What factors drove the changes in HIVE Digital's revenue and profit?

What is the revenue and EPS growth rate for HIVE Digital year over year?

What is HIVE Digital's gross profit margin?

What is the market's earnings forecast for HIVE Digital next quarter?

What guidance did HIVE Digital's management provide for the next earnings period?

What were the key takeaways from HIVE Digital’s earnings call?

Did HIVE Digital beat or miss consensus estimates last quarter?

What were the key takeaways from HIVE Digital's earnings call?

- **Revenue Surge**: Q2 2026 revenue of $87.3M (+287% YoY), driven by 25 exahash Bitcoin mining and $20M AI cloud ARR. 
- **Profitability**: 49% gross margin, 18% ROIC, $31.5M adj. EBITDA. 
- **Expansion Plans**: 35 exahash by end-2026, $250M AI cloud ARR, and $550M Bitcoin mining ARR. 
- **Strategic Partnerships**: Bell Canada AI Fabric deal, tier-3 conversions in Toronto/Sweden. 
- **Financial Strength**: $136M digital assets, no material debt, $22.6M cash. 
- **Risk Management**: $22/THD breakeven, 50%+ GPU utilization, and 100 MW Paraguay expansion at $250k/MW.

**【CEO Summary Section】**
- **Paraguay Expansion**: Achieved 25 exahash capacity, with plans to scale to 35 exahash by end of 2026, leveraging 100 MW of additional green energy at $250k/MW. 
- **Bitcoin Mining Growth**: Q2 production of 719 BTC (vs. 406 BTC prior), 10 BTC/day run rate, and 17.5 J/T efficiency. 
- **AI Cloud Strategy**: 5,000 GPU fleet (Hopper/H200) generating $20M ARR, targeting $140M ARR by end-2026 with 11,000 GPUs. 
- **Partnerships**: Bell Canada AI Fabric deal for 1,000 B200 GPUs, and Toronto/Sweden tier-3 conversions for 4,000 B300s. 
- **Valuation**: AI cloud business could reach $250M ARR, implying multi-billion dollar valuation at 10x multiple. 

**【CFO Financial Commentary】**
- **Q2 Results**: $87.3M revenue (vs. $22.6M prior), $31.5M adj. EBITDA, 18% ROIC, and $22.6M cash. 
- **Gross Margin**: 49% (vs. 2% prior), driven by Paraguay scale and fleet efficiency. 
- **Balance Sheet**: $136.7M in digital assets vs. $55.5M liabilities, no material debt. 
- **Hash Price Floor**: $22/THD breakeven, with $40/THD+ hash price stability. 

**【CFO Financial Results】**
- **Revenue Breakdown**: 94% from Bitcoin mining ($82M), 6% from AI cloud ($5M). 
- **Cash Flow**: $42.4M gross op margin, $31.5M adj. EBITDA, $15.8M net loss (non-cash). 
- **Liquidity**: $22.6M cash, $24.4M BTC, $17M receivables. 

**【Q&A Highlights】**
- **CapEx Strategy**: $25M/Bodén, $40M/Toronto for tier-3 conversions; vendor financing for GPUs. 
- **GPU Utilization**: 50%+ of 38,000 Ampere GPUs still operational after 4 years. 
- **Paraguay Power**: 100 MW expansion at $250k/MW, targeting $550M ARR by end-2026. 
- **Hyperscale Colo**: New Brunswick 70MW site for $85M ARR, if not leased, could pivot to AI cloud. 
- **Itaipu Dam**: 14GW capacity, potential for future green energy partnerships.

HIVE Digital Technologies Ltd (HIVE) Q2 2026 Earnings Call Transcript

- **Record Q1 Growth**: $45.6M revenue (+41% YoY), 35% gross margin, $44.6M EBITDA.
- **Exahash Scaling**: 15 exahash today, 25 exahash by Thanksgiving 2025, 67% growth pipeline.
- **Paraguay Efficiency**: $400/MW capex, 18.4 J/TH energy efficiency, 15% ROIC.
- **AI Expansion**: $20M ARR, 5,000+ GPUs, 10,000+ monthly users, $100M ARR target.
- **Strategic Funding**: $200M Bitcoin pledge strategy, $40M in-the-money, capex-free scaling.

