TLDR
- HIVE Digital reported record quarterly revenue of $87.3 million, up 285% year-over-year and 91% from the previous quarter
- The company mined 717 Bitcoin during the quarter despite increased network difficulty, with mining revenue reaching $82.1 million
- HIVE shares rose 7.55% on Monday to close at $3.56, bucking the downward trend in crypto stocks
- The company’s AI computing division Buzz generated record revenue of $5.2 million, up 175% year-over-year
- HIVE completed a 300 MW capacity addition in Paraguay and announced a deal with Dell Technologies to deploy 504 new GPUs
HIVE Digital Technologies reported record revenue for the quarter ending September 30, posting $87.3 million in total revenue. The figure represents a 285% increase from the same period last year.
HIVE’s Q2 FY2026 results are here:
Revenue ⬆️ 285% YoY / 91% QoQ
Operational Bitcoin Hashrate ⬆️ 223% YoY
Bitcoin Mining Revenue ⬆️ ~300% YoY
HPC Revenue ⬆️ 175% YoYEarnings call begins at 8:00 AM EST: https://t.co/EphObAIPaT pic.twitter.com/xig2HSpsMZ
— HIVE Digital Technologies (@HIVEDigitalTech) November 17, 2025
The company’s Bitcoin mining operations generated $82.1 million in revenue during the quarter. HIVE mined 717 BTC despite facing increased network difficulty.
Executive Chairman Frank Holmes attributed the revenue growth to the company’s expansion strategy. “Despite Bitcoin hashprice being up only about 25% year-over-year, our revenue soared 285% year-over-year due to our aggressive hashrate expansion,” Holmes said.
HIVE achieved an average hash rate of 16.2 EH/s during the quarter. This represented an 86% increase compared to the previous quarter.
HIVE Digital Technologies Ltd., HIVE
The company reported a net loss of $15.8 million for the period. HIVE attributed this to accelerated two-year depreciation of Bitcoin mining machines used in its Paraguay expansion.
AI Computing Division Shows Growth
HIVE’s Buzz high-performance computing division posted record quarterly revenue of $5.2 million. The AI-focused arm saw a 175% increase from the same period last year.
Gross operating margins in the HPC division improved to 49%. The company announced a deal with Dell Technologies to deploy 504 new GPUs through liquid-cooled servers at the Bell AI Fabric data center.
HIVE is targeting a fleet of over 6,000 new GPUs by the end of 2026. The company already has 5,000 GPUs operational.
Management projects the expansion will generate approximately $140 million in annualized HPC revenue by Q4 2026. The company expects gross margins of roughly 80% from this segment.
Stock Performance and Capacity Expansion
HIVE shares closed Monday at $3.56, gaining 7.55% during regular trading. The stock continued rising by 0.56% in after-hours trading to $3.58.
The company has gained 25% year-to-date. However, shares have dropped from a 2025 peak of $6.96 in early October, falling 37% over the past month.
HIVE completed a 300 MW capacity addition in Paraguay during the quarter. The company recently achieved an operational hash rate of 25 EH/s.
The miner now operates a global hydro-powered data center footprint of 540 MW. HIVE has secured a path to 400 MW in Paraguay through power purchase agreements.
Market Context
The quarter saw Bitcoin climb from around $107,000 in early July to over $123,500 by mid-August. Bitcoin reached a peak of over $126,000 in early October before falling.
Bitcoin dipped below $92,000 on Monday for the first time since April. The cryptocurrency has erased all of its 2025 gains, falling 27% from its October high.
Other Bitcoin miners also reported revenue increases for the September quarter. Bitdeer reported revenues climbing 174% year-over-year to $169.7 million on November 10.
TeraWulf reported the same day that its revenues jumped 87% year-over-year to $50.6 million. Many Bitcoin miners have begun shifting operations toward powering artificial intelligence.
Holmes emphasized HIVE’s experience in the HPC space during Monday’s earnings call. “We’ve been doing it for three years. I believe we’re quite successful. It’s much more complicated,” he said, referring to AI computing compared to mining.
The company projects potential scaling to 35 EH/s by Q4 2026.
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