HIVE HIVE Digital Technologies Ltd.
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Executive Summary
HIVE Digital Technologies reported FY2026 total revenue of $297.8M (+158% YoY), driven by a 4x increase in Bitcoin mining hashrate and 94% growth in HPC revenue. However, GAAP net loss widened to $148.4M (largely non-cash depreciation of $170.4M), and Q4 FY2026 Adjusted EBITDA turned negative at ($9.0M) due to hashprice compression. The company also closed a $115M 0% exchangeable note post-year-end and announced a 320 MW GTA AI gigafactory project targeting $660M ARR by 2028.
Actionable Insight
The FY2026 results show strong top-line growth from Bitcoin mining expansion and HPC scaling, but Q4 trends deteriorated sharply with negative Adjusted EBITDA as Bitcoin prices fell and network difficulty rose. The $115M exchangeable note and GTA gigafactory pipeline provide a long-term growth narrative, but near-term hashprice headwinds and widening GAAP losses warrant caution. Monitor Q1 FY2027 for hashprice recovery and B200 cluster revenue contribution.
Key Facts
- FY2026 total revenue $297.8M, up 158% YoY from $115.3M
- Digital currency mining revenue $278.3M, up 164% YoY
- HPC revenue $19.5M, up 94% YoY
- GAAP net loss $148.4M vs $3.0M loss in FY2025, driven by $170.4M depreciation and $50.9M non-cash adjustments
- Adjusted EBITDA $72.9M (24% margin) vs $56.2M in FY2025
- Q4 FY2026 revenue $71.8M, Adjusted EBITDA ($9.0M) negative
- Bitcoin mining revenue Q4 $67.2M, down 23.9% sequentially on BTC price decline
- HPC ARR contracted to $35M at year-end, targeting $660M by 2028
- Closed $115M 0% exchangeable senior notes due 2031, net proceeds ~$109.5M
- 320 MW GTA AI gigafactory announced, targeting 200 MW IT load at ~$360M annualized revenue at full operation
Financial Impact
FY2026 revenue $297.8M (+158% YoY); GAAP net loss $148.4M; Adjusted EBITDA $72.9M; Q4 Adjusted EBITDA ($9.0M); $115M zero-coupon exchangeable notes issued post-year-end
Risk Factors
- Bitcoin price volatility and hashprice compression continue pressuring mining margins
- GAAP net loss of $148.4M driven by large non-cash depreciation; cash flow from operations positive at $62.3M
- Execution risk on 320 MW GTA gigafactory requiring ~CAD $3.5B capital investment
- Dilution risk from $115M exchangeable notes (389.5 shares per $1,000 principal, ~$2.57 conversion price)
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001062993-26-002965 |
| Document: form8k.htm | 0001062993-26-002965 |
| Document: 0001062993-26-002965-index-headers.html | 0001062993-26-002965 |
| Document: 0001062993-26-002965-index.html | 0001062993-26-002965 |
| Document: 0001062993-26-002965.txt | 0001062993-26-002965 |
| 8-K Data (Synthetic) | 0001062993-26-002965 |
Filters
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Jun 5, 2026
1d ago
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Insider Cluster
| $3.73 awaiting T+1 | awaiting T+1 | — | $3.77 (+1.07%) |
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Jun 2, 2026
4d ago
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8-K
| $4.54 $4.38 | ▼ −3.52% | ▼ −2.83% | $3.77 (−16.96%) |
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May 16, 2026
21d ago
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ANALYST-DOWNGRADE
| $3.04 $2.95 | ▲ +2.96% | ▲ +2.93% | $3.77 (−24.01%) |
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May 12, 2026
25d ago
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8-K
| $2.82 $2.76 | ▼ −2.13% | ▼ −2.70% | $3.77 (+33.69%) |
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May 7, 2026
4w ago
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8-K
| $2.82 $3.01 | ▲ +6.74% | ▲ +6.51% | $3.77 (+33.69%) |
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Apr 22, 2026
6w ago
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8-K
| $2.60 $2.54 | ▼ −2.31% | ▼ −1.91% | $3.77 (+45.00%) |
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Apr 16, 2026
7w ago
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ANALYST-UPGRADE
| $2.19 $2.51 | ▲ +14.61% | ▲ +13.40% | $3.77 (+72.15%) |
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Apr 16, 2026
7w ago
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ANALYST-UPGRADE
| $2.19 $2.51 | ▲ +14.61% | ▲ +13.40% | $3.77 (+72.15%) |
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Apr 16, 2026
7w ago
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ANALYST-UPGRADE
| $2.19 $2.51 | ▲ +14.61% | ▲ +13.40% | $3.77 (+72.15%) |
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Apr 16, 2026
7w ago
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ANALYST-DOWNGRADE
| $2.19 $2.51 | ▼ −14.61% | ▼ −13.40% | $3.77 (−72.15%) |
US Market Status
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