HIVE Digital Technologies (HIVE) Q3 2025 earnings summary

Executive summary

• Reported $29.2 million in Q3 F2025 revenue, $17.3 million adjusted EBITDA, 21% gross margin, and 2,805 Bitcoin in treasury as of December 31, 2024, with all mining powered by green energy and no debt.

• Achieved annualized ROIC of 37.2%, sector-leading, and returned to profitability with $0.01 EPS versus $(0.08) in the prior year quarter.

• Announced acquisition of Bitfarms' Yguazú facility, expanding Paraguay capacity to 300 MW and supporting a 4x hash rate growth strategy targeting 25 EH/s by September 2025.

• AI and HPC business generated $10 million in annualized revenue this quarter, with new H100 and H200 clusters expected to increase annualized revenue to $23 million.

• Maintains a healthy balance sheet with $9.8 million cash, $260.8 million in digital currencies, and $310.3 million in total current assets.

Financial highlights

• Q3 F2025 revenue was $29.2 million, up from $22.6 million in the previous quarter but down from $31.3 million year-over-year.

• Gross operating margin was $6.1 million (21%), down from $11.3 million (36%) year-over-year, but up from $1.2 million (5%) sequentially.

• Adjusted EBITDA reached $17.3 million, up from $5.6 million in the prior quarter.

• Net profit of $1.3 million ($0.01 per share) for the quarter, compared to a net loss of $7.7 million in the previous quarter and a net loss of $0.08 per share year-over-year.

• Cash position at quarter-end was $9.8 million, with $260.8 million in digital currencies and a current ratio of 10.4.

Outlook and guidance

• Targeting 25 EH/s hash rate by September 2025, representing 3% of the global network, with projected annualized mining margin of $330–$575 million depending on Bitcoin price.

• AI and HPC business expected to reach $20–23 million in annualized revenue next quarter, with a long-term target of $100 million focused on infrastructure and Tier 3 data centers.

• Management remains focused on disciplined capital deployment, maintaining low SG&A, and leveraging economies of scale as operations expand.