Core Insights - Proactive provides fast, accessible, and informative business and finance news content to a global investment audience [2] - The company focuses on medium and small-cap markets while also covering blue-chip companies and broader investment stories [3] - Proactive's news team delivers insights across various sectors including biotech, mining, oil and gas, and emerging technologies [3] Technology Adoption - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Revenue Performance - Revenue from digital currency mining for the three months ended September 30, 2025, was $82,073,000, a 296% increase from $20,765,000 in the same period of 2024[6] - Total revenue for the six months ended September 30, 2025, reached $132,864,000, compared to $54,889,000 for the same period in 2024, representing a 142% increase[6] - For the six months ended September 30, 2025, HIVE Digital Technologies Ltd. reported a net income of $19,219,000, a significant improvement from a net loss of $18,208,000 in the same period of 2024[8] - The revenue from digital currency mining for the period ended September 30, 2025, was $122,870 million, a substantial increase from $50,401 million in the same period of 2024, representing a growth of approximately 143%[110] - The total revenue from high-performance computing hosting for the period ended September 30, 2025, was $9,994 million, compared to $4,488 million in the same period of 2024, indicating an increase of about 123%[110] Financial Position - Total assets as of September 30, 2025, were $692,971,000, an increase from $531,598,000 as of March 31, 2025[5] - The company’s total equity increased to $624,599,000 as of September 30, 2025, up from $449,137,000 as of March 31, 2025[5] - Digital currencies held by the company decreased to $24,364,000 as of September 30, 2025, from $181,146,000 as of March 31, 2025[5] - Marketable securities increased to $21,815 million as of September 30, 2025, up from $21,016 million on March 31, 2025, reflecting a growth of approximately 3.8%[29] - The net carrying value of property and equipment increased to $464,327 million as of September 30, 2025, up from $202,848 million on March 31, 2025, representing a growth of about 129%[39] Expenses and Losses - The company reported a net loss of $15,797,000 for the three months ended September 30, 2025, compared to a net income of $80,000 in the same period of 2024[6] - Operating expenses for the three months ended September 30, 2025, were $12,671,000, compared to $3,829,000 for the same period in 2024[6] - General and administrative expenses for the three months ended September 30, 2025, were $7,800, compared to $3,381 in the same period of 2024, reflecting a significant increase[94] - Operating and maintenance costs for the three months ended September 30, 2025, totaled $44,065, up from $21,903 in the same period of 2024[95] - Stock-based compensation expense for the six months ended September 30, 2025, was $11,222 million, compared to $2,723 million for the same period in 2024, indicating a significant increase[83] Cash Flow and Investments - Cash flows from operating activities resulted in a net cash used of $(384,000), a notable improvement from $(6,542,000) in the same period last year[8] - HIVE Digital Technologies Ltd. reported net cash used in investing activities of $(108,101,000), compared to $(27,971,000) in the prior year, reflecting increased investment activity[8] - The company ended the period with cash and cash equivalents of $22,643,000, down from $23,375,000 at the beginning of the period[8] - The company recognized non-cash transactions of $201,836 for equipment deposits or purchases paid with BTC during the six months ended September 30, 2025[96] Shareholder Activity - The company issued 38,109,822 shares in a recent offering, raising $68,169,000[7] - The basic loss per share for the three months ended September 30, 2025, was $0.07, compared to $0.00 in the same period of 2024[6] - The Company raised gross proceeds of $117.2 million from the issuance of 53,017,807 shares under the Amended October 2024 ATM Equity Program[79] - The average price per share sold under the Amended October 2024 ATM Equity Program was $2.21 (C$3.03)[79] - The Company issued 15,266,061 shares for gross proceeds of $25.9 million under the October 2024 ATM Equity Program[78] Debt and Liabilities - Current liabilities decreased to $53,614,000 as of September 30, 2025, from $65,957,000 as of March 31, 2025[5] - The company incurred a loan payable of $14.053 million as of September 30, 2025, with a maturity date of December 31, 2035[58] - The Atlantic Term Loans total $11 million, with a current balance of $2.857 million as of September 30, 2025, and an interest rate of 4.39% for Term Loan 1[59][63] - The company is in compliance with the amended required debt service coverage ratio covenant, maintaining a ratio of 1.50:1[63] Market and Operational Insights - The company operates data centers for high-performance computing and cryptocurrency mining, indicating a focus on infrastructure solutions in the digital currency space[9] - The Company operates in one segment with two revenue streams: mining and sale of digital currencies and high-performance computing hosting, with net income as the primary measure of profit or loss[108] - No single customer or related group of customers contributed 10% or more of the Company's total consolidated revenue during the three and six months ended September 30, 2025, indicating a diversified revenue base[111] - The Company has not hedged the conversion of any of its coin sales or future mining of digital currencies, which may expose it to market price volatility[105] Management and Compensation - Key management compensation for the three months ended September 30, 2025, totaled $0.6 million, an increase from $0.3 million in the same period of 2024[74] - The company granted a total of 6,050,000 Restricted Share Units (RSUs) during the year, increasing the balance to 11,389,971 RSUs as of September 30, 2025[90] - The fair value of RSUs granted on April 17, 2025, was C$2.05 per share, and on July 8, 2025, it was C$3.03 per share[88][89] Tax and Contingencies - The Company is facing a contingent VAT liability of approximately $79 million related to assessments from the Swedish Tax Agency, covering the period from December 2020 to December 2024[69] - The Company has not recorded any amounts payable to the Swedish Tax Agency as of September 30, 2025, in connection with the VAT assessments[72]

