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HIVE Digital Technologies
(TSX:HIVE)
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Rating:52Neutral
Price Target:
C$4.50
▲(7.14% Upside)
Action:Reiterated
Date:08/18/26
The score is held back primarily by weak and volatile financial performance (large losses, negative ROE, and negative free cash flow) and only modest technical strength (negative MACD and price below the 50-day average). Offsetting this, the earnings call indicates improving operating momentum, stronger liquidity, and meaningful AI/HPC contract-driven growth targets, which supports a mid-range overall score despite notable legal/tax and capital-intensity risks.
Positive Factors
AI/HPC contract growth
Large multi-year AI/HPC contracts diversify HIVE beyond cryptocurrency mining and provide greater revenue visibility. The contracted pipeline, alongside management’s $200M GPU cloud ARR target, supports a potentially durable second growth engine as deployment expands.
Negative Factors
Deep losses and negative free cash flow
Large losses and negative free cash flow show that strong revenue growth has not yet translated into sustainable earnings or internally funded expansion. Continued weak cash conversion could constrain investment capacity and increase reliance on financing or asset monetization.
Read all positive and negative factors
Positive Factors
Negative Factors
AI/HPC contract growth
Large multi-year AI/HPC contracts diversify HIVE beyond cryptocurrency mining and provide greater revenue visibility. The contracted pipeline, alongside management’s $200M GPU cloud ARR target, supports a potentially durable second growth engine as deployment expands.
Read all positive factors
HIVE Digital Technologies (HIVE) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.17B
Dividend YieldN/A
Average Volume (3M)2.79M
Price to Earnings (P/E)―
Beta (1Y)2.59
Revenue Growth154.98%
EPS Growth-500.03%
CountryCA
Employees29
SectorFinancial
Sector Strength70
IndustryInformation Technology Services
Share Statistics
EPS (TTM)-1.28
Shares Outstanding274,277,340
10 Day Avg. Volume3,017,639
30 Day Avg. Volume2,793,789
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.80
Price to Sales (P/S)1.41
P/FCF Ratio-3.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$9.46Price Target Upside125.13% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.86
Revenue Forecast (FY)C$381.21M
HIVE Digital Technologies Business Overview & Revenue Model
Company Description
HIVE Digital Technologies Ltd. operates as a technology firm that constructs and manages advanced data centers in Bermuda and Paraguay, utilizing exclusively green energy sources. The company primarily focuses on the mining and subsequent sale of ...
How the Company Makes Money
HIVE makes money primarily by operating computing hardware to earn digital asset rewards (and related transaction fees) from blockchain networks, then realizing revenue either by selling some portion of the digital assets mined or by holding them ...
HIVE Digital Technologies Earnings Call Summary
Earnings Call Date:Aug 15, 2026
(Q1-2027)
| Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
The call presents a strong operational and commercial progress narrative: material revenue growth (~73% YoY), improved cash/adjusted profitability (positive adjusted EBITDA of $13.4M and earnings from operations of $15.2M), major GPU contract wins and a sizable contracted ARR pipeline ($180M ARR in GPU cloud, $600M TCV signed this year), and a much stronger liquidity position ($208M cash). Offsetting these positives are significant GAAP impacts from noncash items (notably an $84.7M Swedish VAT provision and heavy depreciation), ongoing legal/tax uncertainty in Sweden, margin mix pressure YoY, and macro volatility that could affect market valuation and financing. On balance, the operational momentum, contracts, and liquidity improvements materially outweigh the headline GAAP and tax-related issues, but the Swedish dispute and capital intensity remain key risks to monitor.Positive Updates
Quarterly Revenue Growth
Revenue of $79.1 million for Q1 fiscal 2027, up ~10% quarter-over-quarter and approximately 73%–74% year-over-year, reflecting expansion of operations (notably Paraguay) and higher scale.
Negative Updates
Large GAAP Net Loss Driven by Noncash Charges
Reported GAAP net loss of $142.9 million for the quarter. Included substantial noncash items: $84.7 million Swedish VAT provision, ~$53.7 million depreciation, ~$7.1 million share-based compensation; reported EBITDA was negative ~$86.3 million. Basic loss per share was $0.54 vs EPS $0.19 prior-year quarter.
Read all updates
Q1-2027 Updates
Positive
Negative
Quarterly Revenue Growth
Revenue of $79.1 million for Q1 fiscal 2027, up ~10% quarter-over-quarter and approximately 73%–74% year-over-year, reflecting expansion of operations (notably Paraguay) and higher scale.
