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Dec 31, 2025
Hive Q3 2026 Earnings Report
HIVE delivered record revenue and expanded gross operating margin more than sixfold year-over-year, while reporting a net loss due to accelerated depreciation.
Key Takeaways
HIVE reported record Q3 FY2026 revenue of $93.1 million, with gross operating margin rising to $32.1 million. Despite strong top-line growth and positive adjusted EBITDA, the company posted a net loss of $91.3 million driven primarily by accelerated depreciation related to its Paraguay expansion.
Revenue increased to 93100000, up 219% year-over-year.
Gross operating margin expanded to 32100000, over 6x higher year-over-year.
Adjusted EBITDA was positive at 5700000.
Net loss of 91300000 was driven mainly by accelerated depreciation.
Revenue by Segment
Forward Guidance
HIVE expects continued expansion in AI cloud and HPC revenue, additional energy capacity in Paraguay, and scaling of its GPU infrastructure through calendar 2026.
Positive Outlook
- Signed a 30000000 two-year GPU contract expected to add approximately 15000000 in annual recurring revenue.
- Targeting 140000000 annual recurring revenue from GPU AI Cloud by Q4 2026.
- Signed additional 100 MW power purchase agreement in Paraguay.
- Targeting 225000000 annual recurring revenue from total HPC operations by end of calendar 2026 or early 2027.
- Expects to operate a 540 MW energy footprint by year-end.
Challenges Ahead
- Net income impacted by 57400000 in accelerated depreciation.
- Exposure to Bitcoin price volatility.
- Rising network difficulty may pressure mining margins.
- Dependence on reliable and low-cost energy supply.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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