deployments, managed backup, business continuity and disaster recovery services, and high - capacity storage AI Cloud (Highrise AI): Providing GPU compute to developers that build, train, and deploy AI models $68.4M
Page 15
Hut 8 15 Q3 2026 REVENUE COMMENTARY – $7.1 million year - over - year decrease in Power Generation 1 revenue, primarily attributable to the sale of our 310 MW portfolio of natural gas power plants in February 2026 Segment Results Results by segment: Power Power Generation 1 : Power generation facilities supplying capacity and energy directly to the electrical grid Managed Services: End - to - end energy infrastructure development, construction, and operations services $1.3M Note: (1) Subsequent to the Far North divestiture in February 2026, Power segment revenue does not include Power Generation r eve nue
Page 16
Hut 8 16 Q3 2026 REVENUE COMMENTARY – $3.7 million year - over - year decrease, primarily attributable to a $3.6 million decrease in ASIC colocation revenue following the termination of the Vega colocation agreement when American Bitcoin exercised its option to purchase the ASIC servers at the site in August 2025, and a $0.1 million decrease in CPU Infrastructure revenue resulting from customer churn Segment Results Results by segment: Digital Infrastructure Building and operating facilities optimized for various chip architectures (ASIC, CPU, GPU, TPU, etc.) Monetization through a range of commercial structures (e.g., long - term hosting, leasing, colocation) $1.4M
Page 17
Hut 8 17 Q3 2026 highlights Note: (1) Adjusted EBITDA is a non - GAAP financial measure; see Appendix for a reconciliation of Adjusted EBITDA to the most comp arable GAAP measure, net income, and an explanation of this measure Highlight Implication 01 The operating platform remained resilient, as added capacity and cost discipline offset the Far North sale, lower revenue per Bitcoin mined and the planned runoff of noncore businesses 02 GAAP results were heavily affected by the fair value remeasurement of digital assets, a gain driven by the rise in the price of Bitcoin during the quarter 03 Cost discipline continues as the company scales, with G&A, excluding stock - based compensation, per megawatt of development pipeline down from the prior - year period 04 The balance sheet and capital position remain strong, with two fully funded construction - stage projects, project - level financings with no recourse to the parent, and ample liquidity Adjusted EBITDA 1 rose year over year despite lower revenue GAAP net income and Adjusted EBITDA¹ together provide insight into operating performance Overhead is scaling more slowly than the development pipeline Delivery of both projects is funded without equity issuance
Page 18
Hut 8 18 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 Note: All figures are as of September 30, 2026 unless otherwise noted; (1) No borrowings were outstanding under the facility as of September 30, 2026. Subsequent to quarter - end, Hut 8 issued $3.9 million of letters of credit under the facility; (2) Nine mo nths ended September 30, 2026; (3) Includes River Bend and Beacon Point Phase 1; (4) Comprises $3.6 billion of restricted cash and cash equivalents and $2.8 billion of r est ricted short - term investments; (5) Compares with approximately $7.6 billion of consolidated loans, notes payable, and other fina ncial liabilities. PARENT LEVEL Ample parent - level liquidity for obligations and development CASH $156.9M Unrestricted corporate cash REVOLVING CREDIT FACILITY 1 $1.07B Undrawn senior secured facility supporting corporate liquidity, development needs, and letters of credit CASH USED IN OPERATIONS, NINE MONTHS 2 $5.0M Consistent with the construction and platform - build phase; project lease revenue has not yet begun PROJECT LEVEL Construction - stage projects 3 fully funded through completion RESTRICTED CASH AND INVESTMENTS $6.4B 4 Held in project accounts for construction, debt - service reserves and other project purposes NON - RECOURSE PROJECT DEBT $7.5B 5 Secured by project assets and accounts; designed to be serviced from each project’s contracted lease cash flows CONSTRUCTION - PERIOD INTEREST EXPENSE $105.5M Interest expense on project financings, partly offset by $61.8M of interest income; upfront funding reduces refinancing risk
Page 19
Hut 8 19 Capital structure and allocation update CAPITAL STRUCTURE Simplified during 2026 to maintain parent - level flexibility and align financing with the cash - generating asset COATUE NOTE Converted Converted into equity in May 2026 COINBASE FACILITY Refinanced Replaced by Bitcoin - collateralized FalconX term loan at a lower coupon in May 2026 TZRC SECURED PROMISSORY NOTE Repaid Remaining balance repaid in October 2026 CAPITAL ALLOCATION Share repurchase funded from the Bitcoin reserve, preserving cash for delivery at River Bend and Beacon Point REPURCHASE PROGRAM $250M 1 Repurchased approximately $75M during the quarter and approximately $175M subsequent to quarter - end BITCOIN SOLD 1 ~3,100 BTC Sold for approximately $250M, partially monetizing the Company’s Bitcoin reserve SHARES REPURCHASED ~3.3M 1 Repurchased at a price we believe did not reflect contracted revenue and power capacity 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 Note: (1) During the quarter ended September 30, 2026, Hut 8 repurchased and retired 953,802 shares of common stock for an ag gre gate purchase price of $74.7M. Subsequent to quarter - end, Hut 8 repurchased and retired an additional 2,384,677 shares for an aggregate purchase price of $175.3M. In total, Hut 8 repurchased and retired 3,338,479 shares for $250.0M.
