HIVE Digital Technologies reported record fiscal Q3 2025 revenue of $93.1 million despite a 10% decline in Bitcoin prices, highlighting the success of its strategic pivot. The company’s 219% year-over-year revenue growth was fueled by a 23% increase in Bitcoin production and a major expansion into artificial intelligence and high-performance computing services.
HIVE Digital Technologies posted record quarterly results despite challenging conditions in the cryptocurrency mining sector. The company reported $93.1 million in revenue for the quarter ending December 31, 2025, which marked a 219% increase from the same period a year earlier.
Its gross operating margin expanded more than sixfold year-over-year to $32.1 million. This strong performance occurred as Bitcoin prices fell approximately 10% and network difficulty rose about 15% during the quarter.
HIVE generated 885 Bitcoin, a 23% quarter-on-quarter increase. The company also scaled its installed hashrate to 25 exahashes per second.
Beyond mining, HIVE continues building its artificial intelligence and high-performance computing business. In February, the company signed a two-year, $30 million contract to deploy 504 Nvidia B200 GPUs for enterprise AI cloud services.
This deal is expected to add about $15 million in annual recurring revenue. It will lift HIVE’s high-performance computing annualized revenue run rate by approximately 75%.
The company is targeting $140 million in annual recurring AI cloud revenue by the fourth quarter of 2026. This is part of a broader plan to scale total HPC revenue to $225 million.
HIVE was among the early publicly listed Bitcoin miners but began pivoting toward HPC infrastructure several years ago. Management anticipated increasing competition and margin compression in the mining sector.
That diversification has become increasingly relevant following the 2024 halving. Many miners have been forced to reassess capital allocation and infrastructure strategy after Bitcoin retraced from its October 2025 highs.
HIVE’s “dual-engine” model uses Bitcoin mining as a cash-flow generator while building recurring AI and HPC revenue. This reflects a broader shift among publicly traded miners seeking stability beyond Bitcoin’s price cycles.
Several other Bitcoin miners, including IREN and TeraWulf, have shifted toward AI workloads. Analysts increasingly view the next infrastructure “supercycle” as being powered by artificial intelligence rather than crypto.
