HIVE Digital Technologies (HIVE) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of $45.6 million and net income of $35 million, with adjusted EBITDA of $44.6 million, driven by strong Bitcoin mining and HPC/AI business performance.

• Produced 406 Bitcoin in the quarter, with average hashrate increasing 45% sequentially to 8.9 EH/s and scaling to 15 EH/s by August.

• BUZZ HPC revenue reached $4.8 million, up 59.8% sequentially, with over 5,000 GPUs in operation and $20 million ARR.

• Ended the quarter with $71.9 million in cash and digital currencies, maintaining a healthy balance sheet.

• Trailing 12 months ROIC at 15%, leading the sector.

Financial highlights

• Revenue increased to $45.6 million from $32.2 million year-over-year, with gross operating margin rising to $15.8 million (35%).

• Adjusted EBITDA improved to $44.6 million from -$8 million year-over-year, with a margin of 97.8%.

• Net income of $35 million compared to a net loss of $18.3 million year-over-year.

• Cash and digital currencies totaled $71.9 million at quarter end.

• Earnings per share grew 206% year-over-year to $0.18 on a diluted basis.

Outlook and guidance

• On track to reach 25 EH/s by Thanksgiving, with all ASICs fully funded and paid for.

• Annualized revenue run rate currently at $315 million, with mining margin projected at $335 million annually at 25 EH/s.

• BUZZ HPC business targeting $100 million ARR for 2026, driven by data center expansion and new GPU clusters.

• Fully funded 300 MW Paraguay expansion, aiming for 4x hashrate growth in 2025.

• Expansion includes acquisition of a 7.2 MW Tier 3 data center in Toronto and launch of a new NVIDIA Hopper GPU cluster in Quebec.