Bitcoin mining firm HIVE Digital Technologies posted its strongest financial year on record, with total revenue for fiscal 2026 surging 158% year-over-year to $297.8 million USD. The stock rose 167% year-to-date to trade at $4.72 per share, though shares dipped slightly after the report.
Digital currency mining revenue jumped 164% to $278.3 million, powered by a four-fold increase in installed operational hashrate to 25.1 EH/s. HIVE mined 2,885 Bitcoin during the fiscal year, up 104% from 1,414 BTC in fiscal 2025, despite a 42% rise in network difficulty. High-performance computing (HPC) hosting brought in a record $19.5 million, up 94% from the prior year.
Despite the top-line growth, the company recorded a GAAP net loss of $148.4 million, which management attributed mainly to non-cash items including depreciation, share-based compensation, and investment losses. Adjusted EBITDA stood at $72.9 million, or 24% of total revenue. In the fourth quarter, bitcoin mining revenue fell 23.9% sequentially on lower BTC prices, pushing adjusted EBITDA to negative $9 million.
CEO Aydin Kilic said 100% of growth capex is now directed at HPC and AI, marking a full-scale pivot. The company’s GPU cloud brand, BUZZ, is generating $35 million in annualized revenue from 5,500 GPUs, with a target of $200 million ARR. A planned AI gigafactory in the Greater Toronto Area, designed for up to 100,000 GPUs, could deliver around CAD $360 million in annual recurring revenue once operational in early 2028. To fund expansion, HIVE closed a CAD $115 million offering of 0% exchangeable senior notes due 2031, with demand reportedly exceeding $500 million. A partnership with Bell Canada provides access to AI Fabric data centers for scalable growth.
HIVE ended the year with 150 BTC in holdings, down from 481 at the end of 2025, reflecting a reduced crypto treasury as the company pivots away from pure bitcoin mining toward AI infrastructure.
