The FY2026 results show strong top-line growth from Bitcoin mining expansion and HPC scaling, but Q4 trends deteriorated sharply with negative Adjusted EBITDA as Bitcoin prices fell and network difficulty rose. The $115M exchangeable note and GTA gigafactory pipeline provide a long-term growth narrative, but near-term hashprice headwinds and widening GAAP losses warrant caution. Monitor Q1 FY2027 for hashprice recovery and B200 cluster revenue contribution.
Price Chart
Executive Summary
HIVE Digital Technologies reported FY2026 total revenue of $297.8M (+158% YoY), driven by a 4x increase in Bitcoin mining hashrate and 94% growth in HPC revenue. However, GAAP net loss widened to $148.4M (largely non-cash depreciation of $170.4M), and Q4 FY2026 Adjusted EBITDA turned negative at ($9.0M) due to hashprice compression. The company also closed a $115M 0% exchangeable note post-year-end and announced a 320 MW GTA AI gigafactory project targeting $660M ARR by 2028.
Key Financial Metrics
Key Facts
- FY2026 total revenue $297.8M, up 158% YoY from $115.3M
- Digital currency mining revenue $278.3M, up 164% YoY
- HPC revenue $19.5M, up 94% YoY
- GAAP net loss $148.4M vs $3.0M loss in FY2025, driven by $170.4M depreciation and $50.9M non-cash adjustments
- Adjusted EBITDA $72.9M (24% margin) vs $56.2M in FY2025
- Q4 FY2026 revenue $71.8M, Adjusted EBITDA ($9.0M) negative
- Bitcoin mining revenue Q4 $67.2M, down 23.9% sequentially on BTC price decline
- HPC ARR contracted to $35M at year-end, targeting $660M by 2028
- Closed $115M 0% exchangeable senior notes due 2031, net proceeds ~$109.5M
- 320 MW GTA AI gigafactory announced, targeting 200 MW IT load at ~$360M annualized revenue at full operation
Financial Impact
FY2026 revenue $297.8M (+158% YoY); GAAP net loss $148.4M; Adjusted EBITDA $72.9M; Q4 Adjusted EBITDA ($9.0M); $115M zero-coupon exchangeable notes issued post-year-end
Risk Factors
- Bitcoin price volatility and hashprice compression continue pressuring mining margins
- GAAP net loss of $148.4M driven by large non-cash depreciation; cash flow from operations positive at $62.3M
- Execution risk on 320 MW GTA gigafactory requiring ~CAD $3.5B capital investment
- Dilution risk from $115M exchangeable notes (389.5 shares per $1,000 principal, ~$2.57 conversion price)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001062993-26-002965 |
| Document: form8k.htm | 0001062993-26-002965 |
| Document: 0001062993-26-002965-index-headers.html | 0001062993-26-002965 |
| Document: 0001062993-26-002965-index.html | 0001062993-26-002965 |
| Document: 0001062993-26-002965.txt | 0001062993-26-002965 |
| 8-K Data (Synthetic) | 0001062993-26-002965 |
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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