olivLaw · US equity research
HIVE Digital Technologies Ltd. HIVE
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
HIVE Digital Technologies is a sustainable-energy focused digital infrastructure company that uses cash flow from its hashrate services to fund expansion into AI and high-performance computing through its subsidiary BUZZ HPC. The current stake is its transition from bitcoin mining toward AI infrastructure, while it must absorb large net losses driven by non-cash provisions, such as the one tied to the Swedish VAT dispute. Total capacity of about 464.4 MW and revenue of 297.8 million USD in fiscal 2026 show the scale of the business.
At the close of 04 Nov 2026, HIVE Digital Technologies Ltd. (HIVE) stock was 1.82 USD (+0.55% on the day), with market capitalisation 499.2 m USD, beta 2.74, 52-week range 1.71–5.08 USD. Latest reported quarter (Q1 2027): revenue of 79.1 m USD (+73.5% YoY), net income of -142.9 m USD (−508.1% YoY), diluted EPS -0.54 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 32.1
- weak (30–45)
- Bollinger (20, 2)
- 1.62 – 2.54
- in the lower half of the band · %B 0.22 · band width 44.0%
- SMA 50 / 200
- 2.65 / 2.81
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.25 / -0.25
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −37.2% | −2.0% | −35.2 pp | — |
| 3 months | −35.9% | −2.2% | −33.7 pp | — |
| 6 months | −38.1% | +4.3% | −42.4 pp | — |
| Year to date | −29.5% | +10.6% | −40.0 pp | — |
| 1 year | −63.1% | +10.5% | −73.5 pp | −47.5% |
| 3 years | −45.5% | +73.7% | −119.2 pp | −48.3% |
| 5 years | −91.8% | +61.7% | −153.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '26 | Q1 '27 |
|---|---|---|
| Revenue | 45.6 m | 79.1 m |
| Gross profit | -6.2 m | -29.5 m |
| SG&A | 5.8 m | 9.0 m |
| Interest expense | 72.0 k | 438.0 k |
| Income tax | 649.0 k | 1.6 m |
| Net income | 35.0 m | -142.9 m |
| Diluted EPS | 0.18 | -0.54 |
| Operating cash flow | 10.2 m | 4.1 m |
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | ⚠ 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Revenue | 29.2 m | 67.7 m | 211.2 m | 106.3 m | 114.5 m | 115.3 m | 297.8 m |
| Revenue YoY | unavailable | +131.7% | +212.0% | — | +7.7% | +0.7% | +158.3% |
| Net income | -1.7 m | 24.1 m | 79.6 m | -236.4 m | 26.5 m | -3.0 m | -148.4 m |
| Net income YoY | unavailable | unavailable | +229.8% | — | unavailable | −111.3% | unavailable |
| Diluted EPS | -0.01 | 0.33 | 0.94 | -2.85 | 0.29 | -0.02 | -0.66 |
| Diluted EPS YoY | unavailable | unavailable | +184.8% | — | unavailable | −106.9% | unavailable |
| net % | -5.7% | 35.7% | 37.7% | -222.4% | 23.2% | -2.6% | -49.8% |
| Free cash flow | 769.5 k | 2.3 m | -132.1 m | 40.7 m | -54.7 m | unavailable | unavailable |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 23.1 m USD
- Financial debt
- 2.0 m USD
- Net debt
- -21.1 m USD
- Equity
- 529.4 m USD
- Total assets
- 639.1 m USD
- Debt / equity
- 0.00x
- Current ratio
- 1.10x
- ROE
- -30.3%
- ROA
- -25.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 67.7 m | 211.2 m | 106.3 m | 114.5 m | 115.3 m | 297.8 m | SEC (XBRL)· 02 Jun 2026verified |
| Cost of revenue | — | — | 55.5 m | 74.1 m | — | — | SEC (XBRL)· 24 Jun 2024verified |
| Gross profit | 40.2 m | 96.9 m | -30.9 m | -26.1 m | -39.3 m | -62.5 m | SEC (XBRL)· 02 Jun 2026verified |
| SG&A | — | — | — | 13.2 m | 16.6 m | 31.4 m | SEC (XBRL)· 02 Jun 2026verified |
| Interest expense | 1.2 m | 3.9 m | 4.0 m | 397.0 k | 414.0 k | 628.0 k | SEC (XBRL)· 02 Jun 2026verified |
