HIVE Digital reports record revenue as Paraguay expansion hits 25 EH/s

HIVE Digital Technologies (NASDAQ:HIVE) reported record-breaking top-line growth for its fiscal third quarter ended December 31, 2025, as the company successfully converted massive infrastructure investments into operational scale.

The Vancouver-based miner posted revenue of $93.1 million, a 219% increase compared to the same period last year.

The surge was driven by a quadrupling of its installed Bitcoin hashrate, which reached 25 exahash per second (EH/s) by the end of the quarter.

Gross operating margins remained healthy at $32.1 million, or 34.5%, while adjusted EBITDA came in at $5.7 million.

Despite the record revenue, HIVE reported a GAAP net loss of $91.3 million.

The loss was almost entirely attributed to a $57.4 million non-cash charge for accelerated depreciation.

This conservative accounting move follows the company’s "sprint" to commission its 300 MW hydroelectric-powered facility in Paraguay, where it replaced legacy hardware with next-generation Bitmain S21 XP miners.

Beyond Bitcoin, HIVE is making significant inroads into the artificial intelligence sector.

Its High-Performance Computing (HPC) division, rebranded as BUZZ, generated $4.9 million in quarterly revenue.

Management noted that the segment is on track for an annualized run-rate of $20 million, with a goal of reaching $140 million by late 2026 as more GPU clusters come online in Canada and Sweden.