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HIVE Digital Technologies
HIVE Digital Technologies (HIVE) investor relations material
HIVE Digital Technologies Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary17 Nov, 2025
Executive summary
Achieved record Q2 2026 revenue of $87.3 million, up 285% year-over-year, driven by Bitcoin mining and BUZZ HPC/AI cloud growth, with significant expansion in Paraguay and global hydro-powered data centers.
Gross operating margin rose to $42.4 million (49%), up from $400,000 (2%) year-over-year, reflecting operational efficiency and fleet optimization.
Adjusted EBITDA reached $31.5 million, but reported a net loss of $15.8 million due to non-cash charges, including accelerated depreciation and investment losses.
Maintained a strong balance sheet with up to $136.7 million in digital assets and $25.7 million in strategic investments, supporting disciplined expansion.
Achieved 25 EH/s operational hashrate in November 2025, with a path to 35 EH/s by Q4 2026.
Financial highlights
Revenue for Q2 2026 was $87.3 million, up from $22.6 million in Q2 2025 and $45.6 million in Q1 2026, driven by increased exahash capacity and higher Bitcoin prices.
Produced 719 Bitcoin equivalent in Q2, up from 406 in the prior period.
Gross operating margin improved to 49% in Q2 2026 from 2% in Q2 2025 and 35% in Q1 2026.
Adjusted EBITDA was $31.5 million in Q2 2026, compared to $12 million in Q2 2025 and $44.6 million in Q1 2026.
Net loss of $15.8 million in Q2 2026, compared to nil in Q2 2025 and net income of $35.5 million in Q1 2026, mainly due to non-cash investment losses and accelerated depreciation.
Outlook and guidance
Targeting $750 million ARR by end of 2026, with $550 million from Bitcoin mining (35 exahash) and $225 million from BUZZ AI cloud and hyperscaler colo.
Plans to double GPU AI cloud capacity from 5,000 to 11,000 GPUs by end of 2026, with incremental ARR targets of $140–$225 million.
Additional 100 MW of green energy approved in Paraguay, enabling potential expansion to 35 exahash and further margin improvement.
Strategic focus on disciplined capital allocation and maintaining best-in-class ROIC.
Bitcoin mining revenue run-rate approaching $400 million at a 50% operating margin after electrical costs.
Capital allocation for dual-engine growth
Itaipu power: future availability and pricing
GPU tech refresh strategy and resale value
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Resale registration for 71,429 shares via warrant, with proceeds only on exercise; financial risks persist.
Next HIVE Digital Technologies earnings date
Q3 202613 Feb, 2026
HIVE Digital Technologies
Next HIVE Digital Technologies earnings date
Q3 202613 Feb, 2026
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Frequently asked questions
HIVE Digital Technologies Ltd (formerly HIVE Blockchain Technologies Ltd) operates as a cryptocurrency mining company in Canada, Sweden, and Iceland. The company was formerly known as Leeta Gold Corp and changed its name to HIVE Blockchain Technologies Ltd in September 2017. HIVE Blockchain Technologies Ltd was incorporated in 1987 and is headquartered in Vancouver, Canada
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