HIVE posts record $93.1M Q3 revenue despite Bitcoin slump

Data shows that the gain was backed by expansion in Bitcoin mining capacity and the high-performance computing segment.

The company reported a revenue of $93.1 million for its 3rd quarter. It is up 219% from $29.2 million a year earlier. This was 7% higher than the previous quarter. Gross operating margin leaped, too. It rose to $32.1 million. That’s a 35% surge compared with 18% in the same period last year.

HIVE generates 885 BTC

According to the release, HIVE’s adjusted EBITDA hit $5.7 million for the quarter. The company sees these numbers as the strongest “dual-engine” performance to date. It added that the revenue from digital currency mining totaled $88.2 million. It was a rise of 8% from the second quarter of fiscal 2026. 

The mining revenue rally was driven by a 41% rise in average hashrate to 22.9 exahash per second. Meanwhile, the gain was partly offset by about a 10% decline in Bitcoin prices and a 15% jump in network difficulty. HIVE highlighted that it pulled it off at a direct cost of $57.8 million. It was roughly 90% of those costs tied to energy.

The last quarter might be hard for the crypto market, but at the same time, HIVE managed to generate 885 Bitcoin (23% increase). BTC price dipped from above $120K to straight $88K zone in that period. The whole market was selling and printing red indexes all around. Bitcoin price has been running down by 25% over the last 90 days. It is trading at an average price of $67,959 at press time.

The report shows that the HIVE scaled its installed Bitcoin mining capacity to 25 exahash per second by the end of 2025. It also expanded its operations in Paraguay in a bid to access lower-cost energy. One of its crucial segments, BUZZ HPC, bagged $4.9 million in revenue against direct costs of $2.3 million. 

The company highlighted that its administrative expenses rose to $8.4 million. It is up from $7.8 million in the prior quarter. The increase was primarily due to additional staffing to support global expansion. With some profits, losses are also part of operations. The company reported a net loss of $91.3 million. 

HIVE said the loss was largely attributable to $57.4 million in accelerated depreciation. This was linked to its Paraguay expansion and non-cash revaluation adjustments. The company has opted to depreciate its next-generation ASIC mining equipment over a two-year cycle rather than the more typical four-year schedule.