HIVE Reports Q2 Revenue of $84.9 Million with AI GPU Revenue Expanding 70% as Dual-Engine Model Drives Resilience with $139 Million in Cash on the Balance Sheet
Key Highlights
- ➤Q2 revenue $84.9 million, up 7.3% sequentially, down 2.7% year over year
- ➤HPC revenue $8.8 million, up 70.7% year over year
- ➤Adjusted EBITDA $24.8 million, up 85% sequentially
- ➤GAAP net loss $78.7 million included $31.2 million equipment impairment
- ➤Contracted GPU Cloud ARR reached approximately $185 million
- ➤Cash and equivalents totaled $139.0 million at quarter-end
Expert Statements
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“Our digital infrastructure platform combines established Bitcoin mining operations with a growing AI computing business”
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“Revenue was broadly stable year over year despite a 27% decline in Bitcoin prices, while HPC revenue increased more than 70%.”
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“Our approximately 300 MW Tier I platform in Paraguay and approximately 2% share of the global Bitcoin network's hashrate give us operating scale, while BUZZ is evaluating additional computing opportunities.”
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“We convert electrons into valuable intelligence and export computing power globally.”
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“Our presence in Canada, Sweden and Paraguay gives HIVE multiple avenues for growth.”
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“Canada offers a strong AI research and enterprise ecosystem, Sweden provides established digital infrastructure, and Paraguay brings abundant hydroelectric resources.”
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“We are combining those regional strengths with our GPU operating expertise and customer relationships.”
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“In Canada, our relationship with Bell AI Fabric supporting Cohere positions BUZZ to serve growing demand for sovereign AI infrastructure.”
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“Governments and enterprises want advanced computing capacity while retaining control over their data and critical applications.”
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“In Sweden, our existing footprint provides a foundation for HPC expansion.”
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“In Paraguay, we are developing the technical capabilities and infrastructure for a longer-term AI opportunity alongside our established Bitcoin operations.”
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“We believe the US election-fear-related rhetoric has contributed to negative sentiment toward data centers, and we expect sentiment could stabilize over the next six months.”
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“Our investment decisions remain grounded in customer demand, power economics, community and capital discipline.”
Frank Holmes, Co-Founder and Executive Chairman of HIVE Digital Technologies Ltd.
“We continue to evaluate GPU pricing and demand as part of deployment decisions.”
Aydin Kilic, President and CEO of HIVE Digital Technologies Ltd.
“Our GPU Cloud business has reached approximately $40 million in live annual recurring revenue, with approximately $185 million in contracted ARR supported by three- and five-year agreements.”
Aydin Kilic, President and CEO of HIVE Digital Technologies Ltd.
“With our recent $129 million financing to fund the GPU purchase for our three-year agreement with Cohere and Bell, our capital commitments for the 2,304 GB200 GPU cluster were satisfied as of September 30, 2026.”
Aydin Kilic, President and CEO of HIVE Digital Technologies Ltd.
“We anticipate these GPUs will ship before calendar year-end, after which the lender's funds will be released from escrow to the GPU OEM as milestones are met.”
Aydin Kilic, President and CEO of HIVE Digital Technologies Ltd.
“We accomplished this while preserving a strong balance sheet, ending the quarter with $139 million in cash and $22.6 million in Bitcoin.”
Aydin Kilic, President and CEO of HIVE Digital Technologies Ltd.
“We recognize the macro headwinds in the AI infrastructure sector, and our primary objective is to protect our balance sheet and to maintain our cashflow and profitability.”
Aydin Kilic, President and CEO of HIVE Digital Technologies Ltd.
“We note that GPU demand remains very high, and current GPU market prices (measured in dollars per GPU hour, which vary by GPU model) exceed contracted prices from six months ago.”
Aydin Kilic, President and CEO of HIVE Digital Technologies Ltd.
“Our focus is on delivering these deployments, bringing contracted capacity into service and translating that growth into revenue and stronger earnings.”
Aydin Kilic, President and CEO of HIVE Digital Technologies Ltd.
“The supply of new GPU compute may be constrained, as new data center development throughout the U.S may face resistance following recent political shifts after the mid-term elections.”
Aydin Kilic, President and CEO of HIVE Digital Technologies Ltd.
“In Canada, our sovereign AI thesis is being met with support.”
Aydin Kilic, President and CEO of HIVE Digital Technologies Ltd.
“Notably, the Province of Ontario has released a data center playbook in August 2026, and the Premier's office recently committed to approving new data centers "sooner rather than later."”
Aydin Kilic, President and CEO of HIVE Digital Technologies Ltd.
“HIVE has 400 MW of utility load across Canada earmarked for Tier III data centers for HPC applications, of which over 320 MW are in the Province of Ontario.”
Darcy Daubaras, CFO of HIVE Digital Technologies Ltd.
“Our second-quarter results reflected improved sequential operating performance, with revenue increasing 7% to $84.9 million, gross operating margin increasing to 35.6%, and Adjusted EBITDA reaching $24.8 million.”
Darcy Daubaras, CFO of HIVE Digital Technologies Ltd.
“Our GAAP net loss of $78.7 million included significant non-cash charges, notably $54.9 million of depreciation and a $31.2 million impairment of mining equipment following a U.S. GAAP recoverability assessment.”
Darcy Daubaras, CFO of HIVE Digital Technologies Ltd.
“We ended the quarter with $139.0 million in cash and $22.6 million in digital currencies.”
Darcy Daubaras, CFO of HIVE Digital Technologies Ltd.
“As we advance our contracted AI infrastructure deployments, our financial priorities remain disciplined capital allocation, liquidity management and translating new capacity into sustainable operating performance.”
Craig Tavares, President & COO of BUZZ HPC
“HIVE's sovereign AI data center footprint in Canada and Sweden could become increasingly valuable as political resistance and permitting delays constrain new computing capacity in the United States.”
Craig Tavares, President & COO of BUZZ HPC
“This creates an opening for Canada to accelerate investment, attract customers, and narrow the AI infrastructure gap with the U.S.”
Craig Tavares, President & COO of BUZZ HPC
“The Prime Minister's new fiscal policies could help turn that opportunity into growth by encouraging private capital and speeding infrastructure development.”
Craig Tavares, President & COO of BUZZ HPC
“For BUZZ, our hydroelectric-powered sites, operating expertise, and growing GPU cloud platform position us to serve customers seeking reliable computing capacity and control over their data.”
Craig Tavares, President & COO of BUZZ HPC
“Canada has an opportunity to skate to where the puck is going-and HIVE's BUZZ is positioned to help.”
This news release constitutes a "designated news release" for the purposes of the Company's amended and restated prospectus supplement dated June 16, 2026 to its short form base shelf prospectus dated October 31, 2025.
San Antonio, Texas--(Newsfile Corp. - November 10, 2026) - HIVE Digital Technologies Ltd. (TSX: HIVE) (NASDAQ: HIVE) (BVC: HIVECO) (the "Company" or "HIVE"), a global provider of sustainable data center infrastructure, today announced its results for the second quarter of fiscal 2027, ended September 30, 2026. (All amounts are in US dollars unless otherwise indicated.)
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