HIVE Digital Technologies Ltd
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Buying here is a bet on timing: whether the up to $493 million for AI data centers produces earnings faster than new shares and exchangeable notes divide the cake. Three numbers in the next quarterly report (10-Q) will measure it: the revenue share of high-performance computing (last reported at $19.5 million of $297.8 million), the share count (last reported at 270,437,030 as of June 16, 2026) and cash after the note proceeds (last reported at $23.1 million as of March 31, 2026). Until then HIVE is a construction site with a construction loan and no cushion — worth following, but without a safety net. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
HIVE Digital Technologies is the signboard trap in pure form: the name has promised data centers and artificial intelligence since July 2023, while the revenue split for the fiscal year ended March 31, 2026 reads 93.4 percent bitcoin mining and 6.6 percent high-performance computing. The growth is real — $297.8 million of revenue instead of $115.3 million — but shareholders paid for it: 88.7 million new shares in one fiscal year, a piggy bank emptied from 2,201 bitcoin to 150, and working capital of only $5.4 million. The $245 million from two zero-coupon exchangeable notes buys time and brings up to 71.7 million further shares with it. Not investment advice.
Growth and assets
The growth is physical and verifiable: $297.8 million of revenue in the fiscal year ended March 31, 2026 against $115.3 million, 2,885 bitcoin mined against 1,414, and roughly 25.2 exahashes per second installed as of April 30, 2026 after the 300-megawatt expansion in Paraguay was completed. Cash from operations rose from $16.6 million to $62.3 million.
Quality of earnings
A record year produced a record loss: $148.4 million against $3.0 million. Depreciation on the machines ($170.4 million) exceeds the entire gross operating margin ($107.9 million); the gross margin under U.S. accounting rules is minus 21 percent. The machines wear out faster than they bring in.
Dilution
The share count rose from 84.2 million (March 31, 2023) to 270.4 million (June 16, 2026); in fiscal 2026 alone 88.7 million shares were added for $202.0 million. A further $214.7 million of selling capacity is open (as of June 17, 2026) plus up to 71.7 million shares from the two exchangeable notes. Revenue per share, at $1.32, sits just five cents above the fiscal 2024 level.
Financial position
The cushion is spent: $23.1 million of cash, 150 bitcoin (down from 2,201) and working capital of $5.4 million against $175.8 million a year earlier, all as of March 31, 2026. Against that stands an AI investment plan of up to $493 million over 36 months, of which $38 million has been spent. The $245 million from the zero-coupon notes of April and June 2026 buys room, but the anti-dilution hedge cost $35.5 million in cash.
AI story versus AI revenue
The name promises AI; the income statement delivers $19.5 million of $297.8 million in revenue — 6.6 percent in the fiscal year ended March 31, 2026, though nearly double the prior year. Customer agreements worth roughly $30 million on fixed two-year terms (February 13, 2026) are a first hard anchor; the agreement with Bell Canada and Cohere (June 18, 2026) and the letter of intent for 25 megawatts in Boden (June 25, 2026) are genuine steps but not yet revenue — the Boden agreement is explicitly non-binding.
Valuation
Roughly $865 million of market value (270.4 million shares × $3.20, Form 4 insider report of July 16, 2026) equals 2.9 times annual revenue and 1.6 times the net tangible book value of $2.00 per share (March 31, 2026). No bargain for a loss-making company, but no excess either — eight analysts see a mean of $7.07 (data as of July 24, 2026).
Worth Noting
HIVE landed on the research list through our in-house Reddit hype scanner (2 mentions in 24 hours, first captured on July 25, 2026 at 07:00). The data feed still carried the company under the former name "HIVE Blockchain Technologies," dropped on July 12, 2023 — a reminder of how slowly data sources catch up with renamings.
Data basis and evidence chain: all annual figures come from the Form 10-K filed June 2, 2026 for the fiscal year ended March 31, 2026 — the first annual report HIVE filed as a U.S. domestic filer. Share count, open dilution and valuation anchors come from the filings that followed (prospectus supplement of June 17, 2026, Forms 8-K of April 22 and July 1, 2026, Form 4 of July 16, 2026). No quarterly report (10-Q) for the quarter ended June 30, 2026 was on file as of July 25, 2026.
