HIVE Digital Technologies reported a significant top-line expansion for the first quarter of fiscal 2027, driven by massive hashrate growth and the scaling of its high-performance computing (HPC) division. Despite revenue growth, the company realized a heavy GAAP net loss primarily due to a one-time non-cash provision related to a tax dispute in Sweden.
Key Highlights
- Total revenue rose to $79.1 million, a 73.5% year-over-year increase reflecting both digital currency mining rewards and GPU marketplace demand.
- Contracted GPU Cloud Annual Recurring Revenue (ARR) reached approximately $110 million, including a $75 million ARR contribution from a new three-year sovereign AI agreement.
- Average operational hashrate expanded to 24.0 EH/s from 8.7 EH/s in the prior year period, enabling the production of 1,004 Bitcoin rewards.
- The company recognized an $84.7 million non-cash provision for regulatory liabilities stemming from a contested Swedish VAT assessment, contributing to a $142.9 million net loss.