HIVE Posts $84.9M Quarter as AI Revenue Climbs and Mining Slips

HIVE Digital Technologies Ltd. reported $84.9 million in revenue for its fiscal second quarter of 2027, ended Sept. 30, 2026, a 2.7% decline from the same period a year earlier, according to the company's quarterly results. The figure rose 7.3% from the preceding quarter, a modest sequential gain that masks two diverging business lines.

The company's net loss widened sharply to $78.7 million, compared with $15.8 million a year earlier. That deterioration is roughly five times the prior-year loss. The latest quarter absorbed a $31.2 million noncash impairment of mining equipment and $54.9 million in depreciation — together about $86 million in charges against a business still generating most of its cash intake from Bitcoin.

Bitcoin mining remained HIVE's largest revenue source at $76 million, down 7.4% year over year. The company received 1,070 BTC in mining rewards during the quarter, up from 1,004 BTC in the prior quarter. In plain terms, the mining unit produced slightly more coin but less money.

Where is the growth coming from?

AI computing revenue rose 70.7% year over year to $8.8 million. The increase reflected the deployment of an AI GPU cluster in Manitoba, Canada, alongside demand and pricing dynamics in the GPU marketplace. That is genuine growth, though $8.8 million remains roughly one-tenth of mining revenue; the pivot is real but far from complete.

The balance sheet at the end of September showed $139 million in cash and $22.6 million in digital currencies. GPU cloud operations already in service represented about $40 million in annualized revenue.

What does the $185 million contracted figure actually cover?

HIVE disclosed approximately $185 million in contracted annualized GPU cloud revenue — but the company itself notes this includes capacity already operating as well as capacity that has yet to enter service. Only about $40 million of that is live today. The remainder depends on hardware arriving, installing and powering up on schedule.

The contracted figure rests on two GPU cloud agreements valued at about $575 million combined over their multiyear terms. HIVE expects 2,304 GPUs for its Bell Canada and Cohere arrangement to ship before the end of 2026. The company has also secured an approximately $129 million loan to fund the GPU buildout — new debt against a business whose core mining segment just took a $31.2 million impairment.

The takeaway: HIVE is trading a shrinking mining base for an AI hosting business whose headline numbers largely reflect promises rather than deployed capacity. Whether the $185 million materializes depends on delivery deadlines that begin closing at the end of 2026.