Hut 8 Mining Corp. (NASDAQ:HUT) closed Friday’s session at $52.65, up 14.58% after a 23% drop on the day it released its third‑quarter results. The rebound came as the company announced a second 352‑megawatt lease at its Beacon Point AI campus, raising the total expected base‑term contract value across its AI data‑center portfolio to about $26.6 billion.

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Quarterly performance and profitability

According to CoinCentral, Q3 revenue came in at $71.1 million, 15% below analysts’ consensus of $75.9 million. Net income, however, was $189.5 million, and adjusted EBITDA rose 8% year‑over‑year to $33.0 million. Segment revenue showed a mixed picture: compute services generated $68.4 million (down 2%), while power and digital‑infrastructure segments fell sharply, reporting $1.3 million and $1.4 million respectively.

AI campus expansion and long‑term contracts

The new lease adds 1,300 MW of exclusive capacity, bringing total exclusive capacity to 3,180 MW, according to NewsBTC. Management said the first data‑hall at the River Bend site is slated for delivery in Q2 2027, with Beacon Point Phase 1 expected in Q3 2027 and Phase 2 in Q2 2028. The $26.6 bn figure represents the aggregate contract value of long‑term AI tenant agreements, not cash already received.

Capital allocation: Bitcoin sales and financing

Hut 8 used proceeds from Bitcoin sales to fund share repurchases, buying back $74.7 million of stock in the quarter and a further $175.3 million afterward, as detailed by NewsBTC. Approximately 954 BTC and 2,148 BTC were sold to finance these buybacks, raising the total authorized repurchase program to $1 billion. The company also closed a $1.07 billion senior‑secured revolving credit facility, providing additional liquidity for its build‑out.

Analyst outlook and price targets

B. Riley kept a Buy rating but trimmed its price target to $132, while Wells Fargo, Rosenblatt and Needham lowered theirs to $148, $100 and $101 respectively. Across 23 analysts, the consensus 12‑month target is $134.04, roughly 155% above the current share price. Technical charts show HUT trading well below its 50‑day moving average of $80.94, with immediate support near $47.

What to watch next

Investors should monitor construction progress at River Bend and Beacon Point, the drawdown of the revolving credit facility, and any updates on tenant commitments that could convert the $26.6 bn pipeline into realized revenue. Additionally, the pace of Bitcoin sales for buybacks will affect the company’s treasury exposure and per‑share earnings.