HIVE Digital posted record Q1 2026 results for the period ending June 30, 2025, with revenue of $45.6 million and Adjusted EBITDA of $44.6 million. The strong quarter was driven by a 45% jump in average hashrate to 8.9 EH/s and growth in both Bitcoin mining and high-performance computing (HPC) operations.
Bitcoin mining income was $40.8 million, an increase of 44.9% from the last quarter, increased by self-mining hashrate (5.9 EH/s to 8.7 EH/s) and modestly higher Bitcoin prices. 406 BTC was mined, a 34% increase, even with a 10.2% increase in network difficulty. The direct cost of mining was $26.8 million, 90% of which was electricity.
HIVE’s BUZZ HPC segment recorded a record $4.8 million in revenue, an increase of almost 60% from the previous quarter, driven by increasing AI and compute demand. The direct cost of HPC was $2.1 million.
Gross operating margin rose to $15.8 million, or 34.7%, up from $8.8 million, or 28.2%, in Q4 2025. Net income was $35.0 million, which was driven by $23.2 million of net gains on digital currencies, an $8.2 million unrealized equity gain, and a $16.4 million derivative asset revaluation gain.
HIVE management reported that the company hit 15 EH/s in July, now generating around 7.5 BTC per day, and should ramp up to 25 EH/s by Thanksgiving. The company also furthered its AI cloud business through the proposed acquisition of a 7.2 MW Tier 3 Toronto data center and the deployment of a new NVIDIA Hopper GPU cluster in Quebec.
HIVE closed the quarter with $71.9 million in cash and cryptocurrencies, setting it up for additional growth with financial flexibility.
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