HIVE Digital Technologies just logged its second straight record revenue quarter, driven by a bigger Bitcoin mining fleet and a growing push into high performance computing.
Quick Summary – TLDR:
- Q3 revenue hit 93.1 million, up 219 percent year over year and 7 percent quarter over quarter.
- HIVE expanded its installed mining capacity to 25 EH and produced 885 Bitcoin in the quarter.
- The company still posted a 91.3 million GAAP net loss, mainly tied to accelerated depreciation and non cash accounting adjustments.
- HIVE is leaning harder into AI and HPC revenue through its BUZZ platform and new GPU deployments.
What Happened?
HIVE reported financial results for the quarter ended December 31, 2025, showing record revenue of 93.1 million and adjusted EBITDA of 5.7 million. At the same time, the company recorded a 91.3 million net loss tied largely to accelerated depreciation related to its Paraguay expansion.
HIVE’s @hivedarcy has been a public company CFO longer than anyone in Bitcoin mining.
— HIVE Digital Technologies (@HIVEDigitalTech) February 17, 2026
His Q3 breakdown is a masterclass in growing revenue and expanding margins while competition heats up.
Watch him explain why $HIVE is built different. 👇 pic.twitter.com/1xLKKlIiCz
Revenue hits a new high, powered by mining and BUZZ
HIVE said its latest quarter was helped by growth across two tracks: Bitcoin mining and high performance computing.
The biggest piece of the business remained mining. HIVE generated digital currency hashrate revenue of 88.2 million during the quarter. Direct costs for that revenue were 57.8 million, and the company noted that roughly 90 percent of those costs were energy related. That cost detail matters because it shows how sensitive miners can be to power pricing, even when revenue is rising.
HIVE also reported gross operating margin of 32.1 million, or about 34.5 percent, a major jump compared with the prior year period.
Hashrate climbs to 25 EH as Bitcoin output rises
On the operational side, HIVE produced 885 Bitcoin in the quarter. That was a 23 percent increase from the prior quarter, even though network difficulty rose by about 15 percent.
The company ended the quarter with an installed hashrate base of 25 EH, with an average operational hashrate of 22.9 EH. In simple terms, HIVE is pointing to higher capacity and improved scale, which can help it compete when mining conditions tighten.
Why HIVE still reported a 91.3 million loss?
Despite the revenue record, HIVE reported a GAAP net loss of 91.3 million. The main driver was 57.4 million in accelerated depreciation tied to the Paraguay expansion, along with non cash revaluation adjustments.
HIVE said it chose to depreciate its next generation ASIC fleet over a two year cycle rather than a typical four year schedule. That accounting decision can make current period results look worse, but it may better reflect how quickly mining hardware becomes less competitive as new machines arrive.
Paraguay buildout and the next phase of capacity
HIVE said it completed the buildout of its 440 MW Paraguay facility and reached the 25 EH installed capacity milestone.
It also signed an additional 100 MW power purchase agreement in Yguazu and bought 10 hectares of land, with energization targeted for Q4 2026. The company also disclosed that it purchased an additional 63 hectares of land after the quarter ended, signaling it wants room to keep scaling.
AI and HPC ambitions are getting louder
HIVE is trying to reduce its reliance on mining cycles by scaling BUZZ, its high performance compute business.
BUZZ HPC revenue came in at 4.9 million, with direct costs of 2.3 million. HIVE also highlighted a two year, 30 million contract tied to 504 Nvidia B200 GPUs, signed in February 2026. The company expects deployments to go live in calendar Q1 2026, and it is targeting much larger annual recurring revenue figures through 2026 if infrastructure and demand line up.
SQ Magazine Takeaway
I see HIVE making a very clear bet: Bitcoin mining pays the bills today, but AI compute is the story it wants investors to believe for tomorrow. The revenue growth is real, and the hashrate expansion to 25 EH shows serious execution. Still, a 91.3 million loss is not something to shrug off, even if much of it is accounting driven. If HIVE can turn BUZZ into steady recurring revenue while keeping power costs under control, it has a shot at becoming more than just another miner riding the Bitcoin cycle.
