Bitcoin Miner HIVE Posts Record $93M Quarter

HIVE Digital Technologies delivered its second consecutive record revenue quarter, reporting $93.1 million in Q3 FY2026 as the company scaled both its Bitcoin mining capacity and high-performance computing (HPC) operations.

The results highlight a business in transition, aggressively expanding hashrate while deepening its pivot into AI infrastructure.

While revenue surged, accounting changes and accelerated infrastructure deployment reshaped the bottom line.

Q3 FY2026 Financial Snapshot

HIVE reported revenue of $93.1 million, marking a 219% year-over-year increase and 7% sequential growth. The figure builds on the previous quarter’s $87.3 million and stands well above the $29.2 million reported in Q3 FY2025.

Despite the record top-line performance, the company posted a GAAP net loss of $91.3 million. The majority of that loss, $57.4 million, was attributed to non-cash accelerated depreciation.

Management shortened the depreciation cycle of its next-generation ASIC fleet from four years to two years. The adjustment reflects the rapid pace of efficiency improvements in mining hardware and aligns accounting with real-world equipment performance timelines.

Hashrate Expansion and Paraguay Buildout

By December 31, 2025, HIVE had expanded its installed Bitcoin mining capacity to 25 Exahash per Second (EH/s). Much of this growth is tied to rapid infrastructure deployment in Paraguay, where the company has been scaling operations aggressively.

The expansion contributed both to revenue growth and to the elevated depreciation charges recognized during the quarter.

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AI and HPC Segment Driving Margin Growth

Beyond Bitcoin mining, HIVE’s AI-focused “BUZZ” HPC segment continued to gain momentum.

The division recorded a sixfold year-over-year increase in gross operating margin, reaching $32.1 million. This signals meaningful progress in the company’s diversification strategy, as it builds out GPU-based AI cloud infrastructure alongside its mining operations.

In February 2026, HIVE signed a two-year, $30 million contract for 504 Nvidia B200 GPUs. The deployment is expected to go live in calendar Q1 2026 and contribute approximately $15 million in annual recurring revenue.

Forward Targets

Management is targeting $140 million in annual recurring revenue (ARR) for its GPU AI Cloud by Q4 2026. If achieved, this would further rebalance HIVE’s revenue mix toward AI infrastructure and reduce reliance on mining-only income streams.

With record revenue, expanding hashrate, and a growing AI segment, HIVE’s latest quarter reflects an operational scale-up phase, even as accelerated depreciation temporarily weighs on reported earnings.

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