The core operational story is strongly positive — revenue growth accelerating, HPC ARR tripling, and a return to positive Adjusted EBITDA — but the $84.7M Swedish VAT provision creates headline noise and potential cash risk if the dispute is ultimately lost. Traders should watch the August 17 earnings call for updates on the VAT appeal and the pace of GPU Cloud ARR conversion to live revenue. The massive cash build ($208M) provides significant balance-sheet flexibility, but the ongoing ATM dilution (9.86M shares in the quarter) is a headwind.
Price Chart
Executive Summary
HIVE Digital Technologies reported Q1 FY2027 revenue of $79.1M (+73.5% YoY), beating the $88.3M consensus on the top line, but GAAP EPS of -$0.54 was a significant miss vs the -$0.11 consensus. The headline GAAP net loss of $142.9M was driven by a non-cash $84.7M provision for a contested Swedish VAT dispute, which masks strong underlying operating momentum: Adjusted EBITDA returned to positive at $13.4M, and contracted GPU Cloud ARR surged to ~$110M following a $225M sovereign AI deal with Bell AI Fabric. The core Bitcoin mining and HPC businesses are scaling rapidly, but the Swedish tax overhang and GAAP loss create a mixed picture for traders.
Key Financial Metrics
Key Facts
- Q1 FY2027 total revenue of $79.1M, up 73.5% YoY and 10.2% sequentially.
- GAAP net loss of $142.9M, primarily due to an $84.7M non-cash provision for a contested Swedish VAT assessment.
- Adjusted EBITDA returned to positive at $13.4M (17.0% of revenue), vs -$9.0M in Q4 FY2026.
- Contracted GPU Cloud ARR reached approximately $110M, driven by a $225M, three-year sovereign AI agreement with Bell AI Fabric supporting Cohere.
- Cash and equivalents surged to $208.0M from $23.1M at March 31, 2026, following the issuance of $115M in 0% exchangeable notes and ATM equity sales.
- Issued 9.86M shares via ATM for gross proceeds of ~$31.1M at an average price of $3.16 per share during the quarter.
- HPC revenue grew 52.1% sequentially to $7.1M, driven by the NVIDIA B200 GPU cluster deployment.
Financial Impact
GAAP net loss of $142.9M includes an $84.7M non-cash Swedish VAT provision; Adjusted EBITDA of $13.4M; revenue grew 73.5% YoY to $79.1M
Risk Factors
- Swedish VAT dispute: $84.7M provision booked; further adverse rulings could increase cash outflow and impair Swedish operations.
- Ongoing ATM dilution: 9.86M shares issued in Q1 at $3.16; continued equity issuance pressures per-share metrics.
- Bitcoin price and network difficulty volatility directly impact the mining revenue stream, which still represents 91% of total revenue.
- Execution risk on the 320 MW GTA Gigafactory and the $200M GPU Cloud ARR target by year-end 2026.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001062993-26-004447 |
| Document: form8k.htm | 0001062993-26-004447 |
| Document: 0001062993-26-004447-index-headers.html | 0001062993-26-004447 |
| Document: 0001062993-26-004447-index.html | 0001062993-26-004447 |
| Document: 0001062993-26-004447.txt | 0001062993-26-004447 |
| 8-K Data (Synthetic) | 0001062993-26-004447 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | 8-K | $2.90 $3.37 | ▲ +16.21% | ▲ +13.64% | $2.96 (+2.24%) |
Aug 17, 2026 6w ago | 8-K | $3.07 $2.86 | ▼ −6.84% | ▼ −5.65% | $2.96 (−3.42%) |
Jul 27, 2026 9w ago | ANALYST-UPGRADE | $2.95 $2.83 | ▼ −4.07% | ▼ −5.14% | $2.96 (+0.51%) |
Jun 22, 2026 14w ago | 8-K | $4.63 $3.76 | ▼ −18.79% | ▼ −19.80% | $2.96 (−35.96%) |
Jun 5, 2026 16w ago | Insider Cluster | $3.96 $3.96 | · 0.00% | ▼ −2.11% | $2.96 (−25.13%) |
Jun 2, 2026 17w ago | 8-K | $4.54 $3.74 | ▼ −17.62% | ▼ −14.66% | $2.96 (−34.69%) |
May 12, 2026 20w ago | 8-K | $2.82 $3.46 | ▲ +22.70% | ▲ +22.62% | $2.96 (+5.14%) |
May 7, 2026 21w ago | 8-K | $2.82 $2.97 | ▲ +5.32% | ▲ +3.86% | $2.96 (+5.14%) |
Apr 22, 2026 23w ago | 8-K | $2.60 $2.24 | ▼ −13.85% | ▼ −13.90% | $2.96 (+14.04%) |
Apr 15, 2026 24w ago | 8-K | $2.19 $2.54 | ▲ +15.98% | ▲ +15.00% | $2.96 (+35.39%) |
US Market Status
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