Canada's HIVE Digital Q2 revenue falls 2.7% year over year
HIVE•HIVE Digital's fiscal second-quarter revenue fell 2.7% year over year to $84.9 million, while adjusted EBITDA rose 85% sequentially to $24.8 million. Its GAAP net loss widened to $78.7 million, including non-cash depreciation and equipment impairment.
1. Quarterly results
HIVE Digital reported fiscal second-quarter revenue of $84.9 million, down 2.7% year over year but up 7.3% sequentially. Adjusted EBITDA rose 85% sequentially to $24.8 million. The GAAP net loss widened to $78.7 million.
2. Drivers and outlook
High-performance computing revenue rose 70.7% year over year, driven by deployment of an NVIDIA B200 GPU cluster and demand for AI computing capacity. Higher Bitcoin production also supported sequential revenue growth. The net loss included $54.9 million in depreciation and $31.2 million in equipment impairment. HIVE targets GPU Cloud annual recurring revenue of about $200 million by the fourth quarter of calendar 2026, subject to deployment and market conditions, and expects its energized power footprint to reach about 540 MW after a 100 MW Paraguay expansion that quarter.
