HIVE Digital Technologies
HIVENASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $1.72 Prior regular-session close from the quote source.
- $1.75–$1.86 Regular-session low and high so far today.
- 10.0M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $1.58–$5.34 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own HIVE if HIVE is an operating-leverage bet that owned digital-infrastructure capacity can be filled with profitable Bitcoin-mining and AI/HPC compute demand rather than merely producing larger commodity-cycle losses.
HIVE price history
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Investment thesis
What must happen next
Owned compute capacity remains scarce and usable enough that HIVE can keep converting deployed mining and digital-infrastructure assets into customer or network demand.StrengtheningMateriality: High
GAAP annual revenue increased to $297.8 million in FY2026 from $115.3 million in FY2025 and $114.5 million in FY2024. If utilization demand holds, HIVE has a path to scale economics; if demand shifts to cheaper competitors, added assets become stranded capacity.
Watch: Marathon Digital, CleanSpark, Riot Platforms, Bitdeer, or Hut 8 add lower-cost mining capacity, raising network difficulty and reducing HIVE’s realized hashprice before revenue rolls over.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased to $297.8 million in FY2026 from $115.3 million in FY2025 and $114.5 million in FY2024.
Open source ↗Low-cost power access and fleet efficiency must turn incremental compute revenue into positive GAAP gross profit rather than larger loss-making throughput.WeakeningMateriality: High
The business reached $297.8 million of GAAP annual revenue in FY2026, creating a larger base over which site and operating efficiencies could matter. Revenue growth only creates owner value if power, depreciation, hosting, and hardware costs leave a spread after direct costs.
Watch: Electricity contracts in Canada, Sweden, or Paraguay reprice upward or become less reliable, erasing the intended low-cost-power advantage before margin reports deteriorate.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The business reached $297.8 million of GAAP annual revenue in FY2026, creating a larger base over which site and operating.
Open source ↗Realized mining and compute economics, together with working-capital discipline, keep HIVE operating-cash-flow positive despite GAAP earnings volatility.StrengtheningMateriality: Medium
GAAP annual operating cash flow increased to $62.3 million in FY2026 from $16.6 million in FY2025 and $9.6 million in FY2024. Positive operating cash flow gives HIVE more flexibility to fund equipment cycles and survive crypto downturns; if it fails, shareholders face financing risk.
Watch: A sharp fall in Bitcoin hashprice reduces coin monetization before cash flow turns negative.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow increased to $62.3 million in FY2026 from $16.6 million in FY2025 and $9.6 million in.
Open source ↗A lightly levered balance sheet gives HIVE the option to endure crypto drawdowns and buy or deploy compute assets when weaker operators are constrained.HoldingMateriality: Medium
Total liabilities were $109.8 million at March 31, 2026 versus total assets of $639.1 million and stockholders’ equity of $529.4 million. Balance-sheet flexibility can turn industry cyclicality into an advantage; if leverage rises, HIVE becomes a forced seller or diluter in downturns.
Watch: Vendor financing, power-project debt, or equipment leases increase fixed claims just as Bitcoin economics weaken.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total liabilities were $109.8 million at March 31, 2026 versus total assets of $639.1 million and stockholders’ equity of $529.4.
Open source ↗HIVE can scale digital-infrastructure revenue without building a large services organization only if the business remains standardized, automated, and asset-operated rather than customized enterprise cloud.HoldingMateriality: Medium
The company reported 29 employees as of March 31, 2026. A lean operating model can create strong operating leverage, but a pivot to service-heavy AI/HPC would require more people, systems, and support cost.
Watch: Enterprise AI/HPC customers require sales engineering, uptime guarantees, security, compliance, and support functions that cannot be handled by a 29-person organization.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The company reported 29 employees as of March 31, 2026.
Open source ↗
Full investment case & evidence
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Original research
Owned compute capacity remains scarce and usable enough that HIVE can keep converting deployed mining and digital-infrastructure assets into customer or network demand. If utilization demand holds, HIVE has a path to scale economics; if demand shifts to cheaper competitors, added assets become stranded capacity.
