Hut 8 Corp.

Previous wording

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach.

Current wording

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach.

Previous wording

Three Months Ended June 30, 2026 and 2025

Current wording

Bitcoin Sales and Share Repurchases. During the three months ended September 30, 2026, we sold approximately 954 Bitcoin for aggregate net proceeds of $74.8 million and repurchased 953,802 shares of our common stock for $74.7 million, at an average price of $78.32 per share, under our $250.0 million stock repurchase program. In October 2026, we sold approximately 2,148 Bitcoin for aggregate net proceeds of $175.4 million and repurchased an additional 2,384,677 shares of our common stock for $175.3 million, at an average price of $73.49 per share. In November 2026, our board of directors approved an additional $750.0 million under our stock repurchase program, increasing the total authorization from $250.0 million to $1.0 billion.

Previous wording

Access to energy is a key factor affecting our ability to meet growing demand for high performance computing (“HPC”), artificial intelligence (“AI”), and application specific integrated circuit (“ASIC”) compute and to scale our digital infrastructure platform. Power is the foundation of our operations. We acquire, develop, and manage critical energy assets such as interconnects, powered land, and other electrical infrastructure to address the load demands of energy-intensive applications. As competition for power intensifies, our performance depends on originating, commercializing, and optimizing energy capacity at scale. We believe our experience in power origination, infrastructure design, and load optimization positions us to manage these constraints and support continued growth. Our portfolio currently provides access to competitively priced electrical power in the regions where we operate; however, there is no guarantee that we will be able to procure additional power on similar terms, or at all. Market prices for power, capacity, and ancillary services are unpredictable and tend to fluctuate substantially. See “Risk Factors—Risks Related to Our Business and Operations—We are subject to risks associated with our need for significant electrical power” in the Annual Report.

Current wording

Access to energy is a key factor affecting our ability to meet growing demand for next-generation, energy-intensive technologies. Power is the foundation of our operations. We acquire, develop, and manage critical energy assets such as interconnects, powered land, and other electrical infrastructure to address the load demands of energy-intensive applications. As competition for power intensifies, our performance depends on originating, commercializing, and optimizing energy capacity at scale. We believe our experience in power origination, infrastructure design, and load optimization positions us to manage these constraints and support continued growth. Our portfolio currently provides access to competitively priced electrical power in the regions where we operate; however, there is no guarantee that we will be able to procure additional power on similar terms, or at all. Market prices for power, capacity, and ancillary services are unpredictable and tend to fluctuate substantially. See "Risk Factors—Risks Related to Our Business and Operations—We are subject to risks associated with our need for significant electrical power" in the Annual Report.

Previous wording

A key factor affecting our performance is our ongoing expansion into AI infrastructure services and other energy-intensive use cases. We are leveraging our existing development and operational expertise to develop data centers that support specialized workloads for enterprise and hyperscale customers and other next-generation, energy-intensive use cases. Success in this area depends on various factors, including our ability to develop future sites, manage construction and delivery schedules, secure and retain customers, manage capital efficiently, and compete effectively in emerging technology markets. While this expansion may increase operating and capital costs and expose us to execution and market risks, management believes our experience in power origination, development, and management in large-scale digital infrastructure development position us to capture long-term growth opportunities in the evolving AI sector and other next-generation, energy-intensive use cases.

Current wording

A key factor affecting our performance is our ongoing expansion into AI infrastructure services and other energy-intensive use cases. We are leveraging our existing development and operational expertise to develop data centers that support specialized workloads for enterprise and hyperscale customers and other next-generation, energy-intensive use cases. Success in this area depends on various factors, including our ability to develop future sites, manage construction and delivery schedules, secure and retain customers, manage capital efficiently, and compete effectively in emerging technology markets. While this expansion may increase operating and capital costs and expose us to execution and market risks, management believes our experience in power origination, development, and management in large-scale digital infrastructure development positions us to capture long-term growth opportunities in the evolving AI sector and other next-generation, energy-intensive use cases.

Previous wording

In addition to our financial results and generally accepted accounting principles in the United States of America (“GAAP”) financial measures, we use certain key performance indicators to evaluate our business, identify trends, and make strategic decisions. Certain Key Performance Indicators for the prior period were reclassified to align with updated definitions.

Current wording

In addition to our financial results and generally accepted accounting principles in the United States of America ("GAAP") financial measures, we use certain key performance indicators to evaluate our business, identify trends, and make strategic decisions.

Previous wording

The following table presents our key performance indicators, which are rounded, as of June 30, 2026 and 2025.

Current wording

The following table presents our key performance indicators, which are rounded, as of September 30, 2026 and 2025. Prior-year amounts have been recast to conform to the updated definitions of our key performance indicators.

