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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

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Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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Total Comprehensive Income Attributable to Owners of the Company

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HIVE

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