Low-cost power access and fleet efficiency must turn incremental compute revenue into positive GAAP gross profit rather than larger loss-making throughput. Revenue growth only creates owner value if power, depreciation, hosting, and hardware costs leave a spread after direct costs.
Realized mining and compute economics, together with working-capital discipline, keep HIVE operating-cash-flow positive despite GAAP earnings volatility. Positive operating cash flow gives HIVE more flexibility to fund equipment cycles and survive crypto downturns; if it fails, shareholders face financing risk.
A lightly levered balance sheet gives HIVE the option to endure crypto drawdowns and buy or deploy compute assets when weaker operators are constrained. Balance-sheet flexibility can turn industry cyclicality into an advantage; if leverage rises, HIVE becomes a forced seller or diluter in downturns.
HIVE can scale digital-infrastructure revenue without building a large services organization only if the business remains standardized, automated, and asset-operated rather than customized enterprise cloud. A lean operating model can create strong operating leverage, but a pivot to service-heavy AI/HPC would require more people, systems, and support cost.
All standing thesis claims
Original report summary
HIVE is an operating-leverage bet that owned digital-infrastructure capacity can be filled with profitable Bitcoin-mining and AI/HPC compute demand rather than merely producing larger commodity-cycle losses.
Bull case and bear case
Bull case and bear case for HIVE Digital Technologies
Where the evidence on HIVE Digital Technologies disagrees: Mixed on the latest evidence (Nov 10, 2026). Of its 5 thesis points, 2 strengthening, 2 holding and 1 weakening.
Bull case: what the evidence supports
Owned compute capacity remains scarce and usable enough that HIVE can keep converting deployed mining and digital-infrastructure assets into customer or network demand.
Realized mining and compute economics, together with working-capital discipline, keep HIVE operating-cash-flow positive despite GAAP earnings volatility.
A lightly levered balance sheet gives HIVE the option to endure crypto drawdowns and buy or deploy compute assets when weaker operators are constrained.
HIVE can scale digital-infrastructure revenue without building a large services organization only if the business remains standardized, automated, and asset-operated rather than customized enterprise cloud.
Bear case: what the evidence questions
Low-cost power access and fleet efficiency must turn incremental compute revenue into positive GAAP gross profit rather than larger loss-making throughput.
Thesis-Break Engine
Thesis-break watch · HIVE Digital Technologies
Loading the break-condition record for HIVE Digital Technologies.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
HIVE Digital Technologies filed an SEC 8-K on 2026-11-10: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
HIVE Digital Technologies filed an SEC 8-K on 2026-10-29: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
HIVE Digital Technologies filed an SEC 8-K on 2026-09-17: Regulation FD disclosure. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Marathon Digital, CleanSpark, Riot Platforms, Bitdeer, or Hut 8 add lower-cost mining capacity, raising network difficulty and reducing HIVE’s realized hashprice before revenue rolls over.
- Electricity contracts in Canada, Sweden, or Paraguay reprice upward or become less reliable, erasing the intended low-cost-power advantage before margin reports deteriorate.
- A sharp fall in Bitcoin hashprice reduces coin monetization before cash flow turns negative.
- Vendor financing, power-project debt, or equipment leases increase fixed claims just as Bitcoin economics weaken.
- Enterprise AI/HPC customers require sales engineering, uptime guarantees, security, compliance, and support functions that cannot be handled by a 29-person organization.
HIVE news
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Financial statements
HIVE income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
HIVE: quick answers
- Which well-known investors own HIVE?
- 1 of the 37 well-known funds tracked here reported HIVE shares in their latest 13F filing. By share of the fund's portfolio: Situational Awareness (Leopold Aschenbrenner), 0.2%. Fund portfolios
HIVE in well-known investors’ portfolios
1 of 37 funds reported HIVE shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Leopold AschenbrennerSituational Awareness | 0.16% | $33.2M | +169.3% | Q2 2026 |