Previous wording

Energy Capacity Under Diligence represents greenfield opportunities identified for large-load use cases such as AI, HPC, ASIC compute, industrial applications such as next-generation manufacturing, and other energy-intensive technologies. At this stage, we generally invest limited development capital, representing an immaterial portion of the project’s anticipated total development cost, to assess a site’s potential by engaging with utilities, landowners, power generators, local, state and regulatory bodies, and other stakeholders to evaluate critical factors, including power availability, infrastructure readiness, fiber connectivity, and overall commercial viability. We monitor Energy Capacity Under Diligence to assess the breadth of our pipeline of potential development sites and to prioritize the allocation of development resources among them. Energy Capacity Under Diligence as of June 30, 2026, was 5,400 MW compared to 5,170 MW as of June 30, 2025. The net increase reflects the addition of newly identified sites, partially offset by the advancement of certain sites into other development categories and the removal of sites that no longer met our strategic, commercial, infrastructure, or regulatory criteria.

Current wording

Energy Capacity Under Diligence represents greenfield opportunities identified for next-generation, energy-intensive technologies. At this stage, we generally invest limited development capital, representing an immaterial portion of the project's anticipated total development cost, to assess a site's potential by engaging with utilities, landowners, power generators, local, state and regulatory bodies, and other stakeholders to evaluate critical factors, including power availability, infrastructure readiness, fiber connectivity, and overall commercial viability. We monitor Energy Capacity Under Diligence to assess the breadth of our pipeline of potential development sites and to prioritize the allocation of development resources among them. Energy Capacity Under Diligence as of September 30, 2026, was 3,300 MW compared to 1,300 MW as of September 30, 2025. The net increase primarily reflects the addition of newly identified sites, partially offset by sites advancing to subsequent development categories and the removal of sites that no longer met our strategic, commercial, infrastructure, or regulatory criteria.

Previous wording

Energy Capacity Under Exclusivity represents sites where we have secured site control and completed a suitable power study indicating a viable path to the power and infrastructure required for deployment. We monitor Energy Capacity Under Exclusivity to assess the inventory of sites available for near-term advancement into development as commercial demand and capital availability warrant. Energy Capacity Under Exclusivity was 1,880 MW as of June 30, 2026, compared with approximately 2,040 MW as of June 30, 2025. The net decrease reflects sites advancing to subsequent development categories and the removal of sites that no longer met our strategic, commercial, infrastructure or regulatory criteria, partially offset by sites advancing from Energy Capacity Under Diligence to Energy Capacity Under Exclusivity.

Current wording

Energy Capacity Under Exclusivity represents sites where we have secured site control and completed a suitable power study indicating a viable path to the power and infrastructure required for deployment. We monitor Energy Capacity Under Exclusivity to assess the inventory of sites available for near-term advancement into development as commercial demand and capital availability warrant. Energy Capacity Under Exclusivity was 3,180 MW as of September 30, 2026, compared with approximately 1,255 MW as of September 30, 2025. The net increase primarily reflects the addition of newly identified sites and sites advancing from prior development categories, partially offset by the removal of sites that no longer met our strategic, commercial, infrastructure, or regulatory criteria.

Previous wording

Energy Capacity Under Development represents sites where we are actively investing in development and commercialization by executing definitive land and/or power agreements, advancing site design and infrastructure buildout, and engaging with prospective customers. We monitor Energy Capacity Under Development to assess the capital we have committed to sites in advance of commercialization and to plan the financing, construction, and other resources required as projects approach commercialization. Energy Capacity Under Development as of June 30, 2026 was approximately 550 MW compared to 330 MW as of June 30, 2025. The net increase reflects the addition of two sites into development – the 500 MW Beacon Point Phase 2 site in Texas and an approximately 50 MW site in Illinois – partially offset by the advancement of the 330 MW River Bend site into Energy Capacity Under Construction during the period. Subsequent to June 30, 2026, we executed a lease for Beacon Point Phase 2 with the same high-investment-grade tenant for Phase 1. The lease fully commercialized the Beacon Point campus and advanced Phase 2 to Energy Capacity Under Construction.

Current wording

Energy Capacity Under Development represents sites where we are actively investing in development and commercialization by executing definitive land and/or power agreements, advancing site design and infrastructure buildout, and engaging with prospective customers. We monitor Energy Capacity Under Development to assess the capital we have committed to sites in advance of commercialization and to plan the financing, construction, and other resources required as projects approach commercialization. Energy Capacity Under Development as of September 30, 2026 was approximately 49 MW compared to 1,529 MW as of September 30, 2025. The net decrease primarily reflects sites advancing to subsequent development categories.

Previous wording

Energy Capacity Under Construction represents sites where we have executed definitive commercial agreements and commenced construction activities. This stage includes oversight of contractors, equipment delivery, and commissioning schedules to ensure projects are completed safely, on time, and within budget. We monitor Energy Capacity Under Construction to manage the pace of capital deployment and to track project delivery against contractual customer timelines. Energy Capacity Under Construction as of June 30, 2026 was 830 MW, comprised of the 330 MW River Bend site and the 500 MW Beacon Point Phase 1 site, compared to 0 MW as of June 30, 2025. Subsequent to June 30, 2026, we executed a lease for Beacon Point Phase 2 with the same high-investment-grade tenant for Phase 1. The lease fully commercialized the Beacon Point campus and advanced Phase 2 to Energy Capacity Under Construction.

