Hive Digital Technologies Ltd. (TSE:HIVE)
NASDAQ:HIVE
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HIVE Digital Technologies
(NASDAQ:HIVE)
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Rating:49Neutral
Price Target:
C$3.50
▲(3.24% Upside)
Action:Reiterated
Date:02/18/26
Overall score reflects a solid balance sheet and growth trajectory (including upbeat HPC/GPU guidance), offset by weak/volatile profitability with deeply negative free cash flow and a clearly bearish technical setup (price below all key moving averages with negative momentum indicators).
Positive Factors
Conservative balance sheet
Very low leverage (debt-to-equity ~0.04x) and a growing equity base give HIVE financial flexibility to fund expansions, absorb crypto cycles, and access opportunistic capex or working capital without forcing distressed asset sales or immediate external refinancing pressures.
Negative Factors
Large GAAP net losses
Substantial non‑cash charges from rapid expansion drive big GAAP losses, increasing reported volatility and reducing clarity on sustainable profits. Persistent headline losses can constrain strategic options, affect investor confidence, and complicate long-term performance assessment.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage (debt-to-equity ~0.04x) and a growing equity base give HIVE financial flexibility to fund expansions, absorb crypto cycles, and access opportunistic capex or working capital without forcing distressed asset sales or immediate external refinancing pressures.
Read all positive factors
HIVE Digital Technologies (HIVE) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.62B
Dividend YieldN/A
Average Volume (3M)5.55M
Price to Earnings (P/E)―
Beta (1Y)2.77
Revenue Growth156.35%
EPS Growth-46.66%
CountryCA
Employees24
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.61
Shares Outstanding267,430,820
10 Day Avg. Volume4,760,825
30 Day Avg. Volume5,545,082
Financial Highlights & Ratios
PEG Ratio0.65
Price to Book (P/B)0.42
Price to Sales (P/S)1.62
P/FCF Ratio-1.18
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$9.87Price Target Upside191.25% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-0.71
Revenue Forecast (FY)C$396.59M
HIVE Digital Technologies Business Overview & Revenue Model
Company Description
HIVE Digital Technologies Ltd. operates as a technology firm that constructs and manages advanced data centers in Bermuda and Paraguay, utilizing exclusively green energy sources. The company primarily focuses on the mining and subsequent sale of ...
How the Company Makes Money
HIVE makes money primarily by operating cryptocurrency mining equipment and earning block rewards and transaction fees from the networks it mines, which are received in digital assets (e.g., Bitcoin when mining Bitcoin). These digital assets are t...
HIVE Digital Technologies Earnings Call Summary
Earnings Call Date:Jun 02, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call highlighted strong year-over-year growth, meaningful progress building an AI/HPC platform, successful capital markets access, and concrete growth targets (GPU ARR, Gigafactory). These positives were balanced by sizable GAAP net losses, a negative adjusted EBITDA in the quarter, sequential revenue/margin weakness, limited near-term cash relative to large planned CapEx and multi-year execution risk on the Gigafactory. On balance the company presented a credible growth story with funding in place for near-term GPU cluster deployments but faces clear execution, timing and profitability hurdles tied to capital intensity and market volatility.Positive Updates
Strong Fiscal Year Revenue and Margin Expansion
Reported ~ $300M revenue for fiscal 2026; gross operating margin expanded to ~ $107M (≈4x YoY from $25M); net operating income of ~$76M for the year (≈9x YoY from $8.5M). Management reported ROIC ~13.3% and stated fiscal-year adjusted EBITDA of ~$73M (non-GAAP).
Negative Updates
Large GAAP Net Loss Driven by Noncash Charges
GAAP net loss of approximately $148M for the fiscal year (management disclosure) and a Q4 net loss of $76.3M. Company pointed to aggressive depreciation and other noncash accounting adjustments (e.g., 2-year straight-line depreciation for ASICs and 3-year for GPUs) as primary drivers.
