HIVE Digital Technologies Ltd. Q2 FY2026 Earnings Call
· Earnings call transcript and AI-powered summary
Period: 3 and 6 months ended September 30, 2025 (Fiscal Q2 2026). Call focused on record revenue growth from Paraguay Bitcoin mining expansion and early AI/HPC momentum via Buzz subsidiary.
Financial Performance Highlights
- Revenue: $87.3 million (vs. $22.6M YoY in Q2 FY2025; vs. $45.6M in Q1 FY2026). $82M from Bitcoin mining, >$5M from HPC/AI cloud.
- Gross Operating Margin: $42.4 million (49% margin) — sharply improved from $0.4M (2% margin) YoY and $15.8M (35% margin) QoQ, driven by higher hash rate, Bitcoin price, and fleet efficiency.
- Adjusted EBITDA: $31.5 million (vs. $12M YoY). Note: QoQ declined from $44.6M in Q1 due to non-cash items.
- Net Result: $15.8M net loss (non-cash driven by investments/derivatives) vs. breakeven YoY and $35M net income in Q1.
- ROIC: 18% annualized (4.5% for the quarter) — best-in-class, reflecting disciplined capital allocation.
- Bitcoin Production: 719 BTC equivalent (vs. 406 prior period).
- Balance Sheet: $22.6M cash + $24.4M digital securities + $17M receivables; 210 BTC treasury + 1,992 pledged (~2,200 BTC total). Low SG&A, strong liquidity for growth.
Operational Highlights
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