Revenue surged 73% year over year to $79.1 million, driven primarily by Bitcoin mining, while adjusted EBITDA improved to $13.4 million. However, HIVE reported a $142.9 million GAAP net loss, largely due to an $84.7 million non-cash Swedish VAT provision and $53.7 million in depreciation. HIVE expanded its GPU cloud pipeline with a five-year, $360 million contract for 2,088 NVIDIA GB300 GPUs, bringing active and contracted annualized GPU revenue to $180 million.
The company continues targeting $200 million in GPU-cloud annual recurring revenue by fiscal year-end. The company ended the quarter with $208 million in cash and is advancing data-center projects in Sweden, Canada and Paraguay, while continuing to contest the Swedish VAT assessment. Management expects HPC to reach roughly 40% of revenue after contracted GPU deployments come online.
AI Data Centers Are Splitting Winners From Pretenders in Infrastructure Stocks HIVE Digital Technologies (NASDAQ:HIVE) reported fiscal first-quarter 2027 revenue of $79.1 million, up 73% from $45.6 million a year earlier and 10% sequentially, as the company expanded its Bitcoin mining operations and continued building its high-performance computing, or HPC, and artificial intelligence infrastructure business. The company recorded a GAAP net loss of $142.9 million, or $0.54 per share, compared with net income of $35 million, or $0.19 per share, in the prior-year quarter. Chief Financial Officer Darcy Daubaras said the reported loss was largely affected by non-cash items, including an $84.7 million provision tied to an ongoing Swedish VAT dispute and $53.7 million of depreciation. → Applied Materials Beat Everything but Wall Street's Expectations for Margins HIVE Earnings Highlight AI Ambitions Beyond Bitcoin Mining "This was a strong quarter from an operating perspective," Daubaras said, citing year-over-year revenue growth, higher gross operating margin in dollar terms, positive adjusted EBITDA and increased liquidity.
Bitcoin mining remained HIVE's largest business, producing $72.1 million of quarterly revenue, while HPC and AI operations generated about $7 million. Gross operating margin rose to $24.2 million from $15.8 million in the year-earlier period, though margin as a percentage of revenue declined to 31% from 35%. → Texas Roadhouse and Brinker International Have the Recipe Rivals Are Missing IREN Is Flipping the Switch from Bitcoin to AI On a sequential basis, gross operating margin increased from $17.5 million in the preceding quarter. Adjusted EBITDA was $13.4 million, compared with negative adjusted EBITDA of $9 million in the prior quarter.
The company produced approximately 1,004 Bitcoin equivalent during the quarter and ended June with 190 Bitcoin in treasury. HIVE held $208 million of cash at June 30, up from approximately $23 million at March 31. The company also reported $11.2 million of digital currencies, $10.9 million of investments, and $18.9 million of receivables and prepaids.
Total current assets were approximately $280 million, compared with current liabilities of roughly $143 million. → AirJoule Technologies: Short Squeeze Setup Amid Rising Risks Daubaras said the cash increase primarily reflected financing activity, including exchangeable senior note offerings and proceeds from the company's at-the-market equity program. Revenue: $79.1 million, up 73% year over year Gross operating margin: $24.2 million, up 53% year over year President and CEO Aydin Kilic said HIVE has reached $180 million in active and contracted annualized revenue from its GPU cloud business. The figure includes approximately $35 million of active annualized revenue from about 5,500 GPUs currently online, along with contracted capacity scheduled to be deployed in the fourth quarter.
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