Current wording

Energy Capacity Under Construction represents sites where we have executed definitive commercial agreements and commenced construction activities. This stage includes oversight of contractors, equipment delivery, and commissioning schedules to ensure projects are completed safely, on time, and within budget. We monitor Energy Capacity Under Construction to manage the pace of capital deployment and to track project delivery against contractual customer timelines. Energy Capacity Under Construction as of September 30, 2026 was 1,330 MW, comprised of the 330 MW River Bend site, 500 MW Beacon Point Phase 1 site, and the 500 MW Beacon Point Phase 2 site, compared to zero MW as of September 30, 2025.

Previous wording

Energy Capacity Under Management comprises all power-related assets, including power generation, managed services, ASIC and Central Processing Unit (“CPU”) infrastructure, ASIC compute, traditional cloud, and non-operational sites. We monitor Energy Capacity Under Management to assessthe utilization of our operating assets and to identify capacity that may be redeployed toward higher-value applications or divested. Energy Capacity Under Management was 710 MW as of June 30, 2026, compared to 1,020 MW as of June 30, 2025. The decrease was driven by the divestiture of the Far North JV in February 2026, which consisted of four power generation assets in Ontario totaling approximately 310 MW.

Current wording

Energy Capacity Under Management comprises all power-related assets, including power generation, managed services, ASIC and Central Processing Unit ("CPU") infrastructure, ASIC compute, and non-operational sites. We monitor Energy Capacity Under Management to assess the utilization of our operating assets and to identify capacity that may be redeployed toward higher-value applications or divested. Energy Capacity Under Management was 710 MW as of September 30, 2026, compared to 1,020 MW as of September 30, 2025. The decrease was driven by the divestiture of our formerly consolidated subsidiary, Far North Power Corp. (the "Far North JV") in February 2026, which consisted of four power generation assets in Ontario totaling approximately 310 MW.

Previous wording

We define Adjusted EBITDA, inclusive of digital assets mark-to-market, as net income or loss adjusted for interest expense, interest income, income tax benefit or provision, depreciation and amortization, our share of depreciation and amortization from unconsolidated joint ventures, net of basis adjustments, foreign exchange loss or gain, loss or gain on the sale of property and equipment, gain or loss on derivatives, loss or gain on other financial liability, gain on warrant liability, gain on the sale of the Far North JV, net of transaction costs, non-recurring transactions and asset contribution costs, net loss or income attributable to non-controlling interests, and stock-based compensation expense.

Current wording

We define Adjusted EBITDA, inclusive of digital assets mark-to-market, as net income or loss adjusted for interest expense, interest income, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on the sale of property, equipment, and other assets, loss or gain on derivatives and other financial liabilities, gain on the sale of the Far North JV, net of transaction costs, gain on other investments, non-recurring transactions, asset contribution costs, income or loss attributable to non-controlling interest, and stock-based compensation expense.

Previous wording

We define Adjusted EBITDA as Adjusted EBITDA, inclusive of digital assets mark-to-market, further adjusted to exclude loss or gain on digital assets attributable to Hut 8 Corp., which removes the effect of mark-to-market fluctuations of digital assets held on our balance sheet. Our digital assets are considered primarily long-term holdings, andperiodic appreciation or depreciation in the fair value of such holdings does not reflect the results from our core operations.

Current wording

We define Adjusted EBITDA as Adjusted EBITDA, inclusive of digital assets mark-to-market, further adjusted to exclude gain or loss on digital assets attributable to Hut 8 Corp., which removes the effect of mark-to-market fluctuations of digital assets held on our balance sheet. Periodic appreciation or depreciation in the fair value of such digital assets is primarily driven by changes in market prices and does not reflect the results from our core operations.

Previous wording

Our board of directors and management team use Adjusted EBITDA, inclusive of digital assets mark-to-market, and Adjusted EBITDA to assess our financial performance as these measures allow for the comparison of operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above). Adjusted EBITDA further excludes the impact of changes in the fair value of our digital asset holdings, which may otherwise affect the comparability of our financial results across periods. Investors are encouraged to evaluate each adjustment and the reasons our board of directors and management believe these measures provide useful supplemental information.

Current wording

Our board of directors and management team use Adjusted EBITDA, inclusive of digital assets mark-to-market, and Adjusted EBITDA to assess our financial performance as these measures allow for the comparison of operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above). For these measures, we exclude gains or losses on the sale of assets and gains or losses on other investments because these items arise from transactions or valuation changes outside our core operating activities and, in management's view, excluding them facilitates comparisons of our operating performance across periods. Adjusted EBITDA further excludes the impact of changes in the fair value of our digital asset holdings, which may otherwise affect the comparability of our financial results across periods. Investors are encouraged to evaluate each adjustment and the reasons our board of directors and management believe these measures provide useful supplemental information.

