Q2 mining volume up 204% YoY, cost of goods sold up 23.5% YoY

Hut 8 ($HUT) is scheduled to report its Q3 2026 results before the U.S. market open on November 4, with an investor call the same day. In the prior quarter, the company's bitcoin mining output rose about 204% year-over-year while total cost of revenue increased roughly 23.5%. Zacks estimates a Q3 loss of $1.17 per share on revenue of $79.17 million, down 5.2% year-over-year, and assigns the stock a Hold (3) rating with a positive 24.7% Earnings ESP. The report matters as a test of whether Hut 8's mining growth is translating into margin improvement after the sharp cost increase. Investors will watch the actual revenue and cost figures against Zacks' estimates and any commentary on mining economics and margins.