HIVE · HIVE Digital Technologies Ltd.

HIVE Digital Technologies reported stellar FY2026 results, with total revenue surging 158% to $297.8 million, driven by a quadrupling of Bitcoin mining hashrate to 25.1 EH/s and a 94% jump in HPC revenue to $19.5 million. Digital currency mining revenue of $278.3 million (+164% YoY) benefited from higher average Bitcoin prices ($98,040 vs. $75,881) and robust production of 2,885 BTC. The HPC segment, operated under the BUZZ brand, achieved record revenue and a contracted ARR of $35 million, bolstered by the deployment of NVIDIA H200 and B200 GPU clusters. Gross operating margin expanded 14 percentage points to 36%, reflecting operating leverage from the 300 MW Paraguay expansion and improved HPC margins (approx. 40%). Despite a GAAP net loss of $148.4 million (largely due to $170.4 million depreciation and non-cash adjustments), Adjusted EBITDA reached $72.9 million, and cash from operations tripled to $62.3 million. Management's commentary underscores a dual-engine growth strategy: Bitcoin mining powered by 100% green energy and AI infrastructure. Key forward targets include $660 million ARR by 2028, anchored by a planned 320 MW GTA gigafactory, and over $200 million AI Cloud ARR by end of calendar 2026. Post year-end, the company strengthened its balance sheet with $115 million in zero-coupon exchangeable notes, providing flexibility for continued expansion. The results highlight HIVE's successful transformation into a diversified data center operator, positioned to capitalize on both crypto and AI demand.