Core Insights - HIVE Digital Technologies Ltd reported a significant upside surprise in its latest quarter, driven by stronger-than-expected Bitcoin production and expanding margins, indicating renewed momentum in its mining operations [1] - The company's rapid capacity buildout is contributing to meaningful operating leverage, while its emerging HPC segment is preparing for larger scale-up in the upcoming year [1] Earnings Snapshot - For the second quarter of fiscal 2026, HIVE reported an EPS loss of 7 cents, missing the consensus EPS of 1 cent, while revenue reached $87.3 million, exceeding expectations of $80.76 million, representing a 285% year-over-year increase [3] - The revenue surpassed the analyst's estimate of $80.2 million, with gross margins at 49%, significantly above the forecast of 32%, leading to an adjusted gross profit of $42.4 million, well above the estimated $25.5 million [4] Analyst's View - Bitcoin mining revenue was reported at $82.1 million, exceeding the analyst estimate of $74.3 million, attributed to higher BTC mined at 718 compared to the estimated 649 [5] - Although HPC revenue slightly missed estimates at $5.2 million versus the forecast of $6.0 million, gross margins improved to 61.6%, up from the estimated 56.7% [6] - The analyst expects management's fiscal 2026 HPC growth target of $100 million ARR to be a significant topic during the conference call [6] Price Action - Following the results, HIVE shares increased by 7.70%, trading at $3.56 [6]