HIVE Digital Technologies recently released its 10-Q report. The company operates data centers in Bermuda, Paraguay, Sweden and Canada, with activity centered on digital-currency mining, digital-currency sales and performance-computing hosting. It was formerly known as HIVE Blockchain Technologies Ltd. and changed its name in July 2023; the company was incorporated in 1987 and is headquartered in San Antonio, Texas.
In Item 2, management said the MD&A should be read alongside the unaudited condensed consolidated financial statements, the related notes and the company’s annual report, and it repeated that results may differ materially from forward-looking statements. HIVE also noted that, for the year ended March 31, 2025, it moved its reporting framework from IFRS to U.S. GAAP, and that all figures in the quarterly report are in U.S. dollars unless otherwise stated. The MD&A covers business overview, results of operations, liquidity and capital resources, and critical accounting policies and estimates, with information current through August 14, 2026.
The company described itself as a sustainable-energy focused digital infrastructure business using cash flow from its hashrate services to fund expansion into AI and high-performance computing through BUZZ High Performance Computing. As of July 31, 2026, HIVE reported total installed hashrate of about 25.2 EH/s and, after adjustments for modified operating modes, installed hashrate of about 24.5 EH/s. The company said its total operational hashrate was 23,594 PH/s, with 393.1 MW utilized and 464.0 MW of capacity available across its portfolio.
By site, HIVE reported 11,995 PH/s at Yguazú, Paraguay, with 195.2 MW utilized and 200.0 MW available, and 6,907 PH/s at Valenzuela, Paraguay, with 106.7 MW utilized and 107.0 MW available. 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 showed 1,158 PH/s and 19.6 MW utilized, Notviken showed 33 PH/s and 0.7 MW utilized, and the Toronto owned facility showed 65 PH/s and 1.0 MW utilized. The company also listed hosted HPC/AI-only facilities in Quebec City, Montreal, Stockholm and Manitoba.
HIVE said most of its data center power is used to generate hashrate sold to mining pools under an FPPS payout model, with bitcoin held in segregated wallets at Fireblocks and Bank Frick. It said its bitcoin is not collateralized, not stored on an exchange and not staked or loaned. Revenue is recognized when digital currencies are received at fair value on the date received, and management said the revenue base is being diversified through Tier-III data center operations supporting HPC and AI applications.
For the three months ended June 30, 2026, revenue rose to $79.1 million from $45.6 million a year earlier. Gross operating margin increased to $24.2 million from $15.8 million. The company reported a net loss of $142.9 million, compared with net income of $35.0 million in the prior-year quarter, and basic loss per share was $0.54 versus basic income per share of $0.19. HIVE mined 1,004 bitcoin in the quarter, up from 406 bitcoin in the same period last year.
The quarter included two debt raises. On April 21, 2026, HIVE Bermuda 2026 Ltd. completed a $115 million exchangeable senior note offering, including the full exercise of the initial purchasers’ $15 million option, producing net proceeds of $109.8 million. On June 30, 2026, it completed a second offering of $130 million in exchangeable senior notes, also including the full exercise of the $15 million option, with net proceeds of $124.9 million. In both cases, the company 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.
Management also detailed equipment purchases and infrastructure expansion. In December 2024, HIVE bought 13,480 Bitmain S21+ Hydro units, 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, about 3.57 EH/s, and exercised an option for 15,000 additional Bitmain S21+ Hydro units, about 4.78 EH/s. On March 17, 2025, it closed the acquisition of the 200 MW hydroelectric facility in Yguazú, Paraguay; Phase 1 began in early April 2025, Phase 2 was completed in early September 2025, and Phase 3 at Valenzuela was completed on November 10, 2025.
The company said it executed cashless exercises tied to prior bitcoin payments on equipment purchases on October 5, 2025 and December 14, 2025, generating credits of $3.2 million and $1.8 million, respectively. On December 30, 2025, it agreed to buy 8,000 Bitmain S21 XP Antminers, with an expected aggregate nameplate capacity of about 2.16 EH/s and an expected net hashrate increase of about 1.30 EH/s after replacing lower-efficiency machines. As of March 31, 2026, HIVE had paid for and received 5,334 units from that order. In January 2026, it sublet its 4 MW Robertsfors, Sweden lease through August 18, 2026 and disposed of the legacy ASIC equipment for nominal value. Following these announcements, the company's shares moved 4.26%, and are now trading at a price of $2.69. For more information, read the company's full 10-Q submission here.
