HIVE Revenue Surges 73% as Company Secures $180M in Contracted HPC Deals

HIVE Digital Technologies (NASDAQ: HIVE) reported its Q1FY27 financial results, showing a significant increase in revenue and contracted high-performance computing (HPC) deals.

The company's revenue grew 73% year-over-year to $79.1 million, driven by expansion in Bitcoin mining operations and the HPC business. The HPC segment contributed approximately $7 million to revenue, while Bitcoin mining accounted for $72.1 million.

HIVE also announced $180 million in contracted HPC revenue, including a five-year deal worth $350 million with Bell Canada. This contract will add $70 million in annual recurring revenue (ARR) and involves deploying 2,088 GB300 GPUs to a Canadian facility.

Gross operating margin expanded 53% year-over-year to $24.2 million, up from $15.8 million in the prior-year quarter. Despite reporting a GAAP net loss of $143 million due to an $85 million non-cash provision for a disputed Swedish tax liability and depreciation charges, HIVE generated positive adjusted EBITDA of $13.4 million.

The company's cash position strengthened significantly, rising to $208 million as of June 30, compared to $23 million at the end of the previous quarter. This increase was driven by financing activities, including exchangeable senior note offerings.