Previous wording

In February 2026, we completed the divestiture of the Far North JV, and accordingly no longer generate revenue from these assets. We previously generated revenue from our interest in the Far North JV which acquired four natural gas power plants in Ontario, Canada in February 2024. Our ownership interest was initially 80.1% and decreased to 72.8% upon the non-controlling interest holder’s exercise of warrants simultaneously with the sale of the power plants. The power generation facilities are connected to the Independent Electricity System Operator, which operates Ontario’s power grid, and primarily generated revenue from capacity and electricity sales. Revenue generated from capacity and electricity sales was variable and depended on several factors, including generation capacity in the market, the supply and demand for electricity, and the prevailing price of natural gas.

Current wording

In February 2026, we completed the divestiture of the Far North JV, and accordingly no longer generate revenue from these assets. We previously generated revenue from our interest in the Far North JV, which acquired four natural gas power plants in Ontario, Canada in February 2024. Our ownership interest was initially 80.1% and decreased to 72.8% upon the non-controlling interest holder's exercise of warrants simultaneously with the sale of the Far North JV. The power generation facilities are connected to the Independent Electricity System Operator, which operates Ontario's power grid, and primarily generated revenue from capacity and electricity sales. Revenue generated from capacity and electricity sales was variable and depended on several factors, including generation capacity in the market, the supply and demand for electricity, and the prevailing price of natural gas.

Previous wording

Through our Hut 8 Canada business, we provide data center and cloud infrastructure services, including colocation solutions, supported by approximately 3 MW of energy capacity and more than 36,000 square feet of geo-diverse data center space across five locations in Canada. These services support customers operating compute, storage, and network workloads across traditional enterprise, B2B, machine learning, visual effects, and AI. Our CPU infrastructure offering is delivered in Mississauga, Ontario; Vaughan, Ontario; Kelowna, British Columbia; and two locations in Vancouver, British Columbia. The facilities are powered predominately by emission-free energy sources. This segment serves computing needs unrelated to ASIC Compute. These data centers are carrier neutral with network diversity and redundancy from multiple telecommunications providers.

Current wording

Through our Hut 8 Canada business, we provide data center colocation solutions, supported by approximately 3 MW of energy capacity and more than 36,000 square feet of geo-diverse data center space across five locations in Canada. These services support customers operating compute, storage, and network workloads across traditional enterprise, B2B, machine learning, visual effects, and AI. Our CPU infrastructure offering is delivered in Mississauga, Ontario; Vaughan, Ontario; Kelowna, British Columbia; and two locations in Vancouver, British Columbia. The facilities are powered predominantly by emission-free energy sources. This business serves computing needs unrelated to ASIC Compute. These data centers are carrier neutral with network diversity and redundancy from multiple telecommunications providers.

Previous wording

Our Compute segment comprises operating businesses that deploy and monetize compute assets across next-generation energy-intensive technology end markets. We generate revenue through the operation of owned compute infrastructure and the provision of compute-based services, with economics driven by hardware utilization, operating efficiency, and market demand. The Compute business segment consists of ASIC Compute, Traditional Cloud, and AI Cloud.

Current wording

Our Compute segment comprises operating businesses that deploy and monetize compute assets across next-generation energy-intensive technology end markets. We generate revenue through the operation of owned compute infrastructure and the provision of compute-based services, with economics driven by hardware utilization, operating efficiency, and market demand. For the periods presented, the Compute business segment consisted of ASIC Compute, Traditional Cloud, and AI Cloud.

Previous wording

The ASIC Compute segment reflects revenue generated primarily by American Bitcoin.

Current wording

The ASIC Compute business reflects revenue generated primarily by American Bitcoin.

Previous wording

On March 31, 2025, we launched American Bitcoin. Beginning April 1, 2025, ASIC Compute operations previously reported under our Compute segment remain under this segment but operate generally through our majority-owned subsidiary, American Bitcoin.

Current wording

On March 31, 2025, we launched American Bitcoin. Beginning April 1, 2025, ASIC Compute operations previously reported under our Compute segment remain under this business but operate generally through our majority-owned subsidiary, American Bitcoin.

Previous wording

On August 5, 2025, American Bitcoin entered into an On-Rack Sales and Purchase Agreement (the “2025 ABTC Bitmain Purchase Agreement”) with Bitmain Technologies Georgia Limited (“Bitmain”) to purchase up to approximately 17,280 Bitmain Antminer U3S21EXPH ASIC miners (collectively, the “Bitmain Miners”), representing a total of approximately 14.86 EH/s. Concurrently with the execution of the 2025 ABTC Bitmain Purchase Agreement, American Bitcoin purchased 16,299 of the Bitmain Miners, representing a total of approximately 14.02 EH/s, for a total purchase price of approximately $314 million, paid through the pledge of Bitcoin at a mutually agreed upon fixed price. In September 2025, American Bitcoin purchased the remaining 981 Bitmain Miners for a total purchase price of $18.9 million, also paid through the pledge of Bitcoin at a mutually agreed upon fixed price. The Bitcoin pledged under the 2025 ABTC Bitmain Purchase Agreement has a redemption period of approximately 24 months from each pledge date.

