HIVE Digital Technologies Ltd. reported record revenue of $87.3 million for the quarter ended September 30, 2025, a 285 % year‑over‑year increase and a 91 % sequential rise. Adjusted EBITDA reached $31.5 million, while GAAP net loss stood at $15.8 million, largely attributable to $38.3 million in accelerated depreciation linked to the Paraguay hydro‑powered expansion and non‑cash equity losses.
Bitcoin‑mining revenue accounted for $82.1 million of the total, driven by an operational hashrate of 25 EH/s and the mining of 717 BTC during the quarter. The company’s fleet grew from 16.2 EH/s at the end of the prior quarter, and the network difficulty increased 21.4 %, yet the higher hashrate and efficient power sourcing kept mining revenue at record levels.
BUZZ High‑Performance Computing generated $5.2 million in revenue, up 175 % year‑over‑year. The growth was supported by a new partnership with Dell Technologies, which will deploy a 63‑node, 504‑GPU liquid‑cooled cluster at the Bell AI Fabric data center, expanding HIVE’s sovereign AI cloud footprint and reinforcing its high‑margin service mix.
Gross operating margin expanded to 48.6 % from 34.7 % in the prior quarter, reflecting the higher proportion of AI‑service revenue and the operational leverage gained from scaling the mining fleet. The margin improvement offsets the GAAP loss, which is driven by the one‑time depreciation expense and equity write‑downs associated with the Paraguay expansion.
Management highlighted the results as evidence of disciplined capital deployment and operational excellence. CEO Aydin Kilic said, “With a sequential 87 % increase in operational hash rate for the quarter, we delivered $132.9 million in revenue over the last six months— all with no debt—showcasing our disciplined capital strategy and operational excellence.” CFO Darcy Daubaras added, “Revenue increased 285 % year‑over‑year, and adjusted EBITDA of $31.5 million underscores the strength of our core business. Accelerated depreciation impacted net income, but it reflects our conservative accounting approach and helps maintain a disciplined balance sheet.”
Analysts had expected Q2 revenue of $80.62 million; HIVE’s $87.3 million beat that consensus by $6.68 million, or 8.3 %. The beat, combined with margin expansion and the strategic investment in AI infrastructure, has reinforced positive analyst sentiment, while the GAAP loss highlights the company’s ongoing capital intensity and the impact of depreciation on reported earnings.
The market reaction has been largely positive, with analysts citing the revenue beat, margin expansion, and the company’s continued investment in sustainable mining and AI services as key drivers of confidence. Headwinds remain the accelerated depreciation and the need for future capital expenditures to sustain growth, but the company’s operational scale and strategic positioning suggest resilience in the face of these challenges.
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