HIVE Digital Technologies has announced a record fiscal third-quarter revenue of $93.1 million for the period ending December 31, 2025, marking a staggering 219% increase year-over-year. This performance stands in stark contrast to the broader cryptocurrency market, which experienced significant volatility and a decline in Bitcoin prices during the same timeframe.
The company's revenue grew 7% sequentially from the previous quarter's $87.3 million. Digital currency mining was the primary driver, contributing $88.2 million in revenue, an 8% increase from Q2 FY2026. This growth was fueled by a 41% expansion in HIVE's average hashrate, which reached 22.9 exahash per second (EH/s). By the end of 2025, the company had scaled its installed Bitcoin mining capacity to 25 EH/s, largely through aggressive expansion in Paraguay to access lower-cost energy.
Despite the top-line success, HIVE reported a GAAP net loss of $91.3 million. Management attributed $57.4 million of this loss to non-cash, accelerated depreciation. The company has opted to depreciate its next-generation ASIC mining equipment over a two-year cycle instead of the industry-standard four years, reflecting the rapid pace of hardware efficiency improvements. Direct mining costs for the quarter were $57.8 million, with approximately 90% tied to energy expenses.
The company's strategic pivot into high-performance computing (HPC) and AI infrastructure is gaining significant traction. The "BUZZ" HPC segment generated $4.9 million in revenue against direct costs of $2.3 million. More notably, the segment's gross operating margin surged sixfold year-over-year to $32.1 million, representing a 35% margin compared to 18% a year earlier. In a major development, HIVE signed a two-year, $30 million contract in February 2026 for 504 Nvidia B200 GPUs, expected to contribute roughly $15 million in annual recurring revenue (ARR) starting in calendar Q1 2026.
Looking ahead, HIVE is targeting $140 million in ARR for its GPU AI Cloud by Q4 2026, signaling a continued shift to diversify its revenue streams beyond Bitcoin mining. The company also generated 885 Bitcoin during the quarter, a 23% increase, despite Bitcoin's price falling from above $120,000 to the $88,000 zone during the period.
