Key Highlights
- Fiscal 2026 revenue reached $297.8 million USD, representing a 158% year-over-year increase
- Cryptocurrency mining revenue soared 164% to $278.3 million, supported by a fourfold expansion in hashrate capacity
- Net loss of $148.4 million reported, primarily attributed to non-cash expenses including depreciation
- Complete strategic realignment toward AI and high-performance computing infrastructure, with 100% of expansion capital allocated to HPC and AI initiatives
- Toronto-area “gigafactory” project targeting 100,000 GPU capacity with projected CAD $360 million in recurring annual revenue
HIVE Digital Technologies has delivered its most impressive fiscal performance to date, announcing $297.8 million USD in consolidated revenue for fiscal 2026—a remarkable 158% increase compared to the previous fiscal year. Share prices have surged 167% year-to-date, currently trading at $4.72.
HIVE Digital Technologies Ltd., HIVE
Cryptocurrency mining operations drove the majority of growth, with revenue climbing 164% to $278.3 million. This performance was fueled by a quadrupling of operational hashrate capacity and the mining of 2,885 Bitcoin throughout the year—a 104% year-over-year increase—achieved even as network difficulty escalated by 42%.
The high-performance computing hosting segment delivered $19.5 million in revenue for the fiscal year, marking a company milestone and representing 94% growth from the $10 million recorded in fiscal 2025.
While revenue figures impressed, profitability remains elusive. The company posted a net loss of $148.4 million, which management attributes primarily to depreciation and additional non-cash accounting items. Adjusted EBITDA reached CAD $73 million.
Fourth quarter results for the period ending March 31 showed revenue of CAD $71.8 million, substantially higher than the CAD $31.2 million reported in the comparable quarter of the prior year. HIVE mined 876 Bitcoin during the quarter while its AI and HPC operations contributed CAD $4.6 million in revenue.
The quarter concluded with CAD $23 million in cash reserves and CAD $10.8 million in digital currency holdings. Bitcoin reserves currently total 150 BTC, reduced from 481 at the close of 2025, reflecting the company’s strategy to streamline its cryptocurrency assets.
Strategic Pivot to Artificial Intelligence
Chief Executive Aydin Kilic characterized HIVE as a “vertically integrated data center builder and operator,” emphasizing that the company is dedicating 100% of its growth capital this year exclusively to HPC and AI initiatives.
HIVE’s GPU cloud platform, operating under the BUZZ brand, is currently producing CAD $35 million in annualized revenue from a fleet of 5,500 GPUs. The company has established a target of CAD $200 million in annual recurring revenue from GPU cloud services.
The company’s inaugural Blackwell cloud deployment in Canada became operational in Winnipeg, featuring 504 NVIDIA B200 GPUs operating under a two-year contract valued at CAD $30 million. Additionally, HIVE has secured memoranda of understanding for two expanded clusters—featuring 2,304 GB200 GPUs and 2,088 GB300 GPUs respectively—each with the potential to contribute CAD $65–70 million in recurring annual revenue.
A strategic collaboration with Bell Canada provides HIVE with access to Bell AI Fabric data center facilities nationwide, creating a capital-efficient pathway for scaling operations.
Greater Toronto Area Gigafactory Targets 2028 Launch
The centerpiece announcement involved HIVE’s ambitious AI gigafactory project in the Greater Toronto Area. The company acquired a 25-acre property for CAD $58 million, specifically engineered to accommodate up to 100,000 GPUs.
The installation features a gross capacity allocation of 320 megawatts and is scheduled to commence compute operations in early 2028. Management forecasts the facility could produce approximately CAD $360 million in annual recurring revenue through colocation services.
To finance its expansion roadmap, HIVE successfully closed a CAD $115 million offering of 0% exchangeable senior notes maturing in 2031. The offering reportedly attracted demand exceeding CAD $500 million.
Kilic presented a sum-of-the-parts valuation analysis suggesting a potential enterprise value exceeding CAD $5 billion, dependent upon successful contract execution and infrastructure deployment.
HIVE’s international operational footprint now encompasses 860 megawatts when factoring in active capacity, the Toronto gigafactory project, and planned expansion phases in Paraguay.
