HIVE Digital Technologies Surges on Strong Q1 Earnings

HIVE Digital Technologies reported Q1 earnings that exceeded expectations, despite a GAAP net loss of $142.9 million.

The company's revenue grew by 73% year-over-year to $79.1 million, driven by the expansion of its Bitcoin mining operations and growth in its high-performance computing (HPC) and artificial intelligence infrastructure business.

Chief Financial Officer Darcy Daubaras noted that non-cash items, including an $84.7 million provision tied to a Swedish VAT dispute, significantly impacted the company's net loss.

HIVE has also reached $180 million in active and contracted annualized revenue from its GPU cloud business, with new agreements expected to contribute to growth in the future.