HIVE Digital Technologies more than doubled its revenue in fiscal 2026, reporting $297.8 million for the year ended March 31. Revenue increased 158% from the previous year as the company expa
HIVE Digital Technologies more than doubled its revenue in fiscal 2026, reporting $297.8 million for the year ended March 31.
Revenue increased 158% from the previous year as the company expanded both its Bitcoin mining operations and artificial intelligence infrastructure business.
Related: Wall Street analysts see HIVE stock doubling from here
HIVE, which operates data centers in Canada, Sweden and Paraguay, generated growth from two main businesses: Bitcoin mining and high-performance computing (HPC).
Revenue from Bitcoin mining reached $278.3 million, up 164% from a year earlier. The company mined 2,885 Bitcoin during the year, compared with 1,414 Bitcoin in fiscal 2025.
HIVE also significantly expanded its mining capacity. Its total hashrate, which measures the computing power used to mine Bitcoin, increased from 6.5 exahashes per second to 25.1 exahashes per second.
The company's AI and HPC business, operating under the BUZZ brand, generated $19.5 million in revenue, up 94% from $10 million in the prior year.
Following the activation of its first NVIDIA B200 GPU cluster at Bell Canada's AI Fabric facility in May 2026, the division now has $35 million in contracted annual recurring revenue. The cluster was deployed at $2.90 per GPU-hour, which was 32% higher than the original planning rate.
Gross operating margin rose to $107.9 million, representing a 36% margin, compared with 22% the previous year. Adjusted EBITDA reached $72.9 million.
HIVE reported a GAAP net loss of $148.4 million. Management said about $221.3 million of that amount was non-cash and was largely related to depreciation.
One of the company's biggest announcements came in May 2026 when it revealed plans to build a 320-megawatt AI Gigafactory in the Greater Toronto Area.
HIVE described the project as the largest planned privately owned AI infrastructure development in Canada.
The company purchased a 25-acre site in the Toronto-Waterloo innovation corridor for CAD $58 million. Once fully built, the facility is expected to house more than 100,000 NVIDIA GPUs.
Total investment in the project is expected to reach CAD $3.5 billion, with operations scheduled to begin in the second half of 2027.
At contracted pricing of about $150 per kilowatt per month, the facility's 200 megawatts of computing capacity would generate approximately $360 million in annual recurring revenue.
HIVE is targeting $660 million in annual recurring revenue by the end of 2028, with the GTA Gigafactory expected to be a major driver of growth.
The company also plans to expand its GPU cloud business from roughly 5,500 GPUs to 11,000 GPUs under management by the end of calendar 2026. Management expects that business to generate more than $200 million in AI Cloud annual recurring revenue.
"We believe the investments we have made over the past several years position HIVE for one of the most significant growth periods in our history," said Frank Holmes, Co-Founder and Executive Chairman.
In April 2026, HIVE raised $115 million through 0% Exchangeable Senior Notes due 2031 to support future expansion. The company also completed its uplisting from the TSX Venture Exchange to the senior Toronto Stock Exchange board in May 2026.
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