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HIVE Digital Technologies (TSE:HIVE)
:HIVE
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HIVE Digital Technologies
(NASDAQ:HIVE)
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Rating:51Neutral
Price Target:
C$5.50
▼(-2.31% Downside)
HIVE Digital Technologies has a moderate overall score driven by strong technical momentum but offset by poor financial performance and valuation metrics. The lack of profitability and cash flow issues are significant concerns, while the bullish technical indicators provide some positive outlook.
Positive Factors
Negative Factors
HIVE Digital Technologies (HIVE) vs. iShares MSCI Canada ETF (EWC)
Market Cap
$1.30B
Dividend YieldN/A
Average Volume (3M)2.30M
Price to Earnings (P/E)―
Beta (1Y)2.69
Revenue Growth7.57%
EPS Growth40.56%
CountryCA
Employees20
SectorFinancial
Sector Strength70
IndustryInformation Technology Services
Share Statistics
EPS (TTM)0.25
Shares Outstanding231,524,170
10 Day Avg. Volume3,540,155
30 Day Avg. Volume2,304,249
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.30
Enterprise Value/Revenue2.96
Enterprise Value/Gross Profit-9.20
Enterprise Value/Ebitda3.58
Forecast
1Y Price Target
$10.57Price Target Upside87.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
HIVE Digital Technologies Business Overview & Revenue Model
Company DescriptionHIVE Blockchain Technologies Ltd. operates as a cryptocurrency mining company in Canada, Sweden, and Iceland. It engages in the mining and sale of digital currencies, including Ethereum, Ethereum Classic, and Bitcoin. The company was formerly known as Leeta Gold Corp. and changed its name to HIVE Blockchain Technologies Ltd. in September 2017. HIVE Blockchain Technologies Ltd. was incorporated in 1987 and is headquartered in Vancouver, Canada.
How the Company Makes MoneyHIVE generates revenue through multiple streams, primarily by offering subscription-based software solutions and consulting services. The company sells its proprietary software products to businesses on a subscription model, providing ongoing support and updates. Additionally, HIVE earns revenue through consulting services, where it partners with clients to implement digital transformation strategies and optimize their technology infrastructure. Key partnerships with cloud service providers and technology vendors also enhance HIVE's service offerings, allowing the company to deliver comprehensive solutions that attract new clients and retain existing ones. Furthermore, HIVE may generate additional income through data analytics services, where it helps organizations derive actionable insights from their data, thereby creating further value for clients and solidifying long-term relationships.
HIVE Digital Technologies Earnings Call Summary
Earnings Call Date:Aug 15, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 17, 2025
Earnings Call Sentiment Positive
The earnings call reflects a transformative and growth-focused year for HIVE, with significant achievements in expanding its operations, particularly in Bitcoin mining and high-performance computing. However, the company faces challenges related to the Bitcoin halving impact, regulatory issues in Paraguay, and the transition to U.S. GAAP. Despite these challenges, the overall sentiment is positive given the strong expansion plans and financial performance.Q4-2025 Updates
Positive Updates
Transformative Year for HIVE
HIVE experienced a transformative year with significant expansion and growth, doubling its high-performance computing business using NVIDIA chips and surpassing 11 exahash in Bitcoin mining, up from less than 4 exahash a year ago.
Acquisitions and Strategic Expansion
HIVE acquired a major data center in Toronto, expanded in Paraguay, and acquired Bitfarms assets, positioning itself to double its hash rate by American Thanksgiving and potentially reach $400 million in revenue at Bitcoin's $100,000 price point.
HPC and AI Business Growth
HIVE's HPC AI business is positioned for significant growth, with plans to scale from a $20 million annual run rate to $100 million. The acquisition of a 7.2-megawatt Toronto data center will help expand this segment.
Strong Financial Metrics
HIVE reported $115 million in revenue and $56 million in adjusted EBITDA, with a market cap of $350 million. The company holds over $60 million in Bitcoin on the balance sheet and achieved 22% ROIC over the last 12 months.