Current wording

On August 5, 2025, American Bitcoin entered into an On-Rack Sales and Purchase Agreement (the "2025 ABTC Bitmain Purchase Agreement") with Bitmain Technologies Georgia Limited (together with its affiliates, "Bitmain") to purchase up to approximately 17,280 Bitmain Antminer U3S21EXPH ASIC miners (collectively, the "Bitmain Miners"), representing a total of approximately 14.86 EH/s. Concurrently with the execution of the 2025 ABTC Bitmain Purchase Agreement, American Bitcoin purchased 16,299 of the Bitmain Miners, representing a total of approximately 14.02 EH/s, for a total purchase price of approximately $314 million, paid through the pledge of Bitcoin at a mutually agreed upon fixed price. In September 2025, American Bitcoin purchased the remaining 981 Bitmain Miners for a total purchase price of $18.9 million, also paid through the pledge of Bitcoin at a mutually agreed upon fixed price. The Bitcoin pledged under the 2025 ABTC Bitmain Purchase Agreement has a redemption period of approximately 24 months from each pledge date.

Previous wording

In March 2026, our site in Drumheller, Alberta was reenergized in anticipation of the delivery and deployment of approximately 11,298 Bitcoin miners from American Bitcoin, representing approximately 3.05 EH/s at approximately 13.5 J/TH, for a total purchase price of $49.4 million, paid through the pledge of Bitcoin at a mutually agreed upon fixed price. The delivery and deployment of these Bitcoin miners was completed in April 2026, increasing American Bitcoin’s total owned fleet capacity from approximately 25.1 to approximately 28.1 EH/s while improving overall portfolio efficiency from approximately 16.3 to approximately 16.0 J/TH. The Bitcoin pledged for this purchase has a redemption period of approximately 24 months from the applicable pledge date. American Bitcoin may elect to extend the pledge period for an additional 12 months.

Current wording

In March 2026, our site in Drumheller, Alberta was re-energized in anticipation of the delivery and deployment of approximately 11,298 Bitcoin miners purchased by American Bitcoin from Bitmain, representing approximately 3.05 EH/s at approximately 13.5 J/TH, for a total purchase price of $49.4 million, paid through the pledge of Bitcoin at a mutually agreed upon fixed price. The delivery and deployment of these Bitcoin miners was completed in April 2026, increasing American Bitcoin's total owned fleet capacity from approximately 25.1 to approximately 28.1 EH/s while improving overall portfolio efficiency from approximately 16.3 to approximately 16.0 J/TH. The Bitcoin pledged for this purchase has a redemption period of approximately 24 months from the applicable pledge date. American Bitcoin may elect to extend the pledge period for an additional 12 months.

Previous wording

Our Traditional Cloud segment reflects revenue generated by Hut 8 Canada. Traditional Cloud services support both public and private cloud deployments, managed backup, business continuity and disaster recovery services, and high-performance, high-capacity storage solutions at our five HPC locations across Canada. We employ a consumption-based fee structure where customers commit to a baseline level of compute, storage, network, or power usage as defined in their service agreements. Any usage beyond this baseline is typically billed incrementally, so costs are aligned with actual resource consumption and customers are afforded flexibility as their needs evolve.

Current wording

Our Traditional Cloud business reflected revenue generated by Hut 8 Canada. Traditional Cloud services supported both public and private cloud deployments, managed backup, business continuity and disaster recovery services, and high-performance, high-capacity storage solutions, under a consumption-based fee structure in which customers committed to a baseline level of compute, storage, network, or power usage, with usage beyond the baseline typically billed incrementally. During August 2026, we sold the Traditional Cloud business.

Previous wording

Our AI Cloud assets are deployed under our wholly owned subsidiary, Highrise AI, Inc., at a third-party colocation site near Chicago, Illinois. This segment generates recurring revenue through contracts where customers pay for access to graphics processing units (“GPU”) compute resources under on-demand or committed-use arrangements.

Current wording

Our AI Cloud assets are deployed under our wholly owned subsidiary, Highrise AI, Inc., at a third-party colocation site near Chicago, Illinois. This business generates recurring revenue through contracts where customers pay for access to graphics processing units ("GPU") compute resources under on-demand or committed-use arrangements.

Previous wording

Our Other reporting segment included activities that fall outside the scope of our Power, Digital Infrastructure, and Compute layers.

Current wording

Our Other reporting segment included activities that fall outside the scope of our Power, Digital Infrastructure, and Compute layers. There was no activity in our Other segment during the periods presented.

Previous wording

Power revenue was $1.2 million and $5.5 million for the three months ended June 30, 2026 and 2025, respectively. This $4.3 million decrease was primarily driven by a $4.3 million decrease in electricity sales resulting from the sale of the Far North JV in February 2026, compared to a full quarter of the Far North JV activity in 2025.

Current wording

Power revenue was $1.3 million and $8.4 million for the three months ended September 30, 2026 and 2025, respectively. This $7.1 million decrease was primarily driven by a $7.3 million decrease in electricity sales resulting from the sale of the Far North JV in February 2026, compared to a full quarter of the Far North JV activity in 2025.