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Fiscal Year Revenue and Margin Expansion
Reported ~ $300M revenue for fiscal 2026; gross operating margin expanded to ~ $107M (≈4x YoY from $25M); net operating income of ~$76M for the year (≈9x YoY from $8.5M). Management reported ROIC ~13.3% and stated fiscal-year adjusted EBITDA of ~$73M (non-GAAP).
Read all positive updates
Company Guidance
Management guided an aggressive scale-up of HPC/GPU capacity while keeping the Bitcoin-mining engine to fund growth: FY2026 revenue ~ $300M (Q4 $71.8M), annual gross operating margin ≈ $107M, adjusted EBITDA for the year ≈ $73M, ROIC ~13.3%; Q4 mined 876 BTC, treasury ~150 BTC, cash $23M, digital assets $10.8M and total current assets ~$59.8M; operational footprint ~440 MW active (consuming ~395 MW) within an 860 MW pipeline, ~25 EH installed (~23 EH average operational, ~24.6 EH optimized) at ~16 J/TH; BUZZ GPU cloud targets $200M ARR (doubling GPUs from ~5,500 to ~11,000) and HIVE targets ~$660M total HPC ARR (≈$200M GPU + ≈$460M colo) driven by two large clusters (~2,304 and ~2,080 GPUs each, capex ~$170–175M apiece with ~20% down) and a Toronto “Gigafactory” (100,000 GPUs, CAD ~3.5B capex, ~316–360M ARR target) planned energized end‑2027/compute early‑2028; near-term funding includes a $115M 0% exchangeable senior note (base conversion $2.57, capped conversion ≈$4.92) to finance the GPU buildout.HIVE Digital Technologies Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
78
Positive
Cash Flow
39
Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 259.33M | 115.28M | 114.47M | 106.32M | 211.26M | 88.34M |
| Gross Profit | 2.06M | -39.34M | 40.39M | -30.46M | 96.91M | 60.83M |
| EBITDA | 125.57M | 68.39M | 24.48M | -150.44M | 153.07M | 36.18M |
| Net Income | -73.37M | -3.00M | -51.20M | -236.42M | 79.62M | 24.14M |
Balance Sheet | ||||||
| Total Assets | 622.86M | 531.60M | 307.58M | 196.12M | 452.27M | 178.33M |
| Cash, Cash Equivalents and Short-Term Investments | 68.17M | 47.51M | 16.65M | 7.24M | 22.32M | 41.27M |
| Total Debt | 18.08M | 55.16M | 30.72M | 35.41M | 43.32M | 30.89M |
| Total Liabilities | 64.61M | 82.46M | 47.89M | 47.30M | 63.22M | 43.86M |
| Stockholders Equity | 558.25M | 449.14M | 259.69M | 148.82M | 389.05M | 134.47M |
Cash Flow | ||||||
| Free Cash Flow | -121.49M | -157.67M | -65.73M | 1.95M | -146.56M | -42.29M |
| Operating Cash Flow | 86.24M | 16.63M | 13.53M | 44.78M | 68.49M | 22.95M |
| Investing Cash Flow | -270.15M | -183.77M | -78.36M | -40.89M | -214.19M | -66.86M |
| Financing Cash Flow | 187.42M | 180.73M | 70.15M | -4.64M | 110.77M | 78.29M |
HIVE Digital Technologies Technical Analysis
Positive
3.39
Price Trends
4.49
Positive
3.74
Positive
4.58
Positive
Market Momentum
0.30
Positive
61.48
Neutral
72.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HIVE, the sentiment is Positive. The current price of 3.39 is below the 20-day moving average (MA) of 5.75, below the 50-day MA of 4.49, and below the 200-day MA of 4.58, indicating a bullish trend. The MACD of 0.30 indicates Positive momentum. The RSI at 61.48 is Neutral, neither overbought nor oversold. The STOCH value of 72.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:HIVE.
