Hut 8 expands buyback capacity while AI campuses move toward delivery

Hut 8 expanded its share-repurchase authorisation to $1 billion as its third-quarter results showed a business moving from Bitcoin mining toward large AI infrastructure projects. The company reported $71.1 million in revenue and $131.1 million in net income attributable to Hut 8 for the quarter ended September 30, 2026.

The November 4 update linked capital returns to Bitcoin sales and detailed construction milestones for River Bend and Beacon Point. Those projects are central to the company's future lease revenue, but their delivery schedules extend into 2027 and 2028.

Bitcoin funds completed repurchases

Hut 8 spent $74.7 million buying back shares during the quarter and another $175.3 million after quarter-end. Both sets of repurchases were funded with proceeds from Bitcoin sales, completing the earlier $250 million programme before the board increased total authorisation.

The larger programme gives management capacity for further purchases; it does not mean the remaining amount has already been spent. The company also closed a $1.07 billion revolving credit facility, with no borrowings outstanding at September 30.

These are separate capital decisions. Selling Bitcoin converts a balance-sheet asset into funds available for buybacks, while a credit commitment provides financing capacity subject to its terms. Neither measure on its own demonstrates the operating returns of an unfinished data centre.

Future leases depend on delivery

The second Beacon Point lease added 352 megawatts of contracted IT capacity. Hut 8 placed expected aggregate base-term contract value across its AI data-centre portfolio at about $26.6 billion.

Initial data-hall delivery is targeted for the second quarter of 2027 at River Bend, the third quarter of 2027 at Beacon Point's first phase and the second quarter of 2028 at its second phase. These are company targets, and contract values represent revenues over the relevant terms rather than revenue recognised in the latest quarter.

Reported profit reflects Bitcoin valuations

The earnings picture also requires attention to accounting measures. Consolidated net income was $189.5 million, of which $131.1 million was attributable to Hut 8. Results included a $413.8 million digital-asset remeasurement gain. Adjusted EBITDA, a non-GAAP measure, was $33 million compared with $30.5 million a year earlier.

Those differences show why quarterly profit alone offers an incomplete view of the transition. Bitcoin valuation movements influence reported earnings, while construction progress determines when the new lease business starts producing revenue. The next operational test is delivering contracted capacity on schedule and turning those commitments into recurring income.