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HIVE Digital Technologies posted $79.1 million in total revenue for its fiscal first quarter ending June 30, 2026, a figure that represents 73.5% growth year over year and a 10.2% sequential bump from the prior quarter.
Where the money is coming from
The bulk of HIVE’s revenue still flows from digital currency mining, which contributed $72.1 million to the quarter’s total. That segment grew 76.6% compared to the same period last year and ticked up 7.3% from Q4.
HIVE mined 1,004 BTC during the quarter, a 147% year-over-year increase, supported by an average operational hashrate of 24.0 EH/s.
The company’s HPC and AI segment, branded as BUZZ HPC, added $7.1 million in revenue. BUZZ HPC revenue jumped 52.1% quarter over quarter and 46.7% year over year, driven by increased demand for GPU deployments.
The AI bet is getting serious
HIVE now holds approximately $110 million in contracted GPU cloud annual recurring revenue, with a stated target of pushing that figure toward $200 million by the end of calendar year 2026.
A major piece of that push is a recently signed agreement with Bell AI Fabric, structured to support the operations of AI company Cohere. That deal is expected to contribute $75 million to HIVE’s contracted GPU cloud ARR over a three-year period.
Reading the financials carefully
HIVE reported a GAAP net loss of $142.9 million for the quarter, stemming largely from non-cash items, most notably a significant provision related to a contested VAT matter in Sweden. HIVE’s cash reserves stand at $208 million.
HIVE posted positive adjusted EBITDA of $13.4 million for the quarter.
HIVE is scheduled to release its full earnings report on August 15, 2026, with an earnings call following on August 17.
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