Handle the time series with care: through fiscal 2024 HIVE reported under IFRS as a Canadian filer on Forms 40-F and 6-K; U.S. GAAP has applied since fiscal 2025. The 2024 and 2025 comparatives in the current report are restated accordingly, older publications are not. Not to be confused: HIVE Digital Technologies is unrelated to the similarly named software vendor or to the "Hive" blockchain project.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at HIVE since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.80 $ to 7.00 $ · Last price: 3.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Capital Markets
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| HIVE Digital Technologies Ltd HIVE | 0.9 | – | 28.3 | 35.1 | -82.2 | 158.3 | -19.9 |
| Morgan Stanley MS | 321.0 | 17.6 | 0.0 | 87.6 | 40.6 | 11.5 | 32.2 |
| Goldman Sachs Group Inc GS | 280.7 | 17.4 | 0.0 | 82.1 | 38.6 | -1.4 | 22.2 |
| Charles Schwab Corp SCHW | 179.7 | 21.3 | 0.0 | 97.5 | 49.4 | 6.5 | 15.1 |
| Interactive Brokers Group Inc IBKR | 149.9 | 38.1 | 3.4 | 93.0 | 76.8 | 9.8 | 39.4 |
| Robinhood Markets Inc HOOD | 100.1 | 53.2 | 45.6 | 91.9 | 38.5 | 51.6 | -7.4 |
| Nomura Holdings Inc NMR | 29.8 | 12.1 | 0.0 | 78.0 | 30.8 | 5.6 | 43.7 |
| LPL Financial Holdings Inc LPLA | 26.6 | 28.7 | 13.5 | 29.9 | 11.1 | 37.2 | -1.5 |
| Circle Internet Group, Inc. CRCL | 23.1 | – | 45.7 | 22.0 | 6.5 | 63.9 | -35.1 |
| Median of companies shown | 100.1 | 21.3 | 3.4 | 82.1 | 38.5 | 11.5 | 15.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 170 | 0 | -1 | -0.06 | 0 | -2 | 0 |
| 2018 | 13 | 1 | -26 | -0.69 | -25 | 151 | 161 |
| 2019 | 32 | 1 | -138 | -2.19 | -2 | 22 | 28 |
| 2020 | 29 | 3 | -2 | -0.03 | 1 | 21 | 29 |
| 2021 | 68 | 44 | 24 | 0.33 | 23 | 134 | 178 |
| 2022 | 211 | 146 | 80 | 0.94 | 66 | 388 | 451 |
| 2023 | 106 | 29 | -236 | -2.85 | 45 | 149 | 196 |
| 2024 | 114 | 33 | 27 | 0.29 | 14 | 259 | 307 |
| 2025 | 115 | 2 | -3 | -0.02 | 17 | 449 | 532 |
| 2026 | 298 | -120 | -148 | -0.66 | 62 | 529 | 639 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.03 | 115.80 | 32 | 36.80 | -56.70 | -4 | -18 |
| 2024: Q3 | -0.06 | 79.30 | 23 | -0.50 | -33.80 | -2 | -22 |
| 2024: Q4 | 0.01 | 112.50 | 29 | -6.50 | 4.30 | -19 | -90 |
| 2025: Q1 | -0.34 | -3,300.00 | 31 | -15.50 | 0.50 | 40 | -30 |
| 2025: Q2 | 0.18 | 500.00 | 46 | 41.50 | 76.80 | 10 | -37 |
| 2025: Q3 | -0.07 | -16.70 | 87 | 285.30 | -18.10 | -11 | -48 |
| 2025: Q4 | -0.38 | -3,900.00 | 93 | 218.60 | -98.10 | 46 | -9 |
| 2026: Q1 | -0.28 | 17.60 | 72 | 130.50 | -106.30 | 17 | -22 |
| 2026: Q2 | -0.54 | -400.00 | 79 | 73.50 | -180.70 | 4 | 4 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Growth
Breakout & Setup
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 03/31/2027 | -0.43 | -0.43 – -0.43 | 357 | 5.7% | 1 |
| 03/31/2028 | -0.21 | -0.21 – -0.21 | 506 | 51.2% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
HIVE verkauft KI-Rechenleistung als eigene Erlösquelle: Die Sparte Hochleistungsrechnen (HPC/KI) ist im Geschäftsbericht als zweiter Umsatzstrom ausgewiesen (19,5 Mio. US-Dollar im Geschäftsjahr bis 31.03.2026), und die Tochter BUZZ HPC hat am 13.02.2026 Kundenverträge über rund 30 Mio. US-Dollar Vertragsvolumen für KI-optimierte Nvidia-B200-Grafikkarten unterzeichnet.
View the full file — quotes, sources, reviewed filings
„On February 13, 2026, BUZZ signed customer agreements representing approximately $30 million in total contract value over two-year fixed terms for the 504 liquid-cooled Dell server-based Nvidia B200 GPUs at the Bell Canada AI Fabric data center in Manitoba."