Financial Data and Key Metrics Changes - The company reported a record-breaking quarter with $87 million in revenue, of which $82 million came from Bitcoin mining and over $5 million from the HPC business [31] - The gross operating margin for the quarter was $42 million, leading to an adjusted EBITDA of $31.5 million and a net loss of $15.8 million on a non-cash basis [31][32] - The company achieved an 18% return on invested capital (ROIC) on an annualized basis [32] Business Line Data and Key Metrics Changes - The Bitcoin mining business is currently mining approximately 10 Bitcoin per day with a capacity of 25 exahash [33][56] - The AI cloud business has reached a $20 million annual recurring revenue (ARR) and is expected to grow significantly [31][34] - The company aims to grow its combined AI cloud and hyperscaler colo revenue to over $200 million ARR [34] Market Data and Key Metrics Changes - The company has 210 Bitcoin in treasury and an additional 1,992 Bitcoin pledged, totaling about 2,200 Bitcoin [32] - The company has secured an additional 100 megawatts of capacity approved by the government of Paraguay, increasing potential capacity to 35 exahash by the end of next year [36] Company Strategy and Development Direction - The company is focused on a dual-engine growth strategy, leveraging cash flow from Bitcoin mining to scale its Buzz HPC business [35][39] - The company is expanding its data center capabilities in Paraguay and Canada, with plans to convert existing facilities to tier three data centers [39][41] - The partnership with Bell Canada aims to build sovereign AI infrastructure and advance NVIDIA hardware deployment [21][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the AI and HPC sectors, highlighting the importance of disciplined capital allocation [31][35] - The company anticipates significant upside in its Bitcoin mining margins as Bitcoin prices fluctuate, projecting potential annualized mining margins of $200 million to $400 million depending on Bitcoin prices [58] - Management emphasized the importance of green energy sourcing and the unique positioning of Paraguay for scaling operations [5][17] Other Important Information - The company celebrated its four-year anniversary on NASDAQ, indicating strong institutional interest and retail participation [24][25] - The company has a proven track record of maintaining best-in-class uptime and efficiency in the sector, with the lowest G&A per Bitcoin mined [56] Q&A Session Summary Question: What is the outlook for the AI cloud business? - The company is targeting $140 million ARR for the AI cloud business by expanding its GPU capacity and leveraging partnerships [43][46] Question: How does the company plan to manage capital expenditures for growth? - The company plans to utilize vendor financing and existing cash flow to fund the growth of its GPU clusters without significant capital expenditures [54][55] Question: What are the expectations for Bitcoin mining margins? - Management indicated that Bitcoin mining margins could reach $200 million to $400 million annually based on varying Bitcoin prices, showcasing strong potential for profitability [58]

Financial Data and Key Metrics Changes - HIVE reported a record-breaking quarter with $87 million in revenue, of which $82 million came from Bitcoin mining and over $5 million from the HPC business [31] - The company achieved a gross operating margin of $42 million, translating to $31.5 million adjusted EBITDA and a net loss of $15.8 million on a non-cash basis [31][32] - The annualized return on invested capital (ROIC) was 18% for the quarter [32] Business Line Data and Key Metrics Changes - The Bitcoin mining business is currently mining approximately 10 Bitcoin per day with a capacity of 25 exahash [33][56] - The AI cloud business has reached a $20 million annual recurring revenue (ARR) and is targeted to grow to over $200 million ARR [33][39] - The company has 5,000 GPUs operating between Canada and Sweden, with plans to double this to 11,000 GPUs by the end of 2026 [38][39] Market Data and Key Metrics Changes - HIVE's operations in Paraguay have significantly contributed to its growth, scaling from $100 million in fiscal 2025 to a current ARR of $400 million [33] - The company has secured an additional 100 MW of capacity approved by the government of Paraguay, which will enhance its mining operations [36] Company Strategy and Development Direction - HIVE is focused on a dual-engine growth strategy, leveraging cash flow from Bitcoin mining to scale its HPC business [35] - The company aims to maintain best-in-class ROIC through disciplined capital allocation and strategic investments in ASICs [32][33] - HIVE is positioning itself to become a significant player in the AI and HPC sectors, with a strong emphasis on building out liquid-cooled tier three data centers [39][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the AI market, highlighting the importance of infrastructure development in both Bitcoin mining and AI [26][29] - The company anticipates significant upside in its mining margins with Bitcoin prices projected at various levels, indicating a robust outlook for profitability [58] - Management emphasized the importance of green energy sourcing and the positive economic impact of their operations in Paraguay [5][11] Other Important Information - HIVE has a total of 210 Bitcoin in treasury and 1,992 Bitcoin pledged, providing both downside protection and upside potential [32][34] - The company celebrated its four-year anniversary on Nasdaq, indicating strong institutional interest and retail participation [25] Q&A Session Summary Question: What is the outlook for HIVE's growth in the AI sector? - Management highlighted the potential for the AI cloud business to reach $250 million ARR, driven by partnerships and the expansion of GPU capacity [53][54] Question: How does HIVE plan to manage its capital expenditures? - The company plans to utilize vendor financing for GPU acquisitions, minimizing the need for significant capital outlay while focusing on ROIC [54][55] Question: What are the expected mining margins at different Bitcoin price points? - Management indicated that annualized mining margins could range from $200 million to $400 million depending on Bitcoin prices of $100,000 to $150,000 [58]