**【CEO Summary Section】**
- **Revenue Growth**: Q1 2026 revenue reached $45.6 million, up 41% YoY, driven by Bitcoin mining (90%) and AI/HPC (10%).
- **Exahash Expansion**: Scaled from 8.7 exahash to 15 exahash by Q1 end, targeting 25 exahash by Thanksgiving 2025.
- **Profitability**: Gross operating margin improved to 35% (vs. 28% Q4 2025), with $15.8 million cash flow from operations.
- **Paraguay Expansion**: 200 MW Phase 1 completed ahead of schedule at $400/MW, Phase 2 (6.5 exahash) 75% complete, Phase 3 (Venezuela) nearing ASIC installation.
- **Bitcoin Pledge Strategy**: Pledged $200 million worth of Bitcoin at $87k, now $40 million in the money, enabling capex-free scaling.

**【CFO Financial Commentary】
- **Q1 2026 Financials**: GAAP net income $35 million, Non-GAAP EBITDA $44.6 million (vs. -$8 million Q1 2025). 
- **Balance Sheet Strength**: $180.6 million in current assets (cash, digital currencies, receivables) vs. $52.8 million liabilities.
- **Cost Efficiency**: G&A as % of revenue 12%, lowest in sector; 15% trailing 12-month ROIC vs. peers' 0-3%.
- **Liquidity**: $24.6 million cash, $47.3 million digital assets, $34.5 million receivables.

**【Buzz HPC Highlights】
- **AI Growth**: 5,000+ GPUs (including 63-node H200 cluster), $20 million ARR, targeting $100 million by end-2026.
- **Sovereign Data Centers**: Toronto (7.2 MW IT load) and Sweden (Tier 3 liquid-cooled), leveraging Bitcoin mining infrastructure.
- **Customer Value**: 10,000+ monthly unique users, fastest onboarding times, SLAs for uptime/response.
- **Sustainability**: 100% renewable-powered data centers, PUE <1.2, green GPU certification.


HIVE Digital Technologies Ltd (HIVE) Q1 2026 Earnings Call Transcript

- **Revenue Growth**: $115M total revenue, $56M adjusted EBITDA, 5.5 Bitcoin/day mined.
- **Hash Rate Expansion**: 11.5 exahash as of June, targeting 25 exahash by fall 2025 (3% global share).
- **HPC Scaling**: $20M ARR with 5,100 GPUs, Toronto data center to triple HPC capacity.
- **Financial Health**: $60M Bitcoin on balance sheet, 53% net cash/Bitcoin, 22% ROIC.
- **Strategic Moves**: Paraguay green energy expansion, Toronto data center acquisition, sovereign AI partnerships.


**【Frank Holmes - Macro Recap】**
- **Transformative Year**: HIVE expanded leadership with Craig Tavares (COO) and Gabriel Lamas (Paraguay operations), achieving a 4x growth in HPC run rate and 11 exahash hash rate.
- **Paraguay Expansion**: Acquired 440 MW green energy capacity, targeting 25 exahash by Thanksgiving 2025. Community initiatives include electrifying schools and lighting Valenzuela streets.
- **HPC Growth**: Acquired a 7.2 MW Toronto data center, planning liquid cooling upgrade to expand HPC capacity 3.5x, targeting $100M ARR by 2026.

**【Aydin Kilic - Executive Overview】**
- **Financial Highlights**: $56M adjusted EBITDA, $115M total revenue ($105M Bitcoin mining, $10M HPC), 5.5 Bitcoin/day mined, $60M Bitcoin on balance sheet.
- **Hash Rate Growth**: 11.5 exahash as of June, targeting 25 exahash by fall 2025 (3% global Bitcoin network share). Phase 2 hydro miners (15 J/T) will reduce fleet efficiency to 18.4 J/T.
- **HPC Expansion**: 5,100 GPUs (4,300 A-Series, 344 H100, 504 H200), $20M ARR, targeting $100M ARR with Toronto data center.

