HIVE Digital Technologies (HIVE) Q2 2027 earnings summary

Executive summary

• Q2 FY2027 revenue was $84.9M, up 7.3% QoQ and down 2.7% YoY; Adjusted EBITDA was $24.8M and GAAP net loss was $78.7M.

• HPC revenue grew 70.7% YoY to $8.8M, partly offsetting mining revenue’s 7.4% decline to $76.0M.

• Combined mining and GPU Cloud ARR was $340M as of Nov. 9; the calendar Q1 2027 combined ARR target is $500M.

Financial highlights

• Q2 revenue was $84.9M versus $87.3M YoY; H1 revenue was $164.0M versus $132.9M.

• Adjusted EBITDA was $24.8M versus $31.5M YoY and $13.4M in Q1; Q2 net loss was $78.7M versus $15.8M YoY.

• Net loss included $54.9M depreciation and $31.2M non-cash equipment impairment; share-based compensation was $8.6M and derivative fair-value loss was $7.3M.

• H1 operating cash flow was $12.2M; investing cash outflow was $136.0M and financing cash inflow was $239.3M.

Outlook and guidance

• Calendar Q1 2027 combined ARR target is $500M: $300M mining and $200M HPC/AI, including a target of ~10,500 GPUs live.

• GPU Cloud targets $200M ARR by Q4 2026; live ARR was ~$40M and contracted ARR was $185M, subject to deployments, financing and customer acceptance.

• Longer-term targets include ~$700M total HPC ARR by year-end 2028 and ~$500M HPC/colo ARR alongside $200M GPU Cloud ARR; execution depends on financing, construction and customer commitments.

• HPC buildout plans call for up to $493M CapEx over 36 months; the GTA Giga Factory targets $360M ARR at 240 MW IT load, but had no contracted tenant.