HIVE Reports $78.7 Million Net Loss in Q2, GPU Cloud Business Signs $185 Million ARR

HIVE Digital Technologies has announced its financial results for the second quarter of the fiscal year ending September 30, reporting revenue of $84.9 million, a decrease of 2.7% year-over-year; with a net loss of $78.7 million compared to a loss of $15.8 million in the same period last year. The company received 1,070 BTC mining rewards this quarter, representing a 49% year-over-year increase. Due to the average price of Bitcoin dropping from $114,382 to $71,003, mining revenue fell from $82.1 million to $76 million. The company recorded an impairment of $31.2 million on mining equipment, resulting in an adjusted EBITDA of $24.8 million. In terms of AI business, HIVE's BUZZ high-performance computing segment generated revenue of $8.8 million this quarter, up 70.7% year-over-year. The GPU cloud business has an actual running ARR of approximately $40 million, with signed ARR of about $185 million, including computing capacity that has not yet been put into operation. HIVE expects the GPU cloud business ARR to reach $200 million by Q4 2026 and plans to achieve a total HPC business ARR of $700 million by the end of 2028. As of the end of September, the company held $139 million in cash and cash equivalents, along with $22.6 million in digital assets.

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