HIVE Reports $84.9 Million in Revenue and Adjusted Quarterly Loss of 15 Cents per Share
Key Facts
HIVE Digital Technologies reported revenue of $84.9 million for its fiscal second quarter ended Sept. 30, 2026, above the average estimate of $80 million from five analysts surveyed by Zacks. The company posted an adjusted loss of 15 cents per share, excluding asset impairment and nonrecurring costs, compared with estimates for a loss of 16 cents. But the loss under accounting standards was 29 cents per share, and net loss from continuing operations was $78.701 million. That compares with a loss of $15.797 million in the same period a year earlier, according to the company’s filing with the U.S. Securities and Exchange Commission. The results show a contrast between beating revenue and adjusted earnings expectations on one hand, and a wider accounting loss and weaker margin measures on the other.
Total revenue fell to $84.882 million from $87.253 million a year earlier, despite exceeding analyst estimates. Cryptocurrency mining revenue declined to $76.038 million from $82.073 million in the year-earlier quarter. By contrast, high-performance computing hosting revenue rose to $8.844 million from $5.180 million. HIVE attributed the increase in hosting mainly to revenue recognized under a new two-year contract announced in February 2026. Total monthly recurring revenue under the cited contract is $1.25 million, according to the filing.
The company attributed pressure on mining revenue in part to bitcoin’s average price falling to $71,003 during the quarter from $114,382 in the comparable period. It said higher bitcoin rewards partly offset that effect, alongside an increase in its average hashrate and a decline in average network difficulty. Installed, combined hashrate, after adjustments for operating conditions, was about 24.2 exahashes per second on Sept. 30, with implied fleet efficiency of 15.8 joules per terahash. These metrics relate to cryptocurrency mining, while the company expanded the contribution from its high-performance hosting business during the same period. The differing revenue trends in the two businesses reflect a shift in HIVE’s business mix during the quarter.
Gross operating margin fell to $30.202 million, or 36% of revenue, from $42.404 million and 49% a year earlier. Depreciation expense rose to $54.9 million from $38.3 million, which the company said was mainly due to additions to its specialized mining equipment fleet in Paraguay during fiscal 2026. Adjusted EBITDA, a non-GAAP measure, was $24.807 million, compared with $31.530 million in the year-earlier period. In the six months ended Sept. 30, mining revenue rose to $148.1 million from $122.9 million, despite bitcoin’s average price for the period falling to $71,343 from $106,378. The company recorded a net loss from continuing operations of $221.608 million for the six months, compared with net income of $19.219 million a year earlier.
Cash and cash equivalents totaled $139.0 million on Sept. 30, 2026, up from $23.1 million on March 31. Net cash used in investing activities in the six months was $136.0 million, compared with $108.1 million a year earlier. Spending included equipment deposits of $91.0 million and land purchases of $22.0 million. HIVE issued convertible notes with an aggregate face value of $245 million in April and June 2026, while the convertible loan balance was $235.3 million on Sept. 30. The increase in the cash balance shows liquidity at period-end, while the investing and financing items indicate the scale of spending and obligations tied to expansion.
HIVE shares closed at $1.81 on Nov. 9, 2026, according to EL7 data. The price record used did not include that day’s trading range. The company is scheduled to hold an earnings call on Nov. 10 at 8:00 a.m. U.S. Eastern time. The call follows the release of second-quarter results and is the next announced update for investors on the company’s performance. HIVE announced the results release date on Nov. 9 and set the call for the following day in its statement.