Read all positive updates
Company Guidance
Management guided aggressive near‑term AI/HPC growth while reiterating mining cash‑generation: GPU cloud hit $180M of contracted/active revenue (5,500 GPUs online generating ~$97K/day → ~$35M ARR; 9,800 GPUs contracted/active), announced a 2,088‑GB300 5‑year deal ($350M TCV → $70M ARR) to be delivered in Q4 and the Cohere 3‑year $225M TCV deal, and is targeting $200M ARR for GPU cloud by year‑end; they also disclosed a Boden LOI for 25 MW IT colo (~$45M ARR at ~$150/kW/month) with a definitive expected before end‑Sept, a 100 MW IT Iguazu build (two 80 MVA transformers/substation work underway) to be energized by year‑end, and a Canada Gigafactory to be energized end‑2027 with compute early‑2028. Financially, Q1 revenue was $79.1M (+10% Q/Q, +73% Y/Y) with $24.2M gross operating margin, $15.2M operating income, positive adjusted EBITDA of $13.4M, a GAAP net loss of ~$143M driven by $84.7M Swedish provision and $53.7M depreciation, cash of $208M (total current assets ~$280M vs current liabilities ~$143M), 190 BTC held and ~1,004 BTC produced in the quarter. Looking out, management envisions a 2‑year target of roughly $700M ARR from AI cloud + HPC colo (GPU cloud ~$200M + HPC colo ~$500M) and, combined with ~25 EH/Bitcoin mining (~$750K/day, ~$275M ARR today), total company revenue approaching ~$1B as the dual‑engine strategy scales.HIVE Digital Technologies Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
58
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 330.69M | 297.79M | 115.28M | 114.47M | 106.32M | 211.26M |
| Gross Profit | 5.54M | -62.53M | -39.34M | 40.39M | -30.46M | 96.91M |
| EBITDA | 51.18M | 27.17M | 68.39M | 24.48M | -150.44M | 153.07M |
| Net Income | -324.09M | -148.45M | -3.00M | -51.20M | -236.42M | 79.62M |
Balance Sheet | ||||||
| Total Assets | 923.14M | 639.15M | 531.60M | 307.58M | 196.12M | 452.27M |
| Cash, Cash Equivalents and Short-Term Investments | 229.77M | 32.85M | 47.51M | 16.65M | 7.24M | 22.32M |
| Total Debt | 373.70M | 71.07M | 55.16M | 30.72M | 35.41M | 43.32M |
| Total Liabilities | 501.13M | 109.79M | 82.46M | 47.89M | 47.30M | 63.22M |
| Stockholders Equity | 422.01M | 529.36M | 449.14M | 259.69M | 148.82M | 389.05M |
Cash Flow | ||||||
| Free Cash Flow | -90.38M | -116.08M | -157.67M | -65.73M | 1.95M | -146.56M |
| Operating Cash Flow | 56.47M | 62.34M | 16.63M | 13.53M | 44.78M | 68.49M |
| Investing Cash Flow | -208.78M | -222.91M | -183.77M | -78.36M | -40.89M | -214.19M |
| Financing Cash Flow | 330.16M | 159.89M | 180.73M | 70.15M | -4.64M | 110.77M |
HIVE Digital Technologies Technical Analysis
Positive
4.20
Price Trends
4.25
Positive
4.51
Negative
4.05
Positive
Market Momentum
-0.05
Negative
53.67
Neutral
63.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HIVE, the sentiment is Positive. The current price of 4.2 is above the 20-day moving average (MA) of 3.95, below the 50-day MA of 4.25, and above the 200-day MA of 4.05, indicating a bullish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 53.67 is Neutral, neither overbought nor oversold. The STOCH value of 63.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:HIVE.
HIVE Digital Technologies Risk Analysis
HIVE Digital Technologies disclosed 68 risk factors in its most recent earnings report. HIVE Digital Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
HIVE Digital Technologies Peers Comparison
UnderperformOutperform
Sector (68)
TSE:HIVE
HIVE Digital Technologies
4.27
0.69
19.27%
TSE:PBIT
POSaBIT Systems
0.09
0.03
50.00%
HIVE Digital Technologies Corporate Events
Business Operations and StrategyFinancial Disclosures
HIVE’s BUZZ HPC Lands $350 Million AI Cloud Deal to Power Sustainable GPU Cluster
Positive
Aug 17, 2026
HIVE Digital Technologies, via its BUZZ High Performance Computing subsidiary, has secured a five-year GPU cloud services agreement with an investment-grade enterprise customer worth about $350 million, boosting BUZZ HPC’s annualized revenue...
Business Operations and StrategyFinancial DisclosuresLegal Proceedings
HIVE Digital Ramps Revenue and GPU Cloud Pipeline Despite Non-Cash VAT Hit
Positive
Aug 17, 2026
HIVE Digital Technologies reported first-quarter fiscal 2027 revenue of $79.1 million, a 73.5% year-over-year increase driven by strong growth in Bitcoin mining and expanding high-performance computing operations. Digital currency revenue rose to ...
Business Operations and StrategyFinancial Disclosures
HIVE Digital Sets August Dates for Fiscal Q1 2027 Results and Earnings Call
Neutral
Aug 13, 2026
HIVE Digital Technologies will report its fiscal Q1 2027 results after markets close on August 14, 2026, and will host an earnings conference call and webcast on August 17, 2026, at 8:00 a.m. EST for investors and analysts. The company plans to ma...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.