Hut 8 reported second-quarter revenue of $74.9 million, up about 81% from a year earlier, and said its AI data center business had reached 949 MW of contracted IT capacity with about $26.6 billion in base contract value. According to Odaily, the company also completed a second 352 MW AI data center lease at its Beacon Point campus, bringing the campus to about $19.6 billion in base contract value and roughly $1.3 billion in annual NOI.

The company said it refinanced a $200 million bitcoin-backed credit facility, cutting the debt cost from 9% to 7% and releasing about 3,300 BTC in collateral. Hut 8 also said its parent company has no general recourse debt after the conversion of $150 million in Coatue convertible notes.

Hut 8 posted a net loss of $177.1 million for the quarter, compared with net income of $13.75 million a year earlier, citing about $138.6 million in unrealized losses on digital assets. Adjusted EBITDA was $10.4 million.

The company said its energy development pipeline totaled about 8.66 GW, with 1,330 MW under construction, including 330 MW at River Bend and 1,000 MW at Beacon Point. Hut 8 also completed $7.5 billion in investment-grade project financing during the quarter, including $3.25 billion for River Bend and $4.25 billion for Beacon Point Phase 1.