Hut 8 Corp. · NASDAQ:HUT
Hut 8 — Investor Presentation (May 2026)
27 slides from Hut 8's investor presentation, May 6, 2026
Slide 1: Corporate Overview
Corporate Overview May 2026 Hut 8
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Information This presentation includes “forward-looking information” and “forward-looking statements” within the meaning of These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these Canadian
Slide 3: Hut 8 is an energy infrastructure platform
Hut 8 is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorr
Slide 4: Hut 8: Integrated energy infrastructure platform
Hut 8: Integrated energy infrastructure platform REVENUE SEGMENT WHAT WE DO MONETIZATION SCALE As of May 6, 2026 Q1 2026 2,090 MW portfolio8 ASIC COMPUTE CLOUD AND COLOCATION UNDER CONSTRUCTION UNDER DEVELOPMENT Acquire, develop, and manage Power Generation 5,315 MW Under Diligence1 $3.7M Power crit
Slide 5: Hut 8 has secured $16.8B of contracted lease value to date
Hut 8 has secured $16.8B of contracted lease value to date $1.1B in average annualized NOI expected under 15-year NNN leases with investment-grade counterparties TOTAL CONTRACTED LEASE VALUE SITE CONTRACTED LEASE LEASE EXPECTED EXPECTED AVG COUNTERPARTY IT CAPACITY STRUCTURE TERM BASE-TERM ANNUALIZE
Slide 6: Our development platform: 9+ GW of energy capacity
Our development platform: 9+ GW of energy capacity Includes 710 MW of Energy Capacity Under Management and a 8,375 MW1 Development Pipeline Hut 8 Development Platform as of May 6, 2026 710 MW 9,085 MW 830 MW 550 MW 1,680 MW1 5,315 MW Energy Capacity Energy Capacity Energy Capacity Energy Capacity En
Slide 7: Business update
Business update 2026 Priorities YTD 2026 Highlights Advance River Bend for Q2 2027 Initial Delivery: Execute first greenfield Signed a 15-year, 352 MW IT lease at Beacon Point with a high-investment-grade counterparty, 01 AI data center project to demonstrate repeatable development model representin
Slide 8: Our conviction: The value of the electron will only grow over time
Our conviction: The value of the electron will only grow over time We follow the electron to what we believe to be the highest return use case to monetize megawatts WE BELIEVE DEMAND WILL OUTSTRIP SUPPLY… …AND THAT THE HIGHEST-RETURN USE CASES WILL CONTINUE TO EVOLVE “…less overall capacity […] is b
Slide 9: Our strategy: Power-first platform development model
Our strategy: Power-first platform development model We apply a repeatable framework for structured, disciplined growth Hut 8 01 02 03 04 Originate Invest Commercialize Optimize Development Flywheel Identify high-potential Integrate select assets Commercialize each Drive innovations in sites and ass
Slide 10: Our heritage: Built on first-principles, not industry defaults
Our heritage: Built on first-principles, not industry defaults 2022 2025 2026 Re-engineered infrastructure for real-world constraints Architected high-density Tier I infrastructure form factor Flexed ASIC underwrite into hyperscale AI data center Built and energized a 42 MW Bitcoin mining site in 78
Slide 11: Case studies of power-first, first-principles development
Case studies of power-first, first-principles development Our model performs across distinct power markets, regulatory environments, and demand conditions Project Origination and Underwriting Commercialization Outcomes River Bend • Entered a non-traditional market with • Operated at a utility level
Slide 12: Our team: Sector veterans and proven builder-operators
Our team: Sector veterans and proven builder-operators Veterans of energy Proven builder-operators In-house development organization with Decades of collective experience across the development and commercialization value chain heritage of value-engineering and innovation Former senior executives or
Slide 13: Financials
Financials NW AWS Ny “iS
Slide 14: Our reporting structure
Our reporting structure Our reporting structure is designed to illustrate how each layer of our platform contributes to growth, profitability, and value creation SEGMENT BUSINESS DESCRIPTION 1.1 Power Generation Power generation facilities supplying capacity and energy directly to the electrical gri
