10-K · June 2, 2026
HIVE Digital Technologies reported fiscal year 2026 revenue of $297.8 million, a 158% increase driven by growth in digital currency mining operations, offset by a net loss of $148.4 million, arising from high operating…
Earnings analysis · 10-Q
HIVE earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
HIVE delivered strong top-line growth, with revenue up 73.5% year over year to $79.120 million and HPC revenue up 46.7% to $7.060 million. However, gross margin remained negative 37%, adjusted EBITDA fell to $13.436…
Read full summary
HIVE delivered strong top-line growth, with revenue up 73.5% year over year to $79.120 million and HPC revenue up 46.7% to $7.060 million. However, gross margin remained negative 37%, adjusted EBITDA fell to $13.436 million from $44.599 million, and the company reported a $142.907 million net loss versus $35.016 million of net income, primarily due to an $84.650 million Swedish VAT provision and higher non-cash and financing costs. Liquidity improved substantially through $199.2 million of note proceeds, but leverage, the $493 million planned HPC investment program and significant tax exposure weigh on the outlook. The filing states there were no material changes to the formal risk factors from the Annual Report.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
Reported figures
- Earnings per share
- $-0.54
- Gross margin
- -37%
What stood out
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Revenue Growth Accelerated
Revenue increased 73.5% year over year to $79.120 million from $45.611 million and rose 10.2% sequentially from $71.816 million. Digital currency mining revenue rose to $72.060 million from $40.797 million year over year, while HPC revenue increased to $7.060 million from $4.814 million.
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Cash Margin Improved Sequentially
Gross margin improved sequentially to negative 37% from negative 49%, but remained below negative 14% a year earlier. Gross operating margin, a non-GAAP measure, was $24.188 million, or 31%, versus $17.530 million, or 24%, in Q4 2026 and $15.819 million, or 35%, in Q1 2026.
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Hashrate Drove Bitcoin Growth
The company mined 1,004 BTC versus 406 BTC in the prior-year quarter, reflecting higher global hashrate. The increase was partly offset by average Bitcoin price falling to $71,682 from $98,373 and average network difficulty rising to 134.7 trillion from 122.6 trillion.
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Liquidity Expanded Materially
Cash increased to $208.039 million from $23.113 million at March 31, 2026, while working capital rose to $137.0 million from $5.4 million. Financing provided $228.562 million, including $199.2 million of net proceeds from the April and June exchangeable-note offerings.
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HPC Business Gaining Scale
HPC revenue increased 46.7% year over year to $7.060 million, and HPC gross margin increased to $3.128 million from $1.865 million. Management expects the new 504-GPU deployment to add approximately $15 million of annual recurring revenue once fully operational.
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Infrastructure Capacity Expanding
Installed hashrate was approximately 24.5 EH/s optimized as of July 31, 2026, with 393.1 MW of utilized power and 464.0 MW of available capacity. Management is also advancing a potential 320 MW GTA Gigafactory designed to support more than 100,000 GPUs at full build-out.
What to watch
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Swedish VAT Liability Became Probable
The company recorded an $84.650 million non-cash provision for Swedish VAT liabilities after adverse Court of Appeal judgments; the provision covers SEK 822.0 million through June 30, 2026. Interest continues to accrue, and management stated ultimate exposure may exceed the provision.
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Note Financing Increased Obligations
The company issued $245.0 million face value of exchangeable notes, recorded as a $234.872 million liability at June 30, 2026. Contractual cash flows include $245.0 million due in the 3-to-5-year period, increasing leverage and potential dilution or refinancing exposure.
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Large HPC Investment Program
Management anticipates up to approximately $493 million of HPC capital expenditures over the next 36 months, while a subsequent equipment agreement totals $186.9 million, including an $18.7 million deposit already paid on July 24, 2026. The scale of planned investment creates execution, funding and demand risk despite June 30 cash of $208.039 million.
Management's outlook
No formal revenue or EPS guidance was provided. Management expects the 504-GPU Bell Canada deployment to generate approximately $15 million of annual recurring revenue once fully operational, increasing annualized HPC revenue from approximately $20 million to approximately $35 million. Management anticipates up to approximately $493 million of HPC capital expenditures over the next 36 months.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.