# Hut 8 Corp. (HUT)

> Source: Nexqual · https://nexqual.com/HUT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Hut 8 Corp. (HUT), nexqual.com/HUT" · informational, not investment advice.

**Price:** USD 63.97 (-10.63% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 71.58 · day 63.59–69.77 · 52w 31.67–140.8 · market cap $7.88B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $318M, net income -$600M (-188.6% margin) (SEC filings).
- 2 of 80 tracked superinvestors hold HUT (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $14.7M; 3 not under a Rule 10b5-1 plan ($6.9M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.78 on a 1–5 scale) (23 analysts), mean target USD 151.91 (range 96–275).
- Total return with dividends: 1Y +57.4% vs S&P 500 +14.9%; 5Y +14.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -1.21, revenue estimate $77.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $73.7M | $82.2M | $96.0M | $162M | $235M | $318M |
| Gross profit | $47.9M | $39.0M | $41.9M | $75.7M | $127M | — |
| Operating income | -$19.8M | -$68.7M | $9.4M | $461M | -$322M | -$939M |
| Net income | -$31.8M | -$65.6M | $21.9M | $332M | -$226M | -$600M |
| EPS (diluted) | -$0.94 | -$1.58 | $0.44 | $3.40 | -$2.14 | — |
| Gross margin | 65.0% | 47.5% | 43.6% | 46.6% | 54.2% | — |
| Operating margin | -26.9% | -83.6% | 9.8% | 283.6% | -136.9% | -295.3% |
| Net margin | -43.1% | -79.9% | 22.7% | 204.4% | -96.2% | -188.6% |
| Revenue growth | — | +11.4% | — | +69.1% | +44.8% | — |
| Cash + short-term investments | $21.1M | $10.4M | $30.5M | $85.0M | $44.9M | — |
| Total debt | $128M | $151M | $187M | $301M | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 24.8x · P/B 5.5x · Earnings yield -7.60%
P/E at fiscal year-ends: Dec 2024 6.2x, Dec 2023 30.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold HUT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Stephen Mandel | Lone Pine Capital | 4.07% | $666M | Reduced -5.0% |
| Daniel Loeb | Third Point | 3.27% | $152M | Added +51.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-24 | Shattuck Mayo A Iii | Director | 20,000 | $2.0M | 18.3% | Yes (adopted June 25, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-24 | Glennan Sean Joseph | Chief Financial Officer | 6,445 | $508K | 26.4% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-17 | Semah Victor | Chief Legal Officer | 10,000 | $1.3M | 24.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-11…2026-06-12 | Flinn Joseph | Director | 38,219 | $4.5M | 78.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-21 | Wilkinson Amy Marie | Director | 20,000 | $2.0M | 7.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11…2026-05-13 | Rickertsen Rick | Director | 33,987 | $3.7M | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-04 | Semah Victor | Chief Legal Officer | 10,518 | $808K | 20.3% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.78 on a 1–5 scale), 23 analysts; mean target USD 151.91 (low 96, high 275).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Piper Sandler | Target lowered | Overweight | $143 → $123 |
| 2026-10-16 | Cantor Fitzgerald | Target lowered | Overweight | $180 → $151 |
| 2026-10-12 | Morgan Stanley | Target raised | Overweight | $273 → $275 |
| 2026-10-07 | Canaccord Genuity | Maintained | Buy | $130 |
| 2026-09-23 | UBS | Initiated | Buy | $143 |
| 2026-09-21 | Rothschild & Co | Initiated | Neutral | $96 |
| 2026-09-17 | Wells Fargo | Initiated | Overweight | $175 |
| 2026-08-06 | Piper Sandler | Target raised | Overweight | $127 → $143 |
| 2026-08-06 | Keefe, Bruyette & Woods | Target lowered | Outperform | $157 → $154 |
| 2026-08-05 | Rosenblatt | Maintained | Buy | $124 |
| 2026-08-05 | Needham | Target lowered | Buy | $145 → $138 |
| 2026-08-03 | B. Riley Securities | Target raised | Buy | $130 → $163 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +57.4% | +14.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +57.6% | +2.8% |
| Volatility (annualized) | 105.6% | 101.5% |
| Max drawdown | -51.9% (Jun 2026→Oct 2026) | -94.4% (Nov 2021→Dec 2022) |

