Image source: Shutterstock

Highlights

  • FY2025 revenue totaled CAD115.3M, with CAD105.2M from digital mining, CAD10.1M from HPC services.
  • Adjusted EBITDA stood at CAD56.2M, or 48.7% of total revenue.
  • Net loss of CAD3.0M under US GAAP, impacted by post-halving economics and expansion costs.

HIVE Digital Technologies Ltd. (TSXV: HIVE, NASDAQ: HIVE, FSE: YO0) has announced its financial results for the fiscal year ended March 31, 2025. The company reported total annual revenue of CAD115.3 million, consisting of CAD105.2 million from digital currency mining and CAD10.1 million from high-performance computing (HPC) and AI cloud services. 

Digital currency mining revenue declined 5.2% year-over-year, largely due to the April 2024 Bitcoin Halving and rising global hash rate difficulty. However, these impacts were partially offset by a 40% increase in the company's hashrate capacity—from 4.5 EH/s to 6.3 EH/s—and higher Bitcoin prices. HIVE mined a total of 1,414 Bitcoin during the year, contributing to a closing digital asset value of CAD181.1 million, which includes a HODL position of 2,201 BTC. 

HPC and AI cloud revenue saw significant year-over-year growth, increasing from CAD3.4 million in FY2024 to CAD10.1 million in FY2025. This performance was supported by the expansion of HIVE’s GPU fleet to over 5,000 units, responding to increased demand in the high-performance computing sector. 

Gross operating margin was reported at CAD25.1 million (21.8% margin), while general and administrative expenses rose to CAD16.6 million, up from CAD13.2 million in FY2024, due to staffing increases related to international expansion and HPC operations. The company posted a net loss of CAD3.0 million under US GAAP accounting standards. 

Adjusted EBITDA reached CAD56.2 million, representing 48.7% of total revenue, underscoring operating efficiency despite macro and industry headwinds. 

Operationally, HIVE expanded its infrastructure in Paraguay from 140 MW to 440 MW, acquiring 300 MW of hydro-powered energy. The company maintains its goal to scale Bitcoin mining capacity to 25 EH/s by year-end 2025, while further expanding its Buzz HPC division.