Hut 8
HUTNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $61.06 Prior regular-session close from the quote source.
- $56.55–$63.06 Regular-session low and high so far today.
- 4.3M Regular-session shares traded · Nov 12, 4:00 PM ET.
- Feb 24 projected Projected for 2027-02-24 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $31.67–$140.80 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own HUT if Hut 8 creates value by owning and controlling large, low-cost power capacity and converting it into vertically integrated AI, ASIC and cloud data center capacity that can be leased at a premium to energy‑intensive.
HUT price history
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Investment thesis
What must happen next
Owning/controlling large blocks of power and interconnects allows Hut 8 to win and scale high‑value AI/GPU and ASIC compute contracts faster than peers, converting that advantage into rising, higher-margin compute revenue.HoldingMateriality: High
Revenue increased from $162,385,000 (FY2024) to $235,118,000 (FY2025), showing material top-line growth as compute commercialization advances. If true, revenue and gross profit will grow faster than peers and justify the premium multiple; if false, the company faces lower utilization, weaker margins, and valuation pressure.
Watch: Hyperscalers or large cloud providers choose to build captive capacity in target geographies (reducing market for third‑party wholesale/colocation).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue increased from $162,385,000 (FY2024) to $235,118,000 (FY2025), showing material top-line growth as compute commercialization advances.
Open source ↗Restoring positive operating income depends on timely commercialization of River Bend and development projects to spread fixed costs and populate high-margin compute racks.HoldingMateriality: High
Operating income swung from $460,539,000 (FY2024) to an operating loss of $(321,994,000) (FY2025), implying project-level accounting, impairments or one-time costs tied to development/asset changes. Operating profit recovery converts revenue growth into durable earnings and cash; failure means persistent losses, dilution risk, and multiple compression.
Watch: Construction delays, cost overruns, or regulatory/utility interconnection setbacks at River Bend or other sites.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating income swung from $460,539,000 (FY2024) to an operating loss of $(321,994,000) (FY2025), implying project-level accounting, impairments or one-time costs.
Open source ↗Absent rapid commercialization of compute capacity or asset monetization, Hut 8 will continue to exhibit negative operating cash flow and require external financing or asset sales to fund development.StrengtheningMateriality: Medium
Operating cash flow was negative $(139,226,000) in FY2025, worsening from $(68,535,000) in FY2024. Persistent negative operating cash flow forces dilution, higher financing costs, or halted projects — directly threatening the thesis that scale will be achieved without value destruction.
Watch: Successful large asset sale, strategic JV, or equity raise that materially increases liquidity without heavy dilution.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow was negative $(139,226,000) in FY2025, worsening from $(68,535,000) in FY2024.
Open source ↗Control of owned/leased power assets gives Hut 8 a sustainable gross margin advantage on energy‑intensive compute vs third‑party tenants that must buy merchant power.HoldingMateriality: Medium
Gross profit increased from $75,730,000 (FY2024) to an estimated $127,344,000 (FY2025), consistent with higher-margin compute/digital infrastructure revenue. A durable gross margin gap is the moat that supports premium pricing and offsets heavy capital intensity; if the gap vanishes, the platform becomes a low‑margin utility.
Watch: Sharp increases in regional wholesale power prices or loss of contracted fuel/dispatch rights that raise delivered energy cost.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Gross profit increased from $75,730,000 (FY2024) to an estimated $127,344,000 (FY2025), consistent with higher-margin compute/digital infrastructure revenue.
Open source ↗
Full investment case & evidence
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Original research
Owning/controlling large blocks of power and interconnects allows Hut 8 to win and scale high‑value AI/GPU and ASIC compute contracts faster than peers, converting that advantage into rising, higher-margin compute revenue. If true, revenue and gross profit will grow faster than peers and justify the premium multiple; if false, the company faces lower utilization, weaker margins, and valuation pressure.
Restoring positive operating income depends on timely commercialization of River Bend and development projects to spread fixed costs and populate high-margin compute racks. Operating profit recovery converts revenue growth into durable earnings and cash; failure means persistent losses, dilution risk, and multiple compression.
Absent rapid commercialization of compute capacity or asset monetization, Hut 8 will continue to exhibit negative operating cash flow and require external financing or asset sales to fund development. Persistent negative operating cash flow forces dilution, higher financing costs, or halted projects — directly threatening the thesis that scale will be achieved without value destruction.
