HIVE Digital Technologies (HIVE) Q4 2025 earnings summary

Executive summary

• Achieved $115.3 million in revenue and $56.2 million adjusted EBITDA for FY2025, with 1,414 Bitcoin mined and significant expansion in Paraguay and Toronto, including a 7.2 MW data center acquisition for HPC/AI growth.

• Transitioned financial reporting from IFRS to US GAAP, enhancing comparability with US-listed peers and supporting capital market ambitions.

• Hashrate scaled from 4.7 EH/s to 11 EH/s, targeting 25 EH/s by late 2025, with all ASICs for 18 EH/s paid and deposits in place for 25 EH/s.

• AI/HPC business expanded, reaching $20 million ARR in May 2025 and aiming for $100 million ARR by 2026, supported by the Toronto data center and tripled AI cloud revenue.

• Fully funded for all planned expansions, including Paraguay and Toronto, with disciplined capital allocation and focus on maximizing ROIC.

Financial highlights

• FY2025 revenue was $115.3 million, with $105.2 million from Bitcoin mining and $10.1 million from HPC/AI, and adjusted EBITDA of $56.2 million.

• Gross operating margin was $25.1 million (21.8%), down from $37.5 million (33%) in FY2024, impacted by the Bitcoin halving and increased mining difficulty.

• Net loss for FY2025 was $3.0 million (US GAAP), compared to net income of $26.5 million in FY2024.

• Q4 FY2025 revenue was $31.2 million, with $8.8 million gross margin (28.2%) and a GAAP net loss of $52.9 million, mainly due to non-cash revaluation losses.

• Year-end cash position was $23.4 million, with $181.1 million in digital currencies, including 2,201 Bitcoin.

Outlook and guidance

• On track to reach 18 EH/s by summer and 25 EH/s by late 2025, representing up to 3% of the global Bitcoin mining network.

• Projected annualized revenue of $400 million at $100,000 Bitcoin price, with mining margin potential up to $493 million at $150,000 Bitcoin.

• HPC/AI business expected to scale from $20 million to $100 million ARR by 2026, driven by Toronto data center and new GPU deployments.

• Paraguay expansion and new Bitmain S21+ Hydro machines expected to lower production costs and expand cash flow.

• Management focused on disciplined, high-ROIC growth powered by green energy.