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HIVE

HIVE Digital Technologies Ltd.

HIVE

HIVE Digital Technologies Ltd. • NASDAQ
$3.36 ▲ 5.00% (+0.16)
Market Cap $798.71 M
52w High $7.84
52w Low $1.26
Dividend Yield 0%
P/E 14.61
Volume 12.50M
Outstanding Shares 237.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $87.253M ▲ $57.182M ▲ $-15.797M ▼ -18.105% ▼ $-0.069 ▼ $29.774M ▲
Q1-2026 $45.611M ▲ $-19.846M ▼ $35.016M ▲ 76.771% ▲ $0.19 ▲ $26.838M ▼
Q4-2025 $31.161M ▲ $4.88M ▼ $142K ▼ 0.456% ▼ $0.001 ▼ $30.853M ▲
Q3-2025 $29.229M ▲ $8.09M ▲ $1.267M ▲ 4.335% ▲ $0.01 ▲ $-2.142M ▲
Q2-2025 $22.648M $5.615M $-7.663M -33.835% $-0.065 $-5.374M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $48.301M ▼ $692.971M ▲ $68.372M ▲ $624.599M ▲
Q1-2026 $58.295M ▲ $628.734M ▲ $68.213M ▼ $560.521M ▲
Q4-2025 $47.511M ▲ $531.598M ▲ $82.461M ▲ $449.137M ▲
Q3-2025 $40.545M ▲ $478.587M ▲ $44.227M ▼ $434.36M ▲
Q2-2025 $31.687M $334.686M $55.155M $279.531M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $-15.797M ▼ $-10.612M ▼ $-46.145M ▲ $54.476M ▲ $-1.958M ▼ $-38.945M ▼
Q1-2026 $35.016M ▲ $10.228M ▼ $-61.956M ▲ $52.852M ▼ $1.226M ▼ $-37.129M ▼
Q4-2025 $142K ▼ $40.23M ▲ $-93.314M ▼ $66.408M ▼ $13.53M ▲ $-29.521M ▲
Q3-2025 $1.267M ▲ $-18.576M ▼ $-62.488M ▼ $83.83M ▲ $2.604M ▲ $-89.924M ▼
Q2-2025 $-7.663M $-1.366M $-18.911M $1.851M $-18.368M $-21.242M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been quite volatile and still closely tied to the swings of the crypto market. After a strong spike a few years ago, sales fell back and have hovered in a relatively narrow range more recently, with only a mild upward trend. Profitability has been inconsistent: the company moved from healthy profits, to a deep loss, then back to roughly breakeven. Underlying operating performance is positive but under pressure, as costs have been rising faster than revenue and gross margins have thinned. Overall, the income statement shows a business in transition: still exposed to crypto cycles, working to stabilize earnings while it builds out new AI-related revenue streams.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown its asset base again after a dip, likely reflecting investment in data centers, mining equipment, and AI infrastructure. Shareholders’ equity has been rebuilt, suggesting a stronger capital base than a few years ago, probably helped by both capital raises and periods of profitability. Debt levels remain moderate relative to total assets but have been edging up, which adds some financial leverage but not to alarming levels on its face. Cash on hand is relatively thin, which means liquidity needs careful management, especially given the capital-intensive nature of the business and the underlying volatility of crypto-related assets.

Cash Flow

Cash Flow Operating cash flow has generally been positive but modest relative to the size of the asset base. The company consistently spends heavily on capital investments, which pushes free cash flow into negative territory in most years. In practical terms, this means the business is self-funding day-to-day operations but relies on external capital, asset sales, or balance sheet strength to support its growth projects in mining and AI infrastructure. The pattern is typical of a high-investment, growth-focused firm: cash going out now to build capacity that is intended to pay off later, but it does increase execution and funding risk if conditions in crypto or capital markets turn unfavorable.

Competitive Edge

Competitive Edge HIVE sits at a crossroads of two demanding markets: Bitcoin mining and AI-focused high-performance computing. Its key advantages include long experience running energy-intensive data centers, an early move into using low-cost renewable power, and operations spread across relatively stable, hydro-rich regions. Being an early, publicly traded player in crypto mining gives it brand recognition and financing know-how. The pivot into AI and high-performance computing, especially through its BUZZ HPC platform and its Canadian “sovereign AI” positioning, sets it apart from pure-play miners. However, it also faces intense competition: in crypto from increasingly large, industrial-scale miners, and in AI infrastructure from both hyperscale cloud providers and other specialized HPC players. Execution on its dual-strategy is therefore crucial to maintaining and deepening its edge.

Innovation and R&D

Innovation and R&D HIVE’s innovation is less about lab-style research and more about smart infrastructure design, software, and business model evolution. It has been a pioneer in using green energy for mining, optimizing energy use with tools like grid-balancing software, and now repurposing or upgrading mining facilities into higher-grade AI and HPC data centers. The BUZZ HPC initiative, with advanced GPU clusters and tailored services for AI workloads, is a central pillar of its innovation story. Partnerships, like the one with Bell Canada for sovereign AI cloud services, further differentiate its offering. Future progress will hinge on how efficiently it can convert mining sites to AI-ready facilities, deploy the latest GPU technologies, and secure long-term, high-value contracts that smooth out the inherent volatility of crypto-related revenue.

Summary

HIVE is in the middle of a strategic transformation: from a leveraged play on Bitcoin mining cycles to a broader digital infrastructure company serving both crypto and AI markets. Financially, it shows the hallmarks of this shift: volatile earnings, heavy investment, rebuilding of its asset and equity base, and only modest operating cash flow relative to its growth ambitions. The balance sheet is stronger than in prior lows but still carries the typical risks of a capital-intensive, fast-evolving business with limited cash buffers. Competitively, its combination of green-powered data centers, early public-market presence, and a growing AI/HPC platform gives it a distinct position, but one that will be tested by powerful rivals and changing market conditions. The key uncertainty is execution: whether HIVE can turn its heavy capital spending and dual-engine strategy into more stable, diversified, and durable earnings over time, while managing the ongoing volatility of the crypto ecosystem.

NEWS

November 25, 2025 · 7:29 PM UTC

HIVE Digital Announces At-The-Market Equity Program

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November 17, 2025 · 6:05 AM UTC

RETRANSMISSION: HIVE Digital Technologies Subsidiary, BUZZ High Performance Computing, Accelerates Canada's AI Industrial Revolution with Dell Technologies for its AI Cloud Expansion

Read more

November 17, 2025 · 6:00 AM UTC

RETRANSMISSION: HIVE Delivers Record Q2 with 285% Revenue Growth as Bitcoin Production and BUZZ HPC Hit New Highs Powered by a 223% Year-Over-Year Increase in Operational Bitcoin Hashrate, Resulting in ~300% Growth in Bitcoin Mining Revenue, and BUZZ HPC Revenue up 175% Year-Over-Year

Read more

November 17, 2025 · 1:14 AM UTC

HIVE Delivers Record Q2 with 285% Revenue Growth as Bitcoin Production and BUZZ HPC Hit New Highs Powered by a 223% Year-Over-Year Increase in Operational Bitcoin Hashrate, Resulting in ~300% Growth in Bitcoin Mining Revenue, and BUZZ HPC Revenue up 175% Year-Over-Year

Read more

November 17, 2025 · 1:05 AM UTC

HIVE Digital Technologies Subsidiary, BUZZ High Performance Computing, Accelerates Canada's AI Industrial Revolution with Dell Technologies for its AI Cloud Expansion

Read more