HIVE Digital (HIVE) Stock Soars 167% on Aggressive AI Infrastructure Expansion

Key Highlights

Table of Contents

Fiscal 2026 revenue reached $297.8 million USD, representing a 158% year-over-year increase
Cryptocurrency-related revenue soared 164% to $278.3 million, supported by a fourfold expansion in hashrate capacity
Net loss totaled $148.4 million, primarily attributed to non-cash expenses including depreciation charges
Strategic pivot toward AI and high-performance computing now accounts for 100% of future growth capital expenditures
Proposed Toronto-area “gigafactory” aims to accommodate 100,000 GPUs with projected annual recurring revenue of approximately CAD $360 million

HIVE Digital Technologies has delivered its most impressive fiscal performance to date, achieving total revenue of $297.8 million USD for fiscal year 2026—marking a substantial 158% increase compared to the previous year. The company’s shares have surged 167% year-to-date, currently trading at $4.72.

HIVE Digital Technologies Ltd., HIVE

Revenue from digital currency operations was the primary growth driver, climbing 164% to reach $278.3 million. This impressive performance was fueled by a quadrupling of operational hashrate capacity and the successful mining of 2,885 Bitcoin throughout the year—a 104% increase—even as network difficulty escalated by 42%.

The high-performance computing hosting segment contributed $19.5 million annually, establishing a new company milestone and representing a 94% surge from the $10 million recorded in fiscal 2025.

.@HIVEDigitalTech FY2026 results 📊

– Revenue $297.8M (+158% YoY)
– 2,885 BTC mined (+104% YoY)
– 25.1 EH/s hashrate
– 440 MW green power capacity
– Adj. EBITDA $72.9M
– Net loss $148.4M
– $10.8M assets incl. 150 BTC $HIVE pic.twitter.com/wIYqNjWX6o

— Bitcoin Mining Stock (@miningstockinfo) June 2, 2026

While revenue figures impressed, profitability continues to elude the company. HIVE posted a net loss of $148.4 million, which executives attribute largely to depreciation expenses and additional non-cash accounting items. Adjusted EBITDA registered at CAD $73 million.

During the fourth quarter ending March 31, revenue totaled CAD $71.8 million, more than doubling from CAD $31.2 million in the corresponding period last year. HIVE mined 876 Bitcoin during the three-month period while its AI and HPC operations contributed CAD $4.6 million.

The quarter concluded with CAD $23 million in cash reserves and CAD $10.8 million in digital asset holdings. Bitcoin inventory currently sits at 150 BTC, down significantly from 481 at year-end 2025, reflecting the company’s strategic reduction of cryptocurrency holdings.

Strategic Transformation Toward AI Infrastructure

CEO Aydin Kilic characterized HIVE as a “vertically integrated data center builder and operator,” emphasizing that 100% of the company’s growth capital allocation this year targets HPC and AI initiatives.

The company’s GPU cloud platform, operating under the BUZZ brand, is currently generating CAD $35 million in annualized revenue from its fleet of 5,500 GPUs. Management has established an ambitious target of CAD $200 million in annual recurring revenue exclusively from GPU cloud services.

HIVE’s inaugural Blackwell cloud deployment in Canada has commenced operations in Winnipeg, featuring 504 NVIDIA B200 GPUs operating under a two-year agreement valued at CAD $30 million. Additionally, the company has secured preliminary agreements for two substantial clusters—one with 2,304 GB200 GPUs and another with 2,088 GB300 GPUs—each projected to contribute CAD $65–70 million in annual recurring revenue.

A strategic collaboration with Bell Canada provides HIVE with access to Bell AI Fabric data center facilities nationwide, offering a capital-efficient pathway for scaling operations.

Massive Toronto AI Facility Targeted for 2028 Launch

The most significant development announced was HIVE’s ambitious AI gigafactory project in the Greater Toronto Area. The company acquired a 25-acre property for CAD $58 million, designed to ultimately house up to 100,000 GPUs.

The facility features a 320-megawatt gross capacity allocation and is scheduled to begin compute operations in early 2028. Management estimates the facility could generate approximately CAD $360 million in annual recurring revenue operating on a colocation model.

To finance its expansion initiatives, HIVE successfully completed a CAD $115 million offering of 0% exchangeable senior notes maturing in 2031. The offering reportedly attracted demand exceeding CAD $500 million.

Kilic presented a sum-of-the-parts valuation analysis suggesting a potential enterprise value exceeding CAD $5 billion, dependent upon successful contract execution and infrastructure deployment.

HIVE’s worldwide operational capacity now totals 860 megawatts when incorporating active capacity, the Toronto gigafactory project, and planned future expansion phases in Paraguay.

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