Hive Digital Technologies Reports Record Q2 Revenue and Expands AI GPU Deployment
Hive Digital Technologies' stock rose about 7.5% after the company reported record Q2 revenue and announced a new GPU deal with Dell to power its Buzz HPC unit.
For the fiscal quarter ended September 30, Hive posted revenue of $87.3 million, representing a 285% year-over-year increase and a 91% gain quarter-over-quarter. Adjusted EBITDA was $31.5 million with gross margins of 49%. The company recorded a GAAP net loss of $15.8 million, primarily due to accelerated depreciation of mining rigs.
Bitcoin mining revenue totaled $82.1 million. The average hash rate increased 86% quarter-over-quarter to 16.2 EH/s, with 717 BTC mined in the quarter, up 77% from Q1. The Buzz HPC division generated a record $5.2 million in revenue, a 175% increase year-over-year.
Hive announced a partnership with Dell Technologies to deploy 504 GPUs at the Bell AI Fabric data center. The company aims to operate over 6,000 new GPUs by the end of 2026, with 5,000 already operational.
The firm completed a 300 MW capacity addition in Paraguay, bringing its operational hash rate to 25 EH/s. Its global hydro-powered data center footprint stands at 540 MW, with a secured path to 400 MW in Paraguay through power purchase agreements. Management targets reaching 35 EH/s by Q4 2026.
Bitcoin price traded below $92,000 amid a broader market decline, erasing all gains for 2025 and down about 27% from the October all-time high, highlighting the challenging crypto price environment impacting Hive.
Hive emphasized its combined expertise in Bitcoin mining and AI HPC as a key advantage over peers entering the HPC space. Executive Chairman Frank Holmes highlighted this experience during the earnings call.
