Q3 2026 HIVE Digital Technologies Ltd Earnings Call Transcript
Key Points
- HIVE Digital Technologies Ltd (HIVE) reported a record quarter with $93 million in total revenue, demonstrating significant growth.
- The company achieved a 191% year-over-year growth in Bitcoin production, despite increased difficulty in mining.
- HIVE expanded its operational capacity to 25 exahash, representing 2% of the global network, and plans further growth in 2026.
- The company has a conservative balance sheet and has not leveraged it with significant debt, maintaining financial stability.
- HIVE's partnership with Bell Canada for a $30 million 2-year contract is expected to boost its GPU cloud revenue significantly.
- HIVE reported a net loss of $91 million for the quarter, largely due to noncash charges such as depreciation and changes in fair value derivatives.
- The company experienced a decrease in gross operating margin from 49% in the previous quarter to 35% in the current quarter.
- Market volatility, particularly in the crypto ecosystem, has impacted HIVE's operations and financial performance.
- The company faces challenges in scaling its operations due to long lead times for equipment like transformers and server racks.
- HIVE's adjusted EBITDA decreased significantly from $31.5 million in the previous quarter to $5.7 million in the current quarter.
Hello, and welcome to today's webcast on HIVE Digital Technologies financial results for the quarter ended December 31, 2025. My name is Nathan Fast, Director of Marketing and Branding at HIVE. I'll be your moderator for today's call.
Before we get started on Slide 2, I would like to briefly note the disclosures for today's presentation. Except for statements of historical facts, this presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as expects, believes and similar expressions identify these statements. Actual results could differ materially, and we disclaim any obligation to update them, except as required by law.
For a full discussion of risk factors, please refer to our most recent SEC filings at sec.gov. In addition to discussing results that are calculated in accordance with GAAP, we will also reference certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income and free cash flow. Management uses these metrics to evaluate operating performance and believes they
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