HIVE Revenue Reaches $84.882 Million in Second Quarter as Losses Widen

Key Facts

HIVE Digital Technologies reported revenue of $84.882 million in the second quarter of its fiscal 2027, ended September 30, 2026, compared with $87.253 million in the same period a year earlier, according to its filing with the U.S. Securities and Exchange Commission. Loss from continuing operations was $78.701 million, versus $15.797 million a year earlier, while the company recorded a diluted loss of $0.29 per share. Revenue came from digital currency mining and high-performance computing hosting. Mining revenue declined, while hosting revenue increased; growth in the latter activity was not enough to offset the decline in the former. On a quarterly basis, revenue rose from $79.120 million in the first quarter, and the loss narrowed from $142.907 million, according to the filing.

Digital currency mining revenue was $76.038 million, down from $82.073 million a year earlier, while high-performance computing hosting revenue rose to $8.844 million from $5.180 million, according to the filing. HIVE attributed the weaker mining revenue mainly to a drop in the average Bitcoin price used in its results to $71,003 from $114,382. By contrast, the company received 1,070 Bitcoin during the quarter, compared with 718 in the year-earlier period. It said an increase in the global hashrate and a decline in average network difficulty supported higher mining rewards. Average network difficulty was 128 trillion, compared with 130 trillion a year earlier. Thus, the amount of Bitcoin received increased, but its lower average price coincided with a decline in mining revenue.

The company said the increase in high-performance computing hosting revenue was linked to the start of revenue recognition under a new two-year contract announced on February 13, 2026. The contract provides gross recurring monthly revenue of $1.25 million, according to HIVE's filing. The company also entered into a 5-year AI cloud computing services agreement on August 17, with a total contract value of approximately $350 million. The agreement includes 2,016 NVIDIA Blackwell Ultra graphics processing units, with the cluster expected to enter service later in 2026 at the Bell AI Fabric facility in Merritt. In its results statement, the company said its annualized revenue from GPU Cloud services reached about $40 million, while annualized contracted revenue reached about $185 million. The contracted figure includes capacity not yet in operation, and HIVE is targeting about $200 million in the fourth quarter of 2026, subject to financing and deployment conditions.

Gross operating margin fell to $30.202 million from $42.404 million in the comparable period, and its share of revenue declined to 36% from 49%, according to the filing. Gross margin turned negative at 29%, after being positive at 5%. Mining operating and maintenance costs were $50.361 million, including $45.6 million for electricity, compared with $42.076 million and $37.9 million, respectively, a year earlier. Depreciation also rose to $54.863 million from $38.292 million. The company recorded a non-cash impairment of equipment of $31.187 million. HIVE linked the impairment to indicators including lower mining revenue per unit of computing capacity and a decline in the market values of ASIC equipment.

For the six months ended September 30, 2026, revenue rose to $164.002 million from $132.864 million, but the company posted a net loss of $221.608 million after reporting net income of $19.219 million in the comparable period. Cash and cash equivalents totaled $139.0 million at the end of September, up $115.9 million from $23.1 million on March 31, 2026. During the six months, HIVE issued 13,698,085 common shares through its at-the-market program, generating gross proceeds of $43.2 million. The company said its second-quarter results conference call and webcast are scheduled for November 10, 2026, at 8:00 a.m. Eastern Time. HIVE shares closed at $1.78 on November 6, 2026, according to EL7 data. These figures place quarterly performance within a period in which half-year revenue rose while net loss widened compared with the prior period.