Hut 8 posts $74.9 million second quarter revenue

• The single biggest result was Hut 8 reporting $74.9 million in second-quarter revenue and a net loss of $177.1 million.
• The digital asset company closed $7.5 billion in project financing and ended the quarter with $8.1 billion in cash and Bitcoin (CRYPTO:BTC).
• Management stated they expect average annual NOI to reach $1.75 billion driven by its new AI data center campus.

Hut 8 (NASDAQ:HUT) reported $74.9 million in second-quarter revenue, marking an increase driven by $72.5 million from its compute operations.

This revenue growth contrasts with $41.3 million last year, though the company also recorded a net loss of $177.1 million.

The net loss was primarily driven by $138.6 million in unrealized losses on digital assets, including Bitcoin, held on the balance sheet.

During the quarter, the business completed commercialization of its AI data center.

The digital infrastructure company also secured a 15-year lease for 352 MW, bringing its total contracted IT capacity to 949 MW.

Across all campuses, the company stated it expects the base-term contract value to reach $26.6 billion as it expands capacity.