For the first quarter of fiscal 2027, which ended June 30, 2026, HIVE Digital (NASDAQ: HIVE) Technologies reported total revenue of $79.1 million. This figure represents a 10.2% increase from the previous quarter and a 73.5% jump from the same period last year. The company's digital currency operations generated $72.1 million, while its high-performance computing (HPC) segment brought in $7.1 million.
The rise in mining revenue was supported by the production of 1,004 Bitcoin, a 147% increase over the 406 Bitcoin earned in the first quarter of fiscal 2026. This growth was attributed to a significant expansion in operational capacity, with the company's average hashrate reaching 24.0 EH/s compared to 8.7 EH/s a year earlier. Gross operating margins improved to 30.6%, or $24.2 million.
HIVE's HPC division saw a 52.1% sequential revenue increase, aided by the installation of NVIDIA B200 GPU clusters at its Manitoba facility. The company reported that its contracted GPU Cloud annual run-rate revenue (ARR) has reached approximately $110 million. This includes a three-year, $225 million sovereign AI contract with Bell AI Fabric to support Cohere using 2,304 NVIDIA GB200 GPUs. HIVE aims to reach $200 million in GPU Cloud ARR by the end of 2026 and $700 million by late 2028.
The company currently manages 440 MW of power capacity and expects this to grow to 540 MW by the end of 2026 following the activation of a 100 MW power purchase agreement in Paraguay. Additionally, HIVE has signed a letter of intent for colocation services at its 32 MW Big Boden site in Sweden, which could generate $45 million in annual revenue.