| Pre-tax income | 24.3 m | 82.0 m | -236.1 m | -45.0 m | — | — | SEC (XBRL)· 24 Jun 2024verified |
| Income tax | 151.4 k | 2.4 m | 289.0 k | 6.2 m | 4.6 m | 3.9 m | SEC (XBRL)· 02 Jun 2026verified |
| Net income | 24.1 m | 79.6 m | -236.4 m | 26.5 m | -3.0 m | -148.4 m | SEC (XBRL)· 02 Jun 2026verified |
| Diluted EPS | 0.33 | 0.94 | -2.85 | 0.29 | -0.02 | -0.66 | SEC (XBRL)· 02 Jun 2026verified |
| Weighted average diluted shares | 73.3 m | 84.8 m | 82.9 m | 90.0 m | 127.9 m | 225.4 m | SEC (XBRL)· 02 Jun 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 40.3 m | 5.3 m | 4.4 m | 9.7 m | 23.4 m | 23.1 m | SEC (XBRL)· 02 Jun 2026verified |
| Receivables | 8.8 m | 6.8 m | 9.4 m | 6.9 m | — | 15.6 m | SEC (XBRL)· 14 Aug 2026verified |
| Current assets | 107.5 m | 199.1 m | 82.5 m | 185.2 m | 241.7 m | 59.8 m | SEC (XBRL)· 02 Jun 2026verified |
| Property, plant & equipment, net | 21.6 m | 177.5 m | 87.2 m | 95.4 m | 202.8 m | 480.5 m | SEC (XBRL)· 02 Jun 2026verified |
| Intangibles (excl. goodwill) | 604.1 k | — | — | — | — | — | SEC (XBRL)· 22 Oct 2021verified |
| Total assets | 178.3 m | 452.3 m | 196.1 m | 306.7 m | 531.6 m | 639.1 m | SEC (XBRL)· 02 Jun 2026verified |
| Accounts payable | 3.5 m | 12.4 m | 9.4 m | 7.5 m | 11.7 m | 10.7 m | SEC (XBRL)· 02 Jun 2026verified |
| Short-term debt | 4.4 m | 1.2 m | 1.2 m | 5.6 m | 3.6 m | 2.0 m | SEC (XBRL)· 02 Jun 2026verified |
| Long-term debt | 17.1 m | 14.5 m | 11.9 m | 10.4 m | — | — | SEC (XBRL)· 24 Jun 2024verified |
| Current liabilities | 9.9 m | 26.2 m | 23.1 m | 27.1 m | 66.0 m | 54.4 m | SEC (XBRL)· 02 Jun 2026verified |
| Total liabilities | 50.2 m | 63.2 m | 47.3 m | 47.3 m | 82.5 m | 109.8 m | SEC (XBRL)· 02 Jun 2026verified |
| Equity | 128.2 m | 389.1 m | 148.8 m | 259.7 m | 449.1 m † | 529.4 m † | SEC (XBRL)· 02 Jun 2026verified |
| Shares outstanding at year end | — | — | — | — | 165.6 m | — | SEC (XBRL)· 26 Jun 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 23.7 m | 66.3 m | 44.8 m | 9.6 m | 16.6 m | 62.3 m | SEC (XBRL)· 02 Jun 2026verified |
| Capex | 21.3 m | 198.3 m | 4.1 m | 64.4 m | — | — | SEC (XBRL)· 24 Jun 2024verified |
| Free cash flow | 2.3 m ≈ | -132.1 m ≈ | 40.7 m ≈ | -54.7 m ≈ | — | — | SEC (XBRL)· 26 Jun 2025derived |
| Investing cash flow | -66.9 m | -212.0 m | -40.9 m | -77.3 m | -183.8 m | -222.9 m | SEC (XBRL)· 02 Jun 2026verified |
| Financing cash flow | 78.3 m | 110.8 m | -4.6 m | 73.0 m | 180.7 m | 159.9 m | SEC (XBRL)· 02 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 499.2 m USD
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -98.5% | 51 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 41.0% | 100 (on a fixed band) | 44% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.0x | 96 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial96/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial51/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HIVE DIGITAL TECHNOLOGIES LTD. (HIVE). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 297.8 m USD in 2026; YoY growth 158.3%; net margin -98.5%; ROE -66.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 41.0%
- Current ratio: 2.0x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 218.3 bn | 18.3 | 35.9% | 27.9% | +6.4% | −11% / +91% |
| ARBKArgo Blockchain PLC | 45.2 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 38.5 bn | — | -4.7% | -12.5% | +9.4% | −47% / +17% |
