HIVE Delivers Record Q2 with 285% Revenue Growth as Bitcoin Production and BUZZ HPC Hit New Highs Powered by a 223% Year-Over-Year Increase in Operational Bitcoin Hashrate, Resulting in ~300% Growth in Bitcoin Mining Revenue, and BUZZ HPC Revenue up 175%

Executive Summary

• HIVE Digital Technologies reported record Q2 FY2026 revenue of $87.3 million, a 285% YoY increase and 91% sequential growth.
• Adjusted EBITDA reached $31.5 million; GAAP net loss was $15.8 million driven by accelerated depreciation from new ASIC deployments.
• Operational milestones include 16.2 EH/s hash rate at quarter‑end (25 EH/s operational) and completion of 300 MW new capacity in Paraguay, positioning the company for a target 35 EH/s by Q4 2026.

Key Details

• Revenue Breakdown
• Digital currency mining revenue: $82.1 million (+101.2% sequential), hash rate 16.2 EH/s, direct costs $42.1 million (≈88% energy).
• HPC (BUZZ) revenue: $5.2 million (+175% YoY, +7.6% q/q), direct costs $2.0 million.
• Profitability
• Gross operating margin: 48.6% (up from 34.7% in Q1 FY2026).
• Gross operating profit: $42.4 million (49%).
• Adjusted EBITDA: $31.5 million.
• GAAP net loss: $15.8 million (primarily $38.3 million depreciation, equity and derivative losses).
• Balance Sheet
• Cash & digital currencies at quarter‑end: $47.0 million.
• Operational Metrics
• Hash rate end‑quarter: 16.2 EH/s; operational hashrate reached 25 EH/s in November 2025.
• Bitcoin mined: 717 BTC (↑76.6% q/q).
• Energy capacity added: 300 MW in Paraguay within six months; total operational capacity now 300 MW with a secured path to 400 MW via PPA.
• Infrastructure Expansion
• Grand Falls, New Brunswick campus conversion to Tier‑III+ liquid‑cooled data center (70 MW) – capacity for ~25,000 next‑gen GPUs at <PUE 1.3.
• Toronto facility upgrade: 7.2 MW to support 2,000 AI GPUs.
• Boden, Sweden retrofit enabling 2,000 AI GPUs.
• Growth Outlook
• Target hash rate 35 EH/s by Q4 2026 with next‑gen ASICs.
• BUZZ HPC annualized run‑rate revenue goal: ≈$140 million by Q4 2026 (≈80% gross margin).
• Global hydro‑powered data center footprint now 540 MW.
• Financing – ATM Offering
• Completed October 2024 ATM program on Oct 1 2025: issued 522,778 common shares for C$2.8 million (average price C$5.27).
• Cash commission paid: $51,452.

Notable Quotes

• Frank Holmes, Executive Chairman: “This was a defining quarter… our dual‑engine strategy positions HIVE to be a global leader in next‑generation data infrastructure.”
• Aydin Kilic, President & CEO: “Revenue surged 285% YoY despite modest Bitcoin price growth, demonstrating the power of operational scale and disciplined capital strategy.”
• Darcy Daubaras, CFO: “Adjusted EBITDA of $31.5 million underscores the strength of our core business; accelerated depreciation reflects a conservative accounting approach.”

Conference Call: November 17 2025, 8:00 AM EST (webcast registration link provided).