HIVE Digital Technologies Ltd. reported a strong fiscal year 2026, with total revenue of $297.8 million driven by a surge in digital currency mining and a rapidly expanding BUZZ HPC business. The Calgary-based company, listed on both the TSX and NASDAQ, highlighted a substantial expansion in Bitcoin mining capacity and green-energy-powered data center projects, while also detailing new capital moves and strategic deployments in AI infrastructure.
FY2026 highlights: Revenue growth, bitcoin production, and HPC momentum
HIVE’s full-year results for the year ended March 31, 2026, show total revenue of $297.8 million, up from the prior year’s levels. Digital currency mining contributed $278.3 million, representing a 164% year-over-year increase, while BUZZ HPC hosting services added $19.5 million, up 94% from FY2025. The company mined 2,885 Bitcoin during FY2026, a 104% increase from 1,414 BTC a year earlier, even as network difficulty rose by approximately 42% on a year-over-year basis (from 95.7T to 135.8T).
HIVE reported an installed Bitcoin mining hashrate of 25.1 exahashes per second (EH/s) as of March 31, 2026, with an effective fleet capacity of around 24.5 EH/s after downclocking for fleet optimization. The BUZZ HPC segment achieved a record $19.5 million in revenue, reflecting the deployment of the NVIDIA H200 GPU cluster and solid demand on the GPU marketplace. Gross operating margin rose to $107.9 million, a 14-percentage-point improvement over FY2025, delivering a 36% gross margin compared with 22% in the prior year. This expansion underscores operating leverage from the Paraguay 300 MW expansion and an HPC gross margin near 40%.
G&A expenses rose to $31.4 million, up from $16.6 million in FY2025, as the company expanded its staff to support global mining operations and the growth of BUZZ HPC. The GAAP net loss for the year totaled $148.4 million, with approximately $221.3 million of these charges being non-cash items, including depreciation of $170.4 million and various non-cash adjustments. Adjusted EBITDA reached $72.9 million, or 24% of total revenue. On the balance sheet, HIVE held $10.8 million in digital assets as of March 31, 2026, including 150 Bitcoin.
Q4 FY2026: Seasonal dynamics and continued GPU-driven HPC growth
In the fourth quarter of fiscal 2026, revenue was $71.8 million, drawn from both digital currency mining and HPC hosting services. Bitcoin mining revenue for Q4 2026 stood at $67.2 million, a sequential decline of 23.9% from Q3 2026, driven by a roughly 27% fall in the average Bitcoin price (Q4 average around $76,476 versus roughly $98,000 in Q3) and about a 27% year-over-year increase in average network difficulty (140.7T versus 111.2T). Bitcoin production in Q4 2026 totaled 876 BTC, broadly in line with the prior quarter as the fleet faced higher global network difficulty despite record operating hashrate from Paraguay Phase 3 completion in November 2025.
HPC revenue in the quarter reached $4.6 million, marginally below Q3 FY2026 as deployment efforts at Bell Canada’s AI Fabric facility shifted from March to May 2026, but still up 54% year-over-year from $3.0 million in Q4 FY2025. The company attributed the growth to a full quarter of revenue from the NVIDIA H200 GPU cluster and higher GPU marketplace revenue, plus contributions from new bare-metal contracts. Gross operating margin for Q4 2026 was $17.5 million, or 24% of revenue. G&A rose slightly to $9.4 million as HIVE continued investing in Paraguay operations and BUZZ HPC expansion. The quarter delivered a GAAP net loss of $83.3 million, of which about $74.7 million was non-cash, and Adjusted EBITDA of negative $9.0 million, reflecting hashprice compression and a rise in network difficulty, alongside non-cash foreign-exchange impacts on multi-jurisdictional balances.
Operational and strategic developments: Paraguay, GTA, and AI infrastructure
Management stressed that fiscal 2026 marked a defining year for HIVE as it broadened beyond pure Bitcoin mining into AI-enabled data-center services. The Paraguay expansion helped position HIVE among the world’s largest green-energy-powered Bitcoin mining infrastructures, while BUZZ HPC grew its contracted ARR to about $35 million from a groundwork of roughly $20 million, aided by the deployment of a liquid-cooled GPU cluster at Bell Canada AI Fabric. The company also highlighted a 300 MW Paraguay expansion delivered across three phases (Yguazú Phase 1 in June 2025, Phase 2 in early September 2025, and Valenzuela Phase 3 on November 10, 2025, two weeks ahead of schedule).
Further progress in BUZZ HPC includes the first liquid-cooled NVIDIA B200 GPU cluster operations at Bell Canada AI Fabric’s Tier-III data center in Manitoba, which contributed incremental ARR of about $15 million and propelled BUZZ HPC ARR to approximately $35 million. In May 2026, HIVE announced a major development: a 320 MW AI gigafactory project in the Greater Toronto Area, intended to host more than 100,000 GPUs at full build-out. The project is set to come online in the second half of 2027, with a planned capital expenditure of roughly CAD $3.5 billion and significant job creation. The GTA project is designed for high efficiency AI compute powered by Ontario’s green grid and closed-loop liquid cooling with a sub-1.3 PUE standard. Long-term, the facility is expected to deliver substantial annual recurring revenue, with pricing around CAD $150 per kW per month for 15-year terms and an IT load potentially translating to hundreds of millions in annualized ARR when fully operational.