HIVE Digital Technologies Risk Analysis
HIVE Digital Technologies disclosed 68 risk factors in its most recent earnings report. HIVE Digital Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
HIVE Digital Technologies Peers Comparison
UnderperformOutperform
Sector (68)
TSE:HIVE
HIVE Digital Technologies
6.04
3.66
153.78%
TSE:WBG
Cascadia Blockchain Group Corp
0.01
-0.02
-60.00%
TSE:PBIT
POSaBIT Systems
0.07
-0.02
-27.78%
HIVE Digital Technologies Corporate Events
Business Operations and StrategyPrivate Placements and Financing
HIVE Digital to Raise US$75 Million via Exchangeable Notes for AI and Data Center Expansion
Positive
Apr 15, 2026
HIVE Digital Technologies plans to raise US$75 million through a private offering of 0% exchangeable senior notes due 2031, issued via its wholly owned subsidiary HIVE Bermuda 2026, with an option for initial purchasers to buy an additional US$15 ...
Business Operations and StrategyProduct-Related Announcements
HIVE Digital Launches Paraguay AI Cloud Cluster to Power Columbia LLM Research
Positive
Mar 18, 2026
HIVE Digital Technologies has activated its BUZZ AI Cloud GPU cluster in Asunción, Paraguay, marking the company’s first live AI and high-performance computing deployment layered onto its renewable power base in the country. Hosted in a...
Business Operations and Strategy
HIVE Quadruples Canadian AI Data Center Capacity in Bell Canada Partnership
Positive
Mar 16, 2026
HIVE Digital Technologies, through its BUZZ HPC unit, is expanding its AI data center footprint in Canada by quadrupling liquid-cooled capacity from 4 MW in Manitoba to 16.6 MW across Manitoba and British Columbia. The partnership with Bell Canada...
Business Operations and Strategy
HIVE and AMC Robotics Partner to Power AI-Driven Robotics With GPU Cloud Infrastructure
Positive
Mar 13, 2026
HIVE Digital Technologies, a global provider of sustainable AI compute infrastructure, and AMC Robotics, an AI-driven robotics solutions developer, have entered a strategic collaboration aimed at advancing AI-powered robotics and scalable compute ...
Business Operations and StrategyShareholder Meetings
HIVE Shareholders Approve All Resolutions at 2025 Annual Meeting
Positive
Mar 6, 2026
HIVE Digital Technologies reported that shareholders approved all resolutions at its 2025 annual general and special meeting, including the re-election of its four-member board and the reappointment of Davidson Company LLP as independent auditor....
Shareholder Meetings
HIVE Wins Proxy Advisor Backing for All Resolutions Ahead of 2026 Shareholder Meeting
Positive
Feb 20, 2026
HIVE Digital Technologies said independent proxy advisory firms, including Institutional Shareholder Services, have recommended that shareholders vote in favor of all resolutions to be considered at the company’s annual general and special m...
Business Operations and StrategyFinancial Disclosures
HIVE’s BUZZ Unit Lands $30 Million in AI Cloud Deals to Drive Tier-III HPC Expansion
Positive
Feb 13, 2026
HIVE Digital Technologies’ BUZZ high-performance computing unit has signed approximately $30 million in AI cloud customer contracts over two-year terms, supporting the first phase of an AI-optimized GPU deployment at its Canada West Tier-III...
Business Operations and StrategyFinancial Disclosures
HIVE Digital Sets February 17 Date for Fiscal Q3 2026 Results and Earnings Call
Neutral
Feb 12, 2026
HIVE Digital Technologies will release its financial results for the nine months ended December 31, 2025, on February 17, 2026, followed by an earnings conference call and webcast at 8:00 a.m. EST the same day. The earnings release and a replay of...
Business Operations and StrategyFinancial Disclosures
HIVE Digital Posts 290% Hashrate Surge as Green-Powered Mining Footprint Expands
Positive
Feb 5, 2026
HIVE Digital Technologies reported strong January 2026 Bitcoin production, with output rising 191% year-over-year to 297 BTC and average hashrate surging 290% to 22.2 EH/s, maintaining more than 2% of the global Bitcoin network share. The company ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.