Overview

• Canada energy infrastructure platform's Q1 revenue rose yr/yr but missed analyst expectations

• Adjusted EBITDA for Q1 was negative and missed analyst expectations

• Company sold natural gas power plants and refinanced Bitcoin-backed credit facility to reduce debt costs

Outlook

• Company says River Bend campus is advancing toward Q2 2027 delivery

Result Drivers

• AI DATA CENTER LEASES - Qtr results driven by new 15-year, $9.8 bln lease at Beacon Point and ongoing River Bend construction, expanding contracted revenue base

• DIGITAL ASSET LOSSES - Net loss and negative adjusted EBITDA primarily driven by $295.7 mln in unrealized losses on digital assets

• ASSET SALES AND DEBT REFINANCING - Sale of natural gas power plants and refinancing of Bitcoin-backed credit facility reduced cost of debt and increased liquidity

Company press release: ID:nPn7CGms0a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$71 mln	$81.28 mln (14 Analysts)
Q1 Net Income		-$253.10 mln
Q1 Adjusted EBITDA	Miss	-$250.50 mln	$37.42 mln (12 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for Hut 8 Corp is $70.00, about 13.1% below its May 5 closing price of $80.51

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