Bitcoin miner Hive reports record revenue as hashrate expands despite $91 million net loss tied to accelerated depreciation

Hive Digital Technologies (HIVE) reported Tuesday that for the second consecutive quarter, it posted "record" revenue.

During Hive's fiscal third quarter ending Dec. 31, 2025, the company posted revenue of $93.1 million, which is a 219% increase year-over-year and 7% jump from the previous quarter. Last November, Hive also celebrated generating a quarterly revenue record.

The bitcoin (BTC) miner credited added growth across both its Bitcoin hashrate fleet and BUZZ HPC platforms as drivers of the increased revenue. "We delivered record revenue, scaled our renewable-powered Tier-I hashrate platform to 25 EH/s and accelerated our AI strategy," Hive Executive Chairman Frank Holmes said in a statement. 

Hive also reported an adjusted EBITDA of $5.7 million for the fiscal third quarter.

But Hive's success in growing revenue was muted by the miner also taking a net loss of $91.3 million due to the "accelerated depreciation related to [its] Paraguay expansion and non‑cash revaluation adjustments."

"The loss reflects Hive’s decision to depreciate the next‑generation ASIC fleet over a two‑year cycle, rather than the typical four‑year schedule," the company said.

Overall, Hive struck an upbeat tone in its statement, as it looks ahead to the coming quarters and scaling artificial intelligence-based revenue.

"Hive is leveraging its long track record in high-performance compute infrastructure and deep technical expertise in AI cloud services and data center operations to capture that opportunity," Holmes said.

In November 2025, Hive put a new at-the-market equity program in place that would allow it to sell up to $300 million of its shares over time. The company said it raised $15.8 million from selling common shares during the quarter.

Hive's stock is currently down 2.9% in pre-market trading on Tuesday.