HIVE Digital Reports $84.9 Million in Q2 Revenue as AI Computing Business Grows 70.7%

HIVE Digital Technologies Ltd. (NYSE:HIVE) reported revenue of $84.9 million for its second fiscal quarter ended September 30, 2026, representing a 7.3% increase from the previous quarter but a 2.7% decline compared with the corresponding period a year earlier.

The digital infrastructure and cryptocurrency mining company recorded growth in its high-performance computing operations, with revenue from its BUZZ HPC division increasing 70.7% year-on-year to $8.8 million. The increase was supported by the deployment of Nvidia B200 graphics processing units (GPUs) at the company’s facility in Manitoba, Canada.

HIVE also reported a GAAP net loss of $78.7 million, reflecting depreciation expenses and a non-cash impairment charge related to cryptocurrency mining equipment.

BUZZ HPC Revenue Increases 70.7% to $8.8 Million

HIVE’s high-performance computing division, BUZZ HPC, generated quarterly revenue of $8.8 million, an increase of 70.7% compared with the previous year and 25.3% from the preceding quarter.

The growth was supported by the deployment of an Nvidia B200 GPU cluster at the company’s Manitoba facility, expanding its computing infrastructure for artificial intelligence applications.

The division provides GPU-based computing capacity, an area of the company’s operations separate from its digital currency mining activities.

The increase in BUZZ HPC revenue reflects the contribution of additional computing infrastructure and the expansion of HIVE’s AI-related services.

Cryptocurrency Mining Revenue Reaches $76 Million

HIVE reported digital currency mining revenue of $76.0 million for the quarter, representing a 5.5% sequential increase but a 7.4% decline compared with the same period in the previous year.

The company received 1,070 Bitcoin in mining rewards during the quarter, compared with 1,004 Bitcoin in the preceding three-month period.

The increase in Bitcoin rewards occurred alongside higher sequential mining revenue, although revenue remained below the prior-year level.

Cryptocurrency mining continued to account for the majority of HIVE’s reported quarterly revenue, while high-performance computing represented a smaller but growing component of the business.

Net Loss Reaches $78.7 Million Following Equipment Impairment

HIVE reported a net loss of $78.7 million under US generally accepted accounting principles (GAAP).

The result included $54.9 million in depreciation expenses and a $31.2 million non-cash impairment charge associated with cryptocurrency mining equipment.

The impairment followed a recoverability assessment conducted under US GAAP, resulting in a reduction in the carrying value of certain mining assets.

Although the impairment affected reported earnings, the charge did not represent a direct cash expenditure during the quarter.

The company reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $24.8 million, equivalent to 29.2% of revenue.

Adjusted EBITDA increased 85% compared with the previous quarter.

Gross operating margin reached $30.2 million, representing 35.6% of total revenue.

These adjusted operating measures provide additional information about the company’s performance but differ from its GAAP net result.

Cash Holdings Reach $139 Million at Quarter-End

As of September 30, 2026, HIVE held $139.0 million in cash and $22.6 million in digital currencies.

During the quarter, the company issued approximately 13.7 million shares through its at-the-market equity offering programme.

The share issuances generated gross proceeds of approximately $43.2 million at an average price of $3.15 per share.

The financing provided additional capital for the company’s operations and infrastructure development, while increasing the number of shares outstanding.

The reported cash and digital currency balances provide information about HIVE’s financial resources at the end of the reporting period.

GPU Cloud Business Reports $185 Million in Contracted Annual Recurring Revenue

HIVE reported approximately $40 million in annualised run-rate revenue from its operational GPU Cloud infrastructure.

Separately, the company disclosed approximately $185 million in contracted annual recurring revenue (ARR) associated with GPU Cloud agreements.

The contracted amount includes computing capacity that has not yet entered service and therefore does not represent revenue already recognised in the company’s financial statements.

The difference between operational annualised revenue and contracted ARR reflects the distinction between currently active computing services and future contracted capacity.

HIVE’s reported agreements include multi-year arrangements involving Nvidia GPU infrastructure for artificial intelligence computing workloads.

Multi-Year AI Contracts Include Nvidia GB200 and GB300 Systems

Among HIVE’s disclosed agreements is a three-year sovereign artificial intelligence contract with Bell AI Fabric supporting Cohere.

The arrangement covers 2,304 Nvidia GB200 NVL72 GPUs, providing computing infrastructure intended for AI-related workloads.

HIVE also reported a five-year agreement with an investment-grade enterprise customer involving 2,016 Nvidia GB300 NVL72 GPUs.

These contracts form part of the company’s expansion into GPU Cloud services and high-performance computing infrastructure.

The agreements contribute to HIVE’s contracted ARR, although revenue recognition will depend on the deployment of the associated infrastructure and the provision of contracted services.

The company emphasised that contracted ARR includes capacity not yet operational and should not be treated as equivalent to recognised revenue.

Global Power Capacity Expected to Reach Approximately 540 MW

HIVE reported that it currently operates approximately 440 megawatts (MW) of global power capacity.

The company expects its available capacity to increase to approximately 540 MW following the planned energisation of an additional 100 MW power purchase agreement in Paraguay.

The expansion would increase the company’s power capacity by approximately 22.7% compared with its current operating level.

Power availability is an important component of HIVE’s infrastructure operations, supporting both cryptocurrency mining and high-performance computing activities.

The timing of the additional capacity will depend on completion of the planned energisation process.

Outlook

HIVE’s second-quarter results reflected sequential revenue growth and an increase in adjusted EBITDA, alongside a GAAP net loss affected by depreciation and impairment charges.

The BUZZ HPC division recorded year-on-year revenue growth of 70.7%, while cryptocurrency mining continued to generate the majority of the company’s quarterly sales.

The company’s GPU Cloud agreements represent contracted future business, although a substantial portion of the associated capacity has not yet entered service.

Future financial performance will depend on the deployment of contracted GPU infrastructure, the conversion of contracted capacity into recognised revenue, cryptocurrency mining activity and the expansion of available power capacity.

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