The following discussion and analysis of our financial condition and results of operations should be read together with our Unaudited Condensed Consolidated Financial Statements and the related notes and the other financial information included elsewhere in this Quarterly Report and with our Audited Consolidated Financial Statements included in our Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual business, financial condition, and results of operations could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Quarterly Report and in the Annual Report, particularly under “Item 1A. Risk Factors.” See also “Cautionary Statement Regarding Forward-Looking Statements.” Our historical results are not necessarily indicative of the results that may be expected for any period in the future. ​ Business Overview ​ Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach. ​ Q2 2026 Highlights ​ ● Beacon Point Phase 2 Lease. In July 2026, we entered into a second long-term triple-net lease with the same high-investment-grade technology company that is the tenant for Beacon Point Phase 1, fully contracting our Beacon Point campus in Nueces County, Texas. Beacon Point Phase 2 comprises 352 MW of additional critical IT capacity (approximately 500 MW utility capacity) and is expected to generate average annual NOI of approximately $655.0 million. The Beacon Point Phase 2 Lease has an estimated base contract value of approximately $9.8 billion over its 15-year initial term, including 3% annual rent escalators, and three five-year renewal options that could increase its potential value to approximately $25.1 billion. Initial delivery is expected to start in Q2 2028. The second lease fully contracts the Beacon Point campus, bringing Beacon Point’s total contracted critical IT capacity to 704 MW (approximately 1 GW utility capacity). Together, the two leases represent approximately $19.6 billion of aggregate base contract value and $1.31 billion of expected average annual NOI, with potential aggregate contract value of approximately $50.2 billion if all renewal options are exercised. ​ ● $4.25 Billion Beacon Point Phase 1 Financing. In June 2026, our wholly owned subsidiary, Beacon Point DC LLC (“Beacon Point DC”), issued $4.25 billion in aggregate principal amount of Senior Secured Notes due 2042 (the “Beacon Point Notes”), bearing interest at 6.129% per annum, to finance the development and construction of Beacon Point Phase 1 in Nueces County, Texas, comprising 352 MW of critical IT capacity. The Beacon Point Notes are rated Baa2 by Moody’s Ratings, secured by first-priority liens on substantially all assets of Beacon Point DC, other than certain excluded property, as well as a pledge of the equity interests in Beacon Point DC held by Beacon Point Holding LLC, the direct parent company of Beacon Point DC. The Beacon Point Notes are non-recourse to Hut 8. ​ 49 Table of Contents Key Factors Affecting Our Performance Power constraints Access to energy is a key factor affecting our ability to meet growing demand for high performance computing (“HPC”), artificial intelligence (“AI”), and application specific integrated circuit (“ASIC”) compute and to scale our digital infrastructure platform. Power is the foundation of our operations. We acquire, develop, and manage critical energy assets such as interconnects, powered land, and other electrical infrastructure to address the load demands of energy-intensive applications. As competition for power intensifies, our performance depends on originating, commercializing, and optimizing energy capacity at scale. We believe our experience in power origination, infrastructure design, and load optimization positions us to manage these constraints and support continued growth. Our portfolio currently provides access to competitively priced electrical power in the regions where we operate; however, there is no guarantee that we will be able to procure additional power on similar terms, or at all. Market prices for power, capacity, and ancillary services are unpredictable and tend to fluctuate substantially. See “Risk Factors—Risks Related to Our Business and Operations—We are subject to risks associated with our need for significant electrical power” in the Annual Report. Expansion into AI infrastructure services and other energy-intensive use cases A key factor affecting our performance is our ongoing expansion into AI infrastructure services and other energy-intensive use cases. We are leveraging our existing development and operational expertise to develop data centers that support specialized workloads for enterprise and hyperscale customers and other next-generation, energy-intensive use cases. Success in this area depends on various factors, including our ability to develop future sites, manage construction and delivery schedules, secure and retain customers, manage capital efficiently, and compete effectively in emerging technology markets. While this expansion may increase operating and capital costs and expose us to execution and market risks, management believes our experience in power origination, development, and management in large-scale digital infrastructure development position us to capture long-term growth opportunities in the evolving AI sector and other next-generation, energy-intensive use cases. Price of Bitcoin While we are migrating towards less volatile, lower cost-of-capital businesses, such as data centers, our current financials remain heavily dependent on the price of Bitcoin, which has historically experienced significant volatility. Our exposure is driven primarily by the Bitcoin held on our consolidated balance sheet, including Bitcoin held directly by us and American Bitcoin in our respective strategic reserves. In addition, our consolidated results reflect American Bitcoin’s activities as a Bitcoin accumulation platform and its strategy of purchasing and holding Bitcoin. Lastly, we generate revenue from Bitcoin rewards that are earned through mining operations at our facilities, the majority of which are conducted through American Bitcoin. ​ Under ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), Bitcoin is revalued at fair value at the end of each reporting period, with changes in fair value recognized in net income. As a result, fluctuations in Bitcoin prices may impact our consolidated financial performance, including mark-to-market adjustments on Bitcoin, but do not reflect changes in our core operating performance. ​ Bitcoin network difficulty and hashrate Our consolidated business is not only impacted by the volatility in Bitcoin prices, but American Bitcoin is also affected by increases in the competition for Bitcoin production, specifically for ASIC compute. This increased competition is described as the network hashrate resulting from the growth in the overall quantity and quality of miners working to solve blocks on the Bitcoin blockchain, and the difficulty index associated with the secure hashing algorithm employed in solving the blocks. Increased difficulty reduces the mining proceeds of the equipment proportionally and eventually requires Bitcoin miners like American Bitcoin, to upgrade their equipment to remain profitable and compete effectively with other miners. Conversely, a decline in network hashrate results in a decrease in difficulty, increasing mining proceeds and profitability. 