Slide 15: American Bitcoin: Accounting treatment and commercial framework
American Bitcoin: Accounting treatment and commercial framework Balancing capital-efficient scalability for American Bitcoin with infrastructure-like returns for Hut 8 AGREEMENT DESCRIPTION ACCOUNTING TREATMENT COMMENTARY EXPECTED IMPACT ON HUT 8 ASIC Hut 8 hosts Intercompany Modeled after a hypersc
Slide 16: American Bitcoin: Illustrative financial reconciliation
American Bitcoin: Illustrative financial reconciliation Revenue generated by Hut 8 through its commercial agreements with ABTC is eliminated in consolidation, as these transactions are treated as intercompany so long as ABTC remains a consolidated entity HUT 8 EXCLUDING AMERICAN BITCOIN (ABTC) AMERI
Slide 17: Q1 2026: Certain key metrics
Q1 2026: Certain key metrics METRIC UNIT Q1 2026 Q1 2025 Revenue USD '000 $71,017 $21,815 Cost of Revenue USD '000 $25,548 $18,659 Operating Loss USD '000 ($370,370) ($147,650) Net Loss USD '000 ($253,135) ($134,319) Adjusted EBITDA1 USD '000 ($250,512) ($117,696) Note: (1) Adjusted EBITDA is a non-
Slide 18: Q1 2026: Consolidated statement of income
Q1 2026: Consolidated statement of income Three Months Ended March 31, (in USD thousands) 2026 2025 Revenue: Power $ 3,740 $ 4,380 Digital Infrastructure 1,303 1,317 Compute 65,974 16,118 Total revenue 71,017 21,815 Cost of revenue (exclusive of depreciation and amortization shown below): Cost of re
Slide 19: Q1 2026: Adjusted EBITDA Reconciliation
Q1 2026: Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation Note on Adjusted EBITDA In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to Three Months Ended evaluate our business, measure our performance, and make strategic decisions. Adjusted March
Slide 20: Appendix
Appendix Hut 8
Slide 21: The role of ASIC compute in our power-first development strategy
The role of ASIC compute in our power-first development strategy We use ASIC compute1 to monetize low-cost, stranded or overlooked Advantages of ASIC compute megawatts at scale while maintaining the flexibility to transition assets infrastructure development to potentially higher-value applications
Slide 22: Case study: Beacon Point value creation, Phase 1
Case study: Beacon Point demonstrates how Hut 8’s power-first, first- principles approach enables value creation across the asset lifecycle Phase 1: Power-first underwriting and development enables transition to investment-grade, contracted cash flows Beacon Point Value Creation: Phase 1 UPSIDE FULL
Slide 23: Case study: Beacon Point value creation, Phase 2
Case study: Beacon Point demonstrates how Hut 8’s power-first, first- principles approach enables value creation across the asset lifecycle Phase 2: First-principles engineering expands facility capacity, enabling a 1.57x upsizing of the base-term lease Beacon Point Value Creation: Phase 2 OPTIMIZAT
Slide 24: Our power and digital infrastructure assets in detail
Our power and digital infrastructure assets in detail Q1 2026 REVENUE-GENERATING CAPACITY CPU COLOCATION/ ASIC MANAGED ASIC TRADITIONAL POWER OWNER ASSET LOCATION POWER SOURCE COMPUTE1 SERVICES2 COLOCATION2 CLOUD GENERATION TOTAL CAPACITY (MW) Hut 8 Vega Texas Panhandle Wind + ERCOT grid ✓ ✓ ✓ 205 M
Slide 25: Management team
Management team CHIEF EXECUTIVE OFFICER & BOARD MEMBER CHIEF STRATEGY OFFICER & BOARD MEMBER CHIEF FINANCIAL OFFICER CHIEF LEGAL OFFICER CHIEF PEOPLE OFFICER Asher Michael Sean Victor Matthew Genoot Ho Glennan Semah Saxon • Co-founder of US Bitcoin Corp • Co-founder of US Bitcoin Corp and • Former M
Slide 26: Independent directors
Independent directors CHAIR BOARD MEMBER BOARD MEMBER BOARD MEMBER BOARD MEMBER BOARD MEMBER Bill Joseph Stanley E. Carl J. (Rick) Mayo A. Amy Tai Flinn O’Neal Rickertsen Shattuck III Wilkinson • Venture capitalist of 30+ years • CFO of Seaboard • Former CEO and Chairman • Managing Partner of • Form
Slide 27: Hut 8
Hut 8 Investor Relations ir@hut8.com Public Relations media@hut8.com