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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Nathan Fast: Hello and welcome to today's webcast on HIVE Digital Technologies Ltd. Financial Results for the Quarter Ended December 31, 2025. My name is Nathan Fast, Director of Marketing and Branding at HIVE. I will be your moderator for today's call. Before we get started on slide two, we would like to briefly note the disclosures in today's presentation. Except for statements of historical fact, this presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” and similar expressions identify these statements. Actual results could differ materially, and we disclaim any obligation to update them except as required by law. For a full discussion of risk factors, please refer to our most recent SEC filings at sec.gov. In addition to discussing results that are calculated in accordance with GAAP, we will also reference certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income, and free cash flow. Management uses these metrics to evaluate operating performance and believes they provide investors with additional insight. They are presented for supplemental purposes only and should not be considered in isolation from GAAP results. Reconciliations to the nearest GAAP measures are included in the appendix of this presentation and in the press release and Form 8-Ks furnished to the SEC. I will now turn the call over to Frank Holmes for a macro recap of

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