50 Table of Contents Block reward and halving The current Bitcoin reward for solving a block is 3.125 Bitcoin. The Bitcoin network is programmed such that the Bitcoin block reward is halved every 210,000 blocks mined, or approximately every four years. This reduction in reward spreads out the release of Bitcoin over a long period of time as fewer Bitcoin are mined with each halving event. Bitcoin halving events impact the number of Bitcoin that we mine, including through American Bitcoin which, in turn, may have a potential impact on our results of operations. The last halving event occurred in April 2024, and the next halving event is expected to occur in 2028. Key Performance Indicators In addition to our financial results and generally accepted accounting principles in the United States of America (“GAAP”) financial measures, we use certain key performance indicators to evaluate our business, identify trends, and make strategic decisions. Certain Key Performance Indicators for the prior period were reclassified to align with updated definitions. The following table presents our key performance indicators, which are rounded, as of June 30, 2026 and 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ ​ ​ ​ 2026 ​ 2025 Energy Capacity Under Diligence ​ ​ 5,400 MW ​ ​ 5,170 MW Energy Capacity Under Exclusivity ​ ​ 1,880 MW ​ ​ 2,040 MW Energy Capacity Under Development ​ ​ 550 MW ​ ​ 330 MW Energy Capacity Under Construction ​ ​ 830 MW ​ ​ — MW Energy Capacity Under Management ​ ​ 710 MW ​ ​ 1,020 MW Total Energy Capacity Pipeline ​ ​ 9,370 MW ​ ​ 8,560 MW ​ Energy Capacity Under Diligence Energy Capacity Under Diligence represents greenfield opportunities identified for large-load use cases such as AI, HPC, ASIC compute, industrial applications such as next-generation manufacturing, and other energy-intensive technologies. At this stage, we generally invest limited development capital, representing an immaterial portion of the project’s anticipated total development cost, to assess a site’s potential by engaging with utilities, landowners, power generators, local, state and regulatory bodies, and other stakeholders to evaluate critical factors, including power availability, infrastructure readiness, fiber connectivity, and overall commercial viability. We monitor Energy Capacity Under Diligence to assess the breadth of our pipeline of potential development sites and to prioritize the allocation of development resources among them. Energy Capacity Under Diligence as of June 30, 2026, was 5,400 MW compared to 5,170 MW as of June 30, 2025. The net increase reflects the addition of newly identified sites, partially offset by the advancement of certain sites into other development categories and the removal of sites that no longer met our strategic, commercial, infrastructure, or regulatory criteria. Energy Capacity Under Exclusivity Energy Capacity Under Exclusivity represents sites where we have secured site control and completed a suitable power study indicating a viable path to the power and infrastructure required for deployment. We monitor Energy Capacity Under Exclusivity to assess the inventory of sites available for near-term advancement into development as commercial demand and capital availability warrant. Energy Capacity Under Exclusivity was 1,880 MW as of June 30, 2026, compared with approximately 2,040 MW as of June 30, 2025. The net decrease reflects sites advancing to subsequent development categories and the removal of sites that no longer met our strategic, commercial, infrastructure or regulatory criteria, partially offset by sites advancing from Energy Capacity Under Diligence to Energy Capacity Under Exclusivity. 51 Table of Contents Energy Capacity Under Development Energy Capacity Under Development represents sites where we are actively investing in development and commercialization by executing definitive land and/or power agreements, advancing site design and infrastructure buildout, and engaging with prospective customers. We monitor Energy Capacity Under Development to assess the capital we have committed to sites in advance of commercialization and to plan the financing, construction, and other resources required as projects approach commercialization. Energy Capacity Under Development as of June 30, 2026 was approximately 550 MW compared to 330 MW as of June 30, 2025. The net increase reflects the addition of two sites into development – the 500 MW Beacon Point Phase 2 site in Texas and an approximately 50 MW site in Illinois – partially offset by the advancement of the 330 MW River Bend site into Energy Capacity Under Construction during the period. Subsequent to June 30, 2026, we executed a lease for Beacon Point Phase 2 with the same high-investment-grade tenant for Phase 1. The lease fully commercialized the Beacon Point campus and advanced Phase 2 to Energy Capacity Under Construction. Energy Capacity Under Construction Energy Capacity Under Construction represents sites where we have executed definitive commercial agreements and commenced construction activities. This stage includes oversight of contractors, equipment delivery, and commissioning schedules to ensure projects are completed safely, on time, and within budget. We monitor Energy Capacity Under Construction to manage the pace of capital deployment and to track project delivery against contractual customer timelines. Energy Capacity Under Construction as of June 30, 2026 was 830 MW, comprised of the 330 MW River Bend site and the 500 MW Beacon Point Phase 1 site, compared to 0 MW as of June 30, 2025. Subsequent to June 30, 2026, we executed a lease for Beacon Point Phase 2 with the same high-investment-grade tenant for Phase 1. The lease fully commercialized the Beacon Point campus and advanced Phase 2 to Energy Capacity Under Construction. Energy Capacity Under Management Energy Capacity Under Management comprises all power-related assets, including power generation, managed services, ASIC and Central Processing Unit (“CPU”) infrastructure, ASIC compute, traditional cloud, and non-operational sites. We monitor Energy Capacity Under Management to assess the utilization of our operating assets and to identify capacity that may be redeployed toward higher-value applications or divested. Energy Capacity Under Management was 710 MW as of June 30, 2026, compared to 1,020 MW as of June 30, 2025. The decrease was driven by the divestiture of the Far North JV in February 2026, which consisted of four power generation assets in Ontario totaling approximately 310 MW. Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA, inclusive of digital assets mark-to-market, and Adjusted EBITDA, which are non-GAAP financial measures, to evaluate our business, measure our performance, and make strategic decisions. Adjusted EBITDA, inclusive of digital assets mark-to-market We define Adjusted EBITDA, inclusive of digital assets mark-to-market, as net income or loss adjusted for interest expense, interest income, income tax benefit or provision, depreciation and amortization, our share of depreciation and amortization from unconsolidated joint ventures, net of basis adjustments, foreign exchange loss or gain, loss or gain on the sale of property and equipment, gain or loss on derivatives, loss or gain on other financial liability, gain on warrant liability, gain on the sale of the Far North JV, net of transaction costs, non-recurring transactions and asset contribution costs, net loss or income attributable to non-controlling interests, and stock-based compensation expense. 52 Table of Contents Adjusted EBITDA We define Adjusted EBITDA as Adjusted EBITDA, inclusive of digital assets mark-to-market, further adjusted to exclude loss or gain on digital assets attributable to Hut 8 Corp., which removes the effect of mark-to-market fluctuations of digital assets held on our balance sheet. Our digital assets are considered primarily long-term holdings, and periodic appreciation or depreciation in the fair value of such holdings does not reflect the results from our core operations. How we use these measures Our board of directors and management team use Adjusted EBITDA, inclusive of digital assets mark-to-market, and Adjusted EBITDA to assess our financial performance as these measures allow for the comparison of operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above). Adjusted EBITDA further excludes the impact of changes in the fair value of our digital asset holdings, which may otherwise affect the comparability of our financial results across periods. Investors are encouraged to evaluate each adjustment and the reasons our board of directors and management believe these measures provide useful supplemental information. Limitations Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA, inclusive of digital assets mark-to-market, and Adjusted EBITDA. In evaluating these measures, you should be aware that we may incur expenses in the future that are the same as, or similar to, certain adjustments reflected in the calculation of these measures. Accordingly, the presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. We may modify the calculation or presentation of these measures in the future, and any such modification could be material. These measures have important limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of our results reported in accordance with GAAP. Because other companies, including companies in our industry, may calculate similarly titled measures differently, our non-GAAP measures may not be comparable to those reported by other companies, which limits their usefulness for comparative purposes. For a reconciliation to our most directly comparable financial measure calculated and presented in accordance with