Sustainable and Community-Focused Projects
HIVE has been involved in community projects such as electrifying schools and lighting up streets in Paraguay, aligning with its strategy to integrate with local communities.
Negative Updates
Impact of Bitcoin Halving
The halving event in April 2024 significantly impacted HIVE's gross operating margin, reducing it from $37.5 million to $25.1 million year-over-year.
Challenges with GAAP Transition
Transitioning from IFRS to U.S. GAAP posed challenges, including a $64 million non-cash depreciation charge and a net loss of $0.02 per share compared to a net profit of $0.29 per share the previous year.
Regulatory Concerns in Paraguay
HIVE faces a challenging regulatory environment in Paraguay, with tariffs against crypto mining companies, although the company is optimistic about long-term power pricing.
Decreased Gross Mining Margin
The gross mining margin decreased to 22% from 33% the previous year due to higher Bitcoin difficulty and reduced currency rewards.
Company Guidance
During the earnings call for HIVE Digital Technologies, the company provided detailed guidance on various metrics. The team highlighted that for the fiscal year ending March 31, 2025, HIVE achieved $115.3 million in revenue, with $56.2 million reported in adjusted EBITDA. They noted significant growth in their high-performance computing (HPC) business, with an annual run rate (ARR) reaching $20 million, and projected this to potentially expand to $100 million. The company also discussed plans to scale their Bitcoin mining operations significantly, aiming to reach a hash rate of 25 exahash by the fall, which could generate over $400 million in revenue at a Bitcoin price of $100,000. Furthermore, the company emphasized their strategic initiatives, including a transformative move to U.S. GAAP reporting, a substantial acquisition of a data center in Toronto, and ongoing expansion in Paraguay, all contributing to their aim of becoming 3% of the Bitcoin network. The company also mentioned their strong cash and Bitcoin position, with over $60 million in Bitcoin on the balance sheet, supporting their robust growth strategy.HIVE Digital Technologies Financial Statement Overview
Summary
HIVE Digital Technologies shows revenue growth but struggles with profitability and cash flow. The balance sheet is stable with low leverage, yet operational inefficiencies and cash flow issues pose risks.Income Statement
HIVE Digital Technologies has shown a positive revenue growth rate of 11.46% in the TTM period, indicating a recovery from previous declines. However, the company struggles with profitability, as evidenced by negative gross profit margins and fluctuating net profit margins over the years. The EBIT and EBITDA margins are also inconsistent, reflecting operational challenges.45
Neutral
Balance Sheet
The company's balance sheet is relatively stable, with a low debt-to-equity ratio of 0.07 in the TTM period, suggesting conservative leverage. However, the return on equity is modest at 6.68%, indicating limited profitability from equity investments. The equity ratio remains healthy, supporting financial stability.60
Neutral
Cash Flow
Cash flow analysis reveals challenges, with negative free cash flow and a high free cash flow to net income ratio, indicating cash flow issues. Although operating cash flow has improved, the free cash flow growth rate remains volatile, suggesting potential liquidity concerns.40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 130.06M | 115.28M | 114.47M | 106.32M | 211.26M | 88.34M |
| Gross Profit | -41.87M | -39.34M | 40.39M | -30.46M | 96.91M | 60.83M |
| EBITDA | 107.59M | 68.39M | 24.48M | -150.44M | 146.30M | 36.18M |
| Net Income | 28.76M | -3.00M | -51.20M | -236.42M | 79.62M | 24.14M |
Balance Sheet | ||||||
| Total Assets | 628.73M | 531.60M | 307.58M | 196.12M | 452.27M | 178.33M |