Previous wording

Digital Infrastructure revenue was $1.3 million and $1.5 million for the three months ended June 30, 2026 and 2025, respectively. This $0.2 million decrease was primarily attributable to a $0.1 million decrease in CPU Infrastructure revenue resulting from customer churn, and a $0.1 million decrease in ASIC colocation revenue following the termination of the Vega colocation agreement when American Bitcoin exercised its option to purchase the miners at the site in August 2025.

Current wording

Digital Infrastructure revenue was $1.4 million and $5.1 million for the three months ended September 30, 2026 and 2025, respectively. This $3.7 million decrease was primarily attributable to a $3.6 million decrease in ASIC colocation revenue following the termination of the Vega colocation agreement when American Bitcoin exercised its option to purchase the miners at the site in August 2025, and a $0.1 million decrease in CPU Infrastructure revenue resulting from customer churn.

Previous wording

Compute revenue was $72.5 million and $34.3 million for the three months ended June 30, 2026 and 2025, respectively, representing an increase of $38.2 million. The increase was primarily driven by higher ASIC Compute revenue, reflecting an increase in Bitcoin mined from approximately 308 to approximately 935, partially offset by a decrease in average revenue per Bitcoin mined from approximately $98,320 to approximately $71,905. The increase in Bitcoin mined was primarily attributable to additional operating capacity following the commencement of ASIC Compute operations at the Vega site in August 2025 and re-energization of the Drumheller site in March 2026.

Current wording

Compute revenue was $68.4 million and $70.0 million for the three months ended September 30, 2026 and 2025, respectively, representing a decrease of $1.6 million. The decrease was primarily driven by a $2.6 million decrease in ASIC Compute revenue, reflecting a decrease in average revenue per Bitcoin mined from approximately $114,121 to approximately $71,087, partially offset by an increase in Bitcoin mined from approximately 578 to approximately 891. The increase in Bitcoin mined was primarily attributable to additional operating capacity following the commencement of ASIC Compute operations at the Vega site in August 2025 and the re-energization of the Drumheller site in March 2026. Traditional Cloud revenue also decreased by $0.7 million, primarily as a result of the sale of that business in August 2026. These decreases were partially offset by a $1.7 million increase in AI Cloud revenue driven by new customer contracts entered into since the third quarter of 2025.

Previous wording

Power cost of revenue was $0.8 million and $5.0 million for the three months ended June 30, 2026 and 2025, respectively. The $4.2 million decrease was primarily attributable to lower costs associated with electricity sales following the divestiture of the Far North JV in February 2026.

Current wording

Power cost of revenue was $0.8 million and $6.5 million for the three months ended September 30, 2026 and 2025, respectively. The $5.7 million decrease was primarily attributable to lower costs associated with electricity sales following the divestiture of the Far North JV in February 2026.

Previous wording

Digital Infrastructure cost of revenue was $1.4 million and $2.1 million for the three months ended June 30, 2026 and 2025, respectively. The $0.7 million decrease was primarily attributable to lower pass-through costs under the ASIC colocation agreement with Bitmain at the Vega site as the agreement was terminated in August 2025.

Current wording

Digital Infrastructure cost of revenue was $1.4 million and $3.8 million for the three months ended September 30, 2026 and 2025, respectively. The $2.4 million decrease was primarily attributable to lower pass-through costs under the ASIC colocation agreement with Bitmain at the Vega site as the agreement was terminated in August 2025.

Previous wording

Compute cost of revenue was $24.7 million and $14.7 million for the three months ended June 30, 2026 and 2025, respectively. This $10.0 million increase was primarily driven by a $10.6 million increase in ASIC Compute costs resulting from additional operating capacity as a result of the commencement of ASIC Compute operations at the Vega site in August 2025 and re-energization of the Drumheller site in March 2026, partially offset by a $0.4 million decrease in AI Cloud costs.

Current wording

Compute cost of revenue was $28.0 million and $22.0 million for the three months ended September 30, 2026 and 2025, respectively. This $6.0 million increase was primarily driven by a $6.4 million increase in ASIC Compute costs, reflecting $3.8 million of higher electricity costs from additional operating capacity following the commencement of ASIC Compute operations at the Vega site in August 2025 and the re-energization of the Drumheller site in March 2026. The increase was partially offset by a $0.4 million decrease in Traditional Cloud costs following the sale of that business in August 2026.

Previous wording

Depreciation and amortization expense was $39.7 million and $19.5 million for the three months ended June 30, 2026 and 2025, respectively. This $20.2 million increase was primarily driven by $17.6 million of higher depreciation on American Bitcoin’s ASIC miners as a result of the commencement of ASIC Compute operations at the Vega site in August 2025 and re-energization of the Drumheller site in March 2026, and $5.4 million of depreciation of our mining infrastructure and related machinery and equipment related to the construction and energization of our Vega site in June 2025. These increases were partially offset by a decrease in depreciation of power plant assets of $1.6 million as they were sold in the Far North JV sale in February 2026.

