HIVE Digital Technologies recently released its 10-Q report. The company operates data centers in Bermuda, Paraguay, Sweden, and Canada, using those facilities for digital currency mining, digital currency sales, and performance computing hosting. It was formerly known as HIVE Blockchain Technologies Ltd., changed its name in July 2023, was incorporated in 1987, and is headquartered in San Antonio, Texas.
In Item 2, management said the quarter’s discussion should be read alongside the unaudited condensed consolidated financial statements, the notes, and the company’s annual report for the fiscal year ended March 31, 2026. HIVE also said its MD&A includes forward-looking statements and that results could differ materially from expectations. The company noted that for the year ended March 31, 2025, it shifted its reporting framework from IFRS to U.S. GAAP, and that all figures are reported in U.S. dollars unless otherwise stated. The MD&A covered information through August 14, 2026.
HIVE described itself as a sustainable-energy focused digital infrastructure company, with cash flow from hashrate services funding its AI and high-performance computing expansion through BUZZ High Performance Computing Inc. The company said its data centers are in energy-advantaged regions, with operations in Canada, Sweden, and Paraguay. It also said its facilities are connected to local grids and that it does not control the source of the power it uses.
As of July 31, 2026, HIVE reported total installed hashrate of about 25.2 EH/s, with implied efficiency of 16.5 J/TH based on nameplate hashrate and power consumption. After adjustments for modified operating modes, installed hashrate was about 24.5 EH/s, with implied fleet efficiency of 16.1 J/TH. Total operational hashrate was 23,594 PH/s, versus 24,518 PH/s of optimized installed hashrate and 25,243 PH/s of stock installed hashrate. Total power utilized was 393.1 MW, against 464.0 MW of available capacity.
By site, the largest operating facility was Yguazu, Paraguay, with 11,995 PH/s of operational hashrate, 195.2 MW utilized, and 200.0 MW available. Valenzuela, Paraguay contributed 6,907 PH/s and used 106.7 MW. In Canada, the New Brunswick owned facility showed 2,118 PH/s and 36.5 MW utilized, while the Quebec leased facility showed 1,318 PH/s and 29.8 MW utilized. In Sweden, Boden contributed 1,158 PH/s and 19.6 MW, and Notviken contributed 33 PH/s and 0.7 MW. Toronto added 65 PH/s and 1.0 MW. HIVE also listed several hosted facilities used for HPC/AI compute only, including Quebec City, Montreal, Stockholm, and Manitoba.
Management said most data center power is used to generate hashrate sold to mining pools under an FPPS payout model. HIVE said it receives digital currencies in return and records them at fair value on the date received. The company said its Bitcoin holdings are kept in segregated wallets with Fireblocks and Bank Frick, and that the Bitcoin is not collateralized, not stored on an exchange, not staked, and not loaned.
For the quarter ended June 30, 2026, HIVE reported revenue of $79.1 million, up from $45.6 million a year earlier. Gross operating margin was $24.2 million, compared with $15.8 million. Net loss was $142.9 million, versus net income of $35.0 million in the prior-year quarter. Basic loss per share was $0.54, compared with basic income per share of $0.19. The company mined 1,004 BTC in the quarter, up from 406 BTC a year earlier.
Two financing transactions stood out in the quarter. On April 21, 2026, HIVE Bermuda 2026 Ltd. completed a $115 million exchangeable senior note offering, including the full exercise of the $15 million over-allotment option, producing $109.8 million in net proceeds. On June 30, 2026, it completed a second offering of $130 million of exchangeable senior notes, again including the full $15 million over-allotment option, for $124.9 million in net proceeds. In both cases, HIVE entered into capped call transactions, funded with $19.8 million of cash on hand for the April deal and $15.7 million for the June deal.
The company also detailed several operational milestones. It said the Bitcoin halving on April 20, 2024 cut block rewards from 6.25 BTC to 3.125 BTC. It purchased 13,480 Bitmain S21+ Hydro units in December 2024, with an option for another 13,480 units, representing about 8.6 EH/s of combined capacity. In March 2025, it bought 16,560 Bitmain S21+ Antminers, or about 3.57 EH/s, and later exercised an option for 15,000 more Bitmain S21+ Hydro units, or about 4.78 EH/s. HIVE said it closed the acquisition of the 200 MW hydroelectric facility in Yguazú, Paraguay, on March 17, 2025, with Phase 1 starting in early April 2025, the site fully energized by mid-May 2025, Phase 2 completed in early September 2025, and Phase 3 at Valenzuela completed on November 10, 2025.
HIVE said it executed cashless exercises tied to prior Bitcoin payments on equipment purchases on October 5, 2025 and December 14, 2025, using the resulting credits toward Bitmain S21 XP Antminers. On December 30, 2025, it agreed to buy 8,000 Bitmain S21 XP Antminers, with 5,334 units delivered by March 31, 2026. In January 2026, the company sublet its 4 MW Robertsfors, Sweden lease through August 18, 2026 and disposed of the legacy ASIC equipment for nominal value. The market has reacted to these announcements by moving the company's shares 4.26% to a price of $2.69. For the full picture, make sure to review HIVE Digital Technologies's 10-Q report.
