HIVE Digital Technologies Ltd. (TSX: HIVE) (NASDAQ: HIVE) reported its full-year results for the twelve months ended March 31, 2026, highlighting a substantial rise in digital currency revenue, a record BUZZ HPC footprint, and rapid expansion of green-energy Bitcoin mining operations across Paraguay and beyond.
Fiscal 2026 highlights: Revenue growth, hash rate expansion and mixed profitability
For the year, HIVE posted total revenue of $297.8 million, with digital currency mining contributing $278.3 million and high-performance computing (HPC) hosting services adding $19.5 million. Digital currency revenue rose 164% year over year, driven by an almost four-fold increase in installed operational hashrate and stronger Bitcoin prices. The fiscal 2026 average Bitcoin price was $98,040, up from $75,881 in FY2025.
Bitcoin production reached 2,885 BTC in FY2026, up 104% from 1,414 BTC in FY2025, while the company noted that the growth in production substantially outpaced the roughly 42% rise in the network’s average difficulty (from 95.7 terahashes in FY2025 to 135.8 terahashes in FY2026). As of March 31, 2026, HIVE’s total installed Bitcoin mining hashrate stood at 25.1 exahashes per second (EH/s), with about 24.5 EH/s after accounting for fleet downclocking to optimize operations.
HIVE’s BUZZ HPC unit delivered a record $19.5 million in HPC revenue, up 94% from $10.0 million in FY2025. Management attributed the growth to the deployment of the NVIDIA H200 GPU cluster and robust demand in the GPU marketplace.
Gross operating margin for the year reached $107.9 million, representing a 36% margin, up from $25.1 million and a 22% margin in the prior year. The improvement reflects operating leverage from the Paraguay expansion and a higher HPC gross margin, which approached 40%. G&A expenses rose to $31.4 million from $16.6 million in FY2025, reflecting expanded staffing to support Paraguay operations and BUZZ HPC growth.
GAAP net loss for FY2026 was $148.4 million, with roughly $221.3 million categorized as non-cash items. Non-cash depreciation totaled $170.4 million, and other non-cash adjustments amounted to $50.9 million, partially offset by net gains on digital currencies and a sales-tax recovery. Despite the overall net loss, the company reported Adjusted EBITDA of $72.9 million, equal to 24% of total revenue. HIVE also held digital assets valued at $10.8 million at March 31, 2026, including 150 Bitcoin.
“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.”
Frank Holmes, Co-Founder and Executive Chairman of HIVE, made the comment above in the release. He added that Paraguay transformed HIVE into a leading green-energy-powered Bitcoin mining operation, while BUZZ HPC advanced as a Canadian AI infrastructure play. He stressed the company’s belief in disciplined, high-ROIC growth powered by 100% green energy and highlighted the importance of ongoing expansion to capitalize on AI compute demand.
Q4 FY2026: Revenue softness in Bitcoin mining amid price and difficulty headwinds
In the fourth quarter of fiscal 2026, total revenue was $71.8 million. Bitcoin mining revenue accounted for $67.2 million, down 23.9% sequentially from Q3 2026. The sequential decline reflected a roughly 27% drop in the average Bitcoin price (Q4 average $76,476 vs. about $98,000 in Q3) and about a 27% year-over-year increase in network difficulty (140.7T vs. 111.2T). The reduction in price and higher difficulty offset by a higher average operational hashrate after completing Paraguay Phase 3 in November 2025.
Bitcoin production for Q4 2026 totaled 876 BTC, broadly in line with the prior quarter as the fleet benefited from the Paraguay Phase 3 expansion amid rising global difficulty. HPC revenue for the quarter was $4.6 million, slightly below Q3 FY2026 but up 54% year over year from $3.0 million in Q4 2025. The HPC performance was aided by the full quarter contribution from the NVIDIA H200 GPU cluster, a near doubling of GPU marketplace revenue, and additional revenue from new bare-metal contracts.
Gross operating margin in Q4 2026 was $17.5 million, equating to a 24% margin. G&A rose to $9.4 million, up modestly from $8.4 million in the prior quarter as HIVE continued expanding Paraguay operations and BUZZ HPC activity. GAAP net loss for the quarter was $83.3 million, with roughly $74.7 million of that figure representing non-cash items (including depreciation of $52.7 million and non-cash adjustments of $30.6 million). Adjusted EBITDA for the quarter stood at negative $9.0 million, reflecting hashprice compression as Bitcoin prices dipped from an October peak and network difficulty reached record levels, along with non-cash foreign-exchange translation losses on multi-jurisdictional balances.
