HIVE Digital Technologies (NASDAQ: HIVE) (TSE: HIVE) reported record annual revenue of USD$297.8 million for the fiscal year ended March 31, 2026, as the cryptocurrency miner expanded both its bitcoin production and artificial intelligence infrastructure businesses.
The company said on Tuesday that revenue increased 158 per cent from the previous fiscal year. Additionally, digital currency mining generated USD$278.3 million, up 164 per cent year over year.
HIVE attributed the increase to a major expansion of its mining capacity and stronger bitcoin prices. The company increased its installed operational hashrate to 25.1 exahashes per second from 6.5 EH/s a year earlier. Meanwhile, HIVE mined 2,885 bitcoin during fiscal 2026. That represented a 104 per cent increase from 1,414 bitcoin mined in fiscal 2025.
The company achieved that growth despite a roughly 42 per cent increase in average network difficulty. Network difficulty measures how hard it is for miners to earn new bitcoin. HIVE’s high-performance computing, or HPC, business generated USD$19.5 million in revenue. Furthermore, that segment reached a company record and increased 94 per cent from USD$10 million a year earlier.
The company credited the growth to the deployment of an NVIDIA H200 graphics processing unit cluster. It also cited strong demand through its GPU marketplace. However, HIVE reported a generally accepted accounting principles, or GAAP, net loss of USD$148.4 million for the year. The company said depreciation expenses and unrealized investment losses accounted for much of the result.
Adjusted EBITDA reached USD$72.9 million during the fiscal year.
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Hive expanded both sides of its business during the year
Executive Chairman Frank Holmes said fiscal 2026 marked an important year in HIVE’s long-term strategy. He said the company invested in AI infrastructure and cloud computing years before many other publicly traded bitcoin miners.
Holmes added that HIVE significantly expanded both sides of its business during the year. Additionally, contracted annual recurring revenue from HPC operations reached USD$35 million. Quarterly results weakened as market conditions became more challenging.
Total revenue fell to USD$71.8 million during the fourth quarter. Meanwhile, bitcoin mining revenue declined 23.9 per cent from the previous quarter to USD$67.2 million. The company said lower bitcoin prices and weaker hashprice weighed on results. Furthermore, average network difficulty increased 27 per cent from a year earlier.
Higher operating hashrate partially offset those pressures. HIVE produced 876 bitcoin during the quarter, roughly matching the previous period. HPC revenue totaled USD$4.6 million in the quarter. However, a deployment delay at one facility reduced results slightly compared with the prior quarter.
The company posted a GAAP net loss of USD$83.3 million during the quarter. Adjusted EBITDA came in at negative USD$9 million.
Consequently, HIVE reduced its bitcoin holdings by 331 BTC during the quarter. Total holdings fell to 150 BTC from 481 BTC reported on Dec. 31, 2025. The company reported USD$10.8 million in digital asset holdings as of March 31, including its remaining bitcoin reserves.
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