HIVE also disclosed progress in Eastern Canada with a private high-capacity wavelength connectivity build-out to its Grand Falls data center in New Brunswick, positioning the facility as a potential sovereign AI connectivity hub. On the Paraguay front, BUZZ AI Cloud achieved a milestone by powering large-language-model collaboration between Columbia University in New York and Asunción. Separately, HIVE and AMC Robotics Corporation announced a collaboration to deploy GPU-accelerated compute for AI-driven robotics applications, expanding HIVE’s BUZZ HPC platform into new AI compute use cases.
Capital structure and listings: financing and market access for growth
On the financing front, HIVE completed a notable capital-structure move in April 2026. Its wholly-owned subsidiary, HIVE Bermuda 2026 Ltd., closed a private placement of $115 million aggregate principal amount of 0% Exchangeable Senior Notes due 2031, with the option to purchase an additional $15 million. Net proceeds from the issue were approximately $109.5 million after commissions and expenses. The notes are senior unsecured and exchangeable into HIVE common shares at an initial rate of 389.5029 shares per $1,000 principal, implying about $2.57 per share. To mitigate potential dilution, the company entered into capped-call transactions valued at about $19.8 million, with an initial cap price around $4.92 per share, equating to roughly 125% of the April 16, 2026 Nasdaq close.
Separately, HIVE announced an up-listing of its common shares from the TSX Venture Exchange to the senior board of the Toronto Stock Exchange on May 7, 2026. Trading on the TSX under the symbol HIVE commenced May 19, 2026, widening access to institutional investors and improving index eligibility. Post-year end, management noted that the Paraguay build-out was fully funded and a robust pipeline for HPC opportunities persisted, supported by a strengthened balance sheet designed to pursue high-return opportunities across both Bitcoin mining and AI infrastructure platforms.
Management perspective and non-GAAP performance framing
Frank Holmes, Co-Founder and Executive Chairman: “Fiscal 2026 marked a defining year for HIVE. As one of the first publicly traded Bitcoin miners to invest in GPU cloud computing and AI infrastructure, we began building a diversified dual-engine growth strategy years ago. In fiscal 2026, we significantly expanded both sides of our platform, increasing our Bitcoin mining hashrate from 6.5 EH/s to 25.1 EH/s and growing contracted HPC ARR to $35 million. This growth translated into strong financial results, with revenue increasing 158% to $297.8 million, gross operating margin increasing 329% to $107.9 million and adjusted EBITDA reaching $72.9 million.”
Aydin Kilic, President & CEO: “We are data-center builders and operators with a strong pedigree in orchestrating compute, whether GPU- or ASIC-based. Our network and engineering capabilities underpin enterprise-grade compute solutions for AI and blockchain workloads. The Paraguay expansion and BUZZ HPC growth demonstrate the scale of demand we are addressing and the progress of our AI cloud strategy.”
Darcy Daubaras, CFO: “The fiscal 2026 results highlight operating leverage in HIVE’s model. Revenue rose 158% year over year, gross operating margin expanded meaningfully, and cash from operations rose sharply. After year-end, we closed the $115 million 0% exchangeable notes financing, reinforcing balance-sheet flexibility to pursue high-return opportunities across our platforms.”
The company also provided a detailed non-GAAP framework, noting that it uses gross operating margin, EBITDA and Adjusted EBITDA to supplement US GAAP metrics. It cautioned that non-GAAP measures lack standardized definitions and should be viewed in conjunction with GAAP results. A reconciliation to the nearest GAAP measures is provided in the accompanying disclosures.
FY2026 and recent operating highlights include an installed Bitcoin mining hashrate of 25.1 EH/s as of March 31, 2026 (25.3 EH/s current), ~440 MW of global power capacity across Canada, Sweden and Paraguay, all powered by green energy, and a multi-phase 300 MW Paraguay expansion delivered across three phases in 2025. On the AI cloud and HPC side, BUZZ HPC’s ARR sits at $35 million, driven by the Bell Canada AI Fabric deployment, and the GTA 320 MW gigafactory project is advancing toward online readiness with substantial capital plan and employment implications.
The Consolidated Financial Statements and MD&A for the year ended March 31, 2026 will be available on SEDAR+ and on HIVE’s website, and the company provided an expanded set of tables illustrating gross operating margin and related non-GAAP metrics for investor reference.
About HIVE Digital Technologies Ltd.
Founded in 2017, HIVE Digital Technologies Ltd. was among the first publicly listed companies to prioritize mining digital assets powered by green energy. Today, HIVE builds and operates Tier-I and Tier-III data centers across Canada, Sweden and Paraguay, serving Bitcoin mining and high-performance computing clients. The company’s dual-engine model—hashrate services for mining and GPU-accelerated AI infrastructure—aims to deliver scalable, environmentally responsible digital infrastructure solutions.
For more information, visit hivedigitaltechnologies.com; and for latest updates, follow HIVE on X at X.
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