Current wording

Depreciation and amortization expense was $40.1 million and $27.8 million for the three months ended September 30, 2026 and 2025, respectively. This $12.4 million increase was primarily driven by (i) $13.1 million of higher depreciation on American Bitcoin's ASIC miners due to a full quarter of depreciation on miners at the Vega site, where ASIC Compute operations commenced in August 2025, additional miners placed in service in October 2025, and the re-energization of the Drumheller site in March 2026, and (ii) $1.9 million of higher depreciation on mining infrastructure associated with the Vega site. These increases were partially offset by a $1.6 million decrease in depreciation of power plant assets following the Far North JV sale in February 2026 and a $1.0 million decrease in depreciation and amortization of other assets, primarily computer and network equipment.

Previous wording

General and administrative expenses were $76.1 million and $30.2 million for thethree months ended June 30, 2026 and 2025, respectively. The $45.9 million increase was primarily attributable to (i) a $43.6 million increase in share-based compensation expense, (ii) a $4.1 million increase in salaries and benefits resulting from additional headcount to support our growth initiatives, primarily within our Energy Origination function, (iii) a $1.8 million increase in general marketing and administrative expenses, including higher rent expense for our new, larger corporate headquarters, and (iv) a $0.6 million increase in insurance expense resulting primarily from growth in our asset base. These increases were partially offset by a $3.5 million decrease in transaction costs associated with the merger between Gryphon Digital Mining, Inc. and American Bitcoin, which closed in September 2025.

Current wording

General and administrative expenses were $99.6 million and $25.9 million for the three months ended September 30, 2026 and 2025, respectively. The $73.7 million increase was primarily attributable to (i) a $58.4 million increase in stock-based compensation expense primarily due to one-time awards granted in 2025 under our long-term incentive plan, as well as ordinary course awards to attract and retain top talent, (ii) a $7.7 million increase in professional fees primarily due to legal expenses incurred to support the execution of our growth plan, (iii) a $6.2 million increase in salaries and benefits resulting from additional headcount to support our growth initiatives, primarily within our Energy Origination and other growth functions, (iv) a $3.9 million increase in general, marketing and administrative expenses, including higher conference and events costs and rent expense for our new, larger corporate headquarters, and (v) a $0.6 million increase in insurance expense resulting primarily from growth in our asset base. These increases were partially offset by a $2.9 million decrease in transaction costs primarily associated with the merger between Gryphon Digital Mining, Inc. and American Bitcoin (the "ABTC Merger"), which closed in September 2025, and a $0.2 million decrease in other general and administrative expenses.

Previous wording

Other expenses were $2.3 million and $22.8 million for the three* *months ended June 30, 2026 and June 30, 2025, respectively. The $20.5 million decrease was primarily attributable to (i) a $36.7 million favorable change in gain or loss on derivatives related to an increase in Bitcoin pledged by American Bitcoin in connection with miner purchases, (ii) a $27.1 million increase in interest income primarily from investing unused proceeds from the River Bend Phase 1 and Beacon Point Phase 1 construction and development financing in short-term investments, in order to partially offset the interest costs incurred on the related notes, (iii) a $4.6 million increase in equity in earnings of an unconsolidated joint venture. These favorable changes were partially offset by a $42.8 million increase in interest expense resulting from higher average outstanding debt following the issuance of construction and development financings for River Bend Phase 1 and Beacon Point Phase 1, and a $6.3 million unfavorable change in foreign exchange loss.

Current wording

Other expenses were $77.1 million and $3.0 million for the three months ended September 30, 2026 and 2025, respectively. The $74.0 million increase was primarily attributable to (i) a $96.9 million increase in interest expense resulting from higher average outstanding debt following the issuance of construction and development financings for River Bend Phase 1 and Beacon Point Phase 1, and (ii) a $67.7 million unfavorable change in gains and losses on derivatives and other financial liabilities, primarily due to the fair value remeasurement of Bitcoin redemption rights associated with American Bitcoin's ASIC miner purchases, driven by the increase in the price of Bitcoin and a higher amount of Bitcoin pledged by American Bitcoin. These unfavorable changes were partially offset by (i) a $61.8 million increase in interest income, primarily from investing unused proceeds from the River Bend Phase 1 and Beacon Point Phase 1 construction and development financings in restricted short-term investments to partially offset the interest costs incurred on the related notes, (ii) a $23.7 million gain from the fair value remeasurement of our investment in Ionic Digital Inc. ("Ionic") following its public listing on Nasdaq in July 2026, (iii) a $3.2 million increase in equity in earnings of an unconsolidated joint venture, and (iv) a $1.9 million favorable change in foreign exchange gains and losses.

Previous wording

Our income tax benefit was $31.5 million for the three months ended June 30, 2026, compared to our income tax provision of $27.6 million for the three months ended June 30, 2025. This $59.1 million increase was primarily driven by deferred taxes related to the losses on digital assets and the valuation allowance recognized in the three months ended June 30, 2025.

Current wording

Our income tax provision was $51.7 million for the three months ended September 30, 2026, compared to our income tax provision of $19.0 million for the three months ended September 30, 2025. This $32.6 million change was primarily driven by deferred taxes related to the gains on digital assets.

