HIVE Digital Technologies (HIVE) shares reported a sharp revenue jump for fiscal 2026, although its stock showed weakness after the update. HIVE traded at $4.67, down 1.89%, after failing to hold above $4.76. The company’s full-year results showed strong mining growth, rising HPC revenue, and a large GAAP net loss.
HIVE Digital Technologies Ltd., HIVE
HIVE Digital Technologies posted total fiscal 2026 revenue of $297.8 million, up 158% from the prior year. Digital currency mining generated $278.3 million, while HPC hosting services added $19.5 million. The company benefited from higher Bitcoin prices and a larger operating fleet.
Bitcoin production reached 2,885 BTC during the fiscal year, compared with 1,414 BTC in fiscal 2025. The increase came as HIVE expanded installed hashrate from 6.5 EH/s to 25.1 EH/s. However, network difficulty also rose, which kept pressure on mining economics.
HIVE’s gross operating margin improved to $107.9 million, or 36% of revenue. That compared with $25.1 million and a 22% margin in fiscal 2025. The gain reflected stronger operating scale, Paraguay expansion benefits, and higher HPC margins.
HIVE reported a GAAP net loss of $148.4 million for fiscal 2026. The company said non-cash items accounted for about $221.3 million of the total impact. These items included depreciation, share-based compensation, investment losses, and equipment-related adjustments.
Adjusted EBITDA stood at $72.9 million, equal to 24% of total revenue. Cash from operations rose 3.5 times to $62.3 million. Still, higher spending supported staff growth, Paraguay operations, and the BUZZ HPC business.
In the fourth quarter, revenue reached $71.8 million, with mining revenue at $67.2 million. Bitcoin mining revenue fell 23.9% from the prior quarter due to lower Bitcoin prices. Adjusted EBITDA also turned negative at $9 million as hashprice conditions weakened.
HIVE’s BUZZ HPC business generated record revenue of $19.5 million in fiscal 2026. The unit grew 94% from $10 million in fiscal 2025. Demand for GPU marketplace services and the NVIDIA H200 cluster supported the growth.
The company ended the year with $35 million in contracted HPC ARR. It also targets $660 million in ARR by the end of 2028. Its planned 320 MW AI Gigafactory in the Greater Toronto Area anchors that outlook.
HIVE also strengthened its capital structure after year-end. Its subsidiary closed $115 million in 0% exchangeable senior notes due 2031. Consequently, management said the company entered fiscal 2027 with funding for Paraguay and a larger AI pipeline.
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