GAAP, please see “—Results of Operations” below. Business Segments We have four reportable business segments: Power, Digital Infrastructure, Compute, and Other. Power The Power business segment consists of Power Generation and Managed Services. Power Generation In February 2026, we completed the divestiture of the Far North JV, and accordingly no longer generate revenue from these assets. We previously generated revenue from our interest in the Far North JV which acquired four natural gas power plants in Ontario, Canada in February 2024. Our ownership interest was initially 80.1% and decreased to 72.8% upon the non-controlling interest holder’s exercise of warrants simultaneously with the sale of the power plants. The power generation facilities are connected to the Independent Electricity System Operator, which operates Ontario’s power grid, and primarily generated revenue from capacity and electricity sales. Revenue generated from capacity and electricity sales was variable and depended on several factors, including generation capacity in the market, the supply and demand for electricity, and the prevailing price of natural gas. 53 Table of Contents Managed Services Our Managed Services business provides institutional partners with an end-to-end partnership model for energy infrastructure development, including: ● Project inception: site design, procurement, and construction management; ● Project operationalization: software automation, process design, personnel hiring, and team training; ● Revenue management: utility contracts, hosting operations, and customer management; ● Project optimization: energy portfolio optimization and strategic initiatives; and/or ● Compliance and reporting: finance, accounting, and safety. Cash flows in our Managed Services business are generated through a fee structure that is typically fixed based on power capacity under management, with reimbursement of passthrough costs. In addition to the fixed fee, under certain agreements, further cash flows may be driven from incentive bonuses and certain energy management services. As of June 30, 2026, we managed 280 MW of energy capacity under this program at one site in the United States owned by the King Mountain JV. Starting April 1, 2025, we began operating as the exclusive provider of managed services to American Bitcoin via the execution of a Master Managed Services Agreement (“MSA”). Under the MSA, we provide American Bitcoin with management, oversight, strategy, compliance, operational, and other services for American Bitcoin’s mining operations. These operations are colocated at our facilities. The fee structure typically consists of (i) a fixed fee of $1.250/kW-month based on the power capacity of each facility, as well as (ii) designated site-level reimbursements. As American Bitcoin is a consolidated subsidiary, all fees under the MSA are eliminated in consolidation. Digital Infrastructure Under our ASIC infrastructure business, we enter into contracts to host and operate mining equipment on behalf of third parties within our facilities. These services include the provision, if applicable, and hosting of mining equipment as well as the monitoring, troubleshooting, repair, and maintenance of such equipment. Revenues from ASIC infrastructure services are generated through fees that may be fixed or based on profit-sharing arrangements, often with reimbursement for certain pass-through costs, such as electricity. Starting April 1, 2025, we began operating as the exclusive provider of ASIC infrastructure services to American Bitcoin via the execution of a Master Colocation Services Agreement (“CSA”). Under the CSA, we provide ASIC infrastructure services for American Bitcoin’s miners at our facilities. The fee structure typically includes (i) a fixed monthly fee that targets a 25% yield on cost of each facility as of the start of the specific service order under the CSA, subject to an annual increase, as well as (ii) infrastructure-related site level reimbursements. As American Bitcoin is a consolidated subsidiary, all fees under the CSA are eliminated in consolidation. Through our Hut 8 Canada business, we provide data center and cloud infrastructure services, including colocation solutions, supported by approximately 3 MW of energy capacity and more than 36,000 square feet of geo-diverse data center space across five locations in Canada. These services support customers operating compute, storage, and network workloads across traditional enterprise, B2B, machine learning, visual effects, and AI. Our CPU infrastructure offering is delivered in Mississauga, Ontario; Vaughan, Ontario; Kelowna, British Columbia; and two locations in Vancouver, British Columbia. The facilities are powered predominately by emission-free energy sources. This segment serves computing needs unrelated to ASIC Compute. These data centers are carrier neutral with network diversity and redundancy from multiple telecommunications providers. Our CPU infrastructure business is based on a fixed-fee model. Customers pay a fixed recurring monthly fee based on a set amount of resources assigned. 54 Table of Contents We are expanding our Digital Infrastructure platform to support AI and other high-performance computing workloads through purpose-built data centers, beginning with the development of our River Bend campus in Louisiana and our fully contracted Beacon Point campus in Texas. Compute ​ Our Compute segment comprises operating businesses that deploy and monetize compute assets across next-generation energy-intensive technology end markets. We generate revenue through the operation of owned compute infrastructure and the provision of compute-based services, with economics driven by hardware utilization, operating efficiency, and market demand. The Compute business segment consists of ASIC Compute, Traditional Cloud, and AI Cloud. ​ ASIC Compute The ASIC Compute segment reflects revenue generated primarily by American Bitcoin. Our ASIC Compute business spanned six sites as of June 30, 2026, which are primarily occupied by American Bitcoin miners and hosted at facilities supported by our ASIC Infrastructure: ● five sites with facilities we own and/or lease, and operate: (1) Alpha (Niagara Falls, New York), (2) Medicine Hat (Medicine Hat, Alberta), (3) Salt Creek (Orla, Texas), (4) Vega (Amarillo, Texas), and (5) Drumheller (Drumheller, Alberta); and ● one site that we own through a 50% joint venture, King Mountain (McCamey, Texas). Bitcoin rewards are received from mining activity through third-party mining pool operators, which allow miners to combine their processing power, increasing their chances of solving a block and getting paid by the network. We provide computing power to mining pools, which use this computing power to operate nodes and validate blocks on the blockchain. The pools then distribute our pro-rata share of Bitcoin mined to us based on the computing power we contribute. On March 31, 2025, we launched American Bitcoin. Beginning April 1, 2025, ASIC Compute operations previously reported under our Compute segment remain under this segment but operate generally through our majority-owned subsidiary, American Bitcoin. On August 5, 2025, American Bitcoin entered into an On-Rack Sales and Purchase Agreement (the “2025 ABTC Bitmain Purchase Agreement”) with Bitmain Technologies Georgia Limited (“Bitmain”) to purchase up to approximately 17,280 Bitmain Antminer U3S21EXPH ASIC miners (collectively, the “Bitmain Miners”), representing a total of approximately 14.86 EH/s. Concurrently with the execution of the 2025 ABTC Bitmain Purchase Agreement, American Bitcoin purchased 16,299 of the Bitmain Miners, representing a total of approximately 14.02 EH/s, for a total purchase price of approximately $314 million, paid through the pledge of Bitcoin at a mutually agreed upon fixed price. In September 2025, American Bitcoin purchased the remaining 981 Bitmain Miners for a total purchase price of $18.9 million, also paid through the pledge of Bitcoin at a mutually agreed upon fixed price. The Bitcoin pledged under the 2025 ABTC Bitmain Purchase Agreement has a redemption period of approximately 24 months from each pledge date. In March 2026, our site in Drumheller, Alberta was reenergized in anticipation of the delivery and deployment of approximately 11,298 Bitcoin miners from American Bitcoin, representing approximately 3.05 EH/s at approximately 13.5 J/TH, for a total purchase price of $49.4 million, paid through the pledge of Bitcoin at a mutually agreed upon fixed price. The delivery and deployment of these Bitcoin miners was completed in April 2026, increasing American Bitcoin’s total owned fleet capacity from approximately 25.1 to approximately 28.1 EH/s while improving overall portfolio efficiency from approximately 16.3 to approximately 16.0 J/TH. The Bitcoin pledged for this purchase has a redemption period of approximately 24 months from the applicable pledge date. American Bitcoin may elect to extend the pledge period for an additional 12 months. 