HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE, FRA:YO0, BVC:HIVECO) has reported its financial results for the third quarter ended December 31, 2025, posting record revenue and expansion of its digital infrastructure.
The company reported quarterly revenue of $93.1 million, up 219% from $29.2 million in the same period last year and 7% higher than the prior quarter.
Adjusted EBITDA was $5.7 million. Gross operating margin rose to $32.1 million, or 35%, compared with 18% in the year-ago period.
Digital currency hashrate revenue totaled $88.2 million, an 8% increase from the second quarter of fiscal 2026. The company said the gain reflected a 41% quarter-over-quarter increase in average hashrate to 22.9 exahash per second (EH/s), partly offset by roughly 10% lower Bitcoin prices and a 15% increase in network difficulty. Direct costs associated with this revenue were $57.8 million, approximately 90% of which were energy costs.
HIVE produced 885 Bitcoin during the quarter, up 23% from the previous quarter despite higher network difficulty. Revenue from the company’s BUZZ high-performance computing (HPC) segment was $4.9 million, generated against direct costs of $2.3 million.
General and administrative expenses were $8.4 million, compared with $7.8 million in the prior quarter, which the company attributed mainly to increased staffing to support global expansion efforts, including in Paraguay and within the BUZZ HPC business.
The company reported a GAAP net loss of $91.3 million. HIVE said the loss was primarily driven by $57.4 million in accelerated depreciation related to its Paraguay expansion and non-cash revaluation adjustments. The company noted it is depreciating its next-generation ASIC fleet over a two-year cycle rather than four years.
During the quarter, HIVE completed its Paraguay buildout and reached 25 EH/s of installed hashrate capacity, operating 440 megawatts of hydro-powered global capacity with average operational hashrate of 22.9 EH/s and fleet efficiency of 17.5 joules per terahash.
The company also signed an additional 100 megawatt power purchase agreement in Yguazú and acquired 10 hectares of land, with energization targeted for the fourth quarter of 2026. Subsequent to quarter-end, HIVE said it purchased an additional 63 hectares.
"This quarter demonstrated HIVE's execution in both our Tier-I hashrate platform and GPU AI Cloud,” HIVE CEO Aydin Kilic said in a statement.
"With Tier-III+ capacity across Canada, Sweden and a growing pipeline of multi-year GPU cloud and colocation demand, we believe HIVE is positioned to build a durable, high-margin, recurring revenue platform through 2026 and beyond.”
Frank Holmes, HIVE’s executive chairman, described the quarter as an inflection point for the company.
“We delivered record revenue, scaled our renewable-powered Tier-I hashrate platform to 25 EH/s and accelerated our AI strategy,” Holmes said. “These milestones reflect disciplined execution across both engines of our business - Bitcoin hashrate services as the cash generator and BUZZ as our high-growth HPC platform, positioning HIVE for diversified, recurring revenue growth.”
Also after the quarter-end, in February 2026, the company signed a two-year, $30 million contract for 504 Nvidia B200 GPUs, with deployment expected in the first calendar quarter of 2026 at its Bell Tier-III facility. HIVE said the agreement is expected to add approximately $15 million in annual recurring revenue and increase HPC annualized revenue by about 75% to $35 million.
The company is targeting $140 million in annual recurring revenue from its GPU AI cloud business by the fourth quarter of 2026, subject to market conditions and successful infrastructure deployment.
HIVE said BUZZ is targeting $225 million in total HPC annual recurring revenue by the end of calendar 2026 or early 2027 as GPU cloud and colocation capacity expands.
The company also expects to operate a 540 megawatt energy footprint by year-end, including the newly contracted power capacity, while maintaining flexibility to allocate megawatts between Bitcoin mining and AI or high-performance computing workloads.