HIVE Digital Technologies recently released its 10-Q report. The company operates data centers powered by hydroelectric and other renewable energy arrangements in Canada, Sweden, Paraguay and Bermuda, and uses those facilities for bitcoin mining, digital-currency sales and performance-computing hosting. It was formerly known as HIVE Blockchain Technologies Ltd., changed its name in July 2023, and is headquartered in San Antonio, Texas.
In Item 2, management says the quarter’s discussion should be read with the unaudited condensed consolidated financial statements, the notes and the company’s 2025 annual report, and that results may differ from forward-looking statements because of risks discussed elsewhere in the filing. HIVE also says it changed its reporting framework from IFRS to U.S. GAAP for the year ended March 31, 2025, and that all figures are presented in U.S. dollars unless noted otherwise. The MD&A is current through August 14, 2026.
The company describes itself as a sustainable-energy-focused digital infrastructure business using cash flow from hashrate services to fund AI and high-performance computing expansion through BUZZ High Performance Computing Inc. It says its strategy is to convert existing Tier-I data center sites into Tier-III, enterprise-grade AI infrastructure with liquid cooling and high-density GPU workloads, while focusing on Canada, Sweden and Paraguay for low-cost power and grid access.
As of July 31, 2026, HIVE reported total installed hashrate of about 25.2 EH/s, with implied efficiency of 16.5 J/TH based on nameplate hashrate and power consumption. After adjustments for modified operating modes, installed hashrate was about 24.5 EH/s and fleet efficiency was 16.1 J/TH. Total MW capacity available across the portfolio was 464.0 MW, with 393.1 MW utilized.
The largest operating sites were in Paraguay. Yguazú showed 11,995 PH/s of operational hashrate, 195.2 MW utilized and 200.0 MW of capacity available. Valenzuela showed 6,907 PH/s operational, 106.7 MW utilized and 107.0 MW available. In Canada, the New Brunswick owned facility reported 2,118 PH/s operational and 36.5 MW utilized, while the Quebec leased facility reported 1,318 PH/s operational and 29.8 MW utilized. In Sweden, Boden reported 1,158 PH/s operational and 19.6 MW utilized, and Notviken reported 33 PH/s operational and 0.7 MW utilized.
For the quarter ended June 30, 2026, revenue rose to $79.1 million from $45.6 million a year earlier. Gross operating margin increased to $24.2 million from $15.8 million. Net loss was $142.9 million, compared with net income of $35.0 million in the prior-year quarter. Basic loss per share was $0.54, versus basic income per share of $0.19. HIVE mined 1,004 bitcoin in the quarter, up from 406 bitcoin a year earlier.
The company said most of its power was used to generate hashrate sold to mining pools under an FPPS payout model, with payment received in digital currencies recorded at fair value on receipt. It said its bitcoin is held in segregated storage wallets with Fireblocks and Bank Frick, is not pledged against debt, is not stored on an exchange and is not loaned or staked.
Two financing transactions dominated the quarter. On April 21, 2026, HIVE Bermuda 2026 Ltd. completed a $115 million exchangeable senior note offering, including the full exercise of the initial purchasers’ $15 million option, producing net proceeds of $109.8 million. On June 30, 2026, it completed a second exchangeable senior note offering of $130 million, also including the full exercise of the $15 million option, with net proceeds of $124.9 million. In both cases, HIVE entered into capped call transactions funded with cash on hand, using about $19.8 million in April and $15.7 million in June.
Management also highlighted several operating moves in the digital-currency business. The company said the April 2024 bitcoin halving reduced block rewards from 6.25 bitcoin to 3.125 bitcoin. It noted prior purchases of Bitmain S21+ Hydro and S21+ Antminer units, including 13,480 S21+ Hydro units announced in December 2024, 16,560 S21+ Antminers purchased in March 2025, and 15,000 additional S21+ Hydro units for Valenzuela. It said the Yguazú facility in Paraguay was acquired on March 17, 2025, with Phase 1 starting in April 2025, full energization by mid-May 2025 and Phase 2 completed in early September 2025. Phase 3 at Valenzuela was completed on November 10, 2025, bringing total installed hashrate to about 25 EH/s.
The filing also says HIVE announced an additional 100 MW hydroelectric-powered data center campus at Yguazú on October 21, 2025, which would raise total renewable power capacity in Paraguay to 400 MW. In January 2026, it sublet its 4 MW Robertsfors, Sweden lease through August 18, 2026 and disposed of legacy ASIC equipment for nominal value. As a result of these announcements, the company's shares have moved 4.26% on the market, and are now trading at a price of $2.69. If you want to know more, read the company's complete 10-Q report here.
