Bitcoin miner HIVE (NASDAQ: HIVE) reported $87.3 million revenue for its fiscal quarter ending in September, as the company expanded its Bitcoin mining capacity and continued converting data-center sites for high performance compute (HPC).
The company generated $87.3 million in revenue for the quarter and an adjusted EBITDA of $31.5 million.
HIVE’s Bitcoin-mining quarterly revenue rose to $82.1 million from $20.7 million from a year prior. The company mined 717 Bitcoin, and its average operational hashrate reached 16.2 exahash per second with a total hashrate of 25 EH/s.
The company completed 300 megawatts for a new hydro-powered capacity in Paraguay during the quarter, finished in six months.
HIVE reported BUZZ HPC revenue of $5.2 million. The company is converting facilities in New Brunswick, Toronto, and Sweden into liquid cooled data centers for expansion of BUZZ.
The company reported a net loss of $15.8 million, citing accelerated depreciation tied to the Paraguay expansion and non-cash losses on investments and derivatives. HIVE ended the quarter with $47 million in cash and digital currencies.
HIVE is advancing a 70-MW data-center conversion to AI/HPC work loads at its Grand Falls site in New Brunswick, Canada. The facility could support more than 25,000 GPUs once fully upgraded. HIVE also reported upgrades at its Toronto and Boden, Sweden locations to support additional GPU deployments.
HIVE’s global hydro-powered footprint now totals 540 MW, with an option to scale to 35 EH/s of Bitcoin-mining capacity by the fourth quarter of 2026 using next-generation ASIC equipment. The company is targeting annualized revenue for BUZZ HPC, its HPC arm, of about $140 million by the same period.
Hive also plans to deploy a 63-node cluster of liquid-cooled Dell PowerEdge servers containing 504 GPUs. The equipment will be installed at the Bell AI Fabric data center under operating agreements executed for the project’s first phase.
Each of Hive’s Canadian and Swedish sites, in addition to the Bell AI Fabric facility, will support 2,000 GPUs beginning in the second half of 2026. Hive is targeting more than 6,000 new GPUs across the expansion, which it expects will add roughly $120 million ARR when deployed.
HIVE already operates more than 5,000 GPUs, and could reach more than 11,000 GPUs by the end of 2026.
At the time of publication, HIVE is up 10.4%.
