HIVE Digital Technologies Reports Record Q3 Revenue Driven by Bitcoin Hashrate Growth

HIVE Digital (NASDAQ: HIVE) Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) reported record quarterly revenue of $93.1 million for the third quarter ended December 31, 2025, representing a 219% increase year-over-year and a 7% increase quarter-over-quarter. The company also achieved an Adjusted EBITDA of $5.7 million and a gross operating margin of $32.1 million, which is a significant increase from $5.3 million in the same period last year.

This growth is attributed to HIVE's strategic expansion of its Bitcoin hashrate fleet, which reached an installed capacity of 25 Exahash per Second (EH/s) by the end of the quarter. The company's dual-engine strategy, which combines Bitcoin hashrate services with high-performance computing (HPC) platforms, has positioned it to capitalize on the increasing demand for both sectors.

Frank Holmes, HIVE's Executive Chairman, emphasized that this quarter marks an inflection point for the company, highlighting the disciplined execution across its business segments. The rapid scale-up of its renewable-powered hashrate platform and the acceleration of its AI strategy are key drivers of this growth. HIVE's focus on sustainable energy sources aligns with the growing market demand for environmentally responsible data center operations.

HIVE's expansion into Paraguay is particularly noteworthy. The company is positioning itself to become a leader in HPC for Latin America, leveraging the region's abundant and stable green energy resources. HIVE plans to develop Tier-III data centers in Paraguay, which are expected to significantly contribute to the local economy and energy market. The partnership with Paraguay's largest Tier-III telecom data center operator further solidifies HIVE's strategic foothold in the region.

The company has ordered a substation for an additional 100 MW at Yguazú, expected to come online in Q3 2026. This infrastructure will support HIVE's ambitious plans for future deployments and enhance its capacity to meet the rising demand for AI compute services. The strategic alignment with local authorities and the government of Paraguay is expected to facilitate HIVE's growth and operational efficiency in the region.

Aydin Kilic, HIVE's President and CEO, noted that the company has significantly scaled its operations over the past year, with gross operating margins increasing over sixfold year-over-year. This growth reflects HIVE's ability to manage its corporate structure effectively while expanding its high-performance computing capabilities. The recent acquisition of 504 next-generation AI-optimized GPUs, leased on a two-year contract valued at $30 million, further demonstrates HIVE's commitment to enhancing its AI cloud services.

The dual-engine strategy of HIVE, combining Bitcoin mining and AI cloud services, provides a diversified revenue stream that is crucial for navigating the volatility in the cryptocurrency market. As competition in the hashrate environment intensifies, HIVE's focus on renewable energy and efficient operations positions it favorably for sustained profitability.