HIVE Digital Technologies (HIVE) Q4 2026 earnings summary

Executive summary

• FY2026 total revenue reached $297.8 million (CAD 300 million), up 158% year-over-year, with $278.3 million from Bitcoin mining and $19.5 million from HPC/AI operations, reflecting significant growth in both segments.

• Net operating income was $76.5 million, and adjusted EBITDA was $72.9 million, despite a GAAP net loss of $148.4 million due to $170.4 million in depreciation and other 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 GTA Gigafactory.

• Closed a $115 million (CAD 115 million) 0% convertible/exchangeable note, oversubscribed with institutional buyers, to fund GPU cluster growth and expansion.

• Up-listed to the Toronto Stock Exchange in May 2026, enhancing institutional access and visibility.

Financial highlights

• Q4 FY2026 revenue was $71.8 million, with gross operating margin of $17.5 million (24%) and adjusted EBITDA loss of $9.0 million.

• FY2026 gross operating margin was $107.9 million (36%), up from $25.1 million (22%) in FY2025, reflecting margin expansion.

• Produced 876 Bitcoin in Q4, maintaining positive mining margin for six consecutive years.

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

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

Outlook and guidance

• Targeting $200 million ARR for GPU cloud by Q4 2026 and $660 million total HPC ARR by year-end 2028, anchored by the 320 MW GTA Gigafactory.

• GTA Gigafactory expected online in H2 2027, with $3.5 billion capital investment and $360 million ARR from colo alone.

• Doubling GPU cloud capacity to 11,000 NVIDIA GPUs by end of 2026, supporting AI Cloud ARR growth.

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

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