HIVE Digital (HIVE) Stock Jumps on Record $87 Million Quarterly Revenue

TLDR

• HIVE Digital reported record quarterly revenue of $87.3 million, up 285% year-over-year and 91% from the previous quarter
• The company mined 717 Bitcoin during the quarter despite increased network difficulty, with mining revenue reaching $82.1 million
• HIVE shares rose 7.55% on Monday to close at $3.56, bucking the downward trend in crypto stocks
• The company’s AI computing division Buzz generated record revenue of $5.2 million, up 175% year-over-year
• HIVE completed a 300 MW capacity addition in Paraguay and announced a deal with Dell Technologies to deploy 504 new GPUs

HIVE Digital Technologies reported record revenue for the quarter ending September 30, posting $87.3 million in total revenue. The figure represents a 285% increase from the same period last year.

The company’s Bitcoin mining operations generated $82.1 million in revenue during the quarter. HIVE mined 717 BTC despite facing increased network difficulty.

HIVE achieved an average hash rate of 16.2 EH/s during the quarter. This represented an 86% increase compared to the previous quarter.

HIVE Digital Technologies Ltd., HIVE

The company reported a net loss of $15.8 million for the period. HIVE attributed this to accelerated two-year depreciation of Bitcoin mining machines used in its Paraguay expansion.

AI Computing Division Shows Growth

HIVE’s Buzz high-performance computing division posted record quarterly revenue of $5.2 million. The AI-focused arm saw a 175% increase from the same period last year.

Gross operating margins in the HPC division improved to 49%. The company announced a deal with Dell Technologies to deploy 504 new GPUs through liquid-cooled servers at the Bell AI Fabric data center.

HIVE is targeting a fleet of over 6,000 new GPUs by the end of 2026. The company already has 5,000 GPUs operational.

Management projects the expansion will generate approximately $140 million in annualized HPC revenue by Q4 2026. The company expects gross margins of roughly 80% from this segment.

Stock Performance and Capacity Expansion

HIVE shares closed Monday at $3.56, gaining 7.55% during regular trading. The stock continued rising by 0.56% in after-hours trading to $3.58.

The company has gained 25% year-to-date. However, shares have dropped from a 2025 peak of $6.96 in early October, falling 37% over the past month.

HIVE completed a 300 MW capacity addition in Paraguay during the quarter. The company recently achieved an operational hash rate of 25 EH/s.

The miner now operates a global hydro-powered data center footprint of 540 MW. HIVE has secured a path to 400 MW in Paraguay through power purchase agreements.

Market Context

The quarter saw Bitcoin climb from around $107,000 in early July to over $123,500 by mid-August. Bitcoin reached a peak of over $126,000 in early October before falling.

Bitcoin dipped below $92,000 on Monday for the first time since April. The cryptocurrency has erased all of its 2025 gains, falling 27% from its October high.

Other Bitcoin miners also reported revenue increases for the September quarter. Bitdeer reported revenues climbing 174% year-over-year to $169.7 million on November 10.

TeraWulf reported the same day that its revenues jumped 87% year-over-year to $50.6 million. Many Bitcoin miners have begun shifting operations toward powering artificial intelligence.

Holmes emphasized HIVE’s experience in the HPC space during Monday’s earnings call. “We’ve been doing it for three years. I believe we’re quite successful. It’s much more complicated,” he said, referring to AI computing compared to mining.

The company projects potential scaling to 35 EH/s by Q4 2026.

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