HIVE Reports $298M Record Revenue Despite 331 BTC Decline in First Quarter Holdings
Annual revenue reached $297.8 million for HIVE as Bitcoin reserves decreased to 150 BTC, with mining operations and AI computing powering the financial growth.
HIVE Digital Technologies, a Canadian-based Bitcoin mining operation, saw its Bitcoin reserves decrease by 331 BTC during the most recent quarter, despite posting significant gains in yearly revenue generated from both Bitcoin mining activities and high-performance computing (HPC) operations.
According to the company's fiscal year report released Monday, HIVE currently holds 150 Bitcoin (BTC), representing a decline from the 481 BTC it possessed at the conclusion of Q4 2025, based on company data and information from CoinGecko. The decrease of 331 BTC equates to approximately $23 million in current market value, as Bitcoin has experienced a decline of roughly 21% so far this year.
The company did not provide an explicit statement regarding whether it sold Bitcoin. Throughout fiscal 2026, HIVE mined a total of 2,885 BTC and achieved revenue of $297.8 million, representing a 158% increase compared to the previous year, primarily fueled by enhanced Bitcoin mining capabilities and income from HPC operations.
The declining Bitcoin reserves underscore the challenges publicly traded miners face in maintaining balance between asset accumulation and funding expansion expenses, particularly as they pour capital into energy-intensive mining facilities and broaden their portfolios to include AI computing infrastructure.
Revenue jumps to $297.8 million as mining drives growth, costs rise
Total revenue for HIVE increased to $297.8 million compared to $115.3 million in the previous year, with revenue from digital currency mining operations reaching $278.3 million, while the HPC segment generated $19.5 million, nearly doubling from the year-over-year comparison.
Even with the substantial revenue growth, escalating expenses continued to weigh on overall performance. Operating and maintenance costs increased as the company broadened its mining operations and data center infrastructure, while depreciation expenses surged to $170.4 million, representing nearly three times the amount from the previous year and ranking among the most significant line items on the company's income statement.
Miner bets on AI alongside Bitcoin
According to HIVE, revenue from its HPC operations grew from $10 million in the prior year, reflecting heightened demand for artificial intelligence computing services.
The firm reported that contracted annual recurring revenue from the HPC division hit $35 million by the close of the fiscal year, bolstered by the implementation of Nvidia-powered GPU clusters and additional enterprise customer agreements.
The company also emphasized its intentions for a 320-megawatt AI data center development in the Greater Toronto Area, which the company indicated could ultimately accommodate over 100,000 GPUs.
This strategic expansion reflects a wider movement among publicly traded Bitcoin mining companies, with numerous firms pursuing alternative revenue channels through AI and cloud computing services as the mining sector becomes increasingly competitive and requires greater capital investment.