HIVE Digital Technologies (TSE:HIVE)
:HIVE
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HIVE Digital Technologies
(HIVE)
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Rating:49Neutral
Price Target:
C$2.50
▼(-7.06% Downside)
Action:ReiteratedDate: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 and low leverage
Extremely low leverage provides durable financial flexibility to fund incremental capex, weather crypto cycles, and negotiate financing without distress. A strong equity base reduces bankruptcy risk and supports strategic optionality (GPU conversions, PPAs) over the next several quarters.
Negative Factors
Deeply negative free cash flow
Negative free cash flow indicates growth is being funded by external sources, asset swaps, or treasury moves rather than organic cash generation. This raises reliance on financing or digital-asset monetization, increasing dilution/liquidity risk if markets or asset prices turn unfavorable.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet and low leverage
Extremely low leverage provides durable financial flexibility to fund incremental capex, weather crypto cycles, and negotiate financing without distress. A strong equity base reduces bankruptcy risk and supports strategic optionality (GPU conversions, PPAs) over the next several quarters.
Read all positive factors
HIVE Digital Technologies (HIVE) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$683.24M
Dividend YieldN/A
Average Volume (3M)1.40M
Price to Earnings (P/E)―
Beta (1Y)2.37
Revenue Growth60.71%
EPS Growth-52.29%
CountryCA
Employees20
SectorFinancial
Sector Strength70
IndustryInformation Technology Services
Share Statistics
EPS (TTM)-0.53
Shares Outstanding253,993,970
10 Day Avg. Volume1,331,061
30 Day Avg. Volume1,396,612
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$8.86Price Target Upside229.52% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-0.59
Revenue Forecast (FY)C$426.44M
HIVE Digital Technologies Business Overview & Revenue Model
Company Description
HIVE 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 know...
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:Feb 16, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jun 25, 2026
Earnings Call Sentiment Positive
The call presented strong operating and strategic momentum: record revenue, large increases in installed hashrate and capacity, meaningful progress and contracts in the GPU/HPC business (including higher‑than‑expected contract pricing), improved fleet efficiency from a cash‑neutral treasury maneuver, and a conservative financing posture. Offsetting this were a large reported net loss driven by non‑cash charges, significant adjusted EBITDA volatility versus prior year/quarter (largely due to accounting treatment and digital asset mark‑to‑market), quarter‑over‑quarter margin compression, and material market/regulatory headwinds that create sensitivity in mining economics and timing of HPC conversions. On balance the operational growth and contract wins materially outweigh the accounting losses and market noise, but the business remains exposed to crypto price/difficulty cycles and supply‑chain timing risks.Positive Updates
Record Revenue and Expanded Gross Margin
Total revenue of $93.1M for the quarter with a gross operating margin of $32.1M (35%). Revenue increased from $29.2M year‑ago to $93.1M (+219% YoY) and gross operating margin rose from $5.3M to $32.1M (+~506% YoY).
Negative Updates
Large Reported Net Loss Driven by Non‑Cash Charges
Reported net loss of $91.3M for the quarter versus net income of $68.2M prior year period. The loss was driven primarily by non‑cash items: ~$57M in accelerated depreciation (Paraguay expansion) and ~$31M change in fair value of derivatives/digital currencies.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Revenue and Expanded Gross Margin
Total revenue of $93.1M for the quarter with a gross operating margin of $32.1M (35%). Revenue increased from $29.2M year‑ago to $93.1M (+219% YoY) and gross operating margin rose from $5.3M to $32.1M (+~506% YoY).
Read all positive updates
Company Guidance
The company reiterated a dual‑engine growth guide: near‑term focus on scaling Buzz/HPC and steady Bitcoin mining cash flow—Q3 revenue was $93.1M with $32.1M gross operating margin (≈35%), adjusted EBITDA $5.7M and a GAAP net loss of $91.3M largely driven by $57M depreciation and $31M fair‑value charges; the balance sheet showed $14M cash + $14M digital assets, 481 BTC treasury, ~243.1M shares outstanding, ~$91M current assets vs ~$52M current liabilities. Operationally HIVE reported 25 EH installed (avg 22.8 EH during the quarter), ~440 MW operating capacity with an additional 100 MW PPA (expected in September), ~1,184 BTC‑equivalent produced in the quarter, and an annualized mining ARR of ~$150M (company‑wide annualized ARR of ~$385M). On HPC/Buzz guidance they expect to grow from ~5,000 GPUs today to 11,000 by year‑end, hit $35M ARR by March 31 (a 70% QoQ increase), target $140M annualized GPU cloud revenue and $225M total HPC/colo ARR by year‑end (blue‑sky GPU ARR up to $200M, total potential ~$285M), with GPU ROI ~2.5 years, lease‑to‑own single‑digit financing, and a cashless $14M realized Treasury optimization converting ~3,800 new ASICs and improving fleet efficiency from 17.5 to 15.7 J/TH.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 | 19.80M | 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
Negative
2.69
Price Trends
3.09
Negative
3.77
Negative
4.23
Negative
Market Momentum
-0.14
Positive
43.36
Neutral
36.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HIVE, the sentiment is Negative. The current price of 2.69 is below the 20-day moving average (MA) of 2.81, below the 50-day MA of 3.09, and below the 200-day MA of 4.23, indicating a bearish trend. The MACD of -0.14 indicates Positive momentum. The RSI at 43.36 is Neutral, neither overbought nor oversold. The STOCH value of 36.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:HIVE.
HIVE Digital Technologies Peers Comparison
UnderperformOutperform
Sector (68)
TSE:HIVE
HIVE Digital Technologies
2.69
0.68
33.83%
TSE:WBG
Cascadia Blockchain Group Corp
0.02
-0.02
-50.00%
TSE:PBIT
POSaBIT Systems
0.05
>-0.01
-9.09%
HIVE Digital Technologies Corporate Events
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 ...
Business Operations and StrategyProduct-Related Announcements
HIVE Digital Pushes Into Paraguay With New AI Cloud Platform and Tier III Data Center
Positive
Jan 13, 2026
HIVE Digital Technologies is expanding its footprint in Paraguay through a strategic joint venture with the country’s largest telecommunications operator to launch one of the first purpose-built AI BUZZ Cloud platforms in Asunción, host...
Business Operations and StrategyFinancial Disclosures
HIVE Digital Lifts Bitcoin Output and Expands Green Data Centre Capacity
Positive
Jan 7, 2026
HIVE Digital Technologies reported robust Bitcoin production for December 2025, generating 306 BTC—up 197% year over year—and averaging 23.3 EH/s in hashrate while maintaining over 2% of the global Bitcoin network despite higher mining...
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.