HIVE Announces Fiscal Q1 2026 Record Revenue of $45.6 Million and Adjusted EBITDA of $44.6 Million with an Average of 8.9 EH/s Representing 45% Quarter over Quarter Growth in Hashrate

Core Insights - HIVE Digital Technologies Ltd. reported record revenue of $45.6 million for fiscal Q1 2026, driven by a 45% quarter-over-quarter increase in average hashrate to 8.9 EH/s, reflecting strong performance in Bitcoin mining and high-performance computing (HPC) operations [2][3][4]. Financial Performance - Total revenue reached $45.6 million, a significant increase from the previous quarter, with digital currency mining contributing $40.8 million, up 44.9% sequentially [4][5]. - Gross operating margin was $15.8 million, representing a margin of 34.7%, an increase from 28.2% in the previous quarter [4][5]. - Net income for the quarter was $35.0 million, primarily from realized and unrealized gains on digital currencies [5][8]. Mining Operations - The company mined 406 Bitcoin during the quarter, a 34% increase from the previous quarter, with an average mining difficulty increase of 10.2% [4][5]. - The average hashrate for Bitcoin mining increased from 5.9 EH/s in fiscal Q4 2025 to 8.7 EH/s in fiscal Q1 2026, marking a 47% increase [4][5]. HPC Business - HPC revenue reached a record $4.8 million, up 59.8% sequentially, driven by strong demand in high-performance computing markets [4][5]. - The company is expanding its HPC capabilities with the acquisition of a 7.2 MW Tier 3 data center in Toronto, expected to support 5,000 next-gen GPUs [8]. Strategic Outlook - HIVE aims to reach a hashrate of 25 EH/s by Thanksgiving 2025, positioning itself among the world's largest Bitcoin miners [8]. - The company is targeting $100 million in high-margin run-rate revenue from cloud computing and AI model training services by calendar year 2026 [8].