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HIVE — HIVE Digital: a bitcoin miner selling GPU hours as BUZZ
HIVE mines bitcoin and rents out Nvidia GPUs under its BUZZ brand. The AI business is growing fast but still small; mining pays most of the bills.
01The 30-second read
Fast read
HIVE Digital is a Canada-based bitcoin miner building a second act as an AI/HPC cloud provider under its BUZZ brand. It operates green-powered data centres in Canada, Sweden and Paraguay with roughly 440 MW of total power capacity, and has begun renting Nvidia GPU clusters by the hour.
The AI business is still small. Fiscal 2026 (year ended March 31, 2026) revenue was $297.8M (+158% YoY), of which BUZZ HPC contributed just $19.5M while bitcoin mining supplied $278.3M. In fiscal Q1 2027 (quarter ended June 30, 2026) total revenue reached $79.1M (+73% YoY), and management reported roughly $180M of contracted AI/HPC revenue, putting it on track to exceed its $200M AI-cloud ARR target.
The bet is scale: HIVE plans to roughly double its managed GPU fleet to about 11,000 Nvidia GPUs by the end of calendar 2026 and is planning a 320 MW “AI Gigafactory” near Toronto for 2027, framing a path to $660M of ARR by end-2028. Bulls see a fast-growing GPU cloud; bears see a sub-$1B, partly-crypto company that must fund a multi-billion-dollar build.
02The bull case, briefly
Why bulls like it
- AI/HPC revenue is inflecting. BUZZ HPC revenue grew 94% YoY in FY2026 to $19.5M, and management says it is on pace to exceed a $200M AI-cloud ARR target by end-2026 after activating its first 504-GPU Nvidia B200 cluster at Bell Canada’s AI Fabric facility in Manitoba (May 2026).
- Contracted backlog is building. Roughly $180M of contracted AI/HPC revenue was reported with the FQ1 2027 results (August 14, 2026).
- A large build-out is teed up. A planned 320 MW Greater Toronto “AI Gigafactory” designed for more than 100,000 GPUs is targeted for the second half of 2027, framing a path to ~$660M ARR by end-2028.
- Funded and green. ~440 MW of all-green power across Canada, Sweden and Paraguay; a $115M 0% exchangeable senior notes raise (April 2026, ~$109.5M net) and a TSX senior-board up-listing (May 2026) added capital and profile.
03The bear case, briefly
What could go wrong
- It is still mostly a bitcoin miner. Bitcoin mining was roughly 93% of FY2026 revenue; BUZZ HPC was about 6.5% of the total. The AI story is real but early.
- Small and unprofitable. About a $938M market cap on TTM revenue of $331M and a TTM net loss of roughly −$326M. Fiscal Q4 2026 (March) swung to a $9M adjusted-EBITDA loss when bitcoin fell.
- Funding risk. The Toronto Gigafactory is a roughly C$3.5B project — far larger than the current balance sheet ($218.9M cash, $374.3M debt).
- Crypto beta. Bitcoin price and network difficulty drive most revenue today, and the stock is volatile (beta ~3.7; about 19.7% of shares sold short).
04Key numbers
| Metric | Value | Note |
|---|---|---|
| Price | $3.41 | Sep 18, 2026 close (+9.6%) |
| Market cap | ~$938M | Enterprise value ~$1.10B |
| 52-week range | $1.73–7.84 | 52-week price change −12% |
| FY2026 revenue | $297.8M | Year ended Mar 31, 2026; +158% YoY |
| FY2026 BUZZ HPC revenue | $19.5M | +94% YoY; ~6.5% of total revenue |
| FQ1 2027 revenue | $79.1M | Quarter ended Jun 30, 2026; +73% YoY |
| Contracted AI/HPC revenue | ~$180M | Reported Aug 14, 2026 |
| ARR targets | $200M / $660M | AI cloud by end-2026 / total by end-2028 |
| Power capacity | ~440 MW | Canada, Sweden, Paraguay; green energy |
| Cash / total debt | $218.9M / $374.3M | TTM free cash flow −$93.6M |
Sources & method
- HIVE FY2026 results (year ended March 31, 2026; reported June 2026): total revenue $297.8M (+158% YoY); digital-currency revenue $278.3M (+164%); BUZZ HPC revenue $19.5M (+94%); adjusted EBITDA $72.9M; 2,885 BTC mined; installed hashrate 25.1 EH/s; gross operating margin 36% ($107.9M) (company release; Proactive Investors).
- HIVE FQ1 2027 results (quarter ended June 30, 2026; reported August 14, 2026): revenue $79.1M, +73% YoY and +10% sequentially; adjusted EBITDA back to positive; ~$180M contracted AI/HPC revenue (MarketBeat; company release).
- BUZZ HPC GPU deployment: first 504-GPU Nvidia B200 cluster live at Bell Canada’s AI Fabric, Manitoba; contracted ARR of ~$35M at FY2026 end; revenue at $2.90 per GPU-hour, 32% above the initial planning rate (company release; Proactive Investors).
- AI Gigafactory: 320 MW Greater Toronto Area project announced May 2026; >100,000 GPUs; targeted online H2 2027; ~$360M annualised recurring revenue at full operation; 25-acre site for C$58M; ~C$3.5B planned capital investment (company release; Proactive Investors).
- Capital: $115M 0% exchangeable senior notes closed April 2026 (~$109.5M net); TSX senior-board up-listing May 2026 (company release; Proactive Investors).
- Market data: price $3.41 (Sep 18, 2026 close, +9.65%), market cap ~$937.85M, enterprise value ~$1.10B, shares outstanding 274.28M, short interest ~19.73% of shares, beta 3.67 (stockanalysis.com). 52-week range $1.73–$7.84 (Robinhood; Morningstar).
- Balance sheet / cash flow: cash $218.9M, total debt $374.3M, TTM revenue $331.3M, TTM net loss ~−$326.4M, TTM free cash flow −$93.6M (stockanalysis.com, from company filings).
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