HIVE Digital Technologies ended fiscal 2026 with a smaller Bitcoin treasury even as revenue hit a record high, showing how miners are balancing growth, costs and AI expansion.
Summary
- HIVE held 150 Bitcoin at year-end after mining 2,885 BTC and growing revenue 158% annually.
- HPC revenue rose 94% to $19.5M, while contracted recurring revenue reached $35M by year-end filings.
- HIVE plans a 320MW Toronto AI gigafactory for over 100,000 GPUs from late 2027, management.
HIVE reported 150 Bitcoin in digital asset holdings as of March 31, 2026. That was down from 481 Bitcoin at the end of the previous quarter, based on company figures and market data.
The decline means HIVE’s Bitcoin holdings fell by 331 BTC during the quarter. The company did not clearly state that it sold Bitcoin, but the lower balance came during a period of heavy capital spending and weaker Bitcoin prices.
HIVE mined 2,885 Bitcoin during fiscal 2026, up 104% from 1,414 Bitcoin in fiscal 2025. The company said the growth came from a large increase in installed mining hashrate and higher average Bitcoin prices during the year.
At the same time, HIVE said Bitcoin mining became more difficult. Network difficulty rose during the period, while Bitcoin’s average price fell sharply in the fourth quarter compared with the previous quarter.
Revenue jumps as mining expands
HIVE reported total revenue of $297.8 million for fiscal 2026, up 158% from the prior year. Digital currency mining brought in $278.3 million, making it the company’s main source of revenue.
The miner also reported $107.9 million in gross operating margin, equal to a 36% margin. Adjusted EBITDA reached $72.9 million, or 24% of total revenue.
The strong revenue did not stop HIVE from reporting a GAAP net loss of $148.4 million. The company said about $221.3 million of that result came from non-cash items, including $170.4 million of depreciation.
In the fourth quarter, HIVE generated $71.8 million in revenue. Bitcoin mining revenue fell 23.9% from the previous quarter as Bitcoin’s average price dropped and network difficulty increased.
AI computing business gains traction
HIVE’s high-performance computing business generated $19.5 million in fiscal 2026 revenue, up 94% from $10 million a year earlier. The company said demand for GPU computing helped drive the increase.
Contracted annual recurring revenue from the BUZZ HPC unit reached $35 million at year-end. HIVE said its first 504 Nvidia B200 GPU cluster with Bell Canada AI Fabric went live in May 2026.
Earlier related coverage reported that HIVE raised $75 million through exchangeable senior notes to fund GPUs and data center expansion. The company later closed a $115 million note deal after the initial buyers exercised their full option.
HIVE is also planning a 320-megawatt AI gigafactory in the Greater Toronto Area. The company says the site could host more than 100,000 GPUs at full buildout, with operations targeted for the second half of 2027.
Miner follows broader AI shift
HIVE’s results show how public Bitcoin miners are moving beyond mining alone. Many miners are using power assets, data centers and technical teams to build AI computing services.
The strategy may help reduce reliance on Bitcoin price cycles. It also requires large spending on land, power, chips and data center upgrades.
HIVE said it now operates 440 megawatts of global power capacity across Canada, Sweden and Paraguay. It also grew installed Bitcoin mining hashrate from 6.5 EH/s to 25.1 EH/s over the fiscal year.
The company’s next test is whether AI computing can grow fast enough to support its expansion plans. For now, HIVE’s record revenue sits beside a much smaller Bitcoin balance and rising infrastructure costs.
