HIVE Achieves FY2026 Total Revenue of $297.8 Million (+158% YoY), HIVE's BUZZ HPC Positioned for Growth

On June 2, 2026, HIVE Digital reported FY2026 full-year revenue of $297.8M (+158% YoY), driven by a 164% surge in Bitcoin mining and a 94% increase in HPC hosting revenue. Gross operating margin was 36% ($107.9M) and Adjusted EBITDA reached $72.9M, though a GAAP net loss of $148.4M was largely non-cash. The company doubled Bitcoin production to 2,885 BTC and expanded installed hashrate to 25.1 EH/s. The release also highlights the completion of a 300 MW Paraguay expansion, the deployment of a 504-GPU NVIDIA B200 cluster, and the recently-announced 320 MW GTA AI Gigafactory (previously disclosed on May 18, 2026). A $115M 0% exchangeable senior notes financing closed in April 2026. Notably, Q4 FY2026 revenue fell to $71.8M (from $93.1M in Q3) and Adjusted EBITDA turned negative at ($9.0)M, attributed to lower Bitcoin price and higher network difficulty.

The FY2026 results confirm the company’s explosive topline growth trajectory that was widely telegraphed in prior quarters. Hasshrate scaled from ~6 EH/s to 25.1 EH/s, and revenue nearly tripled, validating the massive infrastructure build-out announced throughout the year. The HPC segment’s contracted annual recurring revenue (ARR) hit the previously stated target of $35M by FY-end, showing execution on the AI pivot. However, the market likely priced in much of the strength; the stock had already surged from ~$2.55 in late March to $6.64 by June 1, riding the May 18 GTA Gigafactory announcement and TSX uplisting. The Q4 margin compression and negative Adjusted EBITDA, while explained by macro Bitcoin factors, reveal the operational leverage in the model when BTC price and difficulty move against the company. This is not a major negative surprise because the company had openly discussed dynamic HODL strategies and hashprice volatility, but it underscores cyclical risk. The 0% exchangeable notes and ATM use reflect a continuing need for external capital to fund the AI expansion. Overall, the release is an expected strong year-end report, so it falls into Routine – Positive territory.

HIVE Digital Technologies operates green‑energy‑powered data centers for Bitcoin mining and high‑performance computing. The flagship project is the dual‑engine model: a 440 MW operational renewable power base (300 MW from the newly completed Paraguay facilities, 140 MW in Canada/ Sweden) used primarily for Bitcoin mining (25.1 EH/s), and an emerging HPC/AI cloud business under the BUZZ HPC subsidiary. The recently announced 320 MW GTA AI Gigafactory is the next flagship asset, designed to host >100,000 GPUs and generate ~$360M annual revenue at full build‑out (target H2 2027). The company is also converting existing sites in New Brunswick and Sweden into Tier‑3 liquid‑cooled HPC facilities.