HIVE Digital Technologies (Nasdaq: HIVE), the Bitcoin mining giant, announced its financial results for the third quarter ended Dec. 31, 2025, on Feb. 17.
The company registered a record revenue of $93.1 million in the third quarter of 2025, a growth of 219% year-over-year (YoY). Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $5.7 million.
It generated a digital currency hashrate revenue of $88.2 million during the quarter. The hashrate revenue was achieved at a direct cost of $57.8 million, including around 90% in energy costs.
Related: HIVE's BUZZ signs $30M in AI cloud contracts
HIVE generated 885 Bitcoin in the third quarter of 2025, which marks a 23% quarter-on-quarter growth despite a 15% rise in network difficulty.
BUZZ high-performance compute (HPC) revenue stood at $4.9 million, against direct costs of $2.3 million.
GAAP net loss of $91.3 million was primarily driven by $57.4 million in accelerated depreciation related to the Paraguay expansion and non‑cash revaluation adjustments.
The company also completed the buildout of the 440 MW Paraguay facility and achieved the installed capacity of 25 EH/s. It also signed an additional 100 MW PPA in Yguazú and bought 10 hectares of land, with energization targeted for the fourth quarter of 2026.
After the quarter end, HIVE purchased an additional 63 hectares of land.
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AI and HPC growth
HIVE signed a two-year, $30 million contract for 504 Nvidia B200 GPUs in February to accelerate artificial intelligence (AI) revenue. The company is targeting the annual recurring revenue (ARR) of $140 million by Q4 2026 for GPU AI Cloud with 11,000 GPUs.
The company is targeting $225 million ARR for total high-performing computing (HPC) revenue by the end of calendar 2026 or early 2027 as GPU cloud and colocation capacity expand.
HIVE's 'dual-engine' strategy
HIVE's executive chairman, Frank Holmes, said, "This quarter marked an inflection point for HIVE. We delivered record revenue, scaled our renewable-powered Tier-I hashrate platform to 25 EH/s and accelerated our AI strategy."
He added, "Notably, we are also positioning Paraguay to be a leader in HPC for Latin America. With abundant and stable green energy, and a government that is strongly-aligned with the United States, we believe Tier-III data centers are the future in Paraguay."
HIVE is pursuing what it calls a "dual-engine" strategy: Bitcoin infrastructure as a cash generator and BUZZ AI Cloud as high-growth recurring revenue. The strategy provides diversification and capital allocation flexibility, the statement read.
Related: What is Bitcoin mining? Explained
This story was originally published by TheStreet on Feb 17, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
