HIVE Sees Revenue Soar 73.5% in Q1 2027, But Tax Dispute Hits Bottom Line

HIVE Digital Technologies reported a strong first quarter of fiscal year 2027, with revenue soaring 73.5% to $79.1 million compared to the same period last year.

The company's Bitcoin mining operation drove much of this growth, with production increasing by 147% to 1,004 BTC and operational hashrate nearly tripling to 24.0 EH/s.

HIVE is also expanding its artificial intelligence cloud business, with contracted GPU Cloud annual run-rate revenue reaching $110 million and a target of $200 million by the end of 2026 and $700 million by 2028.

However, the company's bottom line was impacted by an $84.7 million non-cash provision related to a Swedish VAT dispute, leading to a GAAP net loss of $142.9 million for the quarter.