HIVE Digital Q3 revenue jumps 219% to $93.1M as AI-HPC grows
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HIVE Digital Technologies reported a record fiscal third quarter as strength in artificial intelligence and high-performance computing helped counter softer cryptocurrency market conditions.
For the quarter ended Dec. 31, 2025, the company posted revenue of $93.1 million, up 219% from the prior year. Gross operating margin rose more than sixfold year over year to $32.1 million, representing approximately 35% of revenue.
The results came despite a roughly 10% decline in Bitcoin (BTC) prices during the period and a ~15% increase in network difficulty, dynamics that have compressed industry-wide mining margins following the 2024 halving.
HIVE produced 885 Bitcoin in the quarter, a 23% sequential increase, and expanded its installed hashrate to 25 exahashes per second (EH/s).
In February, the company signed a two-year, $30 million agreement to deploy 504 Nvidia B200 GPUs to support enterprise AI cloud services.
HIVE expects the contract to contribute about $15 million in annual recurring revenue and to increase the HPC annualized revenue run rate by roughly 75%.
The company is targeting $140 million in annual recurring AI cloud revenue by the fourth quarter of 2026 and plans to scale total HPC revenue to $225 million as it expands GPU cloud and colocation capacity.
HIVE Digital’s stock was down more than 2% on Tuesday. Source: Yahoo Finance
HIVE advances diversification beyond core Bitcoin mining
An early publicly listed Bitcoin miner, HIVE began shifting toward HPC infrastructure several years ago in anticipation of rising competition and margin pressure in mining.
That strategy has gained importance as profitability weakened after the 2024 halving reduced block rewards, with higher network difficulty and volatile Bitcoin prices adding further strain. The backdrop intensified after Bitcoin pulled back from its October 2025 highs, prompting miners to reevaluate capital deployment and infrastructure plans.
HIVE’s “dual-engine” approach—using Bitcoin mining for cash generation while building recurring AI and HPC revenue—mirrors a broader shift among publicly traded miners seeking to reduce exposure to Bitcoin’s price cycles.
Other miners, including IREN and TeraWulf, have also moved into AI workloads, reflecting a growing consensus that the next infrastructure cycle may be led by artificial intelligence rather than crypto.
Source: Joe Nakamoto
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