Cryptocurrency mining enterprise HIVE Digital Technologies HIVE Digital Technologies Ltd. (HIVE) posted a net deficit of $78.7 million for its second fiscal quarter ending September 30, shifting from a deficit of $15.8 million during the same timeframe the previous year.
As outlined in its recent earnings statement published on Monday, the firm brought in $84.9 million in total sales, representing a 2.7% drop compared to the prior year.
Throughout the quarter, HIVE collected 1,070 BTC through mining rewards, marking a 49% rise from the 718 BTC acquired during the corresponding period last year. Income derived from mining operations totaled $76 million, dropping from $82.1 million previously. Bitcoin Bitcoin (BTC) traded at a mean price of $71,003 through the quarter, contrasted with $114,382 in the earlier fiscal period, which HIVE pointed to as the primary driver for the contraction in its 10-Q report submitted to the Securities and Exchange Commission.
HIVE additionally recorded an impairment charge of $31.2 million following an evaluation of the recoverable worth of its mining hardware. Expenses tied to depreciation totaled an extra $54.9 million, while adjusted EBITDA reached $24.8 million.
Conversely, the organization’s BUZZ High Performance Computing division produced $8.8 million in sales, marking a 70.7% surge from the $5.2 million reported last year. Within the quarter, HIVE set up an Nvidia B200 GPU cluster at its facility located in Manitoba, Canada, driven higher by strong market demand for GPU resources.
Back in June, The Block noted that the enterprise achieved $297.8 million in revenue over the course of fiscal 2026. High-performance computing was responsible for a record-breaking $19.5 million of that total.
HIVE’s GPU cloud deals
The firm indicated it holds roughly $40 million in active annualized run-rate revenue stemming from its GPU cloud operations. Its total contracted value currently stands near $185 million, which factors in capacity yet to be activated. Earlier, HIVE finalized a three-year pact with Bell AI Fabric backing Cohere during June for 2,304 Nvidia Grace Blackwell GPUs. Additionally, in August, HIVE secured a $350 million agreement to supply an undisclosed enterprise client with 2,016 NVIDIA Blackwell Ultra GPUs across a five-year duration.
Chief Executive Officer Aydin Kilic stated on Monday that the organization obtained $129 million in funding to finance the Bell and Cohere GPU acquisition, anticipating those graphics processing units will be shipped before 2026 concludes. HIVE’s short-term objective aims for $200 million in GPU cloud ARR by the fourth quarter of 2026, paired with an extended ambition of reaching $700 million in aggregate high-performance computing ARR prior to the end of 2028.
Kilic noted that the corporation wrapped up September holding $139 million in cash and cash equivalents alongside $22.6 million in digital assets. HIVE presently maintains roughly 440 megawatts of power generation capacity, with plans to bring another 100 megawatts online at Yguazú in Paraguay during the fourth quarter.
Originally published at https://www.theblock.co/news/business/2026-11-10-hive-reports-79-million-quarterly-net-loss-as-bitcoin-mining-revenue-falls-and-ai-business-grows-437177.
