HIVE Digital Technologies (HIVE) investor relations material

Executive summary

• Achieved record Q1 FY2026 revenue of $45.6 million and adjusted EBITDA of $44.6 million, driven by a 45% sequential increase in average hashrate to 8.9 EH/s and strong performance in both Bitcoin mining and HPC operations.

• Net income reached $35.0 million, supported by net realized and unrealized gains on digital currencies and a gain on change in fair value of derivative assets.

• Mined 406 Bitcoin, up 34% sequentially, with average network difficulty increasing 10.2% quarter over quarter.

• BUZZ HPC revenue hit a record $4.8 million, up 59.8% sequentially, reflecting robust demand for high-performance computing.

• Ended the quarter with $71.9 million in cash and digital currencies, positioning for continued growth and resilience.

Financial highlights

• Total revenue of $45.6 million, up sharply from the previous quarter, with gross operating margin of 34.7% ($15.8 million).

• Digital currency mining revenue was $40.8 million, up 44.9% sequentially, with direct costs of $26.8 million (90% electric power).

• BUZZ HPC revenue reached $4.8 million, up 59.8% sequentially, with direct costs of $2.1 million.

• Adjusted EBITDA was $44.6 million; GAAP net income was $35.0 million, including $23.2 million in net realized/unrealized gains on digital currencies and $16.4 million gain on derivatives.

• Gross mining margin improved to 34% from 28% in the prior quarter.

Outlook and guidance

• On track to reach 25 EH/s by Thanksgiving, with current hashrate over 15 EH/s as of August 2025 and daily Bitcoin production of 7.5.

• Annualized Bitcoin mining revenue run rate estimated at $315 million based on current prices and network conditions.

• Targeting $100 million in high-margin run-rate revenue from cloud computing and AI model training services by calendar year 2026.

• Expansion includes acquisition of a 7.2 MW Tier 3 data center in Toronto and launch of a new NVIDIA Hopper GPU cluster in Quebec.