**【Darcy Daubaras - Financial Details】**
- **GAAP Transition**: Functional currency changed to USD, digital assets marked-to-market, leases reclassified. FY25 revenue $115M, gross operating margin $25.1M (22%), net loss $0.02/share.
- **Balance Sheet**: $23.4M cash, $181.1M Bitcoin, $24.1M investments, current ratio 3.7. Strategic use of Bitcoin to fund Paraguay expansion.
- **Q4 Results**: $31.2M revenue, $8.8M gross margin (28%), net loss $0.34/share. Bitcoin price offset halving impact, but difficulty rise constrained margins.

**【Q&A Key Points】**
- **Toronto Data Center**: 5.5 MW IT load, 9-12 month retrofit for liquid cooling. GPU selection (B200/B300) will depend on market demand and economics.
- **Paraguay Regulatory Environment**: Tariff impact neutralized by low power costs. Engaging with government to educate on crypto mining benefits.
- **HPC Customer Mix**: 80% utilization across 5,100 GPUs, mix of on-demand (aggregators) and long-term contracts (sovereign AI projects). Targeting enterprise clients for stable revenue.
- **CapEx Funding**: 25 exahash fully funded with $610M Bitcoin. Toronto data center acquisition cost confidential, but retrofit costs spread over 9 months.


HIVE Digital Technologies Ltd. (HIVE) Q4 2025 Earnings Call Transcript

- **Revenue & Profit Growth**: $29.2M Q3 revenue, $17.3M EBITDA, 37% ROIC (industry-leading). 
- **Exponential Expansion**: 4x hashrate growth to 25 exahash by Q3 2025 via 300 MW Paraguay facility. 
- **AI Business Takeoff**: HPC revenue hits $10M annualized; H100/H200 clusters to add $13M+ in 2025. 
- **Balance Sheet Strength**: $260M+ Bitcoin, 0 debt, 100% green energy. 
- **Strategic Shifts**: US GAAP adoption, San Antonio HQ, disciplined capital allocation (no debt).

**【CEO Summary Section】**
- Q3 2025 revenue: $29.2 million, with $17.3 million adjusted EBITDA and 2,805 Bitcoin mined (up 37% YoY). 
- ROIC of 37% (annualized) leads industry; 78% Bitcoin per share exposure. 
- 25 exahash target by Q3 2025 via 300 MW Paraguay expansion (16.5 J/T efficiency). 
- HPC business hits $10M annualized revenue; H100 and H200 clusters to add $13M+ in 2025. 
- 4x growth in Bitcoin balance (2,805 BTC) vs. 2024, all unencumbered. 

**【CFO Financial Commentary】**
- Q3 2025: $29.2M revenue (-6.7% YoY due to halving), $6.1M gross margin (21%). 
- Bitcoin price impact: +125% YoY offset 50% halving reward reduction. 
- $260.8M digital assets (Bitcoin) on balance sheet, $9.8M cash. 
- Current ratio 10.4x; no debt, 100% green energy. 
- 2025 guidance: 25 exahash (3% global hashrate), $330-500M annual mining margin. 

**【Q&A Highlights】**
- **Paraguay Expansion**: 300 MW site on track for Q3 2025 energization; 25 exahash target achievable. 
- **AI Growth**: H100 cluster to add $4M/yr, H200 cluster $9M/yr; 2025 HPC revenue target $20M. 
- **Cost Management**: G&A 27% of revenue vs. peers 50-98%; lowest dilution (0.1% YoY). 
- **US Strategy**: San Antonio HQ for regulatory certainty; exploring US mining with new admin support. 
- **Debt Policy**: No plans for debt; prefer ATM (100M BTC left) for capital deployment. 


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