Digital infrastructure · bitcoin mining & HPC / Operating · capital-intensive / AI & Digital Assets
HIVE Digital
TSX.VHIVENasdaqHIVE
HIVE operates bitcoin-mining data centres and is building out high-performance computing capacity. It is a tangible, operating business — power contracts, machines, buildings — which makes it easier to value than a token and harder than a software company. The discipline is to value the operating assets and the computing business against all funding obligations, and to separate delivered revenue from contracted or targeted growth.
HIVE is cross-listed on Nasdaq, so U.S. investors can hold it like any U.S.-listed stock.
Primary assets & business
- Bitcoin-mining and data-centre sites in Canada, Sweden and Paraguay
- High-performance computing (HPC) and GPU cloud capacity under build-out
- Bitcoin held on balance sheet
Financial position
| Total revenue (quarter) | US$79.1M | Q1 FY2027 (June 30, 2026) [1] |
|---|---|---|
| Cash & cash equivalents | US$208.0M | June 30, 2026 [1] |
| Net loss (US GAAP, quarter) | US$142.9MIncludes an US$84.7M Swedish VAT provision. | Q1 FY2027 [1] |
| Convertible-loan liabilities | US$234.9MBefore other borrowings and leases. | June 30, 2026 [1] |
| Bitcoin production (quarter) | Not yet verifiedNot yet verified against the filing. | |
| Shares outstanding | Not yet verifiedNot yet verified against the filing. |
USD. Issuer-reported in the Q1 FY2027 results dated August 15, 2026.
Ownership & capital structure
| Convertible instruments | US$234.9M of convertible-loan liabilitiesPotential dilution if converted; terms to be confirmed from the notes to the financial statements. | June 30, 2026 [1] |
|---|---|---|
| Insider ownership | Not yet verifiedCheck the latest circular. | |
| Fully diluted shares | Not yet verified |
What has to happen next
- Resolution or appeal of the Swedish VAT matter behind the US$84.7M provision [1].
- HPC / GPU capacity actually energised and generating revenue, versus capacity announced.
- Terms, conversion prices and maturities of the convertible loans.
- Bitcoin price, network difficulty and realised power cost per coin in the next quarter.
Research checkpoints, not a dated event calendar or a promise of outcomes.
Valuation context
Value the operating assets and the computing business against all funding obligations: convertibles of US$234.9M [1] sit ahead of common equity, and the net loss for the quarter — US$142.9M including the VAT provision [1] — shows how quickly accounting value can move. The question is cash generation after reinvestment and after debt service, not revenue. No target or multiple is published here.
Mandatory reading
Key risks
- The net loss for the quarter included an US$84.7M Swedish VAT provision; the outcome of that matter is uncertain.
- Convertible-loan liabilities of US$234.9M sit ahead of shareholders and may convert into new shares.
- Bitcoin price and network difficulty drive mining revenue; neither is in the company’s control.
- Power costs, equipment ageing and the capital intensity of HPC build-outs.
- Dilution: growth in this sector has historically been funded by equity and convertibles.
Source documents
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1
HIVE Digital Technologies Q1 FY2027 results (quarter ended June 30, 2026)
Issuer-reported revenue, cash, net loss, VAT provision and convertible liabilities.
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2
SEDAR+ filings — HIVE Digital Technologies Ltd.
Interim financial statements and MD&A.
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3
EDGAR — HIVE Digital Technologies filings
Cross-listed issuer; U.S. filings available here.
