HIVE Digital posts 85% jump in adjusted EBITDA for fiscal Q2 2027

HIVE Digital Technologies just had one of those quarters where the scoreboard tells two different stories at once. The company reported $24.8 million in adjusted EBITDA for its fiscal second quarter of 2027, up 85% from $13.4 million in the prior quarter.

Meanwhile, on a GAAP basis, it lost $78.7 million.

The numbers behind the quarter

HIVE, which trades on both the Nasdaq and the TSX under the ticker HIVE, covered the quarter ending September 30, 2026. Total revenue landed at $84.9 million.

That was 7.3% higher than the previous quarter. Compared with the same period a year earlier, though, revenue slipped 2.7%.

Bitcoin mining remained the main event. Digital currency mining brought in $76.0 million, which the company tied to 1,070 BTC mined during the period.

The high-performance computing (HPC) hosting side contributed $8.8 million. That figure grew 70.7% year over year, the fastest-moving line on the income statement by a wide margin.

Why the loss looks so ugly

The $78.7 million net loss compares with a $15.8 million loss in the same quarter last year.

Most of the damage came from charges that never touched the company’s bank account. HIVE booked $54.9 million in depreciation and a $31.2 million impairment on mining equipment.

Depreciation spreads the cost of machines over their useful lives. An impairment is a one-time admission that some equipment is worth less than the books said it was.

Together, those two items add up to $86.1 million, which is more than the entire GAAP loss. Strip them out, and the operating picture looks considerably healthier, which is precisely what adjusted EBITDA is designed to show.

The balance sheet and the AI bet

HIVE closed the quarter with $139 million in cash and cash equivalents. It also held $22.6 million in digital currencies as of September 30, 2026.

The AI side of the house operates under the BUZZ HPC banner. According to the company’s reported figures, BUZZ HPC has an annualized revenue run-rate of approximately $40 million.

It also carries $185 million in contracted revenue.

What this means for HIVE and its shareholders

The core takeaway is that HIVE is running a two-engine model, and one engine is still doing most of the work. Bitcoin mining generated the bulk of the $84.9 million in revenue, while HPC hosting grew far faster but from a much smaller base.

The 85% sequential EBITDA jump is the headline number, and it shows operating cash generation improving quickly. The year-over-year revenue dip of 2.7% is a reminder that the growth is not uniform across every comparison.

For shareholders, a few items deserve close attention over the coming quarters. The first is whether the HPC segment can keep compounding at anything near its 70.7% annual growth pace, and how quickly the $185 million in contracted revenue converts into recognized sales.

The second is the mining fleet. A $31.2 million impairment suggests equipment is aging out, and the cost of refreshing machines could pull on that $139 million cash pile.