Strategic growth, financing actions and corporate listing moves
Looking beyond the year-end results, HIVE emphasizes a period of significant expansion and capital initiatives. The company reported that it successfully closed $115 million of 0% Exchangeable Senior Notes due 2031 in a private placement by its wholly owned subsidiary HIVE Bermuda 2026 Ltd., including the full exercise of an option to purchase an additional $15 million of notes. Net proceeds were approximately $109.5 million after commissions and expenses. The notes are senior unsecured obligations and are exchangeable into common shares of HIVE at an initial rate of 389.5029 shares per $1,000 principal, or roughly $2.57 per share. In connection with the offering, HIVE entered into capped-call transactions valued at about $19.8 million to mitigate potential dilution up to an initial cap price of approximately $4.92 per share, representing a 125% premium over the Nasdaq reference price as of mid-April 2026.
Additionally, the company announced an up-listing of its common shares from the TSX Venture Exchange to the Toronto Stock Exchange, with trading on the TSX beginning May 19, 2026. This move broadens institutional access and may improve index inclusion for HIVE’s securities.
Operationally, HIVE reported an expanding green-energy footprint with 440 MW of power capacity across Canada, Sweden, and Paraguay, all powered by renewable energy sources. Paraguay’s 300 MW expansion was delivered in three phases: Yguazú Phase 1 completed in June 2025, Yguazú Phase 2 in early September 2025, and Valenzuela Phase 3 (November 10, 2025) two weeks ahead of schedule.
HIVE highlighted several BUZZ HPC and AI milestones, including a Bell Canada AI Fabric deployment that brought online HIVE’s first 504 NVIDIA B200 GPU cluster in Manitoba in May 2026. The contract price of $2.90 per GPU-hour was 32% above the planning rate of $2.20 per GPU-hour, lifting BUZZ HPC annual recurring revenue (ARR) from about $20 million to roughly $35 million. In May 2026, HIVE announced a 320 MW GTA Gigafactory project in the Greater Toronto Area, designed to host more than 100,000 GPUs and positioned as Canada’s largest AI data center under private ownership. The project contemplates online operation in the second half of 2027 with an estimated CAD $3.5 billion of capital expenditure, creating 800+ construction jobs and hundreds of permanent high-skill roles. The facility is engineered for high-efficiency AI compute powered by Ontario’s green grid, employing closed-loop liquid cooling with a sub-1.3 PUE sustainability standard. At benchmark Tier-III colocation pricing of approximately CAD $150 per kW per month over 15-year terms, the fully built 200 MW IT load could translate into around CAD $360 million of annualized recurring revenue when in operation.
HIVE also cited a strategic expansion in Eastern Canada with private, high-capacity wavelength services to its 70 MW Grand Falls data center in New Brunswick, intended to underpin Eastern Canada’s sovereign AI factory concept. In Paraguay, the BUZZ AI Cloud platform reached an enterprise milestone in March 2026, powering a large-language-model research collaboration between Columbia University and partners in Asunción. A separate collaboration with AMC Robotics Corporation (NASDAQ: AMCI) announced in March 2026 will deploy GPU-accelerated compute for AMC’s AI-driven robotics initiatives, extending HIVE’s BUZZ HPC platform into new AI compute use cases.
On the financing side, HIVE disclosed that it closed the Paraguay- and Toronto-related acquisitions and related development financing commitments, and that remaining capital is allocated to fund the Paraguay buildout, the HPC pipeline, and future opportunities in Bitcoin mining and AI infrastructure.
Management outlook and the path forward
In discussing the year’s results, HIVE management underscored the company’s dual-engine approach, tying together Bitcoin mining and AI-focused HPC infrastructure as complementary growth drivers, complemented by a sizable green-energy footprint. They described execution across Paraguay and Canada as extraordinary and highlighted the rapid scaling of GPUs and data-center capacity as a central thrust for near-term growth.
“We are data-center builders and operators with a strong pedigree in orchestrating compute, whether GPU- or ASIC-based. Our network, firmware and high-voltage engineering skill sets cover the core competencies required to excel in this rapidly evolving sector.”
Management also highlighted that first liquid-cooled NVIDIA B200 GPU clusters have begun delivering incremental ARR and that the GTA Gigafactory aligns with a strategy to scale private AI infrastructure to meet rising demand. The company noted that it plans to energize its approximately 400 MW of HPC Tier-III data-center capacity in Canada over the next 18 months and to leverage green energy to support expanded operations.
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About HIVE Digital Technologies Ltd. Founded in 2017, HIVE is a global operator of green-energy-powered data centers, serving Bitcoin mining and HPC/AI compute clients across Canada, Sweden, and Paraguay. The company builds Tier-I and Tier-III facilities and pursues a dual-engine strategy of hash-rate services and GPU-based AI infrastructure to deliver scalable, environmentally responsible solutions for the digital economy.
