HIVE Revenue Falls 2.7% Year Over Year to $84.9 Million

HIVE Digital Technologies Ltd. generated $84.9 million in revenue in its fiscal second quarter of 2027, ended Sept. 30, 2026, as growth in AI computing helped offset lower Bitcoin (BTC) mining revenue. Revenue fell 2.7% from a year earlier but rose 7.3% from the preceding quarter.

The company’s net loss widened to $78.7 million from $15.8 million a year earlier. The latest quarter included a $31.2 million noncash impairment of mining equipment and $54.9 million in depreciation.

Bitcoin mining remained HIVE’s largest business, bringing in $76 million, down 7.4% year over year. The company received 1,070 BTC in mining rewards, compared with 1,004 in the prior quarter.

AI computing revenue rose 70.7% year over year to $8.8 million. Growth reflected the deployment of an AI GPU cluster in Manitoba, Canada, as well as demand and pricing in the GPU marketplace.

At the end of September, HIVE held $139 million in cash and $22.6 million in digital currencies. GPU cloud operations already in service represented about $40 million in annualized revenue. Contracted annualized GPU cloud revenue was about $185 million, a figure that includes the capacity already operating and capacity that has yet to enter service.

The roughly $185 million in contracted annualized GPU cloud revenue includes two GPU cloud agreements valued at about $575 million combined over their multiyear terms. HIVE expects 2,304 GPUs for its Bell Canada and Cohere arrangement to ship before the end of 2026. An approximately $129 million loan for the GPU buildout has also been secured.