HIVE Digital Technologies reports 158% revenue surge as AI pivot takes hold
The NASDAQ-listed firm posted $297.8 million in revenue and $72.9 million in adjusted EBITDA, marking a strategic shift toward green-energy-powered AI infrastructure.
HIVE Digital Technologies Ltd has reported a 158% increase in full-year fiscal 2026 revenue, reaching $297.8 million, as the company accelerates its transition from a pure-play Bitcoin miner to a diversified digital infrastructure provider. The results, driven by a significant expansion in high-performance computing (HPC) and artificial intelligence workloads, underscore the firm’s strategic pivot toward supporting the growing demand for AI processing power.
Co-founder and executive chairman Frank Holmes described the fiscal year as a defining period for the organisation, noting that the company now sits at the intersection of two major technology trends: Bitcoin and artificial intelligence. This strategic positioning has been supported by the deployment of green-energy-powered data centres, a core component of the firm’s long-term growth mandate aimed at delivering high-return on invested capital.
The company’s Bitcoin mining operations saw substantial scale increases, with hashrate expanding from 6.5 EH/s to 25.1 EH/s. This expansion resulted in the mining of 2,885 Bitcoin, representing a 104% year-on-year increase. Consequently, digital currency revenue rose 164% to $278.3 million, forming the backbone of the firm’s top-line growth for the period.
Beyond cryptocurrency, HIVE Digital has made significant inroads into the HPC sector, becoming the first publicly traded Bitcoin miner to invest in GPU cloud computing and AI infrastructure. Contracted HPC annual recurring revenue reached $35 million, while HPC revenue itself grew 94% to $19.5 million. This diversification has contributed to a 329% rise in gross operating margins, which totalled $107.9 million for the full fiscal year.
Financial metrics reflected the improved operational efficiency, with adjusted EBITDA reaching $72.9 million. Holmes stated that the investments made over recent years position HIVE for one of the most significant growth periods in its history, citing a commitment to disciplined growth powered by renewable energy sources as the company navigates the evolving landscape of digital asset and AI infrastructure markets.
