HIVE Posts $297.8M FY2026 Revenue as Mining and GPU Hosting Expand

HIVE posts strong top-line growth as Bitcoin mining and GPU hosting scale

HIVE Digital Technologies reported total revenue of $297.8 million for the fiscal year ended March 31, 2026, a 158% increase from the prior year. The jump was driven primarily by a surge in digital currency mining revenue and the first full-year contributions from the company’s BUZZ high-performance computing (HPC) business.

Digital currency mining accounted for $278.3 million of revenue, while BUZZ HPC hosting contributed $19.5 million. HIVE said it mined 2,885 Bitcoin in FY2026, up 104% versus FY2025, and reported installed hashrate of roughly 25.1 EH/s at year end (about 24.5 EH/s after managed downclocking for fleet optimization).

Margins, EBITDA and the accounting picture

The company reported a sizeable expansion in operating metrics: gross operating margin rose to $107.9 million, or about 36% of revenue, compared with a 22% margin the previous year. On a non-GAAP basis HIVE reported Adjusted EBITDA of $72.9 million for the year.

Despite strong cash-operating results, HIVE posted a GAAP net loss of $148.4 million. Management attributes the loss largely to non-cash items totaling approximately $221.3 million, including $170.4 million of depreciation and other accounting adjustments such as share-based compensation and fair-value movements.

Performance in the fourth quarter reflected recent market dynamics: Q4 revenue was $71.8 million, with Bitcoin mining revenue of $67.2 million. The company said sequential and year-over-year compression in the quarter was driven by a decline in the average Bitcoin price and rising global network difficulty. Adjusted EBITDA for the quarter was negative $9.0 million, reflecting that hashprice compression and foreign-exchange translation losses on multi-jurisdictional balances.

Operational expansion: Paraguay buildout and Canadian GPU strategy

HIVE completed a rapid buildout in Paraguay, bringing its Paraguay expansion online in three phases to deliver roughly 300 MW of hydro-powered capacity. The company now reports operational global power capacity of 440 MW across Canada, Sweden and Paraguay, all sourced from renewable energy, and a fleet efficiency of about 16.5 J/TH.

On the GPU and HPC side, BUZZ HPC is gaining traction: FY2026 BUZZ revenue nearly doubled year over year, and contracted annual recurring revenue (ARR) for HPC was reported at $35 million at year end. HIVE is positioning BUZZ as the foundation for larger-scale AI hosting, announcing a proposed 320 MW AI ‘Gigafactory’ in the Greater Toronto Area. The site, for which HIVE paid CAD $58 million for 25 contiguous acres, is designed to host more than 100,000 GPUs at full build-out and is targeted to come online in phases beginning in the second half of 2027. HIVE projects the GTA facility could support roughly CAD $360 million of annualized recurring revenue at full IT load based on peer-comparable colocation pricing and 200 MW of IT load.

Operational milestones also included a 504-node NVIDIA B200 GPU cluster deployed at Bell Canada AI Fabric and a plan to scale BUZZ’s GPU fleet from approximately 5,500 to 11,000 GPUs by the end of calendar 2026. Management described these developments as validation of enterprise demand for managed AI compute.

Capital structure and near-term liquidity

HIVE upgraded its public listings in May 2026, moving common shares to the senior board of the Toronto Stock Exchange to broaden institutional access. In April 2026 the company raised proceeds through a private placement of $115 million in 0% exchangeable senior notes due 2031, with net proceeds of about $109.5 million. The notes are exchangeable into common shares at a fixed rate and the issuance was accompanied by capped-call transactions intended to limit dilution.

The financing supports both the completion of the Paraguay buildout and early-stage capital needs for HIVE’s expanded HPC pipeline and the planned GTA investment, though the full GTA project will require materially larger capital deployment over time.

Industry implications and risks

HIVE’s results reflect a broader trend in the public-mining sector: diversification into higher-margin, recurring-revenue services such as GPU hosting and AI cloud. For miners, GPU hosting can provide a way to offset revenue volatility caused by coin-price swings and rising network difficulty. However, building and operating hyperscale AI data centers is capital intensive and introduces new operational and commercial risks compared with ASIC-based mining.

Short-term sensitivity remains to Bitcoin price moves and network difficulty. HIVE’s Q4 results highlight how falling prices and record difficulty erode hashprice and can push quarterly Adjusted EBITDA negative even after strong annual growth. The company’s GAAP loss also underscores the heavy depreciation and non-cash accounting impacts that accompany rapid infrastructure deployment.

HIVE disclosed the usual forward-looking caveats: construction and timing of large-scale projects, demand for GPU capacity, regulatory environments across operating jurisdictions, and the volatility of digital-asset markets could all affect outcomes. Investors and market observers will be watching whether BUZZ can convert ARR into stable long-term contracts and whether the GTA gigafactory can be delivered on time and on budget.

For now, HIVE has signaled its strategy of running a dual-engine business model combining green-powered Bitcoin hashrate and an AI/GPU hosting platform. The company’s FY2026 results show revenue and margin expansion, but also a capital and accounting profile that may continue to produce GAAP losses while the business scales.