Hut 8 Corp. Common Stock 2026 Q2 Earnings Call

Let's get started. Hi. Good morning, everyone.

Thank you for joining us. I'll start today with a conversation with Mark Eidelman, our new head of investor relations, who joined us in June from NextEra Energy. Mark has spent the last several weeks speaking with the research and investor community. I asked him to share some of the comments, questions, observations that he has heard most. After our discussion, Sean will walk through the quarter. We'll open up the line for questions.

I think everything starts with one simple observation. Electricity is becoming one of the scarcest resources in the economy. Hut 8 is an energy infrastructure platform. We build large-scale digital infrastructure around scarce power. AI, Bitcoin mining, high-performance computing, and whatever comes next are applications running on that platform. AI happens to be the highest value application today. Power-first is not simply a development strategy. It is the operating system for how we allocate capital, manage risk, and build the business. Bitcoin mining was our first proof point. We learned how to source low-cost power, build infrastructure faster and more efficiently, and operate assets at scale. AI infrastructure rewards those same capabilities, but across larger deployments, longer duration contracts, and more financiable cash flows. The operating model has not changed. The opportunity has expanded. In practice, our framework is repeatable.

Originate power, secure site control and interconnection, commercialize with high credit quality counterparties, finance efficiently, and build and operate against long duration contracted cash flows. River Bend, Beacon Point, and the financings we will discuss today are outputs of that same framework. We're not building a collection of projects. We're building a platform that repeatedly converts scarce power into long duration contracted infrastructure assets.

Power-first is not the differentiator. Capability is. The differentiator is the ability to consistently originate, commercialize, finance, and execute infrastructure around scarce power. That starts with how we allocate capital. We don't underwrite applications. We underwrite scarce power. Applications change. Customer demand changes. Technology changes. Our job is to preserve the flexibility to commercialize that power through the highest value use case over time. Beacon Point is a good example. When we first invested in the site, we underwrote a Bitcoin commercialization path because it offered attractive risk-adjusted returns when we weren't sure the location hit the requirements of AI workloads. We never underwrote the investment around one outcome. We preserved multiple commercialization paths from day one. As AI demand accelerated and locations started being more of a preference rather than a requirement, we commercialized the same underlying power through a higher value application.

We did not predict the future. We built the flexibility to adapt to it. Our first two AI campuses were not existing Bitcoin mining facilities that we converted, and I think that's really important for people to understand about the Hut 8 story. Our first two campuses that we've announced were not existing Bitcoin mining facilities that we had converted. They were greenfield campuses that we originated from the ground up, commercialized with investment-grade anchored counterparties, and financed in the investment-grade markets, and are now executing through construction. At the same time, approximately 700 MW of our infrastructure supports our affiliated tenant, American Bitcoin. That demonstrates that we can commercialize power through more than one application, and the market has already provided meaningful evidence of that capability. We have three 15-year leases with investment-grade anchored counterparties in the last nine months alone.

Two of the first investment-grade construction financings for single sponsor data center projects. Multiple greenfield campuses advanced through origination, commercialization, financing, and now construction. In infrastructure, capability is not measured by what you say. It is measured by what customers sign and what capital markets finance.