HIVE Digital Technologies reported its fiscal first quarter 2026 results with record performance across key metrics. Revenue reached $45.6 million for the three months ending June 30, 2025. The figure marked an all-time high, supported by a 45% quarter-over-quarter growth in average hashrate, which climbed to 8.9 EH/s.
Strong gains were achieved in both Bitcoin mining and high-performance computing services. Digital currency mining contributed $40.8 million, reflecting a 44.9% sequential increase. The rise came from higher self-mining hashrate and improved Bitcoin prices.
Cloud services segment achieves new milestones
Production grew to 406 Bitcoin, up 34% from the previous quarter, despite a 10.2% increase in network difficulty. Power costs remained the largest expense, representing about 90% of mining direct costs. HPC operations delivered record revenue of $4.8 million, up nearly 60% from the prior quarter.
Demand for AI computing and cloud services fueled this segment’s growth. HIVE’s BUZZ HPC unit advanced its infrastructure by launching new GPU clusters in Quebec and securing an agreement to acquire a Toronto data center. The facility will support 5,000 next-generation GPUs and strengthen HIVE’s position in Canada’s AI cloud market.
Gross operating margin reached $15.8 million, or 34.7%, up from $8.8 million in the previous quarter. Net income totaled $35 million, boosted by gains on digital currencies, equity investments, and derivative assets. Adjusted EBITDA stood at $44.6 million, underscoring strong operational efficiency.
Bitcoin Hashrate target set at 25 EH/s by Thanksgiving
General and administrative expenses were $5.8 million, slightly above the prior quarter, as the company expanded staffing to support growth in new regions, including Paraguay. HIVE ended the quarter with $71.9 million in cash and digital currencies, reinforcing its capacity to execute expansion plans without heavy shareholder dilution.
The company aims to increase its total hashrate to 25 EH/s by Thanksgiving. As of August 2025, it had already reached over 15 EH/s, producing about 7.5 Bitcoin daily. Based on current market conditions, this output represents an annualized mining revenue run rate of around $315 million.
HIVE also targets $100 million in annual high-margin revenue from cloud computing and AI model training by 2026. The dual focus on Bitcoin mining and AI-driven services positions the company to capture growth across both sectors. Management emphasized a disciplined capital allocation strategy to maximize returns and maintain industry-leading efficiency as expansion continues.
