TLDR
- HIVE Digital posted record Q3 revenue of $93.1 million, a 219% year-over-year increase, despite Bitcoin prices falling ~10%.
- Gross operating margin grew more than sixfold to $32.1 million, representing 35% of total revenue.
- A two-year, $30 million Nvidia B200 GPU contract with Bell is expected to lift HPC annual recurring revenue by ~75%.
- The $91 million net loss was largely non-cash, driven by $57 million in depreciation and a $31 million derivative charge.
- H.C. Wainwright reiterated a Buy rating with a $7 price target, calling HIVE “significantly undervalued.”
HIVE Digital Technologies just delivered its best quarter ever, and the Bitcoin price had little to do with it.
For the quarter ended December 31, 2025, HIVE reported $93.1 million in revenue, up 219% from the same quarter a year ago. Gross operating margin hit $32.1 million, more than six times higher year-over-year.
Those numbers arrived during tough conditions. Bitcoin fell roughly 10% during the quarter and network difficulty rose 15%, squeezing margins across the mining industry in the wake of the 2024 halving.
HIVE Digital Technologies Ltd., HIVE
HIVE mined 879 Bitcoin during the period and scaled its installed hashrate from 6 EH/s at the start of 2025 to 25 exahashes per second, giving the company roughly 2% of the global Bitcoin network.
The net loss of $91 million looks alarming at first glance. CEO Aydin Kilic said most of it was non-cash, pointing to $57 million in depreciation from new hardware brought online in Paraguay and a $31 million fair-value derivative charge linked to Bitcoin price movements. Adjusted EBITDA came in at around $5.7 to $6 million.
HIVE closed the quarter with 481 Bitcoin in treasury, approximately $14 million in cash, and $14 million in digital currencies. Current assets stood at roughly $91 million against current liabilities of about $52 million.
AI Revenue Is Moving the Needle
HIVE’s HPC platform, branded Buzz, brought in about $5 million in revenue this quarter, tracking toward a $20 million annual run rate.
In February, HIVE signed a two-year, $30 million contract with Bell to deploy 504 Nvidia Blackwell B200 GPUs at a Manitoba site. The deal is expected to push HPC annual recurring revenue to $35 million by the end of Q1 2026, with pricing coming in 30% above original forecasts.
The company is targeting 11,000 GPUs on Buzz by the end of 2026, up from 5,000 today. Longer term, HIVE has set a goal of $140 million in annual AI cloud revenue by Q4 2026 and $225 million in total HPC revenue.
Analyst Calls Stock Undervalued
H.C. Wainwright reiterated its Buy rating following the results, holding its $7 price target. The firm said HIVE trades at a 50% discount to Bitcoin mining peers that have not yet announced HPC deals and argued the market is giving the company’s GPU cloud business little to no credit.
HIVE stock fell more than 2% on Tuesday.
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