55 Table of Contents Traditional Cloud Our Traditional Cloud segment reflects revenue generated by Hut 8 Canada. Traditional Cloud services support both public and private cloud deployments, managed backup, business continuity and disaster recovery services, and high-performance, high-capacity storage solutions at our five HPC locations across Canada. We employ a consumption-based fee structure where customers commit to a baseline level of compute, storage, network, or power usage as defined in their service agreements. Any usage beyond this baseline is typically billed incrementally, so costs are aligned with actual resource consumption and customers are afforded flexibility as their needs evolve. AI Cloud Our AI Cloud assets are deployed under our wholly owned subsidiary, Highrise AI, Inc., at a third-party colocation site near Chicago, Illinois. This segment generates recurring revenue through contracts where customers pay for access to graphics processing units (“GPU”) compute resources under on-demand or committed-use arrangements. ​ Other ​ Our Other reporting segment included activities that fall outside the scope of our Power, Digital Infrastructure, and Compute layers. ​ Equipment Sales and Repairs ​ We may sell mining equipment when profitable opportunities arise (e.g., if market prices exceed our procurement cost). We may also repair miners for third parties in exchange for fees, as we have a fully equipped, MicroBT-certified repair center space at our Medicine Hat site. ​ 56 Table of Contents Results of Operations Three Months Ended June 30, 2026 and 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ June 30, ​ ​ Increase (in USD thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ (Decrease) Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Power ​ $ 1,176 ​ $ 5,492 ​ $ (4,316) Digital Infrastructure ​ ​ 1,285 ​ ​ 1,512 ​ ​ (227) Compute ​ ​ 72,471 ​ 34,295 ​ ​ 38,176 Total revenue ​ 74,932 ​ 41,299 ​ ​ 33,633 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue (exclusive of depreciation and amortization shown below): ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue – Power ​ ​ 826 ​ ​ 5,000 ​ ​ (4,174) Cost of revenue – Digital Infrastructure ​ ​ 1,374 ​ ​ 2,120 ​ ​ (746) Cost of revenue – Compute ​ ​ 24,691 ​ ​ 14,656 ​ ​ 10,035 Total cost of revenue ​ ​ 26,891 ​ ​ 21,776 ​ ​ 5,115 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses (income): ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 39,727 ​ ​ 19,458 ​ ​ 20,269 General and administrative expenses ​ ​ 76,080 ​ ​ 30,158 ​ ​ 45,922 Loss (gain) on digital assets ​ ​ 138,597 ​ (217,640) ​ ​ 356,237 Gain on sale of property and equipment ​ ​ (33) ​ (312) ​ ​ 279 Total operating (income) expense ​ ​ 254,371 ​ ​ (168,336) ​ ​ 422,707 Operating (loss) income ​ ​ (206,330) ​ ​ 187,859 ​ ​ (394,189) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (expenses) income: ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange (loss) gain ​ ​ (3,219) ​ ​ 3,114 ​ ​ (6,333) Interest expense ​ ​ (51,160) ​ ​ (8,396) ​ ​ (42,764) Interest income ​ ​ 27,085 ​ ​ — ​ ​ 27,085 Gain (loss) on derivatives ​ ​ 18,315 ​ ​ (18,403) ​ ​ 36,718 Loss on other financial liability ​ ​ (98) ​ ​ (181) ​ ​ 83 Gain on warrant liability ​ ​ 22 ​ ​ — ​ ​ 22 Gain on sale of the Far North JV, net of transaction costs ​ ​ 1,110 ​ ​ — ​ ​ 1,110 Equity in earnings of unconsolidated joint venture ​ 5,671 ​ 1,064 ​ ​ 4,607 Total other expenses ​ (2,274) ​ (22,802) ​ ​ 20,528 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income before income taxes ​ ​ (208,604) ​ ​ 165,057 ​ ​ (373,661) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax benefit (provision) ​ ​ 31,462 ​ ​ (27,574) ​ ​ 59,036 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (177,142) ​ $ 137,483 ​ $ (314,625) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less: Net loss (income) attributable to non-controlling interests ​ ​ 26,951 ​ ​ (171) ​ ​ 27,122 Net (loss) income attributable to Hut 8 Corp. ​ $ (150,191) ​ $ 137,312 ​ $ (287,503) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (177,142) ​ $ 137,483 ​ $ (314,625) Other comprehensive (loss) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustments ​ ​ (12,701) ​ ​ 39,892 ​ ​ (52,593) Total comprehensive (loss) income ​ ​ (189,843) ​ ​ 177,375 ​ ​ (367,218) Less: Comprehensive loss (income) attributable to non-controlling interest ​ ​ 26,951 ​ ​ (227) ​ ​ 27,178 Comprehensive (loss) income attributable to Hut 8 Corp. ​ $ (162,892) ​ $ 177,148 ​ $ (340,040) ​ ​ ​ 57 Table of Contents Adjusted EBITDA reconciliation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ ​ June 30, Increase (in USD thousands) ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ (Decrease) Net (loss) income ​ $ (177,142) ​ $ 137,483 ​ $ (314,625) Interest expense ​ 51,160 ​ ​ 8,396 ​ ​ 42,764 Interest income ​ ​ (27,085) ​ ​ — ​ ​ (27,085) Income tax (benefit) provision ​ (31,462) ​ ​ 27,574 ​ ​ (59,036) Depreciation and amortization ​ 39,727 ​ ​ 19,458 ​ ​ 20,269 Share of unconsolidated joint venture depreciation, amortization, net of basis adjustments (1) ​ 2,159 ​ ​ 5,543 ​ ​ (3,384) Foreign exchange loss (gain) ​ ​ 3,219 ​ ​ (3,114) ​ ​ 6,333 Gain on sale of property and equipment ​ ​ (33) ​ ​ (312) ​ ​ 279 (Gain) loss on derivatives ​ ​ (18,315) ​ ​ 18,403 ​ ​ (36,718) Loss on other financial liability ​ ​ 98 ​ ​ 181 ​ ​ (83) Gain on warrant liability ​ ​ (22) ​ ​ — ​ ​ (22) Gain on sale of the Far North JV, net of transaction costs ​ ​ (1,110) ​ ​ — ​ ​ (1,110) Non-recurring transactions (2) ​ ​ — ​ ​ 3,739 ​ ​ (3,739) Loss (income) attributable to non-controlling interest ​ ​ 12,985 ​ ​ (3,786) ​ ​ 16,771 Stock-based compensation expense ​ 51,239 ​ ​ 7,640 ​ ​ 43,599 Adjusted EBITDA, inclusive of digital assets mark-to-market ​ $ (94,582) ​ $ 221,205 ​ $ (315,787) Loss (gain) on digital assets attributable to Hut 8 Corp. ​ ​ 105,031 ​ ​ (217,014) ​ ​ 322,045 Adjusted EBITDA ​ $ 10,449 ​ $ 4,191 ​ $ 6,258 (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in accordance with ASC 323. See Note 8. Investment in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail. (2) There were no non-recurring transactions for the three months ended June 30, 2026. Non-recurring transactions for the three months ended June 30, 2025 represent approximately $3.7 million of restructuring costs and ABTC related transaction costs. ​ Revenue Total revenue was $74.9 million and $41.3 million for the three months ended June 30, 2026, and 2025, respectively, and consisted of Power, Digital Infrastructure, and Compute. Power Power revenue was $1.2 million and $5.5 million for the three months ended June 30, 2026 and 2025, respectively. This $4.3 million decrease was primarily driven by a $4.3 million decrease in electricity sales resulting from the sale of the Far North JV in February 2026, compared to a full quarter of the Far North JV activity in 2025. Digital Infrastructure Digital Infrastructure revenue was $1.3 million and $1.5 million for the three months ended June 30, 2026 and 2025, respectively. This $0.2 million decrease was primarily attributable to a $0.1 million decrease in CPU Infrastructure revenue resulting from customer churn, and a $0.1 million decrease in ASIC colocation revenue following the termination of the Vega colocation agreement when American Bitcoin exercised its option to purchase the miners at the site in August 2025. Compute Compute revenue was $72.5 million and $34.3 million for the three months ended June 30, 2026 and 2025, respectively, representing an increase of $38.2 million. The increase was primarily driven by higher ASIC Compute revenue, reflecting an increase in Bitcoin mined from approximately 308 to approximately 935, partially offset by a decrease in average revenue per Bitcoin mined from approximately $98,320 to approximately $71,905. The increase in Bitcoin mined was primarily attributable to additional operating capacity following the commencement of ASIC Compute operations at the Vega site in August 2025 and re-energization of the Drumheller site in March 2026. 