HIVE Digital Delivers Record Revenue Growth as Bitcoin and AI Businesses Scale

Why It Matters

Hive’s ability to fund AI compute expansion with Bitcoin mining cash flow creates a scalable, diversified growth model, positioning it as a pivotal infrastructure provider for both crypto and artificial‑intelligence markets.

Key Takeaways

• Hive Digital targets $200M annual run rate by year‑end.
• Bitcoin mining revenue hits just under $300M, 104% growth.
• AI data center partnership with Bell adds $15M annual run rate.
• Planned clusters in BC could contribute $65‑70M each.
• Future roadmap aims for $600M run rate via Toronto‑Waterloo gigafactory.

Summary

Hive Digital Technologies reported fiscal 2026 results, highlighting record revenue of just under $300 million from its Bitcoin mining operation and a rapidly expanding high‑performance computing (HPC) segment. The company’s dual‑engine strategy—leveraging crypto mining cash flow to fund AI data‑center growth—has already lifted its HPC annual run rate from $20 million to $35 million, with a $30 billion Bell partnership adding $15 million and two upcoming clusters in British Columbia projected to contribute $65‑70 million each.

Key data points include a 104 % increase in mining output, a 300 MW fleet in Paraguay delivering efficient, cash‑generating power, and a roadmap that aims to reach $200 million in annual run rate by year‑end, eventually scaling to $600 million through additional facilities in the Toronto‑Waterloo corridor and a planned gigafactory. The CFO, Darcy Daubaras, emphasized “hyper‑growth” and noted that the firm already has land, power, and customer MoUs in place, needing only to deploy GPU compute to realize the targets.

Daubaras highlighted the stability of Bitcoin revenue, stating it “powers us forward and is paying for our expansion within the data‑center business.” He also pointed to the company’s efficient mining fleet as a “very high efficient, good cash flowing” foundation that underwrites the aggressive AI compute rollout.

If Hive executes its expansion, it could become a dominant hybrid player in both cryptocurrency mining and AI infrastructure, offering investors a diversified growth story and potentially reshaping the North American data‑center landscape.

Original Description

Hive Digital Technologies Chief Financial Officer Darcy Daubaras joined Steve Darling from Proactive to discuss the company’s financial results for the fiscal year ended March 31, 2026, highlighting record revenue growth, expanding profitability metrics, and continued progress across both its Bitcoin mining and high-performance computing (HPC) infrastructure businesses.

HIVE reported total revenue of $297.8 million during fiscal 2026, generated from a combination of digital currency mining operations and high-performance computing hosting services. The strong performance reflects the company’s strategy of leveraging its expertise in large-scale computing infrastructure to capitalize on opportunities in both blockchain technology and artificial intelligence.

A major contributor to growth was the company’s Bitcoin mining business, where digital currency revenue increased 164% year-over-year. The improvement was driven by a substantial expansion of HIVE’s mining capacity, with installed operational hashrate increasing approximately four-fold compared to the prior year, alongside a significantly higher average Bitcoin price environment.

During fiscal 2026, HIVE mined 2,885 Bitcoin, representing a 104% increase from the 1,414 Bitcoin mined in fiscal 2025. Notably, the company achieved this growth despite a significant increase in network difficulty, which rose approximately 42% year-over-year from an average of 95.7 trillion to 135.8 trillion. Management highlighted that the company’s production growth substantially outpaced the increase in mining difficulty, demonstrating the effectiveness of its infrastructure expansion strategy.

Beyond cryptocurrency mining, HIVE’s BUZZ HPC division delivered record performance as demand for AI-focused computing infrastructure continued to accelerate. The business generated $19.5 million in revenue during fiscal 2026, representing a 94% increase compared with $10 million in fiscal 2025.

Financially, HIVE demonstrated meaningful operating leverage throughout the year. Revenue increased 158% year-over-year, while gross operating margin expanded to 36.2%. Cash generated from operations climbed to $62.3 million, representing a 3.5-fold increase compared to the previous fiscal year.

Looking ahead, HIVE enters fiscal 2027 with what management describes as a fully funded Paraguay expansion program, a growing pipeline of high-performance computing opportunities, and significant financial flexibility. The company plans to continue allocating capital toward opportunities that offer the highest returns across both its Bitcoin mining operations and rapidly expanding AI infrastructure platform.

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