HIVE Reports Q1 2027 Revenue of $79.1 Million; Contracted GPU Cloud ARR(1) Reaches Approximately $110 million

HIVE Digital Technologies Ltd. (TSX: HIVE) (Nasdaq: HIVE) (BVC: HIVECO) (the "Company" or "HIVE"), a global leader in sustainable data center infrastructure, today announced its results for the first quarter of fiscal 2027, ended June 30, 2026 (all amounts in US dollars, unless otherwise indicated).

Q1 FY2027 Financial Highlights Total Revenue: $79.1 million, up 73.5% year-over-year and 10.2% sequentially reflecting strong contributions from both its digital currency mining and high-performance computing (HPC) business. Digital Currency Revenue: $ 72.1 million, up 76.6% year-over-year and 7.3% sequentially driven by higher Bitcoin production. 1,004 Bitcoin were received as rewards during the period, up 147% year-over-year from 406 Bitcoin received in fiscal Q1 2026, driven by the significant expansion of HIVE's average operational hashrate to 24.0 EH/s compared with 8.7 EH/s in fiscal Q1 2026. HPC Revenue: BUZZ HPC revenue was $7.1 million, up 46.7% year-over-year and 52.1% sequentially, driven by the deployment of an NVIDIA B200 GPU cluster at its Manitoba, Canada, site, as well as strong demand and pricing across GPU marketplaces. Gross Operating Margin 2 : $24.2 million (30.6% of revenue), up from $17.5 million (24.4%) in fiscal Q4 2026. See the calculation of gross operating margin included below in this press release. SG&A: $9.0 million, down from $9.4 million in fiscal Q4 2026. There is a year-over-year increase from $5.8 million in Q1 FY2026 primarily reflected investments to support the continued growth of HIVE's HPC business and BUZZ team. GAAP Net Loss: $142.9 million, driven primarily by non-cash charges: a $84.7 million provision for regulatory liabilities, $53.7 million of depreciation expense, $7.1 million of share-based compensation, and a $7.1 million change in fair value of derivatives. Adjusted EBITDA 2 : $13.4 million or 17.0% of total revenue.

Liquidity: $208.0 million of cash and cash equivalents and $11.2 million of digital currencies as of June 30, 2026.

AI and HPC Growth Scaling Contracted GPU Cloud Revenue: HIVE increased its active and contracted GPU Cloud ARR to approximately $110 million, driven by its approximately $225 million, three-year sovereign AI agreement with Bell AI Fabric supporting Cohere, which adds $75 million ARR to the approximately $35 million of GPU Cloud ARR currently live. The agreement covers the deployment of 2,304 NVIDIA GB200 NVL72 GPUs and builds on HIVE's existing GPU Cloud platform. HIVE is targeting approximately $200 million of GPU Cloud ARR by the fourth quarter of calendar 2026, subject to market conditions and successful deployment.

Expanding the HPC Pipeline: In addition to approximately $110 million of contracted GPU Cloud ARR, HIVE has signed an LOI for long-term colocation at its 32 MW Big Boden facility in Sweden, representing approximately $45 million of potential annual colocation revenue. Including this potential opportunity, HIVE's HPC ARR pipeline totals approximately $155 million. Beyond calendar 2026, HIVE's Tier-III development pipeline, including 70 MW in New Brunswick, Toronto, Little Boden and the planned 320 MW GTA Gigafactory, supports a longer-term target of approximately $700 million of total HPC ARR by year-end 2028.

Expanding Power Capacity and Capital Allocation Flexibility: HIVE currently operates approximately 440 MW of global power capacity and expects its energized footprint to reach approximately 540 MW following the planned energization of an additional 100 MW PPA at Yguazú in the fourth quarter of calendar 2026. The additional capacity is currently unallocated, providing HIVE with flexibility to deploy power toward the opportunities it believes offer the most attractive returns across hashrate services, AI, and high-performance computing workloads.

Swedish VAT Matter During the quarter, the Company recorded a non-cash provision of $84.7 million relating to previously disclo...