Overview
- HIVE posted $93.1 million in Q3 revenue, up 219% year over year, with $88.2 million from digital-currency hashrate after scaling installed capacity to about 25 EH/s and producing roughly 885 Bitcoin.
- GAAP net loss totaled $91.3 million, driven mainly by $57.4 million of accelerated depreciation tied to Paraguay hardware and non-cash fair‑value adjustments, while adjusted EBITDA was $5.7 million.
- The company completed its hydro-powered Paraguay buildout, reported average fleet efficiency of about 17.5 J/TH across roughly 440 MW, and said direct hashrate costs were largely energy expenses.
- Post‑quarter, HIVE signed a two‑year, $30 million contract with Bell to deploy 504 Nvidia B200/BW GPUs in Manitoba as BUZZ HPC revenue reached $4.9 million and management targets ~11,000 GPUs by year‑end 2026 and about $225 million total HPC ARR.
- HIVE expanded its growth pipeline with a new 100 MW PPA in Yguazú and additional land purchases, as shares slipped about 2% following the report and H.C. Wainwright reiterated a Buy rating with a $7 price target.