58 Table of Contents Cost of Revenue Total cost of revenue was $26.9 million and $21.8 million for the three months ended June 30, 2026 and 2025, respectively, and consisted of Power, Digital Infrastructure, and Compute. Power Power cost of revenue was $0.8 million and $5.0 million for the three months ended June 30, 2026 and 2025, respectively. The $4.2 million decrease was primarily attributable to lower costs associated with electricity sales following the divestiture of the Far North JV in February 2026. Digital Infrastructure Digital Infrastructure cost of revenue was $1.4 million and $2.1 million for the three months ended June 30, 2026 and 2025, respectively. The $0.7 million decrease was primarily attributable to lower pass-through costs under the ASIC colocation agreement with Bitmain at the Vega site as the agreement was terminated in August 2025. Compute Compute cost of revenue was $24.7 million and $14.7 million for the three months ended June 30, 2026 and 2025, respectively. This $10.0 million increase was primarily driven by a $10.6 million increase in ASIC Compute costs resulting from additional operating capacity as a result of the commencement of ASIC Compute operations at the Vega site in August 2025 and re-energization of the Drumheller site in March 2026, partially offset by a $0.4 million decrease in AI Cloud costs. Depreciation and Amortization Depreciation and amortization expense was $39.7 million and $19.5 million for the three months ended June 30, 2026 and 2025, respectively. This $20.2 million increase was primarily driven by $17.6 million of higher depreciation on American Bitcoin’s ASIC miners as a result of the commencement of ASIC Compute operations at the Vega site in August 2025 and re-energization of the Drumheller site in March 2026, and $5.4 million of depreciation of our mining infrastructure and related machinery and equipment related to the construction and energization of our Vega site in June 2025. These increases were partially offset by a decrease in depreciation of power plant assets of $1.6 million as they were sold in the Far North JV sale in February 2026. General and Administrative Expenses General and administrative expenses were $76.1 million and $30.2 million for the three months ended June 30, 2026 and 2025, respectively. The $45.9 million increase was primarily attributable to (i) a $43.6 million increase in share-based compensation expense, (ii) a $4.1 million increase in salaries and benefits resulting from additional headcount to support our growth initiatives, primarily within our Energy Origination function, (iii) a $1.8 million increase in general marketing and administrative expenses, including higher rent expense for our new, larger corporate headquarters, and (iv) a $0.6 million increase in insurance expense resulting primarily from growth in our asset base. These increases were partially offset by a $3.5 million decrease in transaction costs associated with the merger between Gryphon Digital Mining, Inc. and American Bitcoin, which closed in September 2025. Loss on Digital Assets Losses on digital assets were $138.6 million for the three months ended June 30, 2026, compared to a gain on digital assets of $217.6 million for the three months ended June 30, 2025. The unfavorable variance was primarily driven by a decrease in the price of Bitcoin in the three months ended June 30, 2026 compared to an increase in the price of Bitcoin for the three months ended June 30, 2025. In the three months ended June 30, 2026, Bitcoin price decreased from approximately $68,222 to approximately $59,847. In the three months ended June 30, 2025, Bitcoin price increased from approximately $82,534 to approximately $107,173. 59 Table of Contents Other Expense Other expenses were $2.3 million and $22.8 million for the three months ended June 30, 2026 and June 30, 2025, respectively. The $20.5 million decrease was primarily attributable to (i) a $36.7 million favorable change in gain or loss on derivatives related to an increase in Bitcoin pledged by American Bitcoin in connection with miner purchases, (ii) a $27.1 million increase in interest income primarily from investing unused proceeds from the River Bend Phase 1 and Beacon Point Phase 1 construction and development financing in short-term investments, in order to partially offset the interest costs incurred on the related notes, (iii) a $4.6 million increase in equity in earnings of an unconsolidated joint venture. These favorable changes were partially offset by a $42.8 million increase in interest expense resulting from higher average outstanding debt following the issuance of construction and development financings for River Bend Phase 1 and Beacon Point Phase 1, and a $6.3 million unfavorable change in foreign exchange loss. Income Tax Benefit Our income tax benefit was $31.5 million for the three months ended June 30, 2026, compared to our income tax provision of $27.6 million for the three months ended June 30, 2025. This $59.1 million increase was primarily driven by deferred taxes related to the losses on digital assets and the valuation allowance recognized in the three months ended June 30, 2025. ​ ​ 60 Table of Contents Results of Operations Six Months Ended June 30, 2026 and 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ ​ June 30, ​ ​ Increase (in USD thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ (Decrease) Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Power ​ $ 4,916 ​ $ 9,872 ​ $ (4,956) Digital Infrastructure ​ ​ 2,588 ​ ​ 2,829 ​ ​ (241) Compute ​ ​ 138,445 ​ 50,413 ​ ​ 88,032 Total revenue ​ 145,949 ​ 63,114 ​ ​ 82,835 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue (exclusive of depreciation and amortization shown below): ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue – Power ​ ​ 2,933 ​ ​ 8,628 ​ ​ (5,695) Cost of revenue – Digital Infrastructure ​ ​ 2,920 ​ ​ 3,679 ​ ​ (759) Cost of revenue – Compute ​ ​ 46,586 ​ ​ 28,128 ​ ​ 18,458 Total cost of revenue ​ ​ 52,439 ​ ​ 40,435 ​ ​ 12,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses (income): ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 78,169 ​ ​ 34,357 ​ ​ 43,812 General and administrative expenses ​ ​ 157,820 ​ ​ 51,217 ​ ​ 106,603 Loss (gain) on digital assets ​ ​ 434,254 ​ (105,246) ​ ​ 539,500 (Gain) loss on sale of property and equipment ​ ​ (33) ​ 2,142 ​ ​ (2,175) Total operating expense (income) ​ ​ 670,210 ​ ​ (17,530) ​ ​ 687,740 Operating (loss) income ​ ​ (576,700) ​ ​ 40,209 ​ ​ (616,909) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange (loss) gain ​ ​ (5,939) ​ ​ 3,123 ​ ​ (9,062) Interest expense ​ ​ (60,403) ​ ​ (15,865) ​ ​ (44,538) Interest income ​ ​ 27,085 ​ ​ — ​ ​ 27,085 Asset contribution costs ​ ​ — ​ ​ (22,780) ​ ​ 22,780 Gain on derivatives ​ ​ 59,132 ​ ​ 2,459 ​ ​ 56,673 Gain on sale of the Far North JV, net of transaction costs ​ ​ 34,711 ​ ​ — ​ ​ 34,711 (Loss) gain on other financial liability ​ ​ (759) ​ ​ 958 ​ ​ (1,717) Gain on revaluation of warrant liability ​ ​ 91 ​ ​ — ​ ​ 91 Equity in earnings of unconsolidated joint venture ​ 12,101 ​ 2,429 ​ ​ 9,672 Total other income (expense) ​ 66,019 ​ (29,676) ​ ​ 95,695 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income before income taxes ​ ​ (510,681) ​ ​ 10,533 ​ ​ (521,214) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax benefit (provision) ​ ​ 80,404 ​ ​ (7,369) ​ ​ 87,773 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (430,277) ​ $ 3,164 ​ $ (433,441) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less: Net loss attributable to non-controlling interests ​ ​ 60,237 ​ ​ 259 ​ ​ 59,978 Net (loss) income attributable to Hut 8 Corp. ​ $ (370,040) ​ $ 3,423 ​ $ (373,463) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (430,277) ​ $ 3,164 ​ $ (433,441) Other comprehensive (loss) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustments ​ ​ (22,011) ​ ​ 41,079 ​ ​ (63,090) Total comprehensive (loss) income ​ ​ (452,288) ​ ​ 44,243 ​ ​ (496,531) Less: Comprehensive loss attributable to non-controlling interest ​ ​ 60,232 ​ ​ 204 ​ ​ 60,028 Comprehensive (loss) income attributable to Hut 8 Corp. ​ $ (392,056) ​ $ 44,447 ​ $ (436,503) ​ ​ ​ 61 Table of Contents Adjusted EBITDA reconciliation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ ​ ​ ​ ​ June 30, Increase (in USD thousands) ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ (Decrease) Net (loss) income ​ $ (430,277) ​ $ 3,164 ​ $ (433,441) Interest expense ​ 60,403 ​ ​ 15,865 ​ ​ 44,538 Interest income ​ (27,085) ​ ​ — ​ ​ (27,085) Income tax (benefit) provision ​ (80,404) ​ ​ 7,369 ​ ​ (87,773) Depreciation and amortization ​ 78,169 ​ ​ 34,357 ​ ​ 43,812 Share of unconsolidated joint venture depreciation, amortization, net of basis adjustments (1) ​ ​ 4,318 ​ ​ 11,028 ​ ​ (6,710) Foreign exchange loss (gain) ​ ​ 5,939 ​ ​ (3,123) ​ ​ 9,062 (Gain) loss on sale of property and equipment ​ ​ (33) ​ ​ 2,142 ​ ​ (2,175) Gain on derivatives ​ ​ (59,132) ​ ​ (2,459) ​ ​ (56,673) Loss (gain) on other financial liability ​ ​ 759 ​ ​ (958) ​ ​ 1,717 Gain on warrant liability ​ ​ (91) ​ ​ — ​ ​ (91) Gain on sale of the Far North JV, net of transaction costs ​ ​ (34,711) ​ ​ — ​ ​ (34,711) Non-recurring transactions (2) ​ ​ — ​ ​ 5,224 ​ ​ (5,224) Asset contribution costs ​ ​ — ​ ​ 22,780 ​ ​ (22,780) Loss (income) attributable to non-controlling interest ​ ​ 34,925 ​ ​ (3,313) ​ ​ 38,238 Stock-based compensation expense ​ 102,113 ​ ​ 11,433 ​ ​ 90,680 Adjusted EBITDA, inclusive of digital assets mark-to-market ​ $ (345,107) ​ $ 103,509 ​ $ (448,616) Loss (gain) on digital assets attributable to Hut 8 Corp. ​ ​ 352,797 ​ ​ (104,620) ​ ​ 457,417 Adjusted EBITDA ​ $ 7,690 ​ $ (1,111) ​ $ 8,801 (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in accordance with ASC 323. See Note 8. Investment in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail. (2) There were no non-recurring transactions for the six months ended June 30, 2026. Non-recurring transactions for the six months ended June 30, 2025 represent approximately $5.2 million of restructuring costs and ABTC related transaction costs. ​ Revenue Total revenue was $146.0 million and $63.1 million for the six months ended June 30, 2026, and 2025, respectively, and consisted of Power, Digital Infrastructure, and Compute. Power Power revenue was $4.9 million and $9.9 million for the six months ended June 30, 2026 and 2025, respectively. This $5.0 million decrease was primarily driven by a $5.1 million decrease in electricity sales resulting from the sale of the Far North JV in February 2026, compared to a full period of the Far North JV activity in 2025. Digital Infrastructure Digital Infrastructure revenue was $2.6 million and $2.8 million for the six months ended June 30, 2026 and 2025, respectively. The $0.2 million decrease was primarily attributable to a $0.1 million decrease in CPU Infrastructure revenue resulting from customer churn and a $0.1 million decrease in ASIC colocation revenue following the termination of the Vega colocation agreement with Bitmain when American Bitcoin exercised its option to purchase the miners at the site in August 2025. Compute Compute revenue was $138.4 million and $50.4 million for the six months ended June 30, 2026 and 2025, respectively, representing an increase of $88.0 million. The increase was primarily driven by higher ASIC Compute revenue, reflecting an increase in Bitcoin mined from approximately 420 to approximately 1,752, partially offset by a decrease in average revenue per Bitcoin mined from approximately $96,772 to approximately $73,850. The increase in Bitcoin mined was primarily attributable to improved uptime following the fleet upgrade completed in April 2025 at the Salt Creek and Medicine Hat locations, as well as the commencement of ASIC Compute operations at the Vega site in August 2025 and Drumheller in March 2026. 62 Table of Contents Cost of Revenue ​ Total cost of revenue was $52.4 million and $40.4 million for the six months ended June 30, 2026 and 2025, respectively, and consisted of Power, Digital Infrastructure, and Compute. Power Power cost of revenue was $2.9 million and $8.6 million for the six months ended June 30, 2026 and 2025, respectively. The $5.7 million decrease was primarily driven by lower costs associated with electricity sales following the divestiture of the Far North JV in February 2026. Digital Infrastructure Digital Infrastructure cost of revenue was $2.9 million and $3.7 million for the six months ended June 30, 2026 and 2025, respectively. The $0.8 million decrease was primarily driven by lower electricity and connectivity costs related to the CPU colocation and lower pass-through costs under the ASIC colocation agreement with Bitmain at the Vega site. Compute Compute cost of revenue was $46.6 million and $28.1 million for the six months ended June 30, 2026 and 2025, respectively. This $18.5 million increase was primarily attributable to higher ASIC Compute costs resulting from improved uptime following the fleet upgrades completed at the Salt Creek and Medicine Hat sites in April 2025 and increased operating capacity following the energization of the Vega site in June 2025 and the re-energization of the Drumheller site in March 2026. Depreciation and Amortization Depreciation and amortization expense was $78.2 million and $34.4 million for the six months ended June 30, 2026 and 2025, respectively. This $43.8 million increase was primarily driven by $37.5 million of higher depreciation on American Bitcoin’s ASIC miners as a result of the fleet upgrade that was completed in April 2025 at our Salt Creek and Medicine Hat sites, as well as American Bitcoin’s purchase of the Bitmain Miners at the Vega site in August 2025 and purchase of the miners at the Drumheller site in March 2026. The increase also included $11.5 million of additional depreciation on mining infrastructure and related machinery and equipment associated with the construction and energization of the Vega site in June 2025. These increases were partially offset by lower depreciation on power plant assets following the sale of the Far North JV in February 2026. General and Administrative Expenses General and administrative expenses were $157.8 million and $51.2 million for the six months ended June 30, 2026 and 2025, respectively. This $106.6 million increase was primarily driven by (i) a $90.7 million increase in stock-based compensation expense, (ii) a $11.1 million increase in salaries and benefits due to added headcount to support our growth initiatives, mainly in our Energy Origination department, (iii) a $4.1 million increase in professional fees primarily due to legal and tax expenses incurred to support the execution of our growth plan, and (iv) a $4.0 million increase in general, marketing and administrative fees to support our growth initiatives (v) a $2.5 million increase in insurance expenses primarily due to the increase in our asset base. These increases were partially offset by a $4.8 million decrease in transaction costs related to the merger between Gryphon Digital Mining, Inc. and American Bitcoin, which closed in September 2025. 63 Table of Contents Loss on Digital Assets Losses on digital assets were $434.3 million for the six months ended June 30, 2026, compared to a gain on digital assets of $105.2 million for the six months ended June 30, 2025. The unfavorable variance was primarily driven by a large decrease in the price of Bitcoin in the six months ended June 30, 2026 when compared to the increase in the six months ended June 30, 2025. In the six months ended June 30, 2026, Bitcoin price declined from approximately $87,498 to approximately $59,847. In the six months ended June 30, 2025, Bitcoin price increased from approximately $93,354 to approximately $107,173. Other Income (Expense) Other income was $66.0 million for the six months ended June 30, 2026, compared to other expense of $29.7 million for the six months ended June 30, 2025. This $95.7 million increase was primarily driven by (i) a $56.7 million increase in the gains on derivatives due to an increase in Bitcoin pledged for miner purchases at American Bitcoin, (ii) a $34.7 million gain on the sale of the Far North JV, net of transaction costs, (iii) a $27.1 million increase in interest income from investing unused proceeds from the River Bend Phase 1 and Beacon Point Phase 1 construction and development financing in short-term investments, in order to partially offset the interest costs incurred on the related notes, (iv) a $22.8 million decrease in asset contribution costs related to non-controlling interest portion of our March 31, 2025 contribution of substantially all of our ASIC miners in exchange for 80% of American Data Centers Inc., as part of the launch of American Bitcoin, and (v) a $9.7 million increase in equity in earnings of unconsolidated joint venture. These gains were partially offset by (i) a $44.5 million increase in interest expense due to higher average outstanding debt following the issuance of construction and development financings for River Bend