| SOFISoFi Technologies, Inc. | 21.7 bn | 35.0 | 7.1% | 104.3% | +23.1% | −44% / +130% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| UPSTUpstart Holdings, Inc. | 2.3 bn | 39.9 | 8.0% | 4.9% | +64.0% | −48% / −13% |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| HIVEHive Digital Technologies Ltd. | 499.2 m | — | -66.4% | -98.5% | +158.3% | −63% / −46% |
| BTBTBit Digital, Inc. | 300.9 m | — | -56.7% | -237.2% | +5.1% | −65% / −68% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| CNTNCanton Strategic Holdings, Inc. | 172.1 m | — | -43.1% | — | unavailable | −17% / −83% |
| USBCUsbc, Inc. | 166.5 m | — | -414.1% | — | −100.0% | −47% / −97% |
| SNFCASecurity National Financial Corporation | 166.1 m | 6.5 | 9.0% | 11.1% | +3.0% | +15% / +37% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| BMHLBluemount Holdings Limited | 79.0 m | 61,098.2 | 26.2% | 18.8% | unavailable | −8% / unavailable |
| UPXIUpexi, Inc. | 62.9 m | — | -1,356.3% | -984.3% | +58.1% | −73% / −95% |
| SGRXSangrix Inc. | 40.8 m | — | -300.3% | -36,190.3% | −98.6% | −99% / −100% |
| AVXAvax One Technology Ltd. | 34.9 m | — | -189.6% | -1,533.9% | +8,709.3% | −80% / −100% |
1- and 3-year price returns: for HIVE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
HIVE Digital Technologies is a sustainable-energy focused digital infrastructure company that uses cash flow from its hashrate services to fund expansion into AI and high-performance computing through its subsidiary BUZZ HPC. The current stake is its transition from bitcoin mining toward AI infrastructure, while it must absorb large net losses driven by non-cash provisions, such as the one tied to the Swedish VAT dispute. Total capacity of about 464.4 MW and revenue of 297.8 million USD in fiscal 2026 show the scale of the business 1.
SWOT
Strengths
- The company has a scalable data center base with advantageous power sources and solid reported liquidity after the quarter ended June 30, 2026 13. Hashrate cash flow supports AI investment.
- Management has experience building and running large-scale data centers, and the ability to convert existing sites to Tier-III infrastructure reduces development costs 1.
- The three-year AI contracts give visibility on future revenue and show that the market accepts the company's services 3.
Weaknesses
- The large net loss in the quarter ended June 30, 2026 shows sensitivity of results to non-cash items and high depreciation charges 3.
- A significant share of revenue still comes from Bitcoin mining, while the AI segment is at an early stage with comparatively small revenue within the company 13.
- Power contracts with limited terms and dependence on their renewal create uncertainty for long-term operations 1.
Opportunities
- If contracted GPU Cloud ARR grows toward its targets, the company could diversify revenue away from mining volatility 3.
- Unallocated capacity in Paraguay could offer flexibility for AI or hashrate projects, depending on which returns are most attractive 3.
- Demand for sovereign infrastructure in Canada could produce new projects if governments and enterprises prefer local providers 1.
Threats
- An outcome of the Swedish tax dispute could create costs beyond the provision already recorded 3.
- A fall in Bitcoin prices or a rise in network difficulty could significantly reduce hashrate revenue 1.
- Strong competition from large cloud providers and specialist operators could press prices in the GPU segment 1.
Risks
- Swedish tax disputehigh
The company recorded a non-cash provision related to contested VAT in Sweden and continues its appeals, while acknowledging the outcome remains uncertain 3.
