HIVE Digital Technologies (HIVE) Q1 2027 earnings summary

Executive summary

• Q1 FY2027 revenue reached $79.1 million, up 74% year-over-year and 10% sequentially, driven by digital currency mining and HPC/AI growth.

• Digital currency revenue was $72.1 million (1,004 BTC mined), up 76.6% year-over-year, while HPC/AI revenue rose to $7.1 million, up 52% sequentially and 47% year-over-year.

• Adjusted EBITDA returned to positive at $13.4 million (17% margin), compared to negative $9 million in Q4.

• GAAP net loss was $142.9 million, primarily due to an $84.7 million non-cash Swedish VAT provision and $53.7 million in depreciation.

• Strong liquidity position with $208 million cash at quarter-end, supporting ongoing expansion.

Financial highlights

• Revenue increased 74% year-over-year and 10% sequentially, with gross operating margin at $24.2 million (31% of revenue), up from $15.8 million prior year.

• Net operating income rose to $15.2 million, up 51% year-over-year and 86% sequentially.

• Adjusted EBITDA was $13.4 million, while reported EBITDA was negative $86.3 million due to non-cash charges.

• Basic loss per share was $0.54, compared to EPS of $0.19 prior year.

• Cash and cash equivalents stood at $208 million, with $11.2 million in digital currencies as of June 30, 2026.

Outlook and guidance

• Targeting $200 million ARR in GPU cloud by Q4 2026, with $180 million already contracted.

• HPC/AI revenue expected to reach $500k/day by Q4, with ~10,500 GPUs online.

• Long-term vision includes $700 million ARR from AI cloud and HPC colocation by year-end 2028.

• Boden HPC colocation lease expected to close by September, adding $45 million ARR.

• Planned energization of an additional 100 MW PPA at Yguazú to increase total power capacity to 540 MW in Q4 2026.