HIVE Digital Technologies reported sharply higher revenue for its fiscal first quarter of 2027, though a large one-time charge tied to a tax dispute in Sweden pushed the company to a net loss
HIVE Digital Technologies reported sharply higher revenue for its fiscal first quarter of 2027, though a large one-time charge tied to a tax dispute in Sweden pushed the company to a net loss.
HIVE (Nasdaq: HIVE), founded in 2017, mines Bitcoin using renewable energy and runs a growing high-performance computing business focused on artificial intelligence.
For the quarter ended June 30, 2026, the company reported total revenue of $79.1 million, up 73.5% from a year earlier, according to its earnings release.
Related: HIVE Digital raises $100 million to fund GPU purchases and data center expansion
Most of the revenue, $72.1 million, came from bitcoin mining, up nearly 77% year over year.
HIVE said it earned 1,004 bitcoin during the quarter, up 147% from a year earlier, after expanding its average operational hash rate, a measure of mining computing power, to 24.0 EH/s from 8.7 EH/s.
Its AI-focused business, 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.
Despite the revenue gains, HIVE reported a net loss of $142.9 million.
The company said the loss was driven mainly by non-cash charges, chief among them an $84.7 million provision related to a contested value-added tax assessment from Swedish authorities, which HIVE said it 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.
CFO Darcy Daubaras said the quarter showed "the increasing scale and underlying operating strength" of the business, while noting the reported loss was "significantly impacted by non-cash items."
HIVE is leaning further into AI computing. The company said it has grown its contracted GPU cloud annual run-rate revenue to about $110 million, boosted by a roughly $225 million, three-year agreement with Bell AI Fabric supporting Canadian AI firm Cohere. It is targeting about $200 million in that revenue by the end of 2026.
Executive Chairman Frank Holmes said HIVE's move into AI "was not a recent pivot," pointing to years of building GPU expertise, and framed the company as positioned to help power "Canada's emerging sovereign AI ecosystem."
