HIVE Digital Technologies sees contracted GPU cloud revenue reaches about $185M as quarterly sales rise Proactive Tue, November 10, 2026 at 8:37 AM EST 3 min read HIVE -4.97% BTC-USD -1.17% NVDA -1.61% HIVE -4.97% Trade HIVE on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
HIVE Digital Technologies Ltd (TSX:HIVE, NASDAQ:HIVE, FRA:YO0, BVC:HIVECO) said on Tuesday its contracted GPU cloud annualized run rate revenue has reached about $185 million, as second-quarter revenue rose 7.3% from the prior quarter to $84.9 million.
The company, which operates Bitcoin mining and AI computing data centers powered by hydroelectricity, said about $40 million of the contracted total is already live.
HIVE is targeting roughly $200 million of GPU cloud annualized revenue by the fourth quarter of calendar 2026, subject to financing, market conditions, deployment schedules and customer acceptance.
High-performance computing (HPC) revenue climbed 70.7% year over year to $8.8 million, driven by an NVIDIA B200 GPU cluster deployed in Manitoba.
Revenue for the quarter ended September 30 fell 2.7% from a year earlier. Digital currency revenue was $76 million, helped by 1,070 Bitcoin received in rewards versus 1,004 in the previous quarter.
Gross operating margin rose to $30.2 million, or 35.6% of revenue, from 30.6% in the first quarter. Adjusted EBITDA was $24.8 million, up 85% sequentially.
HIVE reported a GAAP net loss of $78.7 million, which included $54.9 million of depreciation and a $31.2 million non-cash impairment of mining equipment. It ended the quarter with $139 million in cash and $22.6 million in digital currencies.
The contracted figure includes a roughly $225 million, three-year sovereign AI agreement with Bell AI Fabric supporting Cohere, covering 2,304 NVIDIA GB200 NVL72 GPUs. It also includes a roughly $350 million, five-year agreement with an investment-grade enterprise customer for 2,016 NVIDIA GB300 NVL72 GPUs.
"With our recent $129 million financing to fund the GPU purchase for our three-year agreement with Cohere and Bell, our capital commitments for the 2,304 GB200 GPU cluster were satisfied as of September 30, 2026," said Aydin Kilic, HIVE's CEO, adding that the GPUs are expected to ship before calendar year-end.
Kilic said GPU demand remains very high and current market prices exceed contracted prices from six months ago.
HIVE said it operates about 440 megawatts of global power capacity and expects to reach about 540 megawatts once an additional 100 megawatt power purchase agreement at Yguazú in Paraguay is energized in the fourth quarter of calendar 2026. That capacity is currently unallocated, giving the company flexibility to direct it toward hashrate, AI or HPC workloads.
The company also signed a letter of intent for long-term colocation at its 32 megawatt Big Boden facility in Sweden, representing about $45 million of potential annual revenue if definitive agreements are executed. That amount is not included in contracted GPU cloud revenue.
HIVE has 400 megawatts of utility load across Canada earmarked for Tier III data centers for HPC, with more than 320 megawatts in Ontario. Management has set a longer-term target of about $700 million in total HPC annualized revenue by year-end 2028, which depends on financing, construction, customer commitments and market conditions.
"We convert electrons into valuable intelligence and export computing power globally," said Frank Holmes, co-founder and executive chairman.
