HIVE Digital Technologies Ltd. (NASDAQ:HIVE) has been making waves in the tech industry, particularly with its focus on high-performance computing (HPC). CEO Aydin Kilic stated that 2026 will see the company ramping up efforts to expand its HPC business significantly.
HPC Revenue Scaling Goal
Kilic shared ambitious plans to scale HPC’s annual recurring revenue from $20 million to an impressive $225 million this year. This target reflects the company’s recognition of the booming demand for high-performance computing solutions across various sectors, from healthcare to financial services.
To make this leap, HIVE aims to expand its cloud infrastructure, increasing its graphics processing units (GPUs) from 5,000 to 11,000. The anticipated growth in revenue from the HPC division is projected to reach $140 million, underscoring HIVE’s commitment to enhancing its technological capabilities and market presence.
In a recent development, the company secured customer agreements valued at approximately $30 million focused on its AI cloud strategy. This strategic pivot showcases HIVE’s ability to align with current market trends and innovations, further solidifying its standing in the tech landscape.
HIVE Reports Quarterly Loss
Despite optimistic projections for the future, HIVE faced challenges in its most recent quarterly report. The company posted a remarkable $93.1 million in revenue for the third quarter, marking a staggering 219% year-over-year increase and a modest 7% rise from the previous quarter. However, this topline figure fell short of analyst expectations, which estimated revenue at around $96.97 million.
Additionally, HIVE reported a loss of $0.38 per share, contrasting sharply with earnings of $0.01 per share during the same quarter last year. This represents a significant shift, although the company still managed to produce 884 BTC during the quarter, reflecting a 23% increase in production compared to the previous quarter.
Price Action: As of this writing, Bitcoin (BTC) is trading at $67,682.75, experiencing a slight decline of 1.04% over the last 24 hours, according to data from Benzinga Pro. HIVE’s stock took a hit as well, falling 0.01% in after-hours trading after closing down 4.07% at $2.120 during Tuesday’s regular session. Notably, the stock has seen a year-to-date drop of 17.51%, highlighting a challenging market environment for the company.
Benzinga’s Edge Stock Rankings indicate a weak price trend for HIVE across short, medium, and long-term horizons, suggesting that investors are closely monitoring the company’s ability to navigate through these turbulent times.
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