Hut 8 Corp. is transitioning from a bitcoin miner to a power-first, AI-focused infrastructure platform, emphasizing long-term, contracted cash flows. Despite a weak 2Q26 print and GAAP losses driven by bitcoin mark-to-market volatility, HUT's adjusted EBITDA improved and gross margins expanded to 64%. HUT secured $7.5 billion in non-recourse, investment-grade project financing, enabling large-scale campus buildouts without equity dilution or parent-level debt.