HIVE Digital Technologies Ltd. (HIVE) has showcased remarkable growth with its latest financial results, reporting a staggering 219% year-over-year increase in revenue. For the third quarter of fiscal year 2026, the company achieved a total revenue of $93.1 million, driven primarily by its Bitcoin mining operations and expansion into artificial intelligence (AI).
Despite a minor decline of 1.36% in pre-market trading, with shares priced at $2.18, HIVE”s Q3 performance indicates substantial growth potential. The company reported significant revenue from Bitcoin mining, totaling $88.2 million, which reflects an 8% increase compared to the previous quarter. This rise occurred despite challenging market conditions, including lower Bitcoin prices and increased network difficulty.
HIVE”s operational efficiency has been pivotal, as the company successfully expanded its mining capacity to a fleet generating 25 Exahash per second (EH/s). In addition, HIVE produced 885 Bitcoins during Q3, marking a 23% increase quarter-over-quarter, which significantly bolstered its revenue streams.
Another highlight from the quarterly results is the gross operating margin, which surged to $32.1 million, a sixfold increase from the same period last year. This impressive performance can be attributed to HIVE”s advanced infrastructure, particularly its hydro-powered data centers, which position the company as a leader in sustainable digital currency mining.
AI Expansion and Future Growth Plans
In addition to its Bitcoin mining success, HIVE is accelerating its growth in the AI and high-performance computing (HPC) sectors. The company”s BUZZ AI subsidiary reported revenues of $4.9 million for Q3, contributing significantly to overall growth. Earlier this year, HIVE secured a $30 million contract for Nvidia B200 GPUs, aimed at enhancing its AI capabilities and generating an additional $15 million in annual recurring revenue.
HIVE is ambitiously targeting an annual recurring revenue of $140 million by Q4 2026, with plans to deploy 11,000 GPUs. This dual-engine strategy, combining Bitcoin mining with AI development, is set to reinforce HIVE”s position in the rapidly evolving AI landscape.
Strategic Expansion and Renewable Energy Commitment
The company continues to solidify its position through strategic expansions, including its recent infrastructure buildout in Paraguay, which has brought 300 MW of green-energy Tier-I infrastructure online. By the end of 2026, HIVE expects to operate a substantial 540 MW energy footprint, underlining its commitment to renewable energy and scalability.
HIVE”s strategic initiatives aim to position Paraguay as a central hub for AI and HPC growth, with expectations of significant contributions to the nation”s GDP through infrastructure investments. With a balanced approach that integrates Bitcoin mining with AI and HPC, HIVE is poised for sustained revenue growth and success well into 2026 and beyond.