Previous wording

Power revenue was $4.9 million and $9.9 million for the six months ended June 30, 2026 and 2025, respectively. This $5.0 million decrease was primarily driven by a $5.1 million decrease in electricity sales resulting from the sale of the Far North JV in February 2026, compared to a full period of the Far North JV activity in 2025.

Current wording

Power revenue was $6.2 million and $18.2 million for the nine months ended September 30, 2026 and 2025, respectively. This $12.1 million decrease was primarily driven by a $12.4 million decrease in electricity sales resulting from the sale of the Far North JV in February 2026, compared to a full period of the Far North JV activity in 2025.

Previous wording

Digital Infrastructure revenue was $2.6 million and $2.8 million for the six months ended June 30, 2026 and 2025, respectively. The $0.2 million decrease was primarily attributable to a $0.1 million decrease in CPU Infrastructure revenue resulting from customer churn and a $0.1 million decrease in ASIC colocation revenue following the termination of the Vega colocation agreement with Bitmain when American Bitcoin exercised its option to purchase the miners at the site in August 2025.

Current wording

Digital Infrastructure revenue was $4.0 million and $7.9 million for the nine months ended September 30, 2026 and 2025, respectively. The $4.0 million decrease was primarily attributable to a $3.8 million decrease in ASIC colocation revenue following the termination of the Vega colocation agreement with Bitmain when American Bitcoin exercised its option to purchase the miners at the site in August 2025.

Previous wording

Compute revenue was$138.4 million and $50.4 million for the six months ended June 30, 2026 and 2025, respectively, representing an increase of $88.0 million. The increase was primarily driven by higher ASIC Compute revenue, reflecting an increase in Bitcoin mined from approximately 420 to approximately 1,752, partially offset by a decrease in average revenue per Bitcoin mined from approximately $96,772 to approximately $73,850. The increase in Bitcoin mined was primarily attributable to improved uptime following the fleet upgrade completed in April 2025 at the Salt Creek and Medicine Hat locations, as well as the commencement of ASIC Compute operations at the Vega site in August 2025 and Drumheller in March 2026.

Current wording

Compute revenue was $206.9 million and $120.4 million for the nine months ended September 30, 2026 and 2025, respectively, representing an increase of $86.4 million. The increase was primarily driven by higher ASIC Compute revenue, reflecting an increase in Bitcoin mined from approximately 1,021 to approximately 2,643, partially offset by a decrease in average revenue per Bitcoin mined from approximately $106,399 to approximately $72,918. The increase in Bitcoin mined was primarily attributable to improved uptime following the fleet upgrade completed in April 2025 at the Salt Creek and Medicine Hat locations, as well as the commencement of ASIC Compute operations at the Vega site in August 2025 and Drumheller in March 2026. The increase also reflected a $3.2 million increase in AI Cloud revenue, driven by new customer contracts entered into since the third quarter of 2025. These increases were partially offset by a $0.9 million decrease in Traditional Cloud revenue due to the sale of that business in August 2026.

Previous wording

Power cost of revenue was $2.9 million and $8.6 million for the six months ended June 30, 2026 and 2025, respectively. The $5.7 million decrease was primarily driven by lower costs associated with electricity sales following the divestiture of the Far North JV in February 2026.

Current wording

Power cost of revenue was $3.7 million and $15.1 million for the nine months ended September 30, 2026 and 2025, respectively. The $11.4 million decrease was primarily attributable to lower costs associated with electricity sales following the sale of the Far North JV in February 2026, which contributed approximately one month of activity in 2026 compared to a full nine months in 2025.

Previous wording

Digital Infrastructure cost of revenue was $2.9 million and $3.7 million for the six months ended June 30, 2026 and 2025, respectively. The $0.8 million decrease was primarily driven by lower electricity and connectivity costs related to the CPU colocation and lower pass-through costs under the ASIC colocation agreement with Bitmain at the Vega site.

Current wording

Digital Infrastructure cost of revenue was $4.4 million and $7.5 million for the nine months ended September 30, 2026 and 2025, respectively. The $3.1 million decrease was primarily attributable to lower pass-through costs under the ASIC colocation agreement with Bitmain at the Vega site following the termination of the agreement in August 2025.

Previous wording

Compute cost of revenue was $46.6 million and $28.1 million for the six months ended June 30, 2026 and 2025, respectively. This $18.5 million increase was primarily attributable to higher ASIC Compute costs resulting from improved uptime following the fleet upgrades completed at the Salt Creek and Medicine Hat sites in April 2025 and increased operating capacity following the energization of the Vega site in June 2025 and the re-energization of the Drumheller site in March 2026.

Current wording

Compute cost of revenue was $74.6 million and $50.2 million for the nine months ended September 30, 2026 and 2025, respectively. This $24.5 million increase was primarily driven by a $25.0 million increase in ASIC Compute costs, reflecting higher electricity costs from improved uptime following the fleet upgrades completed at the Salt Creek and Medicine Hat sites in April 2025 and additional operating capacity following the commencement of ASIC Compute operations at the Vega site in August 2025 and the re-energization of the Drumheller site in March 2026. The increase was partially offset by a $0.5 million decrease in Traditional Cloud costs following the sale of that business in August 2026.