HIVE Digital Technologies Ltd. Q3 FY2026 Earnings Call
· Earnings call transcript and AI-powered summary
Quarter Overview
- Total quarterly revenue reached $93M, a significant increase from $29.2M in the same quarter last year and slightly above $87.3M in the prior quarter.
- Gross operating margin rose to $32.1M (35%), up from $5.3M (18%) YoY, though down from $42.4M (49%) in the previous quarter due to crypto price declines and Bitcoin network difficulty increases.
- Adjusted EBITDA was $5.7M, down from $82.9M YoY due to the prior year’s $77.4M unrealized crypto gains, and down from $31.5M QoQ due to market-driven margin compression.
- HIVE reported a net loss of $91.3M, driven largely by non‑cash depreciation from Paraguay fleet expansion and fair value derivative adjustments.
- The company ended the quarter with 481 Bitcoin in treasury and $14M in cash.
Operational Performance Highlights
- Bitcoin mined: 879 BTC for the quarter (up from 719 BTC the prior quarter), benefiting from Paraguay ramp-up.
- Operating capacity: 440 MW across global sites, with an additional 100 MW PPA in Paraguay targeted for September launch.
- Installed capacity reached 25 EH/s, averaging 22.8 EH/s over the quarter.
- Strong site uptime: Paraguay operations achieved nearly 100% uptime; Canadian winter led to intermittent curtailments.
- Fleet efficiency improved from 17.5 J/TH to 15.7 J/TH after upgrading miners using a $14M realized gain from HIVE’s Bitcoin pledge strategy.
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