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HIVE Digital Technologies (HIVE) investor relations material
HIVE Digital Technologies Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q3 revenue of $93.1 million, up 219% year-over-year, with $88.2 million from Bitcoin mining and $4.9 million from HPC/AI operations, and a gross operating margin of $32.1 million.
Adjusted EBITDA was $5.7 million, while net loss was $91.3 million, primarily due to $57.4 million in accelerated depreciation and non-cash revaluation adjustments tied to Paraguay expansion.
Produced 885 Bitcoin in Q3, ending with 481 Bitcoin held in treasury and $14.1 million in cash.
Dual-engine growth driven by Bitcoin hashrate expansion to 25 EH/s and rising demand for BUZZ HPC platforms.
Financial highlights
Revenue increased to $93.1 million in Q3 FY2026 from $29.2 million year-over-year, a 219% increase, supported by higher production scale and operational uptime.
Gross operating margin expanded to $32.1 million (35%) from $5.3 million (18%) year-over-year, but compressed sequentially from 49% in Q2 due to digital asset price movements.
Adjusted EBITDA was $5.7 million, down from $82.9 million in the prior year, which included a $77.4 million unrealized gain on digital currencies.
Net loss of $91.3 million compared to net income of $68.2 million in the prior year, driven by non-cash depreciation and fair value adjustments.
Maintained a healthy working capital position with $91 million in current assets and $52 million in current liabilities.
Outlook and guidance
Targeting $225 million ARR in HPC and GPU cloud by year-end, scaling from $20 million currently, with 11,000 GPUs planned under the BUZZ AI platform.
Signed a 2-year, $30 million contract for 504 Nvidia B200 GPUs, expected to add $15 million ARR and increase HPC annualized revenue by ~75%.
New Brunswick Tier-III data center conversion expected to add $85 million ARR; ongoing design and permitting underway.
Paraguay expansion continues with 100 MW PPA and proof-of-concept for HPC AI with a major telco, leveraging 100% green energy.
Scenario analysis projects annualized mining margin of $88 million–$182 million at 25 EH/s, depending on BTC price.
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