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HIVE calls itself an AI cloud company, but bitcoin still pays the bills

HIVE Digital Technologies wants to be known as an AI infrastructure company now. Its own numbers this quarter tell a different story about where the money is actually coming from.

Digital currency mining brought in $72.1 million for the quarter, up 76.6% year over year, and Bitcoin received as mining rewards jumped 147% as the company’s hashrate nearly tripled to 24 EH/s. AI and high-performance computing revenue, by comparison, was $7.1 million. Bitcoin mining isn’t just still part of HIVE’s business. It’s still carrying nearly the entire thing.

That imbalance matters because of how HIVE is framing its future. The company reported approximately $110 million in active and contracted GPU Cloud annual run-rate revenue this week, a figure meant to signal AI momentum to investors. But only about $35 million of that is actually generating revenue right now, from roughly 5,500 GPUs. The other $75 million rests almost entirely on one contract, a three-year, roughly $225 million sovereign AI deal with Bell AI Fabric supporting Cohere, tied to 2,304 Nvidia GB200 GPUs that still haven’t fully come online.

HIVE is targeting $200 million in GPU Cloud run-rate revenue by the end of 2026, and management points to a signed letter of intent for a Sweden colocation deal, potentially worth another $45 million, as evidence the pipeline keeps growing.

Meanwhile, the AI segment that is already running has genuinely strong growth: BUZZ HPC revenue rose 52.1% sequentially to that $7.1 million figure, powered by a new Nvidia B200 cluster in Manitoba. It’s real growth. It’s just still small next to bitcoin.

Total quarterly revenue reached $79.1 million, up 73.5% year over year, and adjusted EBITDA came in positive at $13.4 million. The GAAP picture looked worse, with a $142.9 million net loss driven largely by an $84.7 million provision tied to a contested Swedish VAT dispute.

“This first quarter of fiscal 2027 demonstrated the increasing scale and underlying operating strength of HIVE’s business,” said CFO Darcy Daubaras, citing the company’s $208 million cash position as it funds its next phase of growth.

The pivot toward AI is clearly underway. Whether HIVE becomes an AI infrastructure company or stays a bitcoin miner that also sells GPU capacity is still, for now, mostly a question of which numbers grow faster.

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