| Cash, Cash Equivalents and Short-Term Investments | 58.30M | 47.51M | 16.65M | 7.24M | 22.32M | 41.27M |
| Total Debt | 40.23M | 55.16M | 30.72M | 35.41M | 43.32M | 30.89M |
| Total Liabilities | 68.21M | 82.46M | 47.89M | 47.30M | 63.22M | 43.86M |
| Stockholders Equity | 560.52M | 449.14M | 259.69M | 148.82M | 389.05M | 134.47M |
Cash Flow | ||||||
| Free Cash Flow | -177.82M | -157.67M | -65.73M | 1.95M | -146.56M | -42.29M |
| Operating Cash Flow | 30.52M | 16.63M | 13.53M | 44.78M | 68.49M | 22.95M |
| Investing Cash Flow | -236.67M | -183.77M | -78.36M | -40.89M | -214.19M | -66.86M |
| Financing Cash Flow | 204.94M | 180.73M | 70.15M | -4.64M | 110.77M | 78.29M |
HIVE Digital Technologies Technical Analysis
Positive
5.63
Price Trends
3.72
Positive
3.20
Positive
3.35
Positive
Market Momentum
0.53
Negative
76.44
Negative
60.43
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 5.63 is above the 20-day moving average (MA) of 4.61, above the 50-day MA of 3.72, and above the 200-day MA of 3.35, indicating a bullish trend. The MACD of 0.53 indicates Negative momentum. The RSI at 76.44 is Negative, neither overbought nor oversold. The STOCH value of 60.43 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 Peers Comparison
Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | 154.33M | -37.76 | ― | ― | ― | -90.34% | |
60 Neutral | 2.13B | -15.42 | -13.01% | ― | 46.65% | 44.91% | |
60 Neutral | 5.55B | 25.47 | 33.98% | ― | 2.40% | 27.15% | |
56 Neutral | 152.51M | -245.65 | ― | ― | -20.75% | -84.00% | |
52 Neutral | 51.06M | -3.67 | ― | ― | -98.96% | -214.13% | |
51 Neutral | $1.30B | ― | -5.84% | ― | 7.57% | 40.56% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
Performance Comparison
TSE:HIVE
HIVE Digital Technologies
4.98
0.48
10.67%
TSE:HODL
Sol Strategies
6.94
5.50
381.94%
TSE:DEFI
DeFi Technologies
0.83
0.00
0.00%
TSE:NDA
Neptune Digital Assets
1.13
0.83
276.67%
TSE:HUT
Hut 8
48.63
30.94
174.90%
BITF
Bitfarms
2.68
0.43
19.11%
HIVE Digital Technologies Corporate Events
Business Operations and Strategy
HIVE Digital Technologies Boosts Bitcoin Production by 22% Amidst Major Expansion
Positive
Sep 8, 2025
HIVE Digital Technologies Ltd. announced a significant 22% increase in Bitcoin production for August 2025, reflecting strong operational capabilities and expansion efforts in Paraguay. The completion of Phase 2 of the Yguazú Project and the near-completion of the Phase 3 Valenzuela site have propelled HIVE’s global mining capacity to 18.5 EH/s, with expectations to reach 25 EH/s by U.S. Thanksgiving 2025. This expansion is expected to enhance HIVE’s position in the Bitcoin network and deliver substantial value to shareholders, as the company continues to focus on efficient and sustainable operations powered by renewable energy.
The most recent analyst rating on (TSE:HIVE) stock is a Hold with a C$4.00 price target. To see the full list of analyst forecasts on HIVE Digital Technologies stock, see the TSE:HIVE Stock Forecast page.
Business Operations and Strategy
HIVE Digital Technologies Expands Bitcoin Mining Capacity with Completion of Yguazú Phase 2
Positive
Sep 3, 2025
HIVE Digital Technologies has completed Phase 2 of its Yguazú project in Paraguay, achieving a global Bitcoin mining capacity of 18 EH/s, powered by hydroelectric energy from the Itaipú Dam. With the completion of this phase, HIVE is now mining over 8.5 Bitcoin per day and plans to further expand to 25 EH/s by U.S. Thanksgiving, projecting a daily production of approximately 12 Bitcoin. The expansion involves deploying additional ASICs, with capital expenditures already accounted for, ensuring predictable costs and efficiency in operations.
The most recent analyst rating on (TSE:HIVE) stock is a Hold with a C$4.00 price target. To see the full list of analyst forecasts on HIVE Digital Technologies stock, see the TSE:HIVE Stock Forecast page.
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.