HIVE Digital (HIVE) Stock Rises 167% as AI Pivot Drives 158% Revenue Surge

TLDR

• HIVE reported total fiscal 2026 revenue of $297.8 million USD, up 158% year-over-year
• Digital currency revenue jumped 164% to $278.3 million, driven by a four-fold increase in hashrate
• The company posted a net loss of $148.4 million, largely due to non-cash items like depreciation
• HIVE is shifting focus entirely to AI and high-performance computing, with 100% of growth capex going to HPC and AI
• A planned “gigafactory” near Toronto could support 100,000 GPUs and generate around CAD $360 million in annual recurring revenue

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HIVE Digital Technologies has posted its strongest financial year on record, reporting $297.8 million USD in total revenue for fiscal 2026, a 158% jump from the prior year. The stock has climbed 167% year-to-date to trade at $4.72 per share.

HIVE Digital Technologies Ltd., HIVE

Digital currency revenue led the way, rising 164% to $278.3 million. That was powered by a four-fold increase in installed operational hashrate and 2,885 Bitcoin mined during the year — up 104% — despite a 42% rise in network difficulty.

High-performance computing hosting brought in $19.5 million for the year, a company record and up 94% from $10 million in fiscal 2025.

Despite the strong top-line numbers, HIVE remains unprofitable. The company recorded a net loss of $148.4 million, which management says was driven mainly by depreciation and other non-cash charges. Adjusted EBITDA came in at CAD $73 million.

For the fiscal fourth quarter ended March 31, revenue totaled CAD $71.8 million, up from CAD $31.2 million in the same quarter last year. HIVE produced 876 Bitcoin in the quarter and its AI and HPC business generated CAD $4.6 million.

The company ended the quarter with CAD $23 million in cash and CAD $10.8 million in digital assets. Bitcoin holdings now stand at just 150 BTC, down from 481 at the end of 2025, as the company trims its crypto balance sheet.

AI Push Takes Center Stage

HIVE’s GPU cloud business, branded BUZZ, is generating CAD $35 million in annualized revenue from 5,500 GPUs. The company is targeting CAD $200 million in annual recurring revenue from GPU cloud operations alone.

HIVE’s first Blackwell cloud in Canada is live in Winnipeg, running 504 NVIDIA B200 GPUs under a two-year contract worth CAD $30 million. The company also has memoranda of understanding for two larger clusters — 2,304 GB200 GPUs and 2,088 GB300 GPUs — each potentially adding CAD $65–70 million in annual recurring revenue.

A partnership with Bell Canada gives HIVE access to Bell AI Fabric data centers across the country, offering a lower-capital path to scale.

Toronto Gigafactory Planned for 2028

The biggest announcement was HIVE’s planned AI gigafactory in the Greater Toronto Area. The 25-acre site was acquired for CAD $58 million and is designed to support up to 100,000 GPUs.

The facility has a 320-megawatt gross capacity allocation and is expected to go live with compute in early 2028. Management projects it could generate around CAD $360 million in annual recurring revenue on a colocation basis.

To help fund expansion, HIVE completed a CAD $115 million offering of 0% exchangeable senior notes due 2031. Demand reportedly exceeded CAD $500 million.

Kilic laid out a sum-of-the-parts valuation framework pointing toward a CAD $5 billion-plus enterprise value, contingent on executing contracts and deploying infrastructure.

HIVE’s global footprint now stands at 860 megawatts when including active capacity, the Toronto gigafactory and future phases in Paraguay.

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