Phase 1 and Beacon Point Phase 1, (ii) a $9.1 million unfavorable change from a foreign exchange gain to a foreign exchange loss, and (iii) a $1.7 million decrease in loss on other financial liability. Income Tax Benefit Our income tax benefit was $80.4 million for six months ended June 30, 2026, compared to our income tax provision of $7.4 million for the six months ended June 30, 2025. This $87.8 million increase was primarily driven by deferred taxes related to the losses on digital assets and the valuation allowance recognized in the six months ended June 30, 2025. ​ King Mountain JV The King Mountain JV is a 50/50 joint venture with one of the world’s largest renewable energy producers. The King Mountain JV has 280 MW of self-mining and hosting operations located behind-the-meter at a wind farm in McCamey, Texas. As of June 30, 2026, the King Mountain JV owned approximately 18,000 miners for self-mining (about 1.8EH/s) and hosted approximately 52,409 miners (about 10.29 EH/s) for a single hosting customer at its King Mountain site, which has a total capacity of 280 MW. We account for the King Mountain JV using the equity method of accounting, resulting in reporting the King Mountain JV as an unconsolidated joint venture. Additionally, our 50% portion of any distributions from the King Mountain JV are used to pay down the TZRC Secured Promissory Note. See Note 8. Investment in unconsolidated joint venture and Note 9. Loans, notes payable, and other financial liabilities to the Unaudited Condensed Consolidated Financial Statements found elsewhere in this Quarterly Report for additional information on the King Mountain JV and TZRC Secured Promissory Note. 64 Table of Contents Below are the condensed consolidated income statements for the King Mountain JV for the three and six months ended June 30, 2026 and 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Consolidated Income Statement ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, (in USD thousands) ​ 2026 ​ 2025 ​ 2026 ​ 2025 Total revenue, net ​ $ 27,095 ​ $ 30,532 ​ $ 58,017 ​ $ 64,445 Gross profit ​ ​ 12,690 ​ ​ 14,472 ​ ​ 26,792 ​ ​ 29,305 Net income (loss) ​ ​ 7,856 ​ ​ (1,358) ​ ​ 17,230 ​ ​ (2,114) Net income (loss) attributable to investee ​ ​ 3,928 ​ ​ (679) ​ ​ 8,615 ​ ​ (1,057) ​ Our board of directors and management team also evaluate Adjusted EBITDA for the King Mountain JV, which is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss) before depreciation and amortization and interest income. We use Adjusted EBITDA to assess the King Mountain JV’s financial performance because it allows us to compare the operating performance on a consistent basis across periods by removing the effects of the King Mountain JV’s capital structure. ​ Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. This non-GAAP financial measure should not be considered as an alternative to the most directly comparable GAAP financial measure. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in such presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ June, ​ June, (in USD thousands) 2026 ​ 2025 ​ 2026 ​ 2025 Net income (loss) $ 7,856 ​ $ (1,358) ​ $ 17,230 ​ $ (2,114) Depreciation and amortization 4,318 15,823 ​ 8,636 31,528 Interest income ​ (325) ​ ​ (1,102) ​ ​ (742) ​ ​ (2,077) Adjusted EBITDA $ 11,849 ​ $ 13,363 ​ $ 25,124 ​ $ 27,337 ​ ​ Liquidity and Capital Resources Our primary sources of liquidity include restricted and unrestricted cash and cash equivalents, debt facilities, Bitcoin held on our balance sheet, equity issuances, senior secured notes, and cash flows from operations. We have secured significant project-level financing, including the $3.25 billion and $4.25 billion of senior secured notes issued by wholly-owned subsidiaries of ours in April and June 2026 to fund development at our River Bend and Beacon Point campuses, respectively, and maintain relationships with established capital providers to support our development initiatives and infrastructure buildouts. Historically, our primary cash needs have been for working capital to support growth initiatives, including infrastructure purchases and development, acquisitions, and equipment financing, including the purchase of additional Bitcoin miners. Going forward, we will continue to prioritize infrastructure development while our ASIC compute operations will mainly be conducted through American Bitcoin, our consolidated subsidiary. In addition to equipment financing for the purchase of additional Bitcoin miners, American Bitcoin’s primary cash needs are to support its Bitcoin accumulation efforts, including at-market purchases of Bitcoin. Our infrastructure development needs include the development of our River Bend and fully contracted Beacon Point facilities, each of which is expected to require a multi-billion-dollar capital investment. ​ 65 Table of Contents As of June 30, 2026, we had access to $200.0 million from the Two Prime Credit Agreement. We did not draw on this facility during the three months ended June 30, 2026. ​ In April 2026, we completed a private offering of $3.25 billion aggregate principal amount of 6.192% senior secured notes due November 15, 2042 (the “River Bend Notes”) through our wholly-owned subsidiary, Hut 8 DC LLC. Net proceeds from the offering are being used to fund the development of our River Bend campus, including a turnkey data center with 245 megawatts of critical IT capacity supported by 330 megawatts of utility capacity and an associated substation, reimburse prior equity contributions, and fund debt service reserves and transaction costs. The River Bend Notes are secured by the River Bend project assets and are non-recourse to the parent company, providing long-term project-level financing to support the development of the River Bend campus. Cash flows generated under the campus's long-term triple-net lease are expected to serve as the primary source of debt service on the River Bend Notes. ​ In May 2026, we entered into a $200.0 million Bitcoin-collateralized term loan with FalconX, maturing in April 2027 and bearing a fixed interest rate of 7.00%. The facility is structured with an initial collateral ratio of 143%, with margin call and liquidation thresholds at 130% and 105%, respectively. The loan includes a prepayment option after six months without penalty, while early repayment prior to that period is subject to a 0.125%–0.25% fee depending on the circumstances. Proceeds from the facility were used to pay off our loan with Coinbase, which bore a 9.00% interest rate and has since been terminated. ​ In May 2026, at the election of Coatue Tactical Solutions Lending Holdings AIV 3 LP (“Coatue”), the $159.3 million outstanding principal balance of the Coatue Note was converted into 9,715,476 shares of our common stock. The conversion reduced outstanding debt by $159.3 million and increased stockholders’ equity. We also paid $1.3 million in cash for interest accrued from March 31, 2026 through the conversion date. ​ In June 2026, we completed a private offering of $4.25 billion aggregate principal amount of 6.129% senior secured notes due November 30, 2042 through our wholly-owned subsidiary, Beacon Point DC. Net proceeds from the offering are being used to fund the development of our Beacon Point campus, including a turnkey data center with 352 megawatts of critical IT capacity supported by 500 megawatts of utility capacity and an associated substation, and fund debt service reserves and transaction costs. The Beacon Point Notes are secured by first-priority liens on substantially all assets of Beacon Point DC, other than certain excluded property, as well as a pledge of the equity interests in Beacon Point DC held by Beacon Point Holding LLC, the direct parent company of Beacon Point DC. Cash flows generated under the campus's long-term triple-net lease are expected to serve as the primary source of debt service on the Beacon Point Notes. Following the execution of a long-term triple-net lease for the second phase in July 2026, the Beacon Point campus became fully contracted. We are actively pursuing financing for the development and construction of Beacon Point Phase 2. ​ On August 22, 2025, we established our $1.0 billion 2025 ATM, which replaced our prior $500 million 2024 ATM program that launched on December 4, 2024. As of August 22, 2025, prior to its termination, we had issued and sold shares under the 2024 ATM for gross proceeds of $299.4 million at a weighted average price of $27.83 per share. As of June 30, 2026, we issued and sold 6,121,993 shares under