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How Hut 8 (HUT) makes money

Hut 8 (HUT) made $71.1M of revenue in the third quarter 2026 (Q3 2026), -15% from a year earlier. High Performance Computing Colocation and Cloud brought in $68.4M (96%); Digital Infrastructure brought in $1.4M (2%); Power brought in $1.3M (2%). Of every dollar of revenue, 448¢ was left as operating profit, 184¢ was left as net earnings.

Drawing the Sankey…

Hut 8 revenue by segment, Q3 2026Hut 8 revenue by segment, Q3 2026High Performance Computing Coloca…$68.4MDigital Infrastructure$1.4MPower$1.3M
Hut 8: revenue by line, Q1 2025 to Q3 2026Hut 8: revenue by line, Q1 2025 to Q3 2026High Performance Comp…High Performance Comp…PowerDigital InfrastructureHigh Performance Computing, Colocation and Cloud: $0 latestHigh Performance Computing Colocation and Cloud: $68.4M latest$68.4MPower: $1.3M latestDigital Infrastructure: $1.4M latestQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Power went from 20% of revenue in Q1 2025 to 2% in Q3 2026, the largest shift in the mix.
Hut 8 revenue by quarterHut 8 revenue by quarter$21.8MQ1 2025$41.3MQ2 2025$83.5MQ3 2025$88.5MQ4 2025$71.0MQ1 2026$74.9MQ2 2026$71.1MQ3 2026
Hut 8: where each dollar of revenue goesHut 8: where each dollar of revenue goesOperating profit448¢Income tax73¢Net earnings184¢Operating cash flow39¢

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
High Performance Computing Colocation and Cloud$68.4M96.3%-6%-2%
Digital Infrastructure$1.4M1.9%+8%-73%
Power$1.3M1.8%+7%-85%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$71.1M100.0%
Operating profit$318M447.7%
Income tax$51.7M72.7%
Net earnings$131M184.4%
Operating cash flow$27.8M39.1%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$71.1M-15%
Q2 2026$74.9M+81%
Q1 2026$71.0M+226%
Q4 2025$88.5M+179%
Q3 2025$83.5M+91%
Q2 2025$41.3M+17%
Q1 2025$21.8M-58%

From Hut 8's 10-Q filed Nov 4, 2026 (on EDGAR).

Questions

How does Hut 8 make money?

Hut 8 (HUT) made $71.1M of revenue in the third quarter 2026 (Q3 2026), -15% from a year earlier. High Performance Computing Colocation and Cloud brought in $68.4M (96%); Digital Infrastructure brought in $1.4M (2%); Power brought in $1.3M (2%). Of every dollar of revenue, 448¢ was left as operating profit, 184¢ was left as net earnings.

What is Hut 8's biggest business?

High Performance Computing Colocation and Cloud: $68.4M in the third quarter 2026, 96% of revenue, -2% from a year earlier.

What is Hut 8's profit margin?

Net earnings were $131M, 184.4% of revenue, in the third quarter 2026; the operating margin was 447.7%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.