HIVE Digital Technologies (HIVE) Q4 2025 earnings summary

Executive summary

• Achieved $115.3 million in revenue and $56.2 million adjusted EBITDA for FY2025, with 1,414 Bitcoin mined and a strong balance sheet including $181.1 million in digital currencies.

• Scaled hashrate 4x to 11 EH/s, targeting 25 EH/s by late 2025, and acquired a 7.2 MW Toronto data center to expand HPC/AI business.

• Transitioned financial reporting from IFRS to US GAAP, enhancing comparability with US-listed peers and supporting capital market ambitions.

• AI cloud/HPC business tripled revenue to $10.1 million, with ARR reaching $20 million and a new Toronto data center expected to triple capacity.

• Maintained sector-leading capital discipline, lowest G&A per Bitcoin mined, and 22% ROIC over the last 12 months.

Financial highlights

• Fiscal 2025 revenue was $115.3 million, with $105.2 million from Bitcoin mining and $10.1 million from HPC/AI, and adjusted EBITDA of $56.2 million.

• Gross operating margin was $25.1 million (21.8%), down from 32.8% in FY24, due to the Bitcoin halving and increased mining difficulty.

• Net loss for FY25 was $3.0 million, compared to net income of $26.5 million in FY24; Q4 net loss was $52.9 million, impacted by non-cash revaluation losses.

• Cash position at year-end was $23.4 million, with $181.1 million in digital currencies and $245.3 million in total current assets.

Outlook and guidance

• Fully funded to reach 25 EH/s by late 2025, with 18 EH/s expected by summer; all ASICs for 18 EH/s paid for, and deposits in place for 25 EH/s.

• At 25 EH/s and $100,000 Bitcoin, projected annualized revenue is $400 million and gross mining margin over $250 million; at $150,000 Bitcoin, revenue could approach $700 million.

• HPC/AI business expected to reach $100 million ARR in 2026, with the Toronto data center retrofit tripling current HPC compute capacity.

• Management focused on disciplined, high-ROIC growth powered by green energy.