HIVE Digital Technologies reported $24.8 million in adjusted EBITDA for its fiscal second quarter of 2027, an 85% increase from $13.4 million in the prior quarter, even as it recorded a $78.7 million GAAP net loss.
The quarter ended September 30, 2026. Total revenue was $84.9 million, up 7.3% sequentially but down 2.7% year over year.
Segment performance
Digital currency mining generated $76.0 million in revenue, tied to 1,070 BTC mined during the period. High-performance computing (HPC) hosting contributed $8.8 million, growing 70.7% year over year.
Non-cash charges drive GAAP loss
The net loss compared with a $15.8 million loss in the same quarter last year. It included $54.9 million in depreciation and a $31.2 million impairment on mining equipment. Together, those non-cash items totaled $86.1 million, exceeding the GAAP loss.
Balance sheet and AI business
HIVE ended the quarter with $139 million in cash and cash equivalents and $22.6 million in digital currencies as of September 30, 2026. Its AI-focused BUZZ HPC unit has an annualized revenue run-rate of approximately $40 million and $185 million in contracted revenue, according to company figures.
Key items to watch
Investors will be watching whether the HPC segment can sustain its growth pace and how quickly the $185 million in contracted revenue converts into recognized sales. The mining equipment impairment also raises questions about fleet refresh costs and their potential impact on the company’s cash position.
