Hut 8 cash flow, quarter by quarter

In Q3 2026, Hut 8 generated $27.8M of operating cash flow. That is $27.0M more than in Q3 2025 ($770K).

Over the twelve months to Sep 30, 2026, operating cash flow was −$62.4M; the largest uses were other investing ($4.2B), net borrowing (+) / repaid (−) ($239M), operating cash flow ($62.4M); besides operations, cash came from other financing ($8.1B), shares issued ($10.5M); the cash balance rose by $3.7B.

Operating cash flow was $27.8M against net income of $189M — 0.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$64.7M, deferred taxes +$49.7M, depreciation & amortization +$40.1M.

Its cash conversion cycle was -241 days (receivables 12 + inventory 0 − payables 252): suppliers fund its working capital.

Hut 8 is burning cash: its operations consume cash, a free cash flow of −$62.4M a year at the current rate against $157M of cash and investments: a runway of about 2.5 years; $200M of debt also comes due within a year, which would need refinancing or new money before any new financing.