HIVE’s results add to signs of pressure on Bitcoin mining economics. American Bitcoin last week reported weaker mining margins despite a treasury-driven quarterly profit, while Core Scientific said it plans to leave mining entirely by year-end. HIVE is pursuing a different approach, expanding its AI computing business while continuing to invest in Bitcoin production.
In the latest quarter, HIVE’s HPC hosting revenue rose 71% to $8.8 million, accounting for 10.4% of its quarterly revenue.
HIVE said it anticipates spending up to $493 million over 36 months to expand its HPC operations, including acquiring land, building out data center infrastructure and buying up GPUs. The company reported spending $145.3 million toward that expansion as of the filing.
HIVE also plans to spend about $35 million converting its Toronto facility into a Tier-III data center. Meanwhile, it continues to expand its mining infrastructure, targeting a 100-megawatt substation expansion at its Yguazú site in Paraguay during 2026.
HIVE shares fall after hours despite earnings beat
HIVE’s Nasdaq-listed shares fell 1.7% to $1.78 in after-hours trading Monday, according to Google Finance, after closing the regular session up 1.7% at $1.81.
The company reported fiscal second-quarter revenue of $84.9 million, down 2.7% from a year earlier but above the $79.4 million consensus estimate listed by MarketBeat.
Meanwhile, MarketBeat reported an adjusted loss of 15 cents a share on its analyst comparison measure, beating expectations for a 16-cent loss. HIVE’s GAAP net loss was $78.7 million, or 29 cents a share.
