According to its earnings report, Hut 8 shares surged more than 35% on Wednesday (May 7) despite the company reporting a net loss of $253 million for Q1 2026. The loss was primarily driven by a decline in the market value of the company’s Bitcoin holdings as the asset experienced significant volatility during the period.
Investor sentiment improved after Hut 8 announced a $9.8 billion, 15-year AI infrastructure deal involving 352 megawatts of leased power capacity to a third-party artificial intelligence company. Quarterly revenue fell to $71 million, down 22% from the previous quarter, but the company’s ASIC compute operations, AI cloud services, and traditional cloud infrastructure collectively generated roughly $66 million in revenue during the quarter.
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