Total revenue for HIVE’s second fiscal quarter of 2026 came in at $84.9 million, down 2.7% year over year , according to the company’s earnings release.
According to The Block’s reporting on the company’s results, HIVE Digital Technologies posted a quarterly net loss of $78.7 million for the three months ended September 30, 2026, a sharp deterioration from a $15.8 million loss in the year-ago period, as a steep decline in the average Bitcoin price offset a near-50% jump in production volume and masked accelerating growth in its high-performance computing business.
Total revenue for HIVE’s second fiscal quarter of 2026 came in at $84.9 million, down 2.7% year over year, according to The Block’s reporting on the company’s earnings release. The result still beat analyst consensus of roughly $80 million, and the adjusted loss per share of $0.15 came in ahead of the $0.16 estimate, per Yahoo Finance.
Falling Bitcoin Mining Revenue Weighed on the Quarter
The Block reported that Bitcoin mining revenue fell 7.4% year over year to $76 million, even as HIVE increased its coin output substantially. The average Bitcoin price realized by the company during the quarter dropped to $71,003 from $114,382 in the same quarter a year earlier, according to The Block’s reporting on the results. For related coverage, see KULR Sells Its Remaining 764 Bitcoin.
Yahoo Finance reported that HIVE mined 1,070 BTC during the quarter, up 49% from 718 BTC in the prior-year period, demonstrating a meaningful expansion in operational scale even as halving-era economics compressed per-coin economics.
The mining segment was further burdened by a $31.2 million non-cash impairment charge against Bitcoin mining equipment, which CoinTelegraph reported was attributed to challenging mining economics and declining machine market values. The Block reported that electricity costs for the quarter reached $45.6 million, and depreciation was $54.9 million, producing a gross loss of $24.7 million on the mining segment even as physical production grew.
Despite the headline loss, adjusted EBITDA came in at $24.8 million, reflecting the non-cash nature of the impairment charge and depreciation load.
HIVE’s net loss for the first six months of its fiscal year totaled $221.6 million, per Yahoo Finance, underscoring the cumulative pressure the post-halving price environment has placed on the company’s income statement. CoinShares has argued that a Bitcoin price recovery alone may not be sufficient to restore profitability for miners that have taken on heavy capital expenditure commitments in this cycle.
AI Business Growth Adds a Second Business Trend
HIVE’s HPC and AI hosting segment, operated through its BUZZ subsidiary, generated $8.8 million in revenue during the quarter, a 71% increase year over year, and now accounts for 10.4% of total revenue, according to Yahoo Finance. The segment’s growth offers a partial structural offset to weakening Bitcoin mining economics, though it remains a fraction of overall revenue.
HIVE’s contracted GPU cloud annualized run-rate revenue stands at approximately $185 million, including capacity not yet in service, The Block reported. The company has already deployed $145.3 million of a planned $493 million in HPC infrastructure investment budgeted over 36 months.
HIVE Chief Operating Officer Luke Rossy addressed the AI strategy directly at Mining Disrupt, framing the company’s approach as an expansion rather than a pivot away from Bitcoin mining.
“HIVE isn’t pivoting to AI. We’re scaling it. Two years of proven HPC revenue, 5K+ NVIDIA GPUs online, and a twin-engine model where mining cash flow fuels Tier III+ AI growth.”
Luke Rossy, COO, HIVE Digital Technologies, via @HIVEDigitalTech
Chief Executive Officer Aydin Kilic set more specific forward targets in the earnings release. Kilic said HIVE is targeting $200 million in GPU cloud ARR in the fourth quarter of 2026 and $700 million in total HPC ARR by the end of 2028, according to The Block’s reporting. The company has financed part of this expansion through the issuance of $245 million in 0% exchangeable senior notes.
Analysis: Based on the reported mining revenue and production figures, implied mining revenue per BTC was close to HIVE’s stated average realized Bitcoin price. The company’s contracted GPU cloud annualized run-rate is $185 million, and whether that diversification can offset weaker mining economics remains a question for the sector.
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