Am 13. Februar 2026 unterzeichnete BUZZ Kundenverträge mit einem Gesamtvertragswert von rund 30 Millionen US-Dollar über feste Zweijahreslaufzeiten für die 504 flüssiggekühlten Nvidia-B200-Grafikkarten in Dell-Servern im Rechenzentrum Bell Canada AI Fabric in Manitoba.
10-K · 2026-06-02 · View SEC filing
„For the fiscal year ended March 31, 2026 the Company achieved revenues from its HPC hosting operations of approximately $19.5 million, against operating and maintenance costs approximately $8.7 million."
Im Geschäftsjahr zum 31. März 2026 erzielte das Unternehmen Erlöse aus dem Betrieb seiner Rechenzentren für Hochleistungsrechnen von rund 19,5 Millionen US-Dollar, denen Betriebs- und Wartungskosten von rund 8,7 Millionen US-Dollar gegenüberstanden.
10-K · 2026-06-02 · View SEC filing
„HIVE's dual-engine strategy combines revenue-generating ASIC hashrate sales as a cash-flow and infrastructure base to support the growth of higher-margin AI and high-performance computing (HPC) services primarily undertaken by the Company through BUZZ HPC."
Die Zwei-Motoren-Strategie von HIVE verbindet den umsatzbringenden Verkauf von ASIC-Rechenleistung als Zahlungsmittel- und Infrastrukturbasis mit dem Wachstum margenstärkerer Dienste für künstliche Intelligenz und Hochleistungsrechnen, die das Unternehmen vor allem über BUZZ HPC erbringt.
10-K · 2026-06-02 · View SEC filing
Filings Reviewed: 10-K 2026-06-02 · 8-K 2026-06-22 · 8-K 2026-07-01 · 8-K 2026-04-22 · 8-K 2026-05-19 · POSASR 2026-06-17
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 41.0%
- More than 10% revenue growth is expected for the coming year -69.5%
- Share count grows by less than 3% a year 39.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 122.4%
- Gross margin at 40% or higher and without meaningful erosion -21.0%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 1.4 x EBITDA
- Operating cash flow covers the profits of the last three years 217 m
- Return on capital at 15% or higher, or up versus two years ago -20.5%
- Insiders hold at least 10% or are net buyers 0.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 6.4%
- Exp. sales growth 3Y > 5% 30.3%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 30.3%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -28.0%
- ROCE > 15% -20.5%
- Expected return > 10% 14.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 4, 2026 | Mcgee Susan B | Director | Other | 12,500 | – | – |
| Aug 19, 2026 | Perrill Dave | Director | Sell | 100,000 | 2.72 | 271,910 |
The company
About the Company
HIVE Digital Technologies Ltd., a technology company, engages in the building and operating data centers powered by green energy in Bermuda, Paraguay, Sweden, and Canada. The Company operates the mining and sale of digital currencies and performance computing hosting. It also provides infrastructure solutions, such as computational capacity to distributed networks in the blockchain industry. The company was formerly known as HIVE Blockchain Technologies Ltd. and changed its name to HIVE Digital Technologies Ltd. in July 2023. HIVE Digital Technologies Ltd. was incorporated in 1987 and is headquartered in San Antonio, Texas.
- Employees
- 29
- Headquarters
- San Antonio, TX
- Address
- 7900 Callaghan Road, 78229 San Antonio, United States
- Phone
- 604 664 1078
- Website
- hivedigitaltechnologies.com
- IPO Date
- 01/12/2018
- ISIN
- CA4339211035
- Stock Split
- 1:5 on 05/24/2022
Management
| Name | Title | Birth Year |
|---|---|---|
| Frank Edward Holmes | Executive Chairman | 1955 |
| Aydin Kilic | President & CEO | 1982 |
| Darcy Daubaras | Chief Financial Officer | 1970 |
| Gabriel Ibghy | General Counsel | 1989 |
| Johanna Thornblad | Country Site President of Sweden | 1969 |
| Luke Rossy | Chief Operating Officer | – |
| William Gray | Chief Technology Officer | – |
| Mario Sergi | Chief Information Officer | – |
| Nathan Fast | Director of Marketing & Branding | – |
| Craig Tavares | President & COO of Buzz HPC | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/17/2026 HIVE Digital Technologies Ltd. (HIVE): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 09/16/2026 HIVE Digital Technologies Ltd. (HIVE): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 08/19/2026 HIVE Digital Technologies Ltd. (HIVE): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 08/17/2026 HIVE Digital Technologies Ltd. (HIVE): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.