HIVE Digital Posts Record $93.1M Q3 Revenue, Registers $91.3M Net Loss
HIVE Digital's Q3 revenue hit a record $93.1M, up 219% YoY, with $88.2M from hashrate mining at $57.8M cost and 885 BTC mined (+23% QoQ). Net loss totaled $91.3M from $57.4M of accelerated depreciation and $31M adjustments, as HIVE secured a $30M AI GPU contract.
1. Record Q3 Financial Results
In the quarter ended Dec. 31, 2025, HIVE Digital achieved record revenue of $93.1 million, a 219% year-over-year increase, with digital currency mining revenue of $88.2 million and adjusted EBITDA of $5.7 million. The company mined 885 Bitcoin, up 23% quarter-on-quarter, at a hashrate capacity of 25 EH/s.
2. Net Loss and Cost Structure
GAAP net loss of $91.3 million was driven by $57.4 million in accelerated depreciation related to the Paraguay facility buildout and $31 million in non-cash revaluation adjustments. Direct costs for hashrate operations totaled $57.8 million, including approximately 90% in energy expenses.
3. Paraguay Expansion and AI/HPC Strategy
The 440 MW Paraguay facility reached full 25 EH/s capacity, with an additional 100 MW power purchase agreement and 73 hectares of land acquired for future growth. HIVE also signed a two-year, $30 million AI GPU contract for 504 Nvidia B200 GPUs, targeting $140 million in GPU cloud ARR by Q4 2026 and $225 million total HPC ARR by early 2027.