Hut 8 Beats Q3 Estimates, Expands Energy Infrastructure Footprint

Author: Priya Nigam | November 05, 2025 10:53am

Shares of Hut 8 Corp (NASDAQ:HUT) spiked in early trading on Wednesday after the company reported its third-quarter results.

Here are some key analyst takeaways:

• Canaccord Genuity analyst Joseph Vafi maintained a Buy rating and raised the price target from $36 to $54.
• Rosenblatt Securities analyst Chris Brendler reiterated a Buy rating and a $65 price target.
• Needham analyst John Todaro reaffirmed a Buy rating and a $60 price target.

Check out other analyst stock ratings.

Canaccord Genuity: Hut 8 released third-quarter release were highlighted by the completion of the ABTC spinout and the company advancing more of its power portfolio towards commercialization, Vafi said in a note. Following the ABTC spinout, Hut 8 now represents "a pure play in energy infrastructure while retaining attractive optionality around both BTC mining and GPU cloud services (Highrise AI) with majority-owned subsidiaries in both of these markets," he wrote.

The company made good progress in the quarter, advancing 1,530 megawatts of capacity from exclusivity into development, the analyst stated. This additional 1.5GW would more than double the size of HUT’s operating energy infrastructure footprint.

Rosenblatt Securities: Hut 8 reported revenue of $83.5 million, topping Rosenblatt's estimate of $59.1 million, Brendler said. The BITMAIN purchase executed by the ABTC spinout helped the company deliver much higher-than-expected revenues and gross margin expansion.

With lower non-GAAP expenses, Hut 8 generated adjusted EBITDA of $32.4 million, meaningfully higher than the analyst’s estimate, the analyst stated.

"In addition to the BITMAIN purchase, the improvement in core profitability was driven by lower average power costs, higher utilization, and tight cost control," he further wrote.

Needham: Hut 8 re-emphasized its commitment to the HPC/AI sector, Todaro said. The company 1.5GW in commercial development is likely being analyzed mainly for high-performance computing (HPC), he added.

Hut 8 is likely to focus on HPC in the near term and on advanced manufacturing. "We believe HUT is attractively valued in part given its American Bitcoin stake (63.5%) and its overall power pipeline," he further wrote.

HUT Price Action: Shares of Hut 8 had risen by 3.51% to $49.80 at the time of publication on Wednesday.

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Posted In: HUT