Canada's HIVE Digital Q4 revenue rises on HPC growth

HIVE Digital Technologies

02/06/2026 07:09

Overview
Canada data center operator's Q4 revenue rose yr/yr, driven by bitcoin mining and HPC services
Q4 adjusted EBITDA was negative, reflecting hashprice compression and FX translation losses
Bitcoin mining revenue fell sequentially due to lower bitcoin prices and higher network difficulty

Outlook
Company targets $660 mln ARR by year-end 2028, anchored by GTA Gigafactory project
HIVE expects to double GPU cloud to 11,000 GPUs by end of 2026, generating over $200 mln AI Cloud ARR
320 MW GTA Gigafactory expected online in H2 2027, with $360 mln annualized recurring revenue at full operation

Result Drivers
BITCOIN PRICE & NETWORK DIFFICULTY - Sequential decline in bitcoin mining revenue driven by a 27% drop in average bitcoin price and a 27% yr/yr increase in network difficulty, partially offset by higher operational hashrate after Paraguay expansion
HPC REVENUE GROWTH - Q4 HPC revenue up 54% yr/yr, driven by full quarter contribution from NVIDIA H200 GPU cluster, increased GPU marketplace revenue, and new bare-metal customer contracts

Company press release: ID:nNFC1TRFCT

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
 
$71.80 mln
 
Q4 Adjusted EBITDA
 
-$9 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)