## Peers (Capital Markets)
HLI (Houlihan Lokey, Inc.) USD 133.24 +3.78% · EVR (Evercore Inc.) USD 255.39 +1.34% · GLXY (Galaxy Digital Inc.) USD 15.29 -9.69% · SF (Stifel Financial Corporation) USD 67.85 +2.17% · JEF (Jefferies Financial Group Inc.) USD 45.64 +1.35% · IREN (IREN LIMITED) USD 25.51 -8.37%

## More
Full page: https://nexqual.com/HUT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HUT's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1964789/000110465926019392/hut-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Macquarie Group | "We generate revenue from our 80.1% interest in a joint venture with Macquarie Group Limited ("Macquarie"), a global financial services and infrastructure investment firm, which provides capacity and energy to the electri…" |
| Partner | American Bitcoin Corp. (ABTC) | "American Bitcoin anchors this approach under long-term commercial agreements pursuant to which we are its exclusive infrastructure development and operating partner." |
| Partner | Ionic Digital Inc. (IOND) | "During the fourth quarter of 2024, our agreement with Ionic Digital Inc. ("Ionic") to host approximately 8,500 miners (0.8 EH/s) at our Alpha site was terminated." |
| Partner | NYDIG Trust Company | "The decrease of $10.7 million was primarily driven by a $6.7 million increase in equity in earnings of our unconsolidated joint venture and a decrease of $3.0 million in interest expense driven by the NYDIG debt restruct…" |
| Partner | Coinbase Credit | "In June 2025, we amended our Credit Agreement with Coinbase to, among other things, amend and increase available capacity under the credit facility from $65.0 million to up to $130.0 million." |
| Partner | TRANSALTA CORP (TAC) | "On November 17, 2025, the Company announced that it entered into a definitive share purchase agreement with TransAlta Corporation, under which TransAlta Corporation would acquire the 310-megawatt portfolio of four natura…" |
| Partner | Bitmain Technologies Georgia | "With respect to the material weaknesses above, management, under the oversight of the Audit Committee, completed the remediation activities over the twelve months ended December 31, 2025, which included (i) replacing our…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| High Performance Computing Colocation & Cloud | $72.5M | 96.7% | +111.3% |
| Digital Infrastructure | $33.0M | 44.0% | +108.4% |
| Power | $5.5M | 7.3% | -38.3% |
| Total revenue | $74.9M | 100% | — |
The lines above cover 148% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| High Performance Computing Colocation & Cloud | $72.5M | 96.7% | +111.3% |
| Digital Infrastructure | $1.3M | 1.7% | -15.0% |
| Power | $1.2M | 1.6% | -78.6% |
| Total revenue | $74.9M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $72.2M | 96.4% | +113.1% |
| Canada | $2.7M | 3.6% | -63.5% |
| Total revenue | $74.9M | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "To register for the webcast, use the following link: app.webinar.net/aA6jEPYlwy5 Supplemental Materials and Upcoming Communications The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data."
- "Expected NOI contribution also excludes the impact of selling, general and administrative expenses and depreciation and amortization, each of which has a real economic effect and could materially impact the Company's consolidated financial results."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.21 | $-0.41 | +198.8% | $77.1M | 4 |
| Next quarter (ends 2026-12-31) | $-1.21 | $-0.53 | +126.8% | $73.8M | 4 |
| Current fiscal year (ends 2026-12-31) | $-3.42 | $0.59 | -680.2% | $297.6M | 3 |
| Next fiscal year (ends 2027-12-31) | $-5.15 | $-1.86 | +177.1% | $581.2M | 7 |