- Expiry of energy contractshigh
Power purchase agreements for Paraguay run until the end of 2027, and continued operation depends on renegotiating or replacing them on acceptable terms 1.
- Bitcoin price volatilitymedium
Mining revenue depends on the coin price and network difficulty, which can cause large swings in quarterly results 1.
- Rapid GPU obsolescencemedium
Technological progress could make existing GPUs less competitive, requiring frequent equipment replacement 1.
- Reliance on external financingmedium
Expansion requires additional capital, and share issuance through at-the-market programs can dilute existing shareholders 13.
Investment thesis
What would need to be true (bull case)
- Rapid revenue growth combined with long-term AI contracts and an advantageous power portfolio could turn HIVE into an AI infrastructure platform with revenue steadier than mining 13.
- If the GPU Cloud ARR target is reached, the company could show its dual model works and attract new institutional clients in Canada 3.
- Unallocated capacity in Paraguay and Tier-III projects in the pipeline offer growth options that do not depend only on the Bitcoin price 3.
What would break the thesis
- The large net loss and provisions for the Swedish tax dispute show results can be strongly affected by items unrelated to current operations 3.
- Dependence on Bitcoin mining and on power contracts with limited terms makes profitability vulnerable to price or regulatory changes 1.
- GPU demand and rental prices are still forming, and the ARR target depends on successful deployment and market conditions 3.
What to watch
- Outcome of appeals in the Swedish VAT dispute and any additional provisionsnext 10-K
- Progress toward the 200 million USD GPU Cloud ARR targetQ4 2026
- Renegotiation of Paraguay energy contracts ahead of expiry2027
- Pace of activation of the new Blackwell cluster and the Bell AI Fabric contractQ2 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
HIVE Digital Technologies Ltd. describes itself as a digital infrastructure company focused on sustainable energy, operating data centers in Canada, Sweden and Paraguay with about 464.4 MW of capacity 1. The business model combines hashrate services sold to mining pools, which generate cash flow, with expansion into AI and HPC, undertaken mainly through its subsidiary BUZZ High Performance Computing Inc. 1. The company aims to move from a traditional hashrate provider to an integrated sovereign AI infrastructure platform for governments, enterprises and research institutions, particularly in Canada 1.
The company is listed on the Toronto Stock Exchange and Nasdaq Capital Markets, as well as on the Colombian Stock Exchange, and reports under US GAAP 12. Through partnerships HIVE expanded AI services in Paraguay, and contracts for Nvidia B200 GPUs in Manitoba were signed for two years 1. In its latest reported quarter, the company announced a three-year agreement with Bell AI Fabric supporting Cohere, adding significant contracted ARR to what was already live 3.
With revenue up 73.5% year-over-year in the first quarter of fiscal 2027 and reported cash of 208.0 million USD as of June 30, 2026, HIVE bases its expansion on both segments 3. However, the net result remains negative because of non-cash items, and the outlook depends on executing data center projects and AI contracts 3.
Segments
Hashrate services (Bitcoin mining)
The hashrate segment generates most of current revenue by selling computing power to mining pools under an FPPS payout model 1. In the first quarter of fiscal 2027, digital currency revenue reached 72.1 million USD 3. Installed capacity of about 25.2 EH/s as of July 31, 2026 2 is concentrated in Paraguay and Canada 1.
Market context
The market in which HIVE operates combines two areas of growing demand: Bitcoin mining, where the company sells hashrate, and AI infrastructure, where demand for sovereign compute and data localization is rising 1. Mining is dominated by mining pools, and revenue depends on network difficulty and the Bitcoin price 1. In GPU cloud, demand from institutions and start-ups is supported by costs the company says are lower than those of major hyperscale providers 1.
The energy and data center market is a key factor, since access to cheap power and grid capacity limits expansion 1. The company says it operates in energy-advantaged regions, but its power contracts have limited terms, so their renewal is essential to long-term development 12.
Trends
- Demand for sovereign AI infrastructuretailwind
The company links its strategy to a trend of governments and enterprises keeping data and compute within national borders, especially in Canada 1. If this demand turns into long-term contracts, it could support growth in HPC ARR 3.
