Canadian miner Hive Digital Technologies has reported a massive revenue spike for its fiscal year ending March 31. The growth was driven by strong Bitcoin prices and a rapidly expanding high-performance computing (HPC) business, as the company pivots toward artificial intelligence infrastructure.
Record Revenue Driven by Bitcoin Surge
For fiscal 2026, the company posted total revenue of $297.8 million, representing a 158% increase from the prior year. This growth was primarily fueled by a significant expansion of its mining operations, with Hive producing 2,885 BTC—more than double the 1,414 BTC mined in fiscal 2025.
The miner also benefited from a favorable market, with the average realized price of Bitcoin reaching approximately $98,000, compared to $75,900 in the previous fiscal year. However, Hive chose to realize profits, reducing its treasury holdings to 150 BTC (around $10 million) by the end of the fiscal year, down from 481 BTC in December.
Hive Key Financial Metrics:
- Total Revenue: $297.8 million (+158% YoY)
- Bitcoin Mined: 2,885 BTC
- HPC Revenue (BUZZ HPC): $19.5 million (+94% YoY)
- Total Hash Rate: 25.1 EH/s
Betting on AI and Nvidia GPUs
Beyond cryptocurrency mining, Hive is aggressively diversifying its business model. Its high-performance computing division, branded BUZZ HPC, generated $19.5 million in revenue, and executives view it as the primary engine for future growth.
In May, Hive announced plans for a massive 320-megawatt AI data center in the Greater Toronto Area. Designed to house over 100,000 Nvidia GPUs at full capacity, the project is slated to become Canada’s largest privately-owned AI infrastructure facility. The company aims to achieve $660 million in annualized recurring revenue (ARR) from its computing business by the end of 2028.
“The transition from pure-play crypto mining to high-performance computing is a logical evolution. Access to cheap power and existing infrastructure makes companies like Hive key players in the ongoing AI infrastructure boom,” said an industry analyst.
Net Loss and Market Reaction
Despite the revenue surge, Hive reported a GAAP net loss of $148.4 million for the year. However, management noted that approximately $221 million of these losses consisted of non-cash items, including depreciation charges on mining hardware.
Following the earnings release, Hive shares trading under the ticker HIVE fell by 2.6% to $4.63, despite touching a year-to-date high of $4.97 earlier in the trading session.
Frequently Asked Questions (FAQ)
1. Why did Hive’s Bitcoin holdings decrease?
The company liquidated a portion of its mined Bitcoin to fund operations and support the expansion of its AI and HPC data centers.
2. Where are Hive’s operations located?
Hive operates green-energy-powered facilities in Canada, Sweden, and Paraguay, with a total installed hash rate of 25.1 EH/s.
3. What is Hive’s long-term goal for its AI business?
Hive is building a 320 MW data center in Canada to host over 100,000 Nvidia GPUs, targeting $660 million in annualized recurring revenue by 2028.