the 2025 ATM for gross proceeds of $304.3 million at a weighted average issuance price of $49.71 per share. We did not sell any shares under the 2025 ATM during the three months ended June 30, 2026. On September 3, 2025, American Bitcoin established a $2.1 billion at-the-market equity program (the “American Bitcoin 2025 ATM”). As of June 30 2026, American Bitcoin issued and sold 12,121,313 shares of Class A common stock under the American Bitcoin 2025 ATM for gross proceeds of $385.2 million. ​ ​ Our ability to meet our anticipated cash requirements will depend on various factors including our ability to maintain our existing business, enter into new lines of business, provide new offerings, compete with existing and new competitors in existing and new markets and offerings, acquire new businesses or pursue strategic transactions, access public and private capital markets, and respond to global and domestic economic, geopolitical, social conditions and their impact on demand for our offerings. ​ 66 Table of Contents We believe that cash flows generated from operations, Bitcoin held on our consolidated balance sheet, and other financing sources will be sufficient to meet our anticipated short-term liquidity requirements. For the construction of our River Bend and Beacon Point data center facilities, we expect to fund capital expenditures through a combination of cash and Bitcoin on hand, as well as project-level financing (including the recently completed bond issuances). Over the long term, we expect to rely on access to public and private capital markets to fund growth initiatives not supported by operating cash flows, cash on hand, Bitcoin holdings, or available debt and project-level financing. ​ Cash Flows ​ The following table summarizes our cash flows for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ ​ June 30, (in USD thousands) ​ ​ ​ 2026 ​ 2025 Cash flows used in operating activities ​ $ (32,845) ​ $ (82,636) Cash flows used in investing activities ​ ​ (635,130) ​ ​ (101,480) Cash flows provided by financing activities ​ ​ 7,640,659 ​ ​ 320,764 ​ Operating Activities Net cash used in operating activities was $32.8 million for the six months ended June 30, 2026, resulting from a net loss of $430.3 million, offset by non-cash adjustments of $325.1 million and favorable changes in assets and liabilities of $72.3 million. Net cash used in operating activities was $82.6 million for the six months ended June 30, 2025, resulting from net income of $3.2 million, offset by non-cash adjustments of $62.7 million and unfavorable changes in assets and liabilities of $23.1 million. Investing Activities Net cash used in investing activities totaled $635.1 million for the six months ended June 30, 2026, primarily consisting of (i) $616.2 million in property and equipment purchases, (ii) $65.3 million in Bitcoin purchases at American Bitcoin, and (iii) $18.4 million in deposits made for future site purchases, development, and capital expenditures. These outflows were partially offset by $64.8 million in proceeds from the sale of the Far North JV. Net cash used in investing activities totaled $101.5 million for the six months ended June 30, 2025, primarily consisting of $108.7 million in property and equipment purchases, and $0.9 million in additions to intangible assets. These outflows were partially offset by $3.7 million in proceeds from Bitcoin sales and $4.4 million in proceeds from the sale of property and equipment. Financing Activities Net cash provided by financing activities was $7.6 billion for the six months ended June 30, 2026, primarily consisting of (i) $7.7 billion in gross proceeds from the issuance of senior secured notes and a term loan, including $4.25 billion from the Beacon Point Notes, $3.25 billion from the River Bend Notes, and $200.0 million from the FalconX Charlie Term Loan, (ii) $144.1 million in net proceeds from the issuance of American Bitcoin’s Class A common stock through the American Bitcoin 2025 ATM, (iii) $120.1 million in net proceeds from the issuance of common stock through our 2025 ATM, and (iv) $10.3 million in net proceeds from the issuance of common stock through stock option exercises. These inflows were partially offset by (i) $217.7 million in repayment of loans payable, (ii) $84.5 million in debt issuance costs paid, (iii) $20.8 million in repayment of finance lease related to the settlement of a finance lease obligation in connection with the sale of the Far North JV, (iv) $9.9 million in cash paid to buyout the non-controlling interest, and (v) $0.9 million in principal payments on financial lease. Net cash provided by financing activities was $320.8 million for the six months ended June 30, 2025, primarily consisting of (i) $205.3 million in net proceeds from the issuance and sale of American Bitcoin’s Class A common stock through a Common Stock Purchase Agreement for a private placement with certain accredited investors, (ii) $112.0 million in net proceeds from the issuance of common stock through our 2024 ATM, (iii) $3.5 million in proceeds from funding in relation to our AI Cloud business segment, and (iv) $0.8 million in net proceeds from covered call options premium. These inflows were partially offset by $1.0 million in principal payments on finance leases. ​ 67 Table of Contents Critical Accounting Policies and Estimates Our management’s discussion and analysis of our financial condition and results of operations is based on our Unaudited Condensed Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of these Unaudited Condensed Consolidated Financial Statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses, as well as related disclosures. We evaluate our estimates and assumptions on an ongoing basis and base them on historical experience and other factors we believe to be reasonable under the circumstances. Because these estimates involve judgments about future events and are inherently uncertain, actual results may differ materially from those estimates. Changes in these estimates or assumptions could have a material impact on our results of operations, financial position, and statement of cash flows. While our significant accounting policies are described in more detail in Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements, included elsewhere in this Quarterly Report, we believe the following accounting policies and estimates are most critical to understanding and evaluating this management discussion and analysis: Digital Assets Accounting for digital assets requires significant judgment, including classification, measurement, presentation, and the determination of fair value. Digital assets pledged as collateral, including under arrangements with Bitmain, require additional judgment in evaluating the appropriate accounting treatment, including whether such assets remain recognized on our Unaudited Condensed Consolidated Balance Sheets. Pledged digital assets remain recognized because we retain ownership and continue to be exposed to changes in market value. ​ Stock-Based Compensation ​ We recognize compensation expense for all stock-based payment awards made to employees, directors, consultants, and service providers, if any, including incentive stock options, non-qualified stock options, stock awards, and stock units based upon the estimated grant-date fair value of the awards. For more complex performance awards, including awards with market-based performance conditions, we employ a Monte Carlo simulation valuation method to calculate the fair value of the awards based on the most likely outcome. Under the Monte Carlo simulation, a number of variables and assumptions are used including, but not limited to, the expected stock price volatility over the term of the award, the risk-free rate, and dividend yield, if any. ​ Finite-Lived Intangible Assets ​ We evaluate the useful lives of our intangible assets to determine if they are finite or indefinite-lived. Reaching a determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, and other economic factors. Finite-lived intangible assets are amortized over their estimated useful lives and evaluated for impairment at least annually, or when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Determining useful lives and assessing recoverability require management judgment and the use of estimates, including assumptions regarding future cash flows and economic conditions. Changes in these assumptions could materially affect amortization expense or result in impairment charges in future periods. 68 Table of Contents