A $84.7 million one-time tax charge drove HIVE to a $142.9 million net loss despite record bitcoin mining and AI revenue growth.
HIVE Digital Technologies reported Q1 2027 revenue of $79.1 million, up 73.5% year-over-year, driven by bitcoin mining and AI growth. Bitcoin mining revenue reached $72.1 million, a 77% increase, while AI revenue hit $7.1 million, up 52% sequentially.
The company mined 1,004 bitcoin during the quarter, a 147% annual increase, as its operational hash rate rose to 24.0 EH/s. Despite revenue gains, HIVE posted a $142.9 million net loss due to an $84.7 million non-cash charge tied to a Swedish tax dispute.
Adjusted EBITDA remained positive at $13.4 million, and the company ended the quarter with $208 million in cash. HIVE is appealing the tax assessment and continues expanding its AI and mining operations.