HIVE Digital Technologies Ltd. Q3 FY2026 earnings call

Frank Holmes gave a macro recap on geopolitics and crypto ecosystem volatility. Aydin Kilic highlighted record revenue for HIVE, $93.1 million in Q3, with $32.1 million gross operating margin. Mentioned growth in Bitcoin mining from 6 exahash to 25 exahash, and HPC progress with $5 million revenue and plans to scale. Darcy Daubaras discussed financial results, strong operational output, healthy balance sheet with $14 million cash and $14 million digital currencies, and focus on disciplined capital allocation, operational efficiency, and cash - oriented returns on invested capital.

For Bitcoin mining, in Q3 2025, revenue was $93.1 million with $32.1 million gross operating margin. Had a net loss of $91.3 million mainly due to non - cash charges. Produced approximately 1,184 Bitcoin equivalent. For HPC, revenue was nearly $5 million, on track to reach $225 million ARR by end of 2025 with 5,000 GPUs and plans to add 6,000 more. GPU cloud business had $5 million revenue in Q3, with 5,000 GPUs and aiming for 11,000 by end of year, and a two - year contract for 504 GPUs with NVIDIA Blackwell B200s.

Management expects to continue scaling HPC revenue, with GPU cloud aiming for $225 million ARR by end of 2025. Plans to add 6,000 GPUs to reach 11,000 by end of year. Also, progress on Paraguay expansion with 100 megawatt PPA and potential for HPC in Latin America through partnerships.

Volatility in crypto ecosystem, like the October 10 event causing Bitcoin price drop and margin calls. Negative market sentiment from legendary investors shorting Bitcoin miners and related companies. Uncertainties in regulatory environment, such as U.S. Senate committee delaying crypto bill due to banking and China - related concerns.

Q: Push forward on HPC strategy, benchmarking returns with AI cloud versus colocation and metrics, and interest in New Brunswick tier three hyperscaler.

A: ROI on GPUs is approximately two and a half years. Have experience with GPUs and residual market value. New Brunswick has engineering design underway and talks with interested groups.

Q: Current breakeven price for Bitcoin mining, capital allocation with Bitcoin levels, and CapEx spending.

A: Bitcoin mining breakeven depends on factors. Capital allocation focuses on scaling HPC and Bitcoin mining. CapEx spending on Bitcoin mining in Paraguay and HPC in New Brunswick and Manitoba.

Q: OEM financing for three years and mismatch with two - year deals, and depreciation expense.

A: OEM financing allows better cash flow with optionality. Depreciation based on ASIC equipment in Paraguay and incremental amounts from Q1 to Q3.

Q: CapEx for remaining GPUs in Manitoba and data center CapEx.

A: 504 GPUs' leasing/contract announced, with first cluster being commissioned soon. No major CapEx on data center side in Manitoba currently.