HIVE Digital Technologies Ltd (TSX:HIVE, NASDAQ:HIVE, FRA:YO0, BVC:HIVECO) reported a 158% jump in revenue from the year prior as the company pushes toward an ambitious $660 million annual recurring revenue target anchored by a major Canadian AI infrastructure buildout.
The Vancouver-based Bitcoin miner and data centre operator posted fiscal year 2026 revenue of $297.8 million, driven by a 164% jump in digital currency revenue to $278.3 million and a record $19.5 million from its BUZZ high-performance computing business, up 94% year-over-year
Bitcoin production more than doubled to 2,885 coins mined during the fiscal year, as HIVE expanded its installed hashrate to 25.1 exahashes per second, materially outpacing a 42% rise in average network difficulty. The company’s gross operating margin expanded 14 percentage points to 36%, generating $107.9 million compared with $25.1 million a year earlier. Adjusted EBITDA reached $72.9 million for the full year, while cash from operations rose to $62.3 million.
The fourth quarter was softer, with revenue of $71.8 million and an adjusted EBITDA loss of $9 million, as Bitcoin prices fell roughly 27% from their October all-time high through quarter-end and average network difficulty climbed to a record 140.7 terahashes. Bitcoin mining revenue declined 23.9% sequentially to $67.2 million, though production held broadly steady at 876 coins as record operational hashrate from the completion of Paraguay Phase 3 offset the difficulty headwinds. HPC revenue of $4.6 million was marginally below the prior quarter after the deployment of HIVE’s 504 NVIDIA B200 GPU cluster shifted from March to May, but rose 54% from the same period a year earlier.