HIVE Digital Technologies posted $79.1 million in revenue for its fiscal first quarter of 2027, up 73.5% year over year, driven by both bitcoin mining and its AI computing unit. A large non-cash tax provision tied to a Swedish dispute pushed the company to a net loss despite the revenue growth.
HIVE (Nasdaq: HIVE) reported total revenue of $79.1 million for the quarter ended June 30, 2026, up 73.5% from a year earlier. The bitcoin miner, which also runs a growing AI computing business, still swung to a net loss because of one-time charges.
Mining and AI both grew
Bitcoin mining brought in $72.1 million of that revenue, up nearly 77% year over year. HIVE said it earned 1,004 bitcoin during the quarter, up 147% from a year earlier. That came after the company expanded its average operational hash rate to 24.0 EH/s from 8.7 EH/s.
Its AI-focused unit, called BUZZ, brought in $7.1 million, up 52% from the prior quarter, helped by a new NVIDIA GPU cluster at its site in Manitoba, Canada.
The loss behind the growth
Despite the revenue gains, HIVE reported a net loss of $142.9 million. The company said the loss came mainly from non-cash charges, chief among them an $84.7 million provision tied to a contested value-added tax assessment from Swedish authorities, which HIVE is appealing.
Stripping out such items, the company reported positive adjusted EBITDA of $13.4 million and ended the quarter with $208 million in cash. According to TheStreet, CFO Darcy Daubaras said the quarter showed "the increasing scale and underlying operating strength" of the business.
Betting further on AI computing
HIVE said it has grown its contracted GPU cloud annual run-rate revenue to about $110 million. That growth was boosted by a roughly $225 million, three-year agreement with Bell AI Fabric supporting Canadian AI firm Cohere. The company is targeting about $200 million in that revenue by the end of 2026.
Source: TheStreet
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