TL;DR
- The miner Hive recorded $93.1M in quarterly revenue, +219% year over year and +7% quarter over quarter; gross margin reached $32.1M and adjusted EBITDA came in at $5.7M.
- Production reached 885 BTC and generated $88.2M from hashrate.
- The company reported a $91.3M loss due to accelerated depreciation in Paraguay; it signed a $30M GPU contract and plans to expand its energy capacity to 540 MW.
The Bitcoin mining company HIVE Digital Technologies Ltd. reported record quarterly revenue for its fiscal third quarter ended December 31, 2025. The firm posted $93.1 million, a 219% year-over-year increase and a 7% rise compared with the previous quarter.
Gross operating margin reached $32.1 million, equivalent to 34.5%, more than six times the level of the same period a year earlier. Adjusted EBITDA totaled $5.7 million.
The company produced 885 BTC during the quarter, a 23% increase from the previous period despite higher mining difficulty, which rose 15%, and Bitcoin prices roughly 10% lower. Hashrate-related revenue totaled $88.2 million with a direct cost of $57.8 million, about 90% of which corresponded to energy.
Hive expanded its fleet to 25 EH/s installed and 22.9 EH/s average operating hashrate, with an efficiency of 17.5 J/TH. Its infrastructure operates with 440 MW of hydroelectric capacity. It also carried out an expansion that included 300 MW of energy infrastructure built between May and November 2025.
The BUZZ HPC business generated $4.9 million against direct costs of $2.3 million. Administrative expenses reached $8.4 million due to staff hiring and international scale expansion.
Hive Bets Big on Paraguay
Hive reported a GAAP net loss of $91.3 million. The result stemmed mainly from $57.4 million in accelerated depreciation tied to the Paraguay expansion and non-cash accounting adjustments. The company chose to depreciate the new ASIC fleet over two years instead of four. During the quarter, the firm sold $15.8 million in common shares under a program allowing issuance of up to $300 million.
Additionally, in February 2026 Hive signed a two-year $30 million contract for 504 Nvidia B200 GPUs. Deployment is scheduled for the first quarter and will add about $15 million in annual recurring revenue, lifting the HPC business to $35 million annualized.
Separately, it acquired additional land and signed a 100 MW PPA in Yguazú, with energization planned for 2026. It also sent a GPU cluster to Asunción through a local data center operator.
President Santiago Peña was mentioned by the company when referring to the country’s energy framework. Hive will use power from the Itaipu Dam and generate revenue for ANDE. Executive Chairman Frank Holmes confirmed the company plans to expand total energy capacity to 540 MW.
