HIVE registers record Q3 revenue of $93.1M

Financial Performance - HIVE Digital Technologies reported record revenue of $93.1 million for Q3 2025, representing a 219% year-over-year growth [1] - Adjusted EBITDA for the quarter was $5.7 million [1] - The company experienced a GAAP net loss of $91.3 million, primarily due to $57.4 million in accelerated depreciation related to the Paraguay expansion [3] Hashrate Revenue - HIVE generated $88.2 million in digital currency hashrate revenue during the quarter, with direct costs amounting to $57.8 million, of which approximately 90% were energy costs [2] - The company mined 885 Bitcoin in Q3 2025, marking a 23% quarter-on-quarter growth despite a 15% increase in network difficulty [3] Expansion and Infrastructure - The company completed the buildout of a 440 MW facility in Paraguay, achieving an installed capacity of 25 EH/s [4] - HIVE signed an additional 100 MW Power Purchase Agreement (PPA) in Yguazú and acquired 10 hectares of land, with energization expected in Q4 2026 [4] - After the quarter ended, HIVE purchased an additional 63 hectares of land [4] AI and HPC Strategy - HIVE signed a two-year, $30 million contract for 504 Nvidia B200 GPUs to enhance its AI revenue [5] - The company aims for an annual recurring revenue (ARR) of $140 million by Q4 2026 for its GPU AI Cloud, utilizing 11,000 GPUs [5] - HIVE targets a total HPC revenue ARR of $225 million by the end of calendar 2026 or early 2027 as it expands GPU cloud and colocation capacity [5] Strategic Vision - HIVE's executive chairman highlighted that the quarter marked an inflection point for the company, with record revenue and scaling of its renewable-powered hashrate platform [6] - The company is positioning Paraguay as a leader in high-performance computing (HPC) for Latin America, leveraging abundant green energy and favorable government alignment with the United States [6]