- Bitcoin price and network difficulty cyclemixed
Mining revenue depends on Bitcoin rewards and network difficulty, factors the company does not control 1. Reward reductions after the April 2024 halving could compress margins if prices do not compensate 1.
- Cost and availability of energyheadwind
Energy prices can fluctuate because of regulation, weather and demand, and short or medium-term supply contracts could be hard to renew on economic terms 1. Geopolitical conflicts affecting European energy markets are cited as sources of uncertainty 1.
- Renewal and obsolescence of hardwaremixed
Faster technological progress in GPUs could make existing equipment less competitive and require further investment 1. Investment in more efficient ASIC machines, such as the 2026 upgrade cycle, shows this pressure is active 1.
Competitive position
HIVE competes on two fronts: Bitcoin mining, where it is one hashrate provider among many, and AI cloud, where rivals are cloud providers and specialist data center operators 1. The company's stated advantage is energy cost and combining hashrate resources with GPUs, but the sector has many larger players with more capital 1.
In HPC, HIVE is compared with infrastructure providers able to offer capacity for inference and training of large models, and partnerships with large players such as Bell AI Fabric can help it but may also limit commercial flexibility 3. The company says its prices are competitive with established hyperscalers, a claim that depends on market conditions 1.
- Mining pools (hashrate buyers and partners)
Buyers of hashrate to which HIVE is a supplier; they are not direct competitors for the service, but changes in their terms affect company revenue 1.
- Hyperscale cloud providers
Large cloud providers against which HIVE compares its GPU pricing, arguing it offers savings to clients 1.
- Other AI data center operators
Companies offering GPU capacity and colocation to the same enterprise and institutional clients 1.
- Other Bitcoin miners with low-cost energy operations
Competitors in the hashrate segment that rely on the same hydro energy cost advantages 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Serial ransomware crook gets 70 months behind bars for Nefilim, Hive rolesThe Register · 28 Oct 2026 · EN
- Ukrainian Hive and Nefilim Ransomware Affiliate Gets 70 Months in US PrisonSecurityWeek · 28 Oct 2026 · EN
- Nefilim and Hive ransomware affiliate gets 70 months in prisonBleepingComputer · 28 Oct 2026 · EN
- Nefilim, Hive ransomware operator given five-year-plus sentence after guilty pleaThe Record (Recorded Future) · 27 Oct 2026 · EN
- New university ranking reveals best schools in Canada for 2027 | Daily HiveSurge — GDELT DOC · 15 Oct 2026 · RO
- Four B . C . schools get top marks in new ranking of Canada best universities | Daily HiveSurge — GDELT DOC · 15 Oct 2026 · RO
- HIVE Digital subsidiary BUZZ HPC names capital-markets veteran to boardYahoo Finance — News · 15 Sept 2026 · EN
- HIVE Digital Technologies builds AI revenue engine with new hire – ICYMIYahoo Finance — News · 12 Sept 2026 · EN
- HIVE crosses $1 million in daily revenue from mining and AI cloudYahoo Finance — News · 11 Sept 2026 · EN
- HIVE brings in enterprise veteran to scale BUZZ HPC's AI cloud businessYahoo Finance — News · 10 Sept 2026 · EN
- HIVE joins Google, Microsoft, and Amazon in new Canada data center pledgeYahoo Finance — News · 09 Sept 2026 · EN
- HIVE stock pops 14% as crypto market heats upYahoo Finance — News · 03 Sept 2026 · EN
- HIVE Digital Board Member Sells Company StockYahoo Finance — News · 25 Aug 2026 · EN
- Hive raises $15m for ‘silicon brain’ that cuts hourly cost of running machines by 80%Sifted (EU startups) · 07 Jul 2026 · RO
- Hive (YC S14) is hiring sr back-end developers (CA/US remote OK)Hacker News · 25 May 2026 · EN
The latest news item in our archive is from 28 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report17 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report16 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report19 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report17 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report01 Jul 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
- Current report25 Jun 2026Other events · Financial statements and exhibits
- Current report25 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report22 Jun 2026Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / HIVE Digital Technologies Ltd. · 02 Jun 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / HIVE Digital Technologies Ltd. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / HIVE Digital Technologies Ltd. · 17 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.