HIVE Digital Technologies posted record revenue for the second consecutive year in the third quarter of fiscal 2026. The company reported revenue of $93.1 million for the quarter, significantly increasing both its Bitcoin mining capacity and high-performance computing (HPC) operations.
Significant Increase in Financial Performance
The figures announced on the income side increased by 219 percent compared to the same period last year. A performance exceeded the $87.3 million revenue generated in the previous quarter. The figures reported by HIVE are well above the company’s revenue level of $29.2 million in last year’s third quarter.
However, due to the changes made in the company’s accounting policies and infrastructure investments, a net loss of 91.3 million dollars was announced in this quarter according to GAAP criteria. $57.4 million of this loss resulted from accelerated depreciation expenses that did not require a cash outflow. The reduction in the depreciation period from 4 years to 2 years was intended to reflect rapid improvements in mining hardware.
Capacity Increase in Bitcoin Mining and Paraguay Project
As of December 31, 2025, the company’s installed Bitcoin mining capacity reached 25 Exahash. A significant part of this growth was due to rapid investments in infrastructure projects in Paraguay. HIVE, which expanded its scale in Paraguay, rapidly increased its activities in the region, and this expansion caused both an increase in revenue and an increase in depreciation expenses in the relevant period.
With the implementation of the projects in Paraguay, the company has significantly increased its production power in the region. These investments in Bitcoin mining were directly reflected in HIVE’s balance sheet and income statement.
Rise in AI and HPC Activities
Outside of mining, HIVE continued its growth in the AI-focused high-performance computing (HPC) segment. Gross operating profit in the HPC division called BUZZ increased sixfold compared to the same period last year, reaching $32.1 million. This division played an important role in the company’s strategy to diversify its revenue model without being limited to mining.
In February 2026, HIVE signed a two-year, $30 million contract for the supply of 504 Nvidia B200 GPUs. The company plans to deploy this hardware in the first quarter of 2026 and generate approximately $15 million in annual recurring revenue.
Future Goals and Strategic Transformation
HIVE management is targeting $140 million in annual recurring revenue from its GPU-based AI Cloud operations in the final quarter of 2026. This goal will allow artificial intelligence infrastructure to have a larger share in the company’s future revenue structure. Thus, it is planned that the operations will not depend only on mining.
With record revenue, increased production capacity and a developing AI segment, HIVE Digital Technologies accelerated its operational scaling process in the last quarter. However, accelerated depreciation made the loss appear high on paper.
