HIVE Digital Technologies (HIVE) Q4 2026 earnings summary

Executive summary

• FY2026 revenue reached approximately CAD 300 million (USD 297.8 million), up 158% year-over-year, driven by strong growth in Bitcoin mining and HPC/AI segments.

• Net operating income exceeded CAD 75 million, and adjusted EBITDA was CAD 73 million, despite a reported net loss of CAD 148 million due to aggressive depreciation and non-cash items.

• Strategic focus on scaling sovereign AI infrastructure in Canada and Paraguay, with major investments in GPU cloud, data center expansion, and a 320 MW Gigafactory in the Greater Toronto Area.

• Closed a CAD 115 million (USD 115 million) 0% convertible note to fund GPU cluster growth, supporting a target of CAD 200 million ARR for GPU cloud and CAD 660 million ARR for total HPC.

• Major expansion in Paraguay added 300 MW of green-powered data center capacity, making the company a leading operator in sustainable infrastructure.

Financial highlights

• Fiscal Q4 revenue was CAD 71.8 million (USD 71.8 million), with gross operating margin of CAD 17.5 million and adjusted EBITDA loss of CAD 9 million.

• Year-over-year, gross operating margin grew from CAD 25 million to CAD 107 million (USD 107.9 million), and net operating income increased from CAD 8.5 million to CAD 76 million.

• Produced 2,885 Bitcoin in FY2026, with Q4 production at 876 BTC, maintaining positive mining margin for six consecutive years.

• Cash on hand at year-end was CAD 23 million, with CAD 10.8 million in digital currencies and CAD 9.7 million in investments.

• Cash from operations increased 3.5-fold to USD 62.3 million year-over-year.

Outlook and guidance

• Targeting CAD 200 million ARR for GPU cloud and CAD 660 million ARR for total HPC business by year-end 2028, anchored by the 320 MW GTA Gigafactory.

• Doubling GPU cloud capacity to 11,000 NVIDIA GPUs by end of 2026, expected to generate over CAD 200 million in AI Cloud ARR.

• Gigafactory in Greater Toronto Area expected to be energized by end of 2027 and cash flowing in early 2028, with a projected CAD 360 million ARR from colo alone.

• No new CapEx planned for Bitcoin mining; all growth CapEx focused on HPC and AI infrastructure.

• Management projects a path to a CAD 5 billion+ enterprise value as new contracts and capacity come online.