HIVE Digital Technologies posted record fiscal third-quarter revenue of $93.1 million, up 219% year-on-year, as its expansion into artificial intelligence and high-performance computing offset weaker Bitcoin prices.
Gross operating margin rose more than sixfold from a year earlier to $32.1 million, or roughly 35% of revenue, even as Bitcoin prices fell about 10% during the quarter and network difficulty increased around 15% following the 2024 halving.
The company generated 885 Bitcoin in the period, a 23% quarter-on-quarter increase, while scaling installed hashrate to 25 exahashes per second, underscoring continued growth in its core mining operations despite industry margin pressure.
Beyond mining, HIVE signed a two-year, $30 million contract in February to deploy 504 Nvidia B200 GPUs for enterprise AI cloud services, a move expected to add about $15 million in annual recurring revenue and lift its HPC run rate by roughly 75%.
The company is targeting $140 million in annual recurring AI cloud revenue by the fourth quarter of 2026 as part of a broader plan to scale total HPC revenue to $225 million, and following the announcement the HIVE Digital Technologies share price was unchanged at $XX.
HIVE began pivoting towards HPC infrastructure several years ago in anticipation of rising competition and margin compression in Bitcoin mining, positioning its “dual-engine” model to balance cyclical crypto exposure with recurring AI-driven income.
The shift mirrors a broader trend among publicly traded miners such as IREN and TeraWulf, which are increasingly redirecting infrastructure towards AI workloads as analysts point to artificial intelligence rather than crypto as the next infrastructure supercycle.
At the time of reporting, Bitcoin price was $67,474.79.