HIVE Digital Technologies (HIVE) Q3 2025 earnings summary

Executive summary

• Reported $29.2 million in revenue and $17.3 million adjusted EBITDA for the quarter ended December 31, 2024, with 2,805 Bitcoin held and all mining powered by green energy.

• Achieved 21% gross operating margin and returned to profitability with $1.3 million net income ($0.01 per share), reversing prior losses.

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

• AI and HPC business generated $2.5 million in quarterly revenue and $10 million annualized run rate, with new H100 and H200 clusters expected to increase annualized revenue to $20–23 million.

• Ended the quarter with $9.8 million in cash and $260.8 million in digital currencies.

Financial highlights

• Revenue for the quarter was $29.2 million, up from $22.6 million in the previous quarter but down from $31.3 million year-over-year due to the Bitcoin halving and increased mining difficulty.

• 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.

• Digital assets valued at $260.8 million, based on a Bitcoin price of $93,400 at quarter end.

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.

• Initial 100 MW Paraguay project on track for June 2025 energization, adding 6.5 EH/s; further 200 MW expansion in two phases by August 2025.

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