Page 20
Financial update Hut 8 River Bend Illustrative rendering Beacon Point Illustrative rendering
Page 21
Asher Genoot, Chief Executive Officer Sean Glennan, Chief Financial Officer Mark Eidelman, Head of Investor Relations Hut 8 Q&A River Bend Illustrative rendering Beacon Point Illustrative rendering
Page 22
Appendix Hut 8
Page 23
Hut 8 23 Three Months Ended September 30, (in USD thousands) 2026 2025 Net income $ 189,494 $ 50,612 Interest expense 105,512 8,616 Interest income (61,769) — Income tax provision 51,663 19,019 Depreciation and amortization 40,146 27,795 Share of unconsolidated joint venture depreciation and amortization (1) 2,159 4,454 Foreign exchange (gain) loss (392) 1,530 (Gain) loss on sale of property, equipment, and other assets (3,273) 1,467 Loss (gain) on derivatives and other financial liabilities 62,750 (4,930) Gain on other investments (23,686) — Non - recurring transactions (2) — 2,896 Income attributable to non - controlling interests (77,073) (8,793) Stock - based compensation expense 64,737 6,318 Adjusted EBITDA, inclusive of digital assets mark - to - market 350,268 108,984 Gain on digital assets attributable to Hut 8 Corp. (317,242) (78,503) Adjusted EBITDA $ 33,026 $ 30,481 Note on Adjusted EBITDA Adjusted EBITDA reconciliation Note: (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 9. Investments in unc onsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail; (2) There were no non - recurring transactions for the three month s ended September 30, 2026. Non - recurring transactions for the three months ended September 30, 2025 primarily represent approximately $2.9 million of American Bitcoin related transaction costs. We define Adjusted EBITDA, inclusive of digital assets mark - to - market, as net income or loss adjusted for interest expense, interest income, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on the sale of property, equipment, and other assets, loss or gain on derivatives and other financial liabilities, gain on other investments, non - recurring transactions, income or loss attributable to non - controlling interests, and stock - based compensation expense. We define Adjusted EBITDA as Adjusted EBITDA, inclusive of digital assets mark - to - market, further adjusted to exclude gains or loss on digital assets attributable to Hut 8 Corp., which removes the effect of mark - to - market fluctuations in digital assets held on our balance sheet. Our digital assets are considered primarily long - term holdings, and periodic appreciation or depreciation in the fair value of such holdings does not reflect the results of our core operations. Our board of directors and management team use Adjusted EBITDA, inclusive of digital assets mark - to - market, and Adjusted EBITDA to assess our financial performance, as these measures allow for the comparison of operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non - recurring transactions mentioned above). We exclude gains on the sale of assets and gains or losses on other investments because these items arise from transactions or valuation changes outside our core operating activities and, in management’s view, excluding them facilitates comparisons of our operating performance across periods. Adjusted EBITDA further excludes the impact of changes in the fair value of our digital assets holdings, which may otherwise affect the comparability of our financial results across periods. Investors are encouraged to evaluate each adjustment and the reasons our board of directors and management believe these measures provide useful supplemental information. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA, inclusive of digital assets mark - to - market, and Adjusted EBITDA. In evaluating these measures, you should be aware that we may incur expenses in the future that are the same as, or similar to, certain adjustments reflected in the calculation of these measures. Accordingly, the presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non - recurring items. Adjusted EBITDA Reconciliation
Page 24
Investor Relations Public Relations ir@hut8.com media@hut8.com Hut 8