HIVE Digital Sees Revenue Soar 219% to $93.1M as Margin Nears 35%
Q3 FY2026 revenue climbed to $93.1 million from $29.2 million a year earlier while GAAP net loss was $91.3 million, driven by $57.4 million of non-cash accelerated depreciation. Hashrate capacity jumped from 6 to 25 exahash with gross operating margin improving to 35% and 885 Bitcoin equivalents mined, up 23% quarter-over-quarter.
1. Q3 FY2026 Revenue Leaps While Reporting Non-Cash Loss
HIVE Digital recorded Q3 FY2026 revenue of $93.1 million, up from $29.2 million a year earlier, yet reported a GAAP net loss of $91.3 million primarily due to $57.4 million of accelerated depreciation on expanded mining assets and non-cash revaluation adjustments.
2. Hashrate Expansion Drives Bitcoin Production Growth
The company increased mining capacity from 6 exahash to 25 exahash, resulting in production of 885 Bitcoin equivalents in the quarter—a 23% quarter-over-quarter increase despite a 15% rise in network difficulty.
3. Improving Operating Margins Reflect Efficiency Gains
Gross operating margin climbed to 35% from 18% in the prior year period, highlighting efficiency improvements as HIVE scales its operations across facilities in Paraguay and elsewhere.
4. Conservative Financing Underpins Growth Strategy
Leadership reaffirmed a conservative balance sheet approach, emphasizing zero debt leverage for Bitcoin purchases or high-performance computing contracts, aiming to sustain growth without incurring significant financial risk.