Control of owned/leased power assets gives Hut 8 a sustainable gross margin advantage on energy‑intensive compute vs third‑party tenants that must buy merchant power. A durable gross margin gap is the moat that supports premium pricing and offsets heavy capital intensity; if the gap vanishes, the platform becomes a low‑margin utility.
All standing thesis claims
Original report summary
Hut 8 creates value by owning and controlling large, low-cost power capacity and converting it into vertically integrated AI, ASIC and cloud data center capacity that can be leased at a premium to energy‑intensive.
Bull case and bear case
Bull case and bear case for HUT 8
Where the evidence on HUT 8 stands: Holding on the latest evidence (Nov 12, 2026). Of its 4 thesis points, 1 strengthening and 3 holding.
Bull case: what the evidence supports
Owning/controlling large blocks of power and interconnects allows Hut 8 to win and scale high‑value AI/GPU and ASIC compute contracts faster than peers, converting that advantage into rising, higher-margin compute revenue.
Restoring positive operating income depends on timely commercialization of River Bend and development projects to spread fixed costs and populate high-margin compute racks.
Absent rapid commercialization of compute capacity or asset monetization, Hut 8 will continue to exhibit negative operating cash flow and require external financing or asset sales to fund development.
Control of owned/leased power assets gives Hut 8 a sustainable gross margin advantage on energy‑intensive compute vs third‑party tenants that must buy merchant power.
Bear case: what would count against it
Hyperscalers or large cloud providers choose to build captive capacity in target geographies (reducing market for third‑party wholesale/colocation).
Construction delays, cost overruns, or regulatory/utility interconnection setbacks at River Bend or other sites.
Successful large asset sale, strategic JV, or equity raise that materially increases liquidity without heavy dilution.
Thesis-Break Engine
What has broken in HUT 8’s thesis
Each break OptimistFi flagged on HUT 8, dated — with what has historically followed the same kind of break across the market, not a forecast for HUT 8.
- Operating-margin compression
Across all companies, this kind of break has happened 10,660 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 36% of them trailed it by 10 points or more.
Early warning
The break condition read on the trailing twelve months through HUT 8’s latest quarterly report, ahead of the annual figure it is written on.
- Operating-margin compression, trailing 12 months
Across all companies, this kind of early warning has happened 2,641 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 36% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
HUT 8 filed an SEC 8-K on 2026-11-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
HUT 8 filed an SEC 8-K on 2026-09-28: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
HUT 8 filed an SEC 8-K on 2026-08-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Hyperscalers or large cloud providers choose to build captive capacity in target geographies (reducing market for third‑party wholesale/colocation).
- Construction delays, cost overruns, or regulatory/utility interconnection setbacks at River Bend or other sites.
- Successful large asset sale, strategic JV, or equity raise that materially increases liquidity without heavy dilution.
- Sharp increases in regional wholesale power prices or loss of contracted fuel/dispatch rights that raise delivered energy cost.
HUT news
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Financial statements
HUT income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
HUT: quick answers
- When does HUT 8 (HUT) report earnings next?
- HUT 8's next results are projected for February 24, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 4, 2026. Earnings calendar
- What is HUT's short interest?
- As of October 30, 2026, 20.1M HUT shares were sold short, 16.7% of its shares outstanding, up 10.5% from the count before. At the stock's average daily volume that is 4.2 days to cover. FINRA publishes the count twice a month. HUT short interest history
- Which well-known investors own HUT?
- 4 of the 37 well-known funds tracked here reported HUT shares in their latest 13F filings. By share of the fund's portfolio: Lone Pine Capital (Stephen Mandel), 4.1%; Third Point (Dan Loeb), 3.2%; Coatue Management (Philippe Laffont), 2.3%. Fund portfolios
HUT in well-known investors’ portfolios
4 of 37 funds reported HUT shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Stephen MandelLone Pine Capital | 4.1% | $666M | −5.0% | Q2 2026 |
| Dan LoebThird Point | 3.2% | $152M | +51.2% | Q2 2026 |
| Philippe LaffontCoatue Management | 2.3% | $1.1B | New | Q2 2026 |
| Stanley DruckenmillerDuquesne Family Office | 0.70% | $36.3M | New | Q2 2026 |