Key Highlights
- Fiscal 2026 revenue reached $297.8 million USD, marking a 158% year-over-year increase
- Cryptocurrency-related revenue soared 164% to $278.3 million, supported by a quadrupling of hashrate capacity
- Net loss totaled $148.4 million, primarily attributed to non-cash charges including depreciation expenses
- Strategic realignment directs 100% of growth capital expenditure toward HPC and artificial intelligence infrastructure
- Proposed Toronto-area “gigafactory” designed to accommodate 100,000 GPUs with projected annual recurring revenue near CAD $360 million
HIVE Digital Technologies delivered its most impressive fiscal performance to date, announcing total revenue of $297.8 million USD for fiscal year 2026—a substantial 158% increase compared to the previous year. Share prices have appreciated 167% year-to-date, currently trading at $4.72.
HIVE Digital Technologies Ltd., HIVE
Revenue from digital currency operations was the primary growth driver, expanding 164% to reach $278.3 million. This performance stemmed from a fourfold expansion in operational hashrate capacity, with the company mining 2,885 Bitcoin throughout the year—a 104% increase—even as network difficulty climbed 42%.
The high-performance computing hosting segment contributed $19.5 million annually, establishing a company milestone and representing 94% growth from the $10 million recorded in fiscal 2025.
While revenue growth was substantial, HIVE continues to operate at a loss. The company reported a net loss of $148.4 million, which leadership attributes predominantly to depreciation and additional non-cash accounting items. Adjusted EBITDA reached CAD $73 million.
During the fourth fiscal quarter ending March 31, revenue totaled CAD $71.8 million, compared with CAD $31.2 million in the corresponding quarter of the prior year. HIVE mined 876 Bitcoin throughout the quarter while its AI and HPC operations contributed CAD $4.6 million.
The quarter concluded with CAD $23 million in cash reserves and CAD $10.8 million in digital asset holdings. Bitcoin reserves now total just 150 BTC, declining from 481 at the close of 2025, reflecting the company’s strategy to reduce cryptocurrency exposure on its balance sheet.
Strategic Pivot to Artificial Intelligence Infrastructure
Chief Executive Aydin Kilic characterized HIVE as a “vertically integrated data center builder and operator,” emphasizing that 100% of the company’s growth investments this year are concentrated on HPC and AI capabilities.
The company’s GPU cloud platform, operating under the BUZZ brand, currently produces CAD $35 million in annualized revenue from a fleet of 5,500 GPUs. HIVE has established a target of CAD $200 million in annual recurring revenue exclusively from GPU cloud services.
HIVE’s inaugural Blackwell cloud deployment in Canada became operational in Winnipeg, featuring 504 NVIDIA B200 GPUs under a two-year agreement valued at CAD $30 million. Additionally, the company has secured memoranda of understanding for two expanded clusters—comprising 2,304 GB200 GPUs and 2,088 GB300 GPUs—each with the potential to contribute CAD $65–70 million in annual recurring revenue.
A strategic alliance with Bell Canada provides HIVE with access to Bell AI Fabric data center infrastructure nationwide, creating a capital-efficient scalability pathway.
Ambitious Toronto Gigafactory Targets 2028 Launch
The most significant development was HIVE’s unveiling of plans for an AI gigafactory in the Greater Toronto Area. The company acquired a 25-acre property for CAD $58 million, with infrastructure designed to support as many as 100,000 GPUs.
The facility secured a 320-megawatt gross capacity allocation and is scheduled to commence compute operations in early 2028. Management forecasts the facility could produce approximately CAD $360 million in annual recurring revenue through colocation arrangements.
To finance this expansion strategy, HIVE successfully completed a CAD $115 million offering of 0% exchangeable senior notes maturing in 2031. The offering reportedly attracted demand exceeding CAD $500 million.
Kilic presented a sum-of-the-parts valuation analysis suggesting a potential enterprise value surpassing CAD $5 billion, dependent on contract execution and infrastructure deployment milestones.
HIVE’s international operational footprint now encompasses 860 megawatts when combining active capacity, the Toronto gigafactory project, and future development phases in Paraguay.
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