Financial Data and Key Metrics Changes - HIVE reported a record-breaking quarter with $87 million in revenue, of which $82 million came from Bitcoin mining and over $5 million from the HPC business [35] - The company achieved a gross operating margin of $42 million, translating to an adjusted EBITDA of $31.5 million and a net loss of $15.8 million on a non-cash basis [35][36] - The return on invested capital (ROIC) for the quarter was 18% on an annualized basis [36] Business Line Data and Key Metrics Changes - The Bitcoin mining business is currently mining approximately 10 Bitcoin per day with a capacity of 25 exahash [37][62] - The AI cloud business has reached a $20 million annual recurring revenue (ARR) and is projected to grow significantly [35][38] - The company aims to achieve over $200 million ARR from both AI cloud and hyperscaler colocation services by the end of 2026 [38][44] Market Data and Key Metrics Changes - HIVE's operations in Paraguay have transformed the business, growing from $100 million in fiscal 2025 to a current ARR of $400 million [37] - The company has pledged nearly 2,000 Bitcoin, providing both downside protection and upside potential in the current market [38][39] Company Strategy and Development Direction - HIVE is focused on scaling its Bitcoin mining operations while simultaneously expanding its AI and HPC business, leveraging green energy sources in Paraguay [19][35] - The company is transitioning from tier one to tier three data centers, which will enhance its capabilities in high-performance computing [20][44] - HIVE's dual-engine strategy aims to maximize return on invested capital while expanding its footprint in both Bitcoin mining and AI cloud services [41][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the AI market and the company's unique positioning within it [19][30] - The sentiment in the data center and AI infrastructure market has been negative recently, but management believes this presents a buying opportunity [3][30] - The company anticipates significant growth in both its Bitcoin mining and AI cloud businesses, with a target of $750 million in combined revenue by the end of 2026 [44][57] Other Important Information - HIVE has established partnerships with major telecom providers like Bell Canada to enhance its AI infrastructure and services [24][49] - The company is actively involved in community development in Paraguay, contributing to local education and infrastructure projects [10][12] Q&A Session Summary Question: What are the growth projections for the AI cloud business? - Management indicated that the AI cloud business is expected to grow from $20 million ARR to potentially $140 million by the end of 2026, driven by the addition of new GPU clusters [48][51] Question: How does HIVE plan to manage its capital expenditures for growth? - The company plans to utilize vendor financing and existing cash flow to fund the growth of its GPU clusters, minimizing the need for significant capital expenditures [58][59] Question: What is the outlook for Bitcoin mining margins? - Management highlighted that with Bitcoin prices at $100,000, the annualized mining margin could reach approximately $200 million, with potential increases as prices rise [63]

Financial Performance (Q2 F2026) - Total revenue reached $87.3 million[58], with $82.1 million[58] from Bitcoin mining and $5.2 million[58] from HPC/AI revenue - Adjusted EBITDA was $31.5 million[58] - Gross operating margin was $42.4 million[58], representing a 49%[126, 148] gross operating margin - Net loss was $15.8 million[58] Bitcoin Mining Operations - October production reached 289 BTC[41] - Achieved a hash rate of 24 EH/s[41] - Goal of 2.8% of global hashrate[40] - The company has 210 Bitcoin in treasury[58] HPC/AI Growth - Scaling to $225 million ARR with AI NeoCloud and HPC Colo[45] - Over $20 million ARR[45] - Targeting 11,000 GPUs under BUZZ AI platform by Q4 2026[63] Expansion and Infrastructure - 300MW expansion in Paraguay using 100% green energy from the Itaipu Dam[34] - Vertically integrated growth strategy with Tier I and Tier III data centers[62] - Aiming for ~$750 million ARR by Q4 2026[63]

Core Viewpoint - HIVE Digital Technologies, through its subsidiary BUZZ High Performance Computing, is advancing Canada's AI infrastructure by partnering with Dell Technologies to expand its AI Cloud capabilities, which is expected to significantly enhance its operational capacity and revenue potential [1][4]. Group 1: Partnership and Infrastructure Development - BUZZ will deploy a 63 node cluster of liquid-cooled Dell PowerEdge XE9680L servers equipped with 504 latest generation GPUs optimized for AI computing, delivered through Dell Integrated Rack Scalable Systems [2]. - The deployment will take place at the Bell AI Fabric data center, building on BUZZ's existing partnership with Bell to expand its sovereign AI Cloud [2]. - BUZZ has proprietary high-efficiency liquid-cooled data center designs in Canada and Sweden, with plans to support an additional 2,000 GPUs at each site, targeting a total of over 6,000 GPUs for its AI Cloud by the end of 2026 [4][5]. Group 2: Financial Projections and Market Position - The expansion is projected to generate an additional $120 million in annual run-rate revenue (ARR) with an operating margin of 80% after costs, in addition to the current $20 million ARR [4]. - With over 5,000 GPUs already operational, the total for BUZZ AI Cloud is expected to exceed 11,000 GPUs by the end of 2026 [5]. - The HIVE 70 megawatt operation Tier I data center in Grand Falls, New Brunswick, has the potential to support over 25,000 latest generation GPUs, enhancing Canada's position in the global AI race [6]. Group 3: Company Background - HIVE Digital Technologies Ltd. is the first publicly listed company to mine digital assets using exclusively green energy, operating next-generation blockchain and AI data centers across Canada, Sweden, and Paraguay [9]. - BUZZ specializes in AI Cloud and high-performance computing (HPC) data center services, contributing to Canada's ambitions in the global AI economy [10].

Core Insights - HIVE Digital Technologies, through its subsidiary BUZZ High Performance Computing, has partnered with Dell Technologies to enhance its AI infrastructure in Canada, marking a significant step in the country's AI industrial revolution [1][2] Group 1: Partnership and Infrastructure Development - BUZZ will deploy a 63 node cluster of liquid-cooled Dell PowerEdge XE9680L servers, utilizing 504 latest generation GPUs optimized for AI computing [2] - The deployment will occur at the Bell AI Fabric data center, building on an existing partnership with Bell to expand its sovereign AI Cloud [2] - BUZZ has achieved Bronze status in the Semi-Analysis ClusterMax™ rankings, indicating its technical leadership in the AI cloud sector [3] Group 2: Future Expansion Plans - BUZZ is planning to support an additional 2,000 latest generation GPUs at its facilities in Canada and Sweden, targeting a total of over 6,000 GPUs for its AI Cloud by the end of 2026 [4] - This expansion is projected to generate an additional $120 million in annual run-rate revenue (ARR) with an operating margin of 80% after costs, in addition to the current $20 million ARR [4] - With over 5,000 GPUs already operational, the total for BUZZ AI Cloud is expected to exceed 11,000 GPUs by the end of 2026 [5] Group 3: Data Center Capacity and Contributions - The HIVE 70 megawatt operation Tier I data center in Grand Falls, New Brunswick, has the potential to support over 25,000 latest generation GPUs, enhancing Canada's position in the global AI race [6]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive has bureaus and studios in key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Group 2 - The company is focused on sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] - Proactive adopts technology to enhance workflows and improve content production [4] - All content published by Proactive is edited and authored by humans, ensuring adherence to best practices in content production and search engine optimization [5]

Group 1 - HIVE Digital Technologies Ltd. is set to release its second-quarter earnings on November 14, with analysts expecting earnings of 2 cents per share, a significant improvement from a loss of 6 cents per share in the same quarter last year [1] - The consensus estimate for HIVE Digital's quarterly revenue is projected at $80.62 million, a substantial increase from $22.65 million reported last year [1] - In the first quarter, HIVE Digital Technologies reported better-than-expected results, although its shares dipped 10.7% to close at $3.66 [2] Group 2 - Analysts have maintained a positive outlook on HIVE stock, with multiple analysts issuing Buy ratings and raising price targets, including Rosenblatt's increase from $5 to $10 and Canaccord Genuity's target of $10 [7] - Roth Capital raised its price target from $6 to $7.5, while Cantor Fitzgerald increased its target from $5 to $5.5, indicating a generally optimistic sentiment among analysts [7] - HC Wainwright & Co. maintained a Buy rating but reduced its price target from $9 to $6, reflecting some caution despite the overall positive ratings [7]