HIVE Revenue Reaches $84.9 Million as Mining Slows and Loss Widens
Key Facts
HIVE Digital reported revenue of $84.9 million for the second quarter of its fiscal 2027, ended September 30, 2026, compared with $87.3 million in the same period a year earlier. The quarterly filing with the U.S. Securities and Exchange Commission showed a decline in total revenue, as growth in high-performance computing hosting did not offset lower digital currency mining revenue. Mining revenue was $76.0 million, while hosting activities generated $8.8 million. Meanwhile, quarterly net loss widened to $78.7 million from $15.8 million a year earlier. The results set the company’s expansion in high-performance computing alongside the continued reliance of most revenue on mining.
Digital currency mining revenue fell to $76.0 million from $82.1 million in the comparable quarter, even as the company received 1,070 bitcoin, up from 718 bitcoin a year earlier. HIVE attributed the decline in revenue mainly to bitcoin’s average price falling during the quarter to $71,003 from $114,382. The company said higher bitcoin rewards, alongside growth in its hash rate, offset part of the impact of the lower price. Average network difficulty was 128 trillion, compared with 130 trillion in the comparable period. The figures show that an increase in bitcoin received was not enough to offset the decline in the average price of the asset being mined.
By contrast, high-performance computing hosting revenue rose to $8.8 million from $5.2 million a year earlier. The company linked the increase to the start of revenue recognition under a new two-year contract. Announced on February 13, 2026, the contract generated gross monthly recurring revenue of $1.25 million. The activity remains smaller than digital currency mining in quarterly revenue, but recorded year-over-year growth in the period covered by the report. Its growth reflects the start of cloud contracts contributing to the company’s revenue mix, alongside mining’s continued position as its largest revenue source.
Net loss was $78.7 million for the quarter, compared with $15.8 million in the same period a year earlier. Among the items disclosed by the company was a non-cash loss of $31.2 million from equipment impairment, compared with no comparable loss in the year-earlier period. HIVE linked the impairment to weaker mining economics and bitcoin volatility. For the six months ended September 30, revenue rose to $164.0 million from $132.9 million. But the company recorded a loss from continuing operations of $221.6 million for the six months, after reporting income of $19.2 million in the comparable period.
The infrastructure expansion was accompanied by higher capital spending during the six months. Net cash used in investing activities was $136.0 million, compared with $108.1 million a year earlier. The company attributed the increase mainly to equipment deposits of $91.0 million and land purchases of $22.0 million as it expanded its high-performance computing business. The spending adds financing requirements to the hosting expansion plan at a time when the company reported quarterly and half-year losses. The figures show revenue growth in the new business running alongside significant investment in equipment and land.
The company is awaiting deployment of a dedicated computing cluster contracted by its subsidiary BUZZ at a facility in Merritt, British Columbia. The cluster comprises 2,016 NVIDIA Blackwell Ultra graphics processing units and is expected to be deployed in the first quarter of 2027. HIVE estimates the contract’s total value at about $350 million over five years. It also expects capital spending of approximately $185 million to deploy the cluster and the related equipment and services. The expected deployment date puts the contract at the center of the next phase of the company’s expansion in cloud computing services, while execution of the plan remains tied to the capital investment it has announced.