HIVE posts 158% revenue jump, bitcoin holdings fall to 150 BTC

Bitcoin miner-turned-AI diversifier HIVE Digital Technologies posted total revenue of $297.8 million for the financial year ended March 31, 2026, up 158% compared to a year earlier. The annual numbers look impressive on the headline chart — and slightly less so once Q4 is taken into account.

HIVE's digital currency revenue climbed 164% year over year to $278.3 million, driven by an approximately four-fold increase in installed operational hashrate and higher average bitcoin prices (BTC), the firm said in a statement on Tuesday. It mined 2,885 BTC during the fiscal year, up 104% from 1,414 BTC in 2025, despite an approximate 42% increase in average network difficulty. As of March 31, HIVE's total installed hashrate stood at 25.1 EH/s, according to the firm.

HIVE's high-performance computing hosting services business generated the remaining $19.5 million in revenue, a record for the company, up 94% from $10 million in 2025, driven by the deployment of an NVIDIA H200 GPU cluster and strong demand on its GPU marketplace, the firm said.

The firm reported a GAAP net loss of $148.4 million, primarily reflecting depreciation and unrealized losses on investments. Adjusted EBITDA came in at $72.9 million for the year.

"Fiscal 2026 marked a defining year for HIVE. As one of the first publicly traded Bitcoin miners to invest in GPU cloud computing and AI infrastructure, we began building a diversified dual-engine growth strategy years ago," HIVE (HIVE) co-founder and Executive Chairman Frank Holmes said. "In fiscal 2026, we significantly expanded both sides of our platform, increasing our Bitcoin mining hashrate from 6.5 EH/s to 25.1 EH/s and growing contracted HPC ARR to $35 million."

Total revenue fell to $71.8 million in the final quarter of HIVE's fiscal 2026 year as bitcoin prices and hashprice came under pressure.

Bitcoin mining revenue accounted for $67.2 million of that total, down 23.9% compared to the prior quarter, following an approximately 27% decline in average bitcoin price and a 27% year-over-year increase in average network difficulty. This was partially offset by higher average operational hashrate, the firm noted, with the 876 BTC HIVE produced broadly in line with the prior quarter.

HIVE's HPC revenue came in at $4.6 million, slightly below the prior quarter amid a deployment delay at one of its facilities. The firm saw a GAAP net loss of $83.3 million last quarter, and adjusted EBITDA of -$9 million.

Amid that pressure, HIVE reduced its balance sheet by 331 BTC during the quarter, cutting its total holdings to 150 BTC from the 481 BTC previously declared as of Dec. 31, 2025. The move drops the firm from around 69th among public bitcoin treasury companies to 96th, per Bitcoin Treasuries data — a ranking slide that suggests "HODL forever" is more of a guideline than a policy. The firm reported $10.8 